Bookkeeping in the Time of COVID-19

An accountant is reviewing a financial statement with her client.

According to the American Optometric Association, the term “20/20 vision” is used to describe the clarity or sharpness of vision measured at a distance of 20 feet. When I thought of what the year 2020 would look like, I often thought of the year in these terms, and that we would be seeing the world with more clarity of vision. I never thought 2020 would be the year of a global pandemic that would cause every single person to view the world with new eyes.

Viewing this pandemic through the lens of 2020 vision forces us to take a look at what is truly important, to get clear on our priorities, shifting our focus to keeping our families healthy and safe during a pandemic, and keeping our businesses running during these unprecedented times.

In order to prevent shutting down this year, many businesses have reevaluated their current business plans and have had to make adjustments. Many companies are reimagining their business models and restructuring their strategic plans to adapt to the new coronavirus, COVID-19 disease guidelines established by the National Centers for Disease Control and Prevention.

For instance, many small businesses are cutting back their workforce and are restructuring jobs and job descriptions. Many retained employees are working from home. Retail businesses have had to change their hours of operation, have adopted new cleaning and sanitization methods, and have installed protective shields in front of cash registers and reception desks. Restaurants are shifting their focus from eat-in dining to outdoor dining and outside pickup and delivery service options. Some cities are closing off streets to allow retail shops to bring their wares outdoors to be sold.

Now, more than ever, it is important for small to mid-sized business owners to have a bookkeeping and accounting firm that offers business solutions tailored to fit your needs. Having access to a firm that is knowledgeable and can help you make informed decisions by offering proactive guidance and support is critical this year and in the coming years.

For instance, an article published in Accounting Today stated that 67 percent of small businesses did not know how to file for the Paycheck Protection Program through the Small Business Administration. This further emphasizes that accountants will need to help their clients interpret resources as they become available so their clients can take advantage of programs and financial assistance as it becomes available.

Eva Business Solutions offers a wide range of accounting, bookkeeping, payroll, and tax services with the flexibility to meet your needs. We provide services locally and work with remote clients in all 50 states. Our qualified team of Bookkeepers, Accountants, and Certified Public Accountants have a combined 80+ years of knowledge in a diverse range of industries and vertical markets with demonstrated experience to help you grow your business.

No one knows how long businesses will have to operate within the restrictions of COVID-19, but we are all in this together, and Eva Business Solutions is ready to assist you with navigating through the challenges of operating a small to mid-sized business during a global pandemic. Call us today at (615) 461-7157.

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