In the face of a global pandemic, a lot of businesses are dealing with financial reporting issues and the problem’s impact on their businesses. You probably have your hands full dealing with cash flow estimates, recoverability and impairment of assets, and many other aspects concerning your finances. Fortunately, the SEC has been granting companies more time to deal with all the problems, especially that most people today are working remotely.
Businesses need to carefully consider the unique circumstances and risk exposures when conducting an analysis of how these events may affect their financial reports. After all of this, ensuring that your accounting is done right will help save you from potential issues that may arise after the pandemic. Here are some ways to help you stay on your feet with your accounting amidst a global crisis:
1. Use accounting software
Streamline your accounting processes by investing in accounting software. This will let you better interact with your accountant because he or she can access your data at any time. Your accountant may also make any changes whenever he or she see fits that will make it easier before the year ends.
2. Back-up your data
Get an external hard drive and use it to back up your data. This will mean that you won’t accidentally lose your reports should an accessibility issue arise. If you use accounting software, then make sure that you configure it to make regular backups every time changes are made.
3. Use a credit card for business expenses
Handling cash and receipts can be a real headache, especially during this pandemic when you have so many things to do to keep your business afloat. It’s easy to misplace or lose receipts, which can negatively impact your finances.
Save yourself the trouble and use a credit card for business expenses—even for minor purchases. This way, you only have to take care of credit card statements to process every month. Besides, credit cards let you take advantage of contactless payment systems that are so crucial at this time.
4. Set up your GST codes
Set up your Chart of Accounts GST codes properly the first time and make sure to review them regularly. You can also ask your accountant to check them to be certain that they’re correct. GST codes can cause issues in the future, so take a proactive approach and check them as much as you can.
5. Hire help
If you are already drowning in tasks to do during the pandemic and you keep putting off the books, then it’s time to get professional help. Hiring a qualified accountant will save you a lot of money in the future. Additionally, your accountant will be able to sort out your finances to save you from any potential issues that may arise when the global economy recovers from the pandemic. Fortunately, there are many accountants for online businesses that you can choose from today.
Your online business accounting must be in order despite the global pandemic. Sooner or later, the global economy will begin its recovery phase and your business should be able to keep up, and one way to ensure this is by having your finances in check. Consider these tips to help you stay organized and to save you from problems regarding your business finances in the future.
If you’re looking for accountants for online businesses to help you, Ecommerce accountant is here to help you out. We have a team of young and innovative accountants to help you sort out your finances. Contact us today.