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Despite the availability of several business support packages at all three levels of government, many businesses struggle to understand what’s available, how to access it or whether they’re eligible, according to accountant and tax advisor Coco Hou.
“There are many different types of support packages and grants, but unfortunately business owners are too busy, tired and stressed to deal with the challenges and complexities of working with all the different options available to them,” said Coco Hou.
“Not only do they not know what they are eligible for, they don’t even have time to complete their grant applications. This is something that business owners can quickly resolve, but as many businesses are under pressure and have been for some time, their accounts are way behind and need to be brought up to date.”
Coco Hou is a Chartered Public Accountant and Managing Director of Platinum Accounting Australia, a national advisory, accounting and tax service specializing in helping business owners, start-ups, entrepreneurs, trusts and larger businesses grow and prosper. The business has a growing network of licensees across the country.
“While we help many businesses apply for grants and other types of financial support, we find that one of the key hurdles we need to address is updating accounts,” Hou explained. “In order to be eligible for the many different types of support on offer, you need to be able to demonstrate how the pandemic has affected your business and your accounts must be up to date.”
Hou urges businesses to focus on updating their accounts and has four tips for leaders:
Clean up your books
“In order to apply for many of the grants and financial aid offered, you have to provide past revenue to demonstrate sales impact,” Hou said.
“Many businesses are short on time and owners don’t have time to update the books. My advice is, find an accountant to help you. Many accounting firms also offer bookkeeping services. Ask other business owners if they can recommend someone good, but at a good price so you have time to update things quickly.”
Adopt cloud accounting software
“Use this opportunity to move your accounts to a cloud system that can be accessed from anywhere,” Hou said. “Programs like Xero are free to some extent or the monthly cost is negligible. Moving your accounts to a cloud system will make life easier for you as a business owner and also allow your accountant to work on your accounts from anywhere. This will also speed up the process of updating your books.’
“Additionally, you can also use apps that integrate with your accounting software, such as Hubdoc, which allow you to scan receipts and automatically add expenses to your accounts. Be smarter about how you do things.”
Get help applying for financial aid
“Your accountant should know all the types of grants and financial aid available. This is their job. If they are not, find another accountant,” Hou emphasized.
“They should be able to not only explain what type of support and help is available, but also how you access and apply for it.”
Move fast and connect with other business owners
“The sooner you act, the faster you can get the financial help you need,” Hou added. “Some types of aid will have deadlines and others will have specific requirements.”
“Talk to other business owners in your geographic area, as well as business owners in your own industry outside of your area. This will make it easier for you to find out what other businesses are doing in terms of support and what type of grants they are applying for. “Ask them how they approached things and get tips on how to best optimize success.”
Hou emphasizes that an important aspect of all this is to ensure that businesses update their accounts as quickly as possible. “This is vitally important and can be done quickly with the help of a good accountant – and it’s essential that you have access to all the help on offer,” she said.
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