Accounting, Revenue, and Tax Impacts of Coronavirus
The Coronavirus cautionary measures are resulting in a sudden need for small business owners and freelancers to reevaluate their revenue streams. We’ve seen the news about vendors who are struggling financially due to canceled shows and events, such as the Houston Rodeo abruptly ending. Having recently spent time behind a vendor booth at the Western Hunting & Conservation Expo in Salt Lake City, I know firsthand that many vendors rely on the sales and contacts from these large events.
During economically challenging times, large companies can consult their in-house sales and finance team to strategize mitigating the impacts of lost revenue. However, small business owners are not always aware that they also have professionals that they can rely on to help formulate a business plan or redirect their finances to ensure minimal impact in a down-turned economy.
If you are a small business or freelancer who is impacted by the revenue loss, I highly recommend consulting an accountant and tax adviser to discuss the effect on this year’s income. Another valuable resource is contacting a CPA who offers fractional CFO services. The fractional CFO will help you develop a business plan to mitigate negative financial impacts. Fractional CFOs have valuable insight in helping small businesses maximize their return and avoid financial pitfalls.
If you need help reevaluating yoru 2020 business plane, please contact Cindy at firstname.lastname@example.org.