Across the country, small businesses are feeling the economic crunch from COVID-19.
From mandatory lockdowns to jittery customers, many businesses are having to make difficult decisions around managing payroll, forgoing future investments and evaluating when it is safe to reopen. Compounding these concerns are some of the complexities with the Paycheck Protection Program. While PPP has served as a lifeline for countless small businesses, understanding how to access funds and manage loan forgiveness often requires the support of a trained tax professional.
Now, more than ever, it’s important to have an accounting partner you can trust, and for small businesses that increasingly means a relationship with a small accounting group that is responsive to your needs and sympathetic to your challenges.
This recent article from Accounting Today puts the spotlight on the benefits that come with working with a small accounting group, and here are a few additional considerations to make when choosing your accounting partner:
- A good partner is prepared and proactive. Given today’s environment, it’s important to have an accountant who is proactive in reaching out and engaging with you on a consistent basis. Guidelines for seeking and utilizing PPP funding and managing its loan forgiveness requirements are shifting daily, and having a trusted partner who takes the lead in helping you navigate these changing rules is essential. At Padgett, we’re constantly reviewing these changes in policy and then sharing that information with our clients so they can make smart, informed decisions for their businesses.
- A good partner knows your health and safety is important. Out of an abundance of caution, Padgett offices are continuing to offer several no-contact options for our customers. From holding meetings via videoconferencing technologies like Zoom to various digital portals that enable you to safely and securely access the information and guidance you need, we’re striving to meet you where you are.
- A good partner is someone who can relate to what you are going through. It’s OK to be unsure and even scared. These are uncertain times, and small business owners are concerned for the health of their employees and families, as well as the vitality of their livelihoods. And small accounting firms like our Padgett offices are right there with you. Our offices are doing their part as they find their own ways to meet payroll, support clients and take care of our loved ones.
It’s important for small businesses to have a partner they can trust, and our team at Padgett is prepared to help them every step of the way as we all work together to emerge stronger than ever from this crisis.
Do you have the support you need to manage your small business bookkeeping?
Schedule a 30-minute appointment to speak with a local small business adviser.