Business

How Your Business Accountants Can Optimize Your Small Business in the Post-Pandemic Era

Business Accountants

Businesses have always needed accountants to thrive and survive. But, in the post-pandemic era, they need them more than ever. Many small businesses have relied on their accountants to stay solvent during the COVID19 pandemic. The economic crises triggered by the COVID19 pandemic converted countless accountants into emergency workers. Can I buy Solana at Uphold ?

According to top accountants, the main source of economic suffering for big and small businesses is cash flow. During the pandemic, the businesses that were “safe” weren’t the ones with better credit ratings or higher brand values. The “safe businesses” were the ones that were able to manage their cash flows effectively.

How Accountants Help Business Leaders Optimize their Cash Flows

The saying “cash is king” rang truer than ever during the lockdowns. For every business owner, cash flow management is a critical responsibility in times of uncertainty. Here are some ways top business accountants optimize their clients’ cash flows-

  • Reviewing weekly spending to consistently reduce the firm’s burn rate.
  • Sort out post-payment plans with clients, vendors, etc., and ensure their clients have enough access to credit.
  • Eliminating all discretionary expenditures.
  • Identifying non-financial drivers in the business that impact financial results (sales, operations, etc.)

The best accountants collaborated with their clients’ business managers to make these changes time-efficiently during the pandemic. Contrary to belief, accountants have a combined knowledge of assessing both financial and non-financial data.

This gives them the ability to gain holistic views of different businesses in relation to their immediate economic surroundings. Do your business accountants offer comprehensive and holistic services? If yes, your company will benefit by –

Optimizing the Latest Financial Programs

The Canadian government is surprisingly good at supporting businesses, especially during such crisis situations. The government announced various tax schemes and breaks during the pandemic to ease the cash flow woes of business owners. Unfortunately, these plans and all the acronyms they carry confused many business owners in the country. Top business accountants can –

  • Explain these schemes to their clients
  • Apply for appropriate wage subsidies on time
  • Make the most of the new rent relief programs
  • Secure financial loans and packages that are specifically designed for businesses that faced economic struggles during the pandemic.

Bear in mind – these schemes and plans are moving fast and changing every month. A top accountant will help business owners pick the most relevant schemes for their companies. They’ll also ensure that their clients qualify for all the economic assistance plans they apply for.

Re-Evaluate Asset Values

Many assets, financial instruments, and investment plans went through extreme bullish and bearish cycles during and after the pandemic. Many business owners in the country are invested in these assets. Accountants can review whether the asset values of their clients have increased/decreased during this period.

Based on these assessments, business leaders can change their investment decisions. For instance, a store owner who is in desperate need of cash may sell some shares for instant cash. A top accountant will help the store owner utilize their capital gains exemption to generate even more value in this process.

Short-Term and Long-Term Planning

Should business owners think short or long-term during crisis situations? The answer is both. Accountants help business owners craft short-term plans that steer their companies away from unexpected financial difficulties.

But, preparing a long-term financial plan and a long-term budget to stabilize the company’s cash flow is equally important. With qualified accountants on the team, business owners get to do both.

Accounting Upgrades

Lastly and most importantly, top accountants help their clients elevate their accounting systems. In this era of tech-dependency, the better your accounting system, the timelier your financial statements and declarations.

The best accountants use up-to-date accounting software tools. They introduce small business owners to these tools to improve their in-house bookkeeping and decision-making capabilities.

Business owners who don’t have qualified accountants on their team will find it hard to compete against those who have. That’s why high-quality accountants are vital assets for business owners in this current environment.

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