 Reopening is a much-welcomed feeling after what we’ve all experienced these past few months. But there are serious challenges to overcome for so many small businesses, especially from a financial perspective. Prosperity is possible again with some strategies in place.
From beefing up your online presence to planning for any future crises, our Sidekick team has your back with these suggestions:
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 How to Support Wisconsin Small Businesses During COVID-19
You know how uncertain and anxious the COVID-19 pandemic has made everyone across our state, country, and world. The best way to forge on is to focus on coming together and find ways we can lift each other up, starting at the local level. That’s why the experts at Sidekick Accounting Services encourage business owners and consumers alike to support small business in Wisconsin. From helpful business resources to destinations where you can shop and dine locally, we’ve provided a valuable list of links for helping proprietors and residents in three of Wisconsin’s biggest business hubs—Greater Milwaukee, Greater Green Bay, and the Fox Valley—survive and thrive. Show Your Support in Greater Milwaukee
On a statewide level, one of the most up-to-date and expansive sites for small business owners is the Wisconsin Small Business Development Center. From small business loans and paycheck protection, to entrepreneurial and educational resources, this is a go-to for a wealth of information. How Sidekick Creates Successful Small Businesses Do you need support that’s specific to your business? From start-up success packages to payroll and bookkeeping assistance, Sidekick Accounting Services is dedicated to small business success throughout Wisconsin and nationwide. Contact us to learn more about how our services give you the peace of mind you deserve as a business owner.  Congratulations you’ve been funded! Now what?
You want to get most if not all of your loan forgiven so what do you do now?
multiple forms of funding that it does not cover the same expenses. In QuickBooks you can use class codes, in other software there may be a similar equivalent but in either case you can just add payroll journal, checks or receipts to a separate folder deemed “PPP Expenses” 2. One thing you will also want to do is pay attention to your FTE (Full time employee) number. The maximum amount of forgiveness will be based off of this number. What does that mean? Well, say you had 70 employees during either “test” period (Feb 15, 2019 to June 30, 2019 or Jan 1, 2020 to Feb 29, 2020) and then during the 8 weeks after funding you had 65 average employees. That means that your maximum forgiveable amount is 92.86% of the loan. Plus remember 75% of the funds need to be used for payroll and 25% can be used for rent, utilities or interest. 3. You will also want to make sure that you have not decreased wages for the position by more than 75%. You have to pay people at least 75% of what they were getting paid prior to COVID-19 4.Talk to your bank, just like each lender had their own application process… each bank will have their own forgiveness process as well. You will want to make sure you are communicating with your banker throughout the 8 weeks to make sure you have the right documentation to go back to them after 6/30/2020 with the right documents. This time has definitely brought many things to light and some of it has completely knocked us over. Securing funding via the PPP is great but as always, you want to make sure you are utilizing those funds appropriately and make wise decisions. You do not need to stress or panic in regards to spending funds, it does not need to be a stressful process. Just be sure your funds/loans, etc are not overlapping expenses. There has been a special committee appointed to monitoring the use and disbursement of these funds (Special Inspector General for Pandemic Recovery). Which may mean that you could undergo an audit, however, if you keep good accounting records and pay your employees about the same as before, you shouldn’t have any issues. Remember that even if you don’t exhaust the funds during the period any repayable amount is incurring a 1% interest rate with a maturity date of 24 months from loan origination. Hopefully things return to some type of sustainable “normal” where we can at least not worry so much about cash flow, but in the meantime it’s good to know there are resources out there. Long story short, keep your books in order and you shouldn’t have any issues! Contact us for clean up, bookkeeping, payroll or tax help. We are here to partner with you and help you conquer your books! Well this week has been crazy. My kids are home from school... I just became a teacher. Two years ago I "homeschooled" (I use that term loosely because she had teachers online) my oldest daughter and well, let's just say that she went back to school the year after because I discovered that it was not for me when I was also trying to run a business and take care of babies.
Anyways, this week they came home and although they have teachers, I still need to help, monitor, supervise and assist and that has rocked my world. Juggling four kids, a business with four employees and a shared household is tricky... BUT I'm getting back to mental normalcy. This season is starting to and continuing to prove to be an ever changing pile of unknowns. Which in the world of being a business owner, it can be intimidating, not foreign but definitely way more than what we could possibly imagine. That being said, I've been almost tirelessly working to try and find as much as I can on how to help and where I can point people to so we can navigate through this season and still get through "Alive" Here is what I've pulled together so far. Expect there to be additional information as the days continue because that is also changing every single day. As always, feel free to reach out and as a question or offer your own suggestions. We are here to help!
 Yep, I’ve done it! I’ve taken our brand and put a new name on it. Talk about scary! The main motivation behind this was of course my change in status, however, after walking through this process, I’m really excited at getting a bit of a fresh start and refined purpose to my business. But let me tell you… I’ve decided that picking a business name is really tough and not for the faint of heart.
Our choice of name was met with a lot of various opinions and reactions which forced me to really, really contemplate what our name was going to be. I spent weeks thinking about it, nights praying, thinking, considering and thinking again. Finally after much deliberation and a company vote, we chose our new name! I was really excited about it but then I started thinking and talking and questioning my gut. To be honest, I was faltering in the chosen name! Of course, that was after I already started purchasing all of our rebranded material. *Face palm* I was in the car driving back Appleton from Milwaