Our Two Cents

 

Most accountants wouldn’t consider themselves responsible for managing workforce performance. But let’s pause and think about that for a second. When someone is feeling overwhelmed and under-supported at work, there’s almost always a financial factor involved.

 

It's a challenging time for teams and organizations that have suddenly jolted to working remotely. For startups and larger organizations, helping their teams with a generous dose of empathy, to enable productivity, is key.

Whether you're already a remote org or moving that way due to the current social climate, here are a few things we've done at Tara to shift quickly into a high functioning remote team.

 

It’s a hard time to be having a hard time. For those of us who are able to work from home and have remained gainfully employed or self-employed over the past few months, it feels selfish—even callous—to acknowledge how stressed we might feel.

Oh, quit whining, says the inner voice (mine sounds like my grandma). You have a job! You don’t even have to leave the house to do it! Do you know how lucky you are?

But that doesn’t change the facts. Despite how fortunate we are relative to others, many of us work-from-homers are nevertheless living through the most challenging period of our lives. We’re doing more with less, managing multiple roles, trying to bridge gaps with often flawed and unreliable technology, ping-ponging between times of crunch and times of existential uncertainty.

 

Giving back—it’s good for the world and it’s good for business. And there’s never been a more important time to do it.

The COVID-19 pandemic has affected all of us. Right now, millions of people are grieving loved ones while living in fear and struggling to stay afloat—physically, mentally, emotionally, financially. They’ve lost jobs, homes, businesses, and savings. Between food shortages, long periods of isolation, and a burgeoning global economic catastrophe, the present is dismal and the future looks bleak. It’s safe to say that this is the worst crisis of our lifetimes—and it could be months or even years before things get better.

 

Ensuring your business thrives financially doesn’t merely involve taking steps to boost revenue. It’s also important that you reduce costs whenever possible. This is particularly important during the COVID-19 pandemic. Many businesses are under significant financial strain right now. Yours will be more likely to weather the storm if you optimize your budget accordingly.

You probably know this. However, you might not know how to cut costs more than you already have.

The following simple ways to cut costs will help. Consider them if you’re trying to think of new ways to reduce spending.

 

If you’re reading this article in 2020, there’s a good chance you’re reading it at home.

We’re witnessing a radical shift in what “the office” means. Practically every non-essential business that has survived into April has gone virtual. Rather than working in shared physical locations, millions of people are doing their jobs remotely. They’re still communicating, collaborating, planning, strategizing, inventing, researching, developing, designing, selling, servicing customers, and more—but they’re doing it from their personal desks, dining tables, basements, garages, and bedrooms.

 

In spite of the pandemic-sized challenges facing the world’s economy—skyrocketing unemployment, disrupted supply chains, banks and credit market systems risk, government’s crisis response—and people’s daily lives, CEOs of SMEs can manage cash flows and liquidity with a mind to grow when the economy reopens easily and effectively by remembering three guideposts for keeping your company moving forward.

 

The weeks since Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act have seen thousands of business owners scrambling to, first, understand the Act and, second, to take advantage of it. And while experienced attorneys and accountants continue to make sense of the guidance and regulation of the CARES Act, there are a few things we know already that could help business owners like you keep your doors open a little longer.

With the CARES Act on everyone’s mind, inDinero hosted a webinar 100% focused on loans, grants, and tax relief available from the CARES Act. Our panel of experts, including a CFO, SMB specialist from Huntington bank, and a senior tax director, broke down each element of the CARES Act loans and how your business can benefit from them.

 

After a rollercoaster of week in DC, the “Phase III” relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, became federal law on March 27, 2020. And instead of relaxing over the weekend, trying their hand at baking bagels or binging Netflix, business owners around the country scoured the internet for what the CARES Act actually is and how it can help them through this drastic economic crisis.

Our tax experts and CFOs have reviewed the final text to understand what this means for you and the options you may be able to take to protect your business and team. Here are five important things you need to know based on questions you might be asking yourself: