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35: Strategies Small Business Owners Should Consider During The Pandemic
Even though stay at home orders have been lifted and cities are opening up again, it will take time for small businesses to recover from the lost revenue due to the pandemic.
Jill Devine wanted to get an expert on to discuss the new tax guidelines, available loans, and other relief efforts available to business owners. Nicole Thousand is a CPA and the Founding Partner of Thousand CPA Services. Nicole tries to make accounting and number talk as easy as possible because she knows it can be confusing. Side note – she’s fun, fashionable, and likes to drink wine, which may not sound like your typical CPA.
Nicole and Jill talked about how busy CPA’s are during tax season and then you add COVID-19 on top of it, it made for a very interesting time. Nicole felt her team transitioned with ease to accommodate all that was happening in the world because Thousand CPA Services was designed with a working mom in mind. In the public accounting world, a work life balance is very difficult, so Nicole wanted to make sure her employees, who the majority were moms, could work remotely from home to help with the unusual hours, especially during tax season. When presented with quarantine and stay at home orders, Thousand CPA Services were able to meet the needs of their clients with minimal disruption.
Nicole discussed some of the items business owners should consider due to the pandemic. They include:
- The tax deadline was extended to July 15. 1st and 2nd quarter estimates are also due on July 15th.
- There are still relief options available for business owners. If a small business has not applied for a PPP (Paycheck Protection Program) loan, it is possible to still apply.
- Communication, communication, and more communication. Every business owner should be working closely with their CPA. A cash flow conversation with your CPA is essential right now. Whether you have a PPP loan or not, you need to know what funds you have right now and what you think you will have in six months or even a year from now and how you will recover.
- Monthly accounting isn’t rocket science and most business owners can do the work, but it takes a lot of time to crunch all of the numbers and input the data. The time of a business owner is valuable, and the time used on monthly accounting could be applied towards marketing the business instead. Nicole said you should outsource as much as you can.
If you’re looking for help or advice, call Thousand CPA Services (636.532.9004) or check out their website.
Two Kids and A Career Website: https://www.jilldevine.com/
Two Kids and A Career Instagram: https://www.instagram.com/jilldevine/?hl=en
Two Kids and A Career Facebook: https://www.facebook.com/JillDevineMedia/
Thank you to our sponsor:
Blondin Professional Real Estate
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By Jill Devine Media
5
2424 ratings
Even though stay at home orders have been lifted and cities are opening up again, it will take time for small businesses to recover from the lost revenue due to the pandemic.
Jill Devine wanted to get an expert on to discuss the new tax guidelines, available loans, and other relief efforts available to business owners. Nicole Thousand is a CPA and the Founding Partner of Thousand CPA Services. Nicole tries to make accounting and number talk as easy as possible because she knows it can be confusing. Side note – she’s fun, fashionable, and likes to drink wine, which may not sound like your typical CPA.
Nicole and Jill talked about how busy CPA’s are during tax season and then you add COVID-19 on top of it, it made for a very interesting time. Nicole felt her team transitioned with ease to accommodate all that was happening in the world because Thousand CPA Services was designed with a working mom in mind. In the public accounting world, a work life balance is very difficult, so Nicole wanted to make sure her employees, who the majority were moms, could work remotely from home to help with the unusual hours, especially during tax season. When presented with quarantine and stay at home orders, Thousand CPA Services were able to meet the needs of their clients with minimal disruption.
Nicole discussed some of the items business owners should consider due to the pandemic. They include:
- The tax deadline was extended to July 15. 1st and 2nd quarter estimates are also due on July 15th.
- There are still relief options available for business owners. If a small business has not applied for a PPP (Paycheck Protection Program) loan, it is possible to still apply.
- Communication, communication, and more communication. Every business owner should be working closely with their CPA. A cash flow conversation with your CPA is essential right now. Whether you have a PPP loan or not, you need to know what funds you have right now and what you think you will have in six months or even a year from now and how you will recover.
- Monthly accounting isn’t rocket science and most business owners can do the work, but it takes a lot of time to crunch all of the numbers and input the data. The time of a business owner is valuable, and the time used on monthly accounting could be applied towards marketing the business instead. Nicole said you should outsource as much as you can.
If you’re looking for help or advice, call Thousand CPA Services (636.532.9004) or check out their website.
Two Kids and A Career Website: https://www.jilldevine.com/
Two Kids and A Career Instagram: https://www.instagram.com/jilldevine/?hl=en
Two Kids and A Career Facebook: https://www.facebook.com/JillDevineMedia/
Thank you to our sponsor:
Blondin Professional Real Estate