Corona RECOVERY – 1 Financial Tip, 3 Remote Tools, 1 Remote Pro-Tip
(We first interviewed Adam for the Goals, Gratitude, and Small Business Success Facebook group.)
1 Financial Tip
Adam has been serving the Spark Bookkeeping clients for some time. Many have asked him about financial assistance for the Corona Recovery. This is what he found.
There are two (2) major tools coming soon (hopefully this week) that should help small business owners recovery more quickly than they would otherwise.
1.) Payroll Assistance
Bookkeepers are expecting an announcement soon for payroll assistance grants. These should not have to be paid off. They are meant to help employers keep the payroll going for their employees during the tough time. To qualify, be sure that you are organized with your bookkeeping!
2.) Loans for Payroll
Payroll loans are following soon. Some employers may not qualify for the payroll grants above. In those cases, they can apply for payroll loans. Though we are waiting for more details, these should be helpful in preventing a business from closing. These payroll loans will need to be paid off. However, they will not be required to pay payroll tax.
As usual, speak to your accountant or bookkeeper for the best advice. But tools like these, we think, will significantly help small business owners. And, as usual when it comes to finance, being organized is they key to approval.
3 Remote Working Tools
1.) GSuite – Helps Organize the team
Adam is seeing more and more teams utilize GSuite. Most people that have signed up for GSuite really only used the professional email function. Which is great.
However they are missing out on the many features of GSuite, including the remote collaboration tools such as GDrive, Meet, and Keep.
Both Spark Bookkeeping and Spark Sites use GSuite heavily. (During this time, Spark Sites set up an open GSuite Meet so that the team could ask each other questions throughout the day.)
2.) Bill.com – Helps to Approve or Reject Individual Billing
Many business owners are filtering what they are paying and what they are not paying at this time. Some mortgage companies are deferring mortgage payments. Some utilities are deferring utility bills.
Bill.com is a tool that Spark Bookkeping has been using to help ensure that only the necessary bills are being paid. This approval process in Bill.com can be assigned to a team member or a bookkeeper or the owner to protect cash flow.
3.) Earth Class Mail – Helps Save Labor Hours on Scanning Mail and Depositing Checks
Employers want to be sure that their team is doing DPA’s (dollar producing activities.) Administrative tasks like checking the mail, filtering the mail, and depositing physical checks can take up far too much time in this critical time.
Services like Earth Class Mail will do just those specific tasks. Starting at $39/mo, they will receive, filter, scan, and email a summary of your physical mail. The checks they can even deposit for you.
That way you can have your team focus on the work that counts!
1 Remote Working Pro-Tip
Finally, the main thing Adam noted was that too many teams are wasting valuable time deciding on the perfect solution. Instead, pick one solution and stick with it. Gain the benefit of labor saving and focused productivity. Then change later.
Typically, in less turbulent times, a team can take time to find a more-perfect solution. During times of crisis, simply focus on one solution and move forward!
More on Recovery Financing and Bookkeeping Later This Week!
We will be checking back with Adam Whelchel and all that he is learning from clients with Spark Bookkeeping.