The right answer is both. Businesses, especially startups and small firms, need adequate amounts of time and money. In the current COVID-19 landscape, small businesses have either shut down or are battling the prospect of permanent closure. A report by JP Morgan Chase Institute states that in the early months of the pandemic, substantial revenue

The changes brought about by the pandemic have resulted in deep learning for many accounting and bookkeeping firms, startups, and small and midsize companies (SMB). The businesses that survived have emerged stronger and resilient. They need to be diligent in their plans to ensure business continuity for 2021 and beyond. McKinsey, a leading management consulting

Business taxes can be daunting for startups, small and mid-sized businesses who routinely face financial challenges and budget restrictions. The IRS website shares updated information on tax incentives to assist businesses, including provision of deferred taxes and business tax credits. It is vital to understand federal tax and filing schedules so that you stay compliant

As businesses gear up for recovery and rebuilding during the COVID-19 pandemic, consider these strategies that can help align your growing CPA firm with sustainability and growth. Smart, powerful digitization As some businesses struggle to remain afloat during the COVID-19 pandemic, there are other businesses that transitioned to operating remotely.  As a result, these businesses

Financial empowerment has proven to be critical for small businesses to sustain and thrive during times of crisis. In the last year, the economic landscape has changed substantially due to the COVID-19 pandemic, causing many small businesses to close. Bloomberg highlights that, by the end of July, 800 businesses filed for Chapter 11 bankruptcy, and

Choosing the right type of bookkeeping system can be the first step towards effective financial management operations. Typically, a business with a monthly expense of over $10,000 has less than two weeks’ worth of cash reserved for any crisis or contingencies. Given this statistic, financial management is important for businesses looking at sustainability and long-term

Even as they explore ways to bounce back from the financial setbacks created by the pandemic, there are some businesses utilizing this crisis as an opportunity to review goals, assess strengths, and ensure sustainability and future growth. Forward-thinking businesses look for ways not just to survive, but to increase their financial capabilities. For startups and

Whether you are a startup CPA firm or an accounting and bookkeeping services company, ensuring a consistent revenue flow and practicing efficient operations is invaluable. This is especially true as the pandemic continues to present new challenges to small and mid-sized businesses fighting to retain sustainability.  Luckily, the US Small Business Administration has announced additional

It is easy to mistake incoming cash and revenue as a sign that your business is doing well. In reality, revenue can disappear in bill payments, salaries, and other expenses, creating negative cash flow. A positive cash flow is an indication of liquidity for the business and money available for immediate use. According to a

Crises, whether foreseen or unforeseen, need a planned response and recovery strategy. This response and recovery is different for small businesses which are structured differently from large established businesses. As a result, measures that work well for an established business may not work for small businesses or startups that were forced to suspend operations and