Financial Help For New Small Businesses – Getting the right financing for your small business… Join the hundreds of successful managers, leaders and entrepreneurs we’ve helped over the past 20 years, especially due to COVID-19 – Contact us today to get started!
In any case, keeping up with your finances is a struggle for small businesses, especially with their financial statements. Building a business, training employees, and trying to support your family is enough on your plate. Now that you’re worried about your business finances, you don’t know where to turn for help.
Financial Help For New Small Businesses
Whether a pandemic or something else is causing financial turmoil for your small business, you don’t need to feel overwhelmed. Now is the time to partner with other small business owners and accounting firms. And now is the time when it’s even more important to work with a CPA who can help you access credit that keeps your small business afloat and thriving.
Tools To Help You Top Your Small Business Financial Planning For 2022
When COVID-19 hit in 2020, many industries were affected. This was the case with our client, a manufacturer in Fort Collins, who was struggling financially. Even though his work was not going well, he did not want to let his employees go and started looking for ways to solve it. There he met Steve Wick.
Steve, the principal owner of Steven J. Wick and Associates PC, met with clients monthly to discuss their financial statements, business problems, and outstanding loans.
After a series of meetings, Steve decided that a PPP loan was perfect for him. Heeding his advice, the client approached his current banker in hopes of obtaining a loan. Unfortunately, the banker didn’t help answer his questions, so it got complicated. Let him be eager to continue the application.
After Steve’s years of experience with clients applying for PPP loans, he recommended that the client find a banker. In the end, the client was able to receive more than $150,000, which greatly helped him save his business.
Helping Small Businesses Build Financial Resilience
By turning to a company that specializes in small businesses, this client was able to save their business and employees during the punishing pandemic.
As small businesses try to survive and operate in today’s times, getting the right help from good accounting firms is a win-win. It will not only transform your business but also help you improve your business management by focusing on sound financing practices.
For more than 20 years, Stephen J. Wick and Associates P. A trusted name to hire a CPA to help small business owners grow their small business in Fort Collins, Colorado.
We can help you use existing software (like QuickBooks) and get accurate data to develop strategies and goals based on your small business finances.
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Accounting firms can help your small business grow over time, especially in times of crisis, as well as help you obtain seed funding for expansion. Accounting services include identifying, measuring, and recording the financial transactions of a business. Thus, the results of the accounting service will be useful for business owners to make decisions for their business.
An exceptional CPA should not only get you the financial help you need for your small business, but also advise you on how to grow your business. In addition, your business finances play an important role in running your business. However, it is difficult for people without knowledge to work in this connection. This is where outsourced CFOs come in.
CFOs are those who help management formulate operational and financial policies. They often make decisions based on the company’s financial statements. If you are a small business owner operating in Fort Collins, Colorado and are looking for affordable outsourced CFO services, our professional accountants or CFOs can dig deep into your business finances and help you improve your current operations and productivity. We offer practical financial advice to make your business stronger and more efficient.
Need financing for your Fort Collins small business? We you!
About The Programme
Running a business is never easy. It’s also not a 9-5 job and you have to work hard, hard and smart.
Learning new things and getting help should always be a conscious decision to make to grow and expand your business. By hiring an accountant, you have a professional eye to keep your business afloat during financial hardships and help you set up for future growth no matter what.
To make the most of your time and skills, you should invest in hiring a reliable accounting services company that is willing and able to help you succeed. Steven J. Wick and Associates P.C. its purpose is to transform business owners into highly effective managers, leaders and entrepreneurs and to help you grow and expand your business.
For financial assistance for your small business, don’t hesitate to speak with one of our accountants at Steven J. Wick & Associates PC in Fort Collins, Colorado! More than 40,000 small businesses hit by the pandemic received up to S$10,000 (US$7,211) as part of a government subsidy last week.
Singapore Provides Small Businesses With Financial Aid
To help these businesses get back on their feet, a total of S$132 million (US$95.2 million) was allocated to small businesses in industries most affected by the safeguards last year through the Small Business Recovery Grant (SBRG), the ministry said. Trade and Industry (MTI) and the Inland Revenue Authority of Singapore (IRAS).
The one-off cash support grant for businesses was announced as part of the S$500 million (US$361 million) Jobs and Business Support Package in Budget 2022.
According to MTI, eligible businesses received S$1,000 (US$721) for each Singapore citizen or permanent resident employee with compulsory contributions to the Central Provident Fund who worked between November 1, 2021 and December 31, 2021.
Sole traders, partnerships, as well as hawkers, markets and coffee stalls licensed by the Food Authority of Singapore also received a flat payment of S$1,000 (US$721) – even if they did not employ any workers during the period, MTI said.
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Resources For Startups
From year of assessment (YA) 2020, start-up companies are entitled to a 75% relief on their first $100,000 of ordinary income and a further 50% exemption on the next $100,000 of ordinary income. This applies to the first 3 YAs. After that, 4
For example, a company founded in 2020 is eligible for tax exemption for new start-up companies. The company follows the calendar year for YA, so its first year of YA is YA 2021. The company earned $200,000 in revenue during YA 2021. instead of the full $34,000.
The main business of the company cannot be investment or sale, investment or development of real estate.
All companies, including companies limited by guarantee, are eligible for partial tax exemption unless you claim the tax exemption for start-up companies.
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From Year of Assessment (YA) 2020, this is a 75% exemption on your first $10,000 of ordinary taxable income and a further 50% exemption on your next $190,000 of ordinary income. The maximum exemption for each YA is $102,500.
For example, a company earns $300,000 in 2021 and does not qualify for the tax exemption for startup companies. You qualify for a partial tax exemption for corporations on the first $200,000 of your taxable income. They would pay $33,575 in taxes instead of $51,000.
To make recordkeeping easier for small businesses, IRAS has simplified the Recordkeeping Requirements (SRK). Under the SRC, qualifying small businesses must only maintain business records (eg registers, lists) and not source documents such as receipts and invoices.
To qualify for Simplified Accounting (SRK), the business must be a sole proprietorship or partnership that is not GST-registered and not in the business of investment holding or property development. The business must have annual revenue of less than $200,000 in the last two fiscal years and assets of the business must be less than $100,000 at the end
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