The pandemic Coronavirus has knocked down the economy of the world and most of the businesses across the continents. That is why this pandemic would be known as the darkest phase of this century. The authorities are taking different measures to safeguard the health of their citizens and to protect the economy and businesses because of fallen demand of services and products. The Governments have imposed lockdowns in different parts of the nations. This is done to assure that people stay at home and not get infectious.
Are you finding how you can manage your business during the coronavirus pandemic? We’ve put together this checklist to help guide you.Following are some measures that the entrepreneurs of Small Businesses can take to balance their business:
Tips to help Small businesses during COVID-19 Pandemic
Check eligibility to get the assistance by the Government
The Government of Australia has announced different packages to help the entrepreneurs to handle the disruptions in the businesses. The jobkeeper subsidy is provided to the employees and the employers who are got influenced by coronavirus. The employers affected by this pandemic can claim $1500 per employee, who will be eligible for the period of six months from March 30, 2020. The employee and the employer must check their eligibility first to claim this subsidy.
A relief package has been declared by the Western Australian Government that will assist the businesses that have employed staff.
Up-to Date Financial Statements
Being a business owner, it is crucial to get prepared for the unfavorable conditions that may occur. Therefore, you should keep your all the financial statements up-to-date often. This way you will be able to rectify that where your business stands. Your efficiency to trade in this phase, payment of your outstanding debts, loan repayments etc. will be analyzed by your financial position.
You must contact your accountant to discuss different options available and construct a plan to recognize what you need to do to minimize the impact of downturn on your business. If your income and trade has been drastically disrupted by COVID-19, the cash-flow is critical.
Improve the Cash Flow and Go online
When you will be having your budget re-done, you will have a clear scenario of the future cash flow. To improve the situation, you must act immediately. Manage the stocks, creditors, expenses, assets and make the significant changes to the existing models of the business. To stay in the race of current scenario, the businesses are going online. This has also eliminated the requirement of physical contact to vast extent. Manage your cash flow in order to get stable situation in business.
Get Advice on Deferring Tax Payments
If your business is influenced by Coronavirus, the Australian Taxation Office (ATO) can grant a deferral of tax obligations. To discuss the available options, you may call the ATO or can speak to tax professionals to discuss the available options. You must seek the advice by experts because deferring payments may have an influence on your eligibility for stimulus package.
Re-design the budget and have financial health check-up
The financial check-ups will assist your business to decide on the method to navigate through the situation of pandemic. It is including the analysis of financial statements, re-constructing the budget and assuring that your business is prepared for the crisis. By working with your accountant, you may keep your contingency plan prepared. Without having to physically visit your accountant, an online accounting service can help you to get financial checkup of your business.
Get the help of Experts
If you desire to construct a contingency plan according to the situation of crisis that has affected every aspect of work. You may get advised by professionals in bookkeeping services and finances. Small business bookkeeping services are available online for the assistance of business owners.
Reliable Bookkeeping Services, Melbourne provides accounting and bookkeeping services to help businesses to manage the books, finances and taxes. Our experts work will handle the outsourced accounting services which means you won’t have to physically meet us. We value the significance of managing business funds during lockdown and social distancing. We can also assist you to construct a strategy to assure optimal cash flow for your business.