Why You Need to Have Your Financial Statements Audited by a CPA Firm

 

In applying for a loan for your business, lenders, and creditors will ask for your financial documents, such as a profit and loss statement, cash flow statement, balance sheet, and so on. These help lenders assess your creditworthiness and your ability to pay back a loan.

Most lenders in Nashville require financial statements to be audited by a CPA firm or an independent CPA. An audited financial statement provides creditors with the assurance that your reports are a fair and accurate representation of your business’ financial performance and position.

Other parties that will want to see your audited financial statements include:

• The Securities and Exchange Commission, if you’re a publicly owned company
• Suppliers who are looking into extending trade credit to your company
• Potential investors who want to assess the viability of your business
• Shareholders and existing investors who want to get fair, credible, and accurate information about the business’ financial health

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CPA Advice to Retailers On Bouncing Back This Holiday Shopping Season

 

If you’re a small retail business owner in Nashville and have experienced difficulty due to the coronavirus pandemic, you’ll be happy to know that you can expect business to pick up leading to the holidays. According to a study made by Visa, around 86% of Americans plan to do their holiday shopping this year, and about 60% plan to shop for half or more of their needs at local retailers. 

The pandemic, however, has changed the shopping habits of customers, so you should be prepared to adjust and adapt to their evolving needs. Your CPA can help you in making financial decisions related to this.

The Visa study further shows that around 60% of consumers plan to do at least 50% of their shopping online, and only around 20% plan to do their shopping exclusively in person. Around 33% plan to give digital gift cards this year.

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QuickBooks: A Useful Tool that Complements Accounting Firm Services

 

Businesses in Nashville can greatly benefit from using QuickBooks. It’s the most widely used accounting software in the world today, and is especially popular among small to midsize companies without an inhouse accounting staff. Training and support on its use may be provided by a highly qualified accounting firm with a Certified ProAdvisor designation.

What are the advantages of using QuickBooks for small businesses?

QuickBooks is designed for ease of use once it has been properly set up, so even non-accountants can operate it without problem. It’s highly recommended by CPAs and accountants for its many benefits, including the following:

• Templates: It comes with numerous templates that you can use in keeping your accounting records and generating accounting forms, such as payroll reports, timesheets, invoices, and performance records.

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Nashville CPA Firm Advice: Negotiate Your Lease with Your Landlord

 

Many small business owners in Nashville are struggling to keep up with their rental payments as a result of business slowdowns during the pandemic. If you’re in the same predicament, consult your CPA firm about the actions you can take and explore all options that may be available to you.

In September 2020, the Center for Disease Control issued an order that temporarily halts evictions until December 31, 2020. To enjoy this protection, however, you must meet certain requirements, as outlined here. 

One of the declarations you must sign on to states, “I am using my best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other non discretionary expenses.”

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Ask a Nashville CPA About the Tennessee Small Business Relief Program

Small businesses in Nashville who need funding as a result of the coronavirus pandemic may find assistance in the Tennessee Small Business Relief Program. Funded by the federal Coronavirus Relief Fund, the program is open to distributing around $83 million to qualified enterprises. This amount is added to the original $200 million fund earmarked to help small businesses cope with the effects of the crisis. 

Recently, the state government has announced that the program will be expanded to include additional business activities that were previously not qualified to receive the funds. The cash assistance is not a loan, so they don’t need to be repaid.

If you’re in need of new funding to keep your business afloat, check with your CPA to see if you’re eligible for the program and get help in taking the necessary steps to benefit from it.

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As COVID-19 Crisis Rages, Ask Your Accounting Firm About Your Options

 

In July 2020, just a few weeks after Nashville started reopening the economy, the White House recommended that the city and other COVID-19 “red zones” in Tennessee adopt tighter restrictions, including closing businesses. For small entrepreneurs in the city, this means the road to recovery may take even longer than expected. 

With this new development, waiting for the situation to resolve itself is simply not enough. It’s time to revisit your options with your accounting firm and take a closer look at what you can do to survive and even thrive in the “new normal”. Here are a few things to consider:

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Nonprofits: Finding the Way Forward from the Pandemic With a CPA Firm

Undoubtedly, nonprofits play an important role in Nashville’s economy. In the wake of the COVID-19 pandemic, however, they’re more likely to get left by the wayside due to a number of factors.

