It's 2020 - Do you know where your financial reports are?
By Crystal Wilson
Have you heard the great news? The Canadian Emergency Wage Subsidy (CEWS) has been altered to include more businesses and organizations! In its first iteration, the program required a 30% revenue reduction to have occurred in order to meet eligibility requirements. This was a great option for those that met it, but as many a small business owner can attest, a reduction of less than 30% can be just as devastating, depending on your unique situation. The program has been expanded to apply a sliding scale subsidy to businesses and organizations that have seen a reduction in income since the pandemic began. More information on the program can be found on page 4 of this document.
This is, as I said, great news, but it does require one thing that many small businesses struggle with - accessing up to date and accurate financial reports. Applications for the current Claim Period (July 5 - August 1) are open now, and require applicants to know their baseline revenue; either from the corresponding month from 2019 or the average of January and February 2020. If this is standing in the way of you accessing the CEWS benefit for your business, it might be time to think about prioritizing financial management and record-keeping in your business!
Having a professional bookkeeper set up your books in a software which is meant to serve you; taking the excellent data you provide it, and performing computer science magic to give you a snapshot of exactly where your finances stand at the drop of a hat - or where they stood at a different point in time even - is an absolute game-changer. We actually believe having the financial data to support your decision making is one of the key pillars to your success. If this sounds like something you need, be sure to connect with us - we’ve got a team ready and waiting to help you reach your goals. If you’ve already got a firm grasp on your business finances, tell us, what difference did that investment make for you? We sure hope it empowered you and has made you feel like you can confidently take on whatever challenges may come with an informed and in charge attitude (and of course, easily apply for a helpful wage subsidy!).