COVID-19 Has Proved in Bold Letters – You Need Your Accountant By Your Side in CANADA

COVID-19 has disrupted businesses around the world. Companies are losing revenues, while operations are mostly shut down. Thankfully, the government has come forward with a number of relief packages to help businesses survive through hard times.

However, that has put some entrepreneurs, business owners, and sole proprietors in worry. Obviously, they are not worried about government assistance, but about accommodating the changes in their accounting and bookkeeping.

Businesses that have their professional accountant such as a Chartered Accountant or a CPA in Canada are not so much in trouble. But entrepreneurs who do their own accounting using software or cloud solutions are in a fix.

What it shows is the absolute need for an accountant to guide you during COVID. Let's see what makes it so crucial for business owners and sole proprietors to have a dedicated professional accountant in Canada in this difficult time.

Accountants are Your Vital Source of Knowledge
You might find it difficult to find time in this chaos to keep up with the latest updates. For instance, the government has decided to provide cheap credit to entrepreneurs to tackle financial hardships. You may be able to apply for credit at minimum interest rates under various government backed programs in Canada.

Business owners can also take advantage of 75% wage subsidy in Canada, tax deferrals, and many other schemes.

Unless you are always glued to your mobile and tracking financial news, you are bound to miss out important details. An accountant has to stay updated as a part of his job and can provide adept guidance and consultation.

A smart accountant in Canada during COVID can mean the difference between survival and bankruptcy.

Changes in Bookkeeping due to COVID
The financial schemes, wage subsidies, tax deferrals and other programs are going to affect your accounting. For instance, the wage subsidies will have to be backdated in your books to reflect the changes.

There are several such examples. The financial impacts of COVID-19 are going to affect your accounts. You need to be aware and ready to implement the changes in your books, including crucial services like preparation of financial statements. If you are looking for funding, Your bank in Canada might require financial projections, notice-to-reader financial statements or a business plan for your business in Canada.

Doing your own accounting may not be the best idea, especially during this pandemic. You need a professional service or accountant who can accurately account for the changes in the wake of COVID financial implications.

Hire an Accountant to Sail Through Coronavirus Pandemic
Don't tire yourself trying to make sense of figures, percentages, deductions, or interest rates. Use the time to ensure business and look after yourself and your family.

Our team at Maroof HS CPA Professional Corporation is ready to shoulder your extra responsibilities and help you maintain flawless books. We will not take care of your accounting and bookkeeping for your business in Canada but also will help you traverse the right path where you can make the most of government assistance and sail through the hard times.

Get in touch with us to resolve your queries or learn more about our remote accounting services.