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One of the key business challenges for survival and growth is the need to ensure good financial health. This is especially true in uncertain times when economic growth is not guaranteed.
A Guidant Financial report noted that amongst the five most common COVID-19 impacts, loss of revenue has the largest percentage. Other categories that exhibited high percentages were reduced budgets and temporary closures.
While there are no guaranteed solutions to ensuring financial stability, businesses can survive financial challenges by exhibiting diligence in accounting, bookkeeping, and business planning.
Cash flow management is dependent on diligent accounting and bookkeeping. Tracking accounts receivable and monitoring accounts payable are ways in which businesses can keep track of their expenses and due payments. Not tracking these figures can misguide businesses into thinking there is enough available money, whereas in reality, the money is tied up in invoices, unpaid bills, and uncashed checks.
Poor cash flow management can cause leadership to make investment and other purchase decisions without being aware of the actual cash available to the business.
Understanding cash flow and how it works can help businesses stay abreast of their financial health and position, allowing leadership to make informed decisions for purchase and business investments.
More importantly, cash flow management enables businesses to plan for times of crisis. Not enough cash on hand can cause businesses to shut down, especially small businesses and startups, regardless of industry.
Understanding taxation and taking time to apply for several benefits, such as business tax deductions and credits, can help businesses comply while ensuring no unnecessary payments are made.
Comprehensive paperwork and record-keeping are a prerequisite to optimizing taxes. If your business wants to claim a certain deduction or a tax credit, you will need to provide the required paperwork and transaction records to support your claim. This is important for businesses that provide bookkeeping and CPA services to their clients. They are typically inundated with work that must be delivered on time. This leaves little to no time for their own business bookkeeping and accounting.
Addressing this by leveraging outsourcing assistance can help businesses address financial challenges, including lack of time and attention to devote to their own business needs.
The significance of professional assistance
Outsourcing your accounting and bookkeeping needs or entering into a business partnership can be valuable in:
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