The COVID crunch–why now is the time for financial advice

It goes without saying–running a business is hard enough as it is. 

“The CRA and taxation are daunting words,” says Yasamin Alami, senior accountant at Manning Elliott LLP. “With the arrival of COVID, businesses were pulled in several different directions with many uncertainties on the horizon.”

Manning Elliott LLP is a CPA firm that offers personalized accounting and business advisory services across Metro Vancouver.

In the last seven months, the team at Manning Elliott LLP has witnessed the extreme disruption caused by COVID, and has responded in kind by undertaking certain CRA formalities so that companies can focus on what is most important–the future of the business. 

“In a regular year, most of the population has a tough time just staying focused and persevering while dealing with the CRA and its multitude of forms and figures,” says Alami. “With COVID, the government tried its best to make the application process for financial assistance simple and understandable but there are still complexities and a requirement for several calculations.”

As almost any Canadian will be aware, the government made options available for individuals and businesses suffering financial burden during the pandemic and continues to do so. While individual calculations for the CERB were easy enough to navigate, applying for business assistance and large-scale loans can be confusing and, at times, nerve-racking. 

In order to combat this feeling, Manning Elliott LLP was able to step in to offer reprieve.

“We had a situation in which a client needed assistance in obtaining the CEWS–Canada Emergency Wage Subsidy,” says Alami. “We were able to swoop in and take the burden of these calculations and figures off of the company.”

“By doing so, we ensured that all the filing requirements were met so the action of keeping employees paid and maintaining the company’s door open were unaffected by the process.”

One area where Manning Elliott LLP is particularly fluent is in the assistance and management of finances in the technology sector.

In the tech industry, innovation and creativity are key in order to build new, enticing products that can simplify people’s lives but also help the world be more fluid and more efficient. When a company is shifting so much focus onto keeping the business afloat and keeping employees working, productivity and creativity take a hit, and companies can lose the competitive edge needed to survive.

“We, as a firm, have taken the time to analyze and simplify the tools available that can potentially provide help to our tech clientele,” says Alami. “This helps alleviate some stress so business owners can focus on providing innovative, operational and exciting new products to the community at large.”

As with all businesses impacted by COVID, the tech sector will need to bounce back and regain its footing quickly in order to ensure business continues to grow and products can continue to be delivered to customers.

“We are continually looking for ways to assist the tech industry and provide it with the tools it needs to take part in the programs available–COVID may have made the future uncertain, but we help ensure business operations remain viable.”

As the world strives to move forward while also grappling with the realities of a post-pandemic world, Manning Elliott LLP hopes anyone in need will reach out for assistance so that business can continue to grow as best as it can.

“Advice that we offer to our clients is reach out to us if you are feeling overwhelmed with cash flow management or need assistance to successfully navigate the different government programs in place meant to help Canadian businesses,” says Alami. 

If you are interested in learning more about what Manning Elliott LLP can do for your business, visit the website or call 604-714-3600.

 

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