How CPAs Helped Save Businesses during the COVID-19 Crisis

It's no secret that many businesses closed down or were forced to file bankruptcy during the pandemic crisis. But did you know that accountants actually played a key role in saving businesses during COVID-19? And they can do the same for your business should you choose to get accounting services in Kearny, NJ. Through their superior advisory skills and vast knowledge of business industries and trends, accountants were able to help clients reimagine their small businesses.

Due to the sudden and enduring nature of the pandemic, many business owners turned to their CPAs for help in keeping their businesses from drowning. Thankfully, CPAs who also offer advisory services were able to provide a greater strategic perspective for their clients' businesses. Thanks to their help, business owners could respond better to the crisis and make smart decisions. So if you're still on the fence on whether to get accounting services in Kearny, NJ or not, consider this before you decide.

Here are some of the Ways CPAs Helped Businesses Survive during the Pandemic

Maintaining business continuity is crucial in helping keep the country's economy afloat and at the height of the pandemic, CPAs and other finance personnel rose to the challenge and helped keep companies' finances from going aground. Thanks to this, business owners and employees who depended on the business for their livelihood were able to keep working.

Commerce and Industry

CPAs in these fields are tasked with ensuring that the hearts of businesses are kept alive even with the current economic uncertainty. During this trying time, business owners turn to accountants for strategic guidance on how they can navigate through various financial hurdles. They are also tasked with leading recovery efforts of businesses or dealing with effects of a possible bankruptcy.

CPAs in the Government

Financial experts with sensitive positions in the government have also exerted efforts in assisting the government deal with the effects of the pandemic. They are tasked with preventing the economy from turning into an all-out financial crisis. They are responsible for looking for resources for additional funds for financial assistance and purchasing essentials like medicines and vaccines. They are also involved in conducting analysis for government measures, such as lockdowns, temporary suspension of businesses, quarantine, and providing solutions for problem mitigation.

CPAs in Public Practice

When the first lockdown was implemented in 2020, it was during the middle of the audit and tax season, causing many difficulties and uncertainties for auditors due to multiple first-time situations. Even with that, CPAs and auditors were able to excel in their roles in helping clients pay taxes promptly. This timely tax collection was crucial because it provided funds that the government sorely needed.

Additionally, CPAs in public practice were able to offer expert advice on multiple matters, such as tax and business complications caused by the pandemic.

CPAs are crucial in preventing or stabilizing economic decline. Not just that, but they are also essential in helping businesses cope with the effects of the pandemic. So if you want to make sure that your business stays afloat during the pandemic and that it continues to flourish post-pandemic, then hire a competent CPA for tax and other accounting services in Kearny, NJ like Nicholas J. Coco. He is an experienced CPA with multiple areas of expertise.