The Coronavirus cautionary measures are resulting in a sudden need for small business owners and freelancers to reevaluate their revenue streams. We’ve seen the news about vendors who are struggling financially due to canceled shows and events, such as the Houston Rodeo abruptly ending. Having recently spent time behind a vendor booth at the Western Hunting & Conservation Expo in Salt Lake City, I know firsthand that many vendors rely on the sales and contacts from these large events.
During economically challenging times, large companies can consult their in-house sales and finance team to strategize mitigating the impacts of lost revenue. However, small business owners are not always aware that they also have professionals that they can rely on to help formulate a business plan or redirect their finances to ensure minimal impact in a down-turned economy.
If you are a small business or freelancer who is impacted by the revenue loss, I highly recommend consulting an accountant and tax adviser to discuss the effect on this year’s income. Another valuable resource is contacting a CPA who offers fractional CFO services. The fractional CFO will help you develop a business plan to mitigate negative financial impacts. Fractional CFOs have valuable insight in helping small businesses maximize their return and avoid financial pitfalls.
If you need help finding a trusted accountant, CPA, or fractional CFO, please contact Cindy at email@example.com.
To obtain and maintain their certification, a Certified Public Accountant (CPA) is required to have a comprehensive understanding of accounting matters. However, each CPA’s work experience may vary extensively. When looking for a CPA, it’s important to understand the areas of expertise that an individual CPA has so that you can determine which CPA best fits your needs.
For businesses, you should approach hiring a CPA, or CPA firm, similarly as if the person was going to be a full-time employee. For example, you should know the desired experience and skill requirements, task responsibilities, and salary expectations. Another attribute that is commonly overlooked is whether they fit your company culture. You should hire someone that you would want to sit down the hall and who will provide advice in-line with your priorities.
Also, it’s possible you will need more than one CPA. All large companies employ many CPAs to help navigate the various regulations and standards. As a small business, you should evaluate whether retaining multiple CPAs will provide the best solution for your business. For example, if your current CPA’s primary area of expertise is tax accounting but you need help projecting cost and revenue, formulating a business plan, or navigating the company’s growth, a tax accountant might not be the best fit for these additional tasks. In this situation, it would be prudent to explore CPA options, such as utilizing multiple CPAs.
If you have questions or need help finding a CPA that’s right for you, please reach out to Cindy at firstname.lastname@example.org.