So you have received the PPP loan for your business to ensure your business survives during the pandemic. Great! However, you now have another predicament, how are you going to figure out how to obtain 100% forgiveness on the PPP loan?
There is a PPP Loan Forgiveness Application Form 3508EZ, that you could fill out to achieve loan forgiveness, but you need to make sure you're eligible to apply for loan forgiveness using this form. There is a lot of information you would have to put down on it that will ask for:
- SBA PPP Loan Number & Lender PPP Loan Number
- PPP Loan Amount
- PPP Loan Disbursement Date
- Employees at Time of Loan Application & Employees at Time of Forgiveness application
- And More!
Don't worry, we know this could get extremely overwhelming so we have a video that will help you out!
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.
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.
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.
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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Please contact us if you need help or have any questions!