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Northwest Maryland


Small Businesses Must Look Beyond Short-term COVID-19 Impact

April 23, 2020 / by Steve Barber posted in Northwest Maryland, Business Continuity

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If you're a small-business leader, chances are you've been overwhelmed the last few weeks, trying to figure out a way through the COVID-19 crisis. Which aspect of the Coronavirus Aid, Recovery and Economic Security (CARES) Act is best for your company: the Paycheck Protection Program (PPP), an Economic Injury Disaster Loan (EIDL), Employee Retention Credits, or Deferred Payroll Taxes? Or can you get by with selective belt-tightening?

While it may be tempting to keep your head down and focus only on those vital details, it's equally important to lift your head up and figure out a plan for getting through the coming weeks and months, and positioning your company for growth once things return to normal.

PPP Status Update
The PPP funding that was designed to help small businesses meet employee payroll for eight weeks was out of money after just two weeks.

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Construction Pros Use Bookkeeping for Contingency Planning

April 14, 2020 / by Steve Barber posted in Bookkeeping Services, Northwest Maryland, Business Continuity

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Disruptions are the norm in the construction business. And while the COVID-19 outbreak — which has led to a widespread halt of building projects — is more extreme than most disturbances, successful construction companies are structured to handle multiple projects with long durations and to anticipate potential interruptions along the way.

When it comes to contingency planning, outsourced bookkeeping services are one of the most useful tools those in the construction trade can use.

Preparing for the Worst
Construction companies encounter cash-flow interruptions for a number of reasons, from routine weather delays to once-in-a-century pandemics. Even projects that stay on schedule often require a juggling act between making upfront vendor payments and collecting revenue from clients on the back end. Staying up to date on your finances is the best way to prepare for these interruptions. And the first step is to establish a cloud-based bookkeeping system.

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How You Can Use Bookkeeping to Prepare for Business Growth

June 11, 2019 / by Steve Barber posted in Small Business Advice, Bookkeeping Services, Business Advice, Northwest Maryland

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You've launched a small tech startup that makes an app for digital widgets. Business seems to be going well, but you can't tell for sure because the office manager who also does the books is always running behind and you don't know where your cash flow stands.

Finally, when your CPA prepares your taxes and straightens out some bookkeeping errors (running up a big bill in the process), you get confirmation: Business for the first year ran 50% ahead of what you'd anticipated.

That tells you two things. First, you should hire another sales rep and ramp up production. Second, you'd better get your bookkeeping squared away, and fast.

A Valuable Asset to Your Business
A strong bookkeeping practice can help you keep pace with your business today and better prepare to grow your business tomorrow. Here's how:

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