At BA&C we have extensive experience working with auditors. Ensuring that your financial statements are accurate and your transactions fully supported is the quickest and easiest way to get past any audit and back to the business at hand.
If you've looked into cloud computing you may gotten bogged down and overwhelmed. It doesn't have to be that way. We can navigate the maze of options to design the interface to help you run your business without a lot of extra noise.
The most elaborate financial system in the world does you no good if you can't access the reports when you need them. End of the year is "after the fact accounting". We'll design reports you need that you can access when you need them.
I’ve been monitoring the news nonstop which may be a mistake because it’s really adding to my personal stress levels. It does allow me to keep up with anything that is coming out of the economic recovery effort that will help small businesses. Rumors are flying, there are a few proposals that sound promising but it’s a constantly changing story and there’s no way to know what version will get enacted or more importantly, funded.
I’m a member of the National Small Business Association and they are strongly advocating for major economic assistance for small businesses. They make some good arguments and have the stats to back them up. For example, there are 28 million small businesses in the US, 70% of which are owned and operated by a single person. In total, small businesses employ 57% of the private workforce. As a small business owner, we sometimes feel invisible but its abundantly clear that any economic recovery package that leaves us out is doomed from the start.
You do have the option of taking advantage of the Small Business Administration’s long term, low interest loans to business affected by covid-19. These are the same type of loans that the SBA uses for weather disasters so the process is already in place. I’m by no means an expert in loan applications, but I’ve looked over the process and small businesses can apply for up to $2M but that is probably limited to what losses you can show. The SBA is pretty tight with the purse strings but considering that this is an evolving crises, they may take that into account when they set the loan limits. I’m sure there are some hoops to jump through, I know that these loans require registration with FEMA and naturally they want a set of financial statements. They say that once they receive a completed application, they try to arrive as a decision in 2-3 weeks and then once they receive signed loan documents, have your money to you within a week. If you’re interested in more information here is the link: https://disasterloan.sba.gov/ela/
If you have any questions, do let me know. I will do what I can to help wade through any of these government documents. In the meantime, stay safe.
