Search Sessions No. 2 | How to Optimize Your Accounting During an Economic Downturn

Search Sessions Episode 2 header.

Search Sessions No. 2 | How to Optimize Your Accounting During an Economic Downturn

In light of the COVID-19 pandemic, Boostability is hosting a weekly webinar series, Search Sessions. To see the rest of the series, click here.

In the second episode of Boostability’s new series Search Sessions, Amanda Price (Vice President of Marketing) was joined by Garret Wagner (CEO of C3 Evolution Group) and Rafael Casas (Accountant Advocate at SAGE) for a conversation about how to optimize your accounting during an economic downturn.

There are several resources available to small businesses—you just have to know how to access them.

Download the slides from the webinar here.

Stop “driving blind.”

It’s become habit for most of us to immediately turn to our GPS devices when we’re headed somewhere new. This should also apply to your business, especially when you’re covering new territory like a market thrown into disarray by a global pandemic.

Because we’re all embarking on a journey we’ve never taken before, we need to create a map. Mr. Wagner suggests business do three things: 1) project cash flow, 2) manage cash flow, and 3) breathe. Find ways to plan for the coming weeks, as uncertain as they may fell.

 

If you don’t have an accountant, get one.

Before the COVID-19 crisis, having an accountant may have seemed like a luxury to small business owners. That’s not the case any longer.

An accountant will know more about the ins and outs of financial assistance than you will, and has the bandwidth to devote to finding your business aid. We’re big believers that SMBs have a lot on their plates, and when they can, it’s wise to ask for outside help. This is the case with SEO, and it’s also the case with managing your financial assets. Rafael Casas has several great options for small businesses.

Available Resources

Sage: Sage – Coronavirus (COVID-19) Resource Center

AICPA: AICPA – Coronavirus (COVID-19) Resource Center

CARES Act Overview: US Chamber of Commerce – Small Business Guide and Checklist

SOS Business Planning Guide: Collective CPA – SOS Business Planning Guide

It is more important than ever to be aligned with an accountant right now!

  • Adopting Cloud Technology and Automation
  • Managerial Accounting & Forecasting
  • PPP (Paycheck Protection Program) vs EIDL (Economic Injury Disaster Loan) 
  • PPP SBA loan application & forgiveness processes (75% of loan must go to Payroll Costs)

PPP Application Checklist (Source: EideBailly)

Sage – Accounting Resources: Accountant Solutions for Small & Medium Business Clients

Sage – Small Business Resources: Small Business Accounting Solutions

Sage – Medium Business ResourcesMedium Sized Business Management & Accounting Solutions

Boostability is ready to help you succeed, even when things are difficult.

Since our founding in 2009, we’ve supported small businesses across the world. As we manage this global pandemic together, allow Boostability to help you find the right solution to your digital marketing needs. Start getting found online by the people who matter.

 

Boostability is covering the COVID-19 outbreak through a series of posts designed to help you and your business succeed during this time. You can read the rest of the coverage here.

Amanda Price
Amanda Price
[email protected]

Amanda is the Vice President of Marketing with Boostability.