Are You Prepared For Wave 2 of Shutdowns?

While summer is a time to relax in the sun, everyone still has to be strategic during this difficult time especially when there is another wave of shutdown around the corner. Have you recently looked into your current cash flow for your business? Do you know where your company stands financially to survive the upcoming months? These are the types of questions you need to ask yourself. While many business owners want to 'assume' their business has enough cash to survive, as a business owner must take extra measures on whether your business has the ALL the necessary tools and strategies to last another wave of shutdown.

Please watch our video below to learn more about how you can manage your cash flow better in a pressing situation, i.e. when your business runs out of cash.

 

Top 3 Cardinal Sins You or Your Accountant Make on Bookkeeping

There are many people out there who are doing their own bookkeeping or hiring an accountant to do it for them, however, they often struggle in accounting or make critical mistakes that will affect your business. Spending countless hours attempting to do your books so they can figure out if you're making a profit or not. The main problem is that if you're not sure how to do your books, you're going to be confused, lost, and the accountant may not even help you understand what they mean for your business.

Either you do your bookkeeping or hire an accountant to perform bookkeeping for your business. You will face a lot of challenges along the way if you continue to do your books or don't have an experienced accountant to do them, these challenges include:
 
1) Accuracy

  • If you're doing your bookkeeping, you're more likely to be inaccurate
  • If you hired an inexperienced bookkeeper who is not an accountant then the business owner's books will be inaccurate.

For example, bank reconciliation. What bank reconciliation does is to match every transaction according to the bank/credit card statement to prevent duplicating your transactions or missing transactions whenever you reconcile. 

 2) Understanding

  • Even if you have accurate financials, you may still not understand your financial statements or your numbers.
  • The best option is to hire an accountant to help you understand your finances.
  • When hiring an accountant, make sure they talk to you and help you understand your numbers so you can prepare for the future.

3) Planning

  • If you don't have accurate financials and don't understand your financials, then how can you plan?
  • How would you be able to budget, forecast, and make better business decisions?
  • Inexperienced accountants often don't plan for you, rather they often just hand you your books and be done with it. 

With all of these in mind, it is important to never ignore your books nor should you do it yourself, especially if you do not know what you're doing or looking at. If you have an accountant doing your books, for you to plan for your business to prosper and grow, you need to make sure your books are accurate and understandable to help you reach your goals. These three rules are the holy trinity to make your business successful. An accountant that does not follow either of these rules will only leave you clueless to what is going on in your business. Just like your business, your books are important and vital. If you try to do it yourself to save money, it will only cost you more time and money in fixing your books. 


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PPP Loan Forgiveness & Managing Cash Flows in Times of Corona (Webinar)

Ever since this crisis has occurred, you had to sacrifice future endeavors to preserve your business. While that hasn't been easy for others, everyone is doing their best to keep their business afloat along with keeping their employee's peace of mind. There have been programs enacted by the government known as the CARES Act that has ensured businesses will stay afloat with the EDIL (Emergency Injury Disaster Loan) and the PPP (Paycheck Protection Program).

However not everyone has been able to receive their programs, due to banks catering to their high profile clients instead of sticking with the "first come first serve" method. Good news! We're now having a portion added to our webinar for those who have received the PPP loan. We will be going over how much the loan can be forgiven, when does the 8 weeks start, and many more. Now is the time to prepare on how to effectively manage your cash flow for your business. With our FREE webinar, we'll show you tips and tricks on how to effectively manage your cash flow so you and your business can survive this crisis.

Cash Flow Runway Tool:
https://www.oneselfclub.com/resources/cash-flow-runway-tool

Payroll Deferral Webinar: How to Defer Payroll Taxes in Time of Corona

The CARES Act allows employers to defer the deposit and payment of the employer's share of social security taxes and self-employed individuals to defer payments of certain self-employed taxes.

As a business owner, you will have questions such as “What are the employer payroll taxes I am able to defer?” and “What is the date of social security taxes due to avoid penalties?” All of these questions will seem overwhelming and confusing to you.

PPP Webinar: How to Apply For Paycheck Protection Program in Time of Corona

As the lockdown continues to drag on to make sure the spread of the coronavirus (COVID-19) is contained, a new stimulus package has been passed by congress to ensure business owners survive during these trying times. The PPP (Paycheck Protection Program) is a loan that ensures that business owners can keep their employees, continue to pay rent and utilities.

While this is an SBA loan, this loan has to be applied through a financial institution, making it difficult for business owners who currently do not have a banking relationship.

In this FREE Webinar, we will share with you important tips including what to watch out for when applying for PPP, loan criteria, terms & conditions, how to apply, and so much more! The best part, for those who do not have an existing banking relationship, we will even offer alternatives for your consideration!