The COVID-19 pandemic changed virtually every facet of life all over the world, and for businesses, it was even more impactful. According to Statista, an October 2021 survey found that more than 22 percent of surveyed small businesses said that the pandemic had a significant negative effect on them.
In Nashville, small businesses that need support can apply for Economic Injury Disaster Loans with the US Small Business Administration. If you’re one such business, or you hope to gain more stable footing in 2022, hiring a Nashville CPA can have amazing benefits for your business. Here’s how.
Making better business decisions
A Nashville CPA can furnish you with the information you need to facilitate better decision-making in your company. When considered within the context of the pandemic, information is your best asset for recovery and growth. With a trusted professional as your advisor, you can make the most out of the financial assistance that you will get or optimize the financial resources that you already have.
Optimizing business resources
Speaking of resources, an accountant can also provide expert guidance for various financial matters, from cash flow to business expenses. This will help you streamline your processes toward optimizing what you already have and channeling it for better returns or more profit.
Additionally, a CPA can help you make sense of the important financial factors that you need to understand to run your business well. For instance, you will gain a better understanding of your assets and liabilities, which will help you strategize more properly to position your business for more success.
Finally, a CPA can help you navigate the technicalities that you, as a small business owner, need to be mindful of. If you want to gain access to the available support that exists for small businesses, your accountant can help you prepare for the application and vetting processes by getting your financial documents in order, as well as ensuring that you meet their requirements and standards.
Access to stimulus funds for financial relief, for example, requires navigating a collection of regulations that govern the Paycheck Protection Program, the Families First Coronavirus Response Act, and the Employee Retention Act. Changes to taxation may also apply in 2022, particularly in states where stimulus legislation is founded on state or local funding.
Find a trusted CPA in Nashville
Evan Hutcheson has been providing reliable accounting services to a wide range of Nashville businesses since 2012. A member of the American Institute of CPAs, as well as the Tennessee Society of Certified Public Accountants, he tailors his services to ensure excellent customer experiences that meet client needs.
He also offers a six-step process dedicated to small business owners who wish to stand out from the pack and get ahead of the competition.
Overall impact of COVID-19 on small businesses in the United States as of October 2021, Statista.com
Small Businesses, NashvilleResponseFund.com
Top 10 Regulatory Issues Facing Businesses in 2021, Paychex.com