This is a sponsored post from Bench, the online bookkeeping service that pairs you with a dedicated bookkeeping team and elegant software to do your books for you.
With the effects of COVID-19 rippling through the economy, it’s easy to feel overwhelmed. Many businesses are being forced to shut their doors temporarily. What should you do first? How can you protect your finances in a volatile economy?
Understand your business’ current financial position
It’s always a good idea to have a handle on your numbers, but this becomes doubly important during times of economic uncertainty.
A clear understanding of your company’s financial position lets you immediately see where you can cut costs, what expenses you can justify, and what debts might need to be renegotiated or deferred. Evaluate current assets and loans and see what can be leveraged during this time.
Bookkeeping in times of recession is more important than ever — having financial statements on hand are often necessary for payment deferrals or loan applications. If you’re behind on your bookkeeping and you’re not sure how you’ll get financial statements together, Bench can help.
Apply for disaster loans or financial relief
Nobody was ready for the heavy-hitting impacts of COVID-19, but the government