The COVID-19 pandemic has prompted on-and-off lockdowns across the world, affecting businesses, big and small, in various sectors. It’s an economic rollercoaster that has compelled businesses to be strongly keen on how they manage their finances. This sounds — and is — a difficult thing to do. But with the help of a tax accountant, it’s possible to recover and even get ahead of the competition in the new normal.

Here’s how enlisting their professional help can benefit your business.

They will ensure that all your records are updated. Because your financial records will serve as your accountant’s basis for the majority of their work (e.g. Filing your tax return), it’s imperative for them to check if these documents are up to date and error-free.

They will assess and adjust your cash flow forecasts. After evaluating your current financial position and taking into account important sector- and national-level factors (such as risks brought forth by an uptick of COVID cases), they will modify your projected cash flow and make it more realistic and attainable. This will help you better define and implement business survival strategies.

They will guide you on which business model to employ. According to studies, businesses that hire accountants are less likely to spend their cash reserves during the pandemic. Why? Because accountants can help you exhaust all other means first before resorting to tapping that valuable reserve. These means include employing new or adjusting business models to improve sales or cut down operational expenses (e.g. Implementing work-from-home or hybrid arrangements, offering delivery of products, or even introducing a new offering).

They will prepare and file your tax return. Maximising all available claims to minimise your tax liability is what an expert accountant does. They will liaise with relevant parties (like your insurance provider) to help you boost your tax savings — all while ensuring that your tax documents are accurate and submitted on time.

They will assist in negotiating payment terms. In the new normal, many businesses have struggled to pay outstanding debts. If you have any financial obligations to pay, an accountant will help you renegotiate payment terms with your debtors. Additionally, they can also help you talk with your suppliers and vendors and arrive at a better payment agreement for your existing or new offerings.

They will help you leverage COVID-prompted measures implemented by the government. From government-backed loans to deferral of tax returns, the government has rolled out its own schemes to aid businesses amidst the public health crisis. Dedicated accountants have an in-depth understanding of these measures and they know who to leverage them to help you stay afloat and even thrive in the new normal.

They will provide continued guidance. Living in one of the most uncertain times in history is certainly challenging. If you’re running a business, you’d need continuous expert help so you can manage your finances better and implement the right business strategies.

Hire Tax Idea’s Chartered Accountants Today

Tax Ideas takes pride in having qualified accountants and financial experts that know — and are committed — to help businesses maximise their net worth and hit their goals. One of their specialities is providing tailored tax services that will help you make the most of your incentives and keep your business legally compliant.

Book your free, no-obligation consultation with their top tax accountant and visit their website, https://www.taxideas.com.au. You may also call them on 02 8318 1545.