How to Manage COVID-19's Impact on Bookkeeping
Updated: Aug 15
The ongoing coronavirus pandemic continues to leave lasting impacts on many different industries, and bookkeeping is no different. COVID-19 has affected financial reporting in many ways which has led some businesses to need guidance during these unprecedented times. In a world filled with so much uncertainty, many businesses put proper bookkeeping on the backburner.
Raleigh Bookkeeping shares a few tips on how to manage the effects of the pandemic on your bookkeeping system as a small business owner:
1. Hire a professional: Nobody is more familiar with how to assist owners in running their businesses' financials than a bookkeeper. Whether its managing cash flow or business consulting on technical areas, these professionals are here for one thing: to help you! Take the help so you can focus on what matters most to you!
2. Keep up with everyday business transactions: With the pandemic, many small business owners tend to slack off when it comes to tasks like keeping track of daily expenses, chasing payments, or watching cash flow. Because of the certain situations in the world, some feel as if they can put these things off until the pandemic starts to slow down; however, this is not the case! As said before, everything is uncertain. Staying on top of your bookkeeping responsibilities is extremely important for financial growth and can lead you to more easily reach your goals. If you feel like you will need assistance with this, reach out to Raleigh Bookkeeping today!
3. Stay updated with ongoing changes: There are many new changes when it comes to tax deadlines such as tax relief for businesses. It is very important to stay up to date on these changes and others as small businesses can use these updates to their advantage when planning when and how much taxes they’ll need to pay. Even though bookkeepers don’t directly prepare tax returns, it is crucial that your books are up to date - which is what bookkeepers help with!
Always remember that you’re not alone! Many small business owners struggle with bookkeeping - especially when the business becomes larger, and the numbers become more complicated.
At Raleigh Bookkeeping, it is our job to ensure that small businesses all around the Triangle stay afloat during the COVID-19 pandemic and are more comfortable financially. If you need to create an entire bookkeeping system from scratch or need help seeing where all your revenue is going, call us today at 919-616-8342.