In addition to being a health crisis, the pandemic has also resulted in a financial crisis, limiting many donors’ ability to give to social organizations. Furthermore, most nonprofits get funding through fundraising events, which had to be postponed or canceled due to social distancing protocols.

Nonprofits may be mission oriented, but just like small businesses, they also have expenses to pay, including salary for the staff, rent, utilities, and other overhead costs. If you’re a nonprofit in Nashville and are currently feeling the pinch caused by the pandemic, it’s important to consult your CPA firm about surviving the crisis, and hopefully thriving through it.

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Be Guided by Your CPA in Thoroughly Understanding Your PPP Loan

If you’re one of the small business owners in Nashville who received a Paycheck Protection Program (PPP) loan under the government’s CARES program, it’s important to make sure you fully understand what you signed up for to avoid unpleasant surprises down the road. Don’t hesitate to consult your CPA if you’re unsure about anything related to the loan. Many of those who received the loan are now finding themselves uncertain about its actual benefits.

Here are some of the things you need to know.

Will the loan be forgiven?

Loan forgiveness is one of the major goals of the PPP loans. The government and your lender don’t expect you to pay back the loan as it was designed to help you and your employees tide over the crisis. However, you do need to show that you adhered to the guidelines for loan forgiveness.
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Tips from a Nashville Accounting Firm on Rebooting Your Business

On April 16, 2020, Tennessee Governor Bill Lee announced plans to reopen the state sometime in May, more than a month after he issued stay-at-home orders to mitigate the spread of the COVID-19 virus. Although the guidelines for the reopening are still being planned, it would be wise for business owners to start preparing for their reopening, as well.

If you have a small or medium-sized business in Nashville, consult with your partners, suppliers, and accounting firm about the steps you need to take to make sure you hit the ground running when the economy reopens.

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Ask Your CPA Firm About Measures to Address the COVID-19 Crisis

The world is currently facing an unprecedented challenge with the COVID-19 pandemic. No one is being spared from the havoc it is bringing, including businesses in Nashville. As alarm over the virus spreads and people are choosing to stay indoors, many small and medium enterprises in the city are finding it hard to stay afloat.

If you’re a business owner in Nashville, don’t hesitate to call your CPA firm and get financial advice in this time of difficulty. Your CPA can provide the guidance you need in making decisions and taking the right steps to help tide you over during this situation.

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Ask Your CPA About Forming a Corporation for Your New Business

Starting a business in Nashville? One of the things you need to discuss with your CPA is how to structure your company. You have several options,  and your choice can factor greatly into how you do business on a day-to-day basis.

In many cases, it’s highly advisable to register your business as a separate entity that will protect your personal assets from your business’s debts and actions. An LLC or limited liability company is often considered as the best choice for small and medium-sized businesses. However, it might also be worth looking into forming a corporation, especially if you’re hoping to grow your business and attract more investors in the future.

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Starting Nashville Small Healthcare Businesses with an Accounting Firm

Looking for small business ideas in Nashville? Explore your opportunities in the city’s healthcare industry. Generating an income of more than $92 billion and providing more than 570,000 jobs, Nashville’s healthcare industry greatly impacts the economy not only locally, but also globally.

In an economy largely driven by healthcare, it makes perfect sense to find small business opportunities in this industry. Many have already found success, but there’s always room for more. The key is to identify the services or products that the industry currently needs. You then have to ensure you’re fully trained and equipped to offer those services or products, and work with the right resources, including an accounting firm who can provide you with the financial guidance you need throughout the various stages of your enterprise.

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Why Freelancers Need the Services of a Nashville Accounting Firm

Not so long ago, a dream job was defined as full-time work with decent pay and reasonable hours, preferably at the same company for the rest of one’s life. These days, however, more and more people are taking their careers into their own hands by striking out on their own as freelancers. Statistics show that 36% of the country’s workforce is part of the so-called “gig economy,” and together contributed some $1.28 trillion to the American economy.

If you’re a freelancer in Nashville, you no doubt love the freedom of setting your own work hours and choosing which clients to work for. But you’re probably much less enthusiastic about the administrative part of the job, including sorting out your financial documents and filings. Luckily, this is where a professional accounting firm can help.

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