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!
Over the past decade, there have been many startups that have appeared out of nowhere and have succeeded in gaining investors. A major reason why these startups are so popular is because most people want to be a part of the next big thing. Unfortunately, these investors are later disappointed due to these companies never following through on their goals and/or plans.
Although many start-up companies do not get the attention they deserve, the ones that do succeed owe their triumph to their strategic network and their many connections. The promise of an AI that automates the work for you, who would not want to be part of that? Any startup that pitches that idea will gain a lot of traction from the start. The only problem is
following through with the commitment. So far it has only lead to disappointment or do they? Check out our most recent video about the subject and why only using technology alone won't benefit business owners with their finances.
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.
Have you noticed that many accounting software out there often say it'll keep bookkeeping simple and easy to use? What many don't know is that just because it is user-friendly doesn't mean it is that straight forward or easy to use.
From our experience, business owners who do their books often end up with mistakes that could potentially cost them to lose thousands of deductions. In this video, our Certified Public Bookkeeper will review why QuickBooks isn't so 'Quick' if you don't know how it works.
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
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If you're doing your bookkeeping, you're more likely to be inaccurate
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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
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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
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If you don't have accurate financials and don't understand your financials, then how can you plan?
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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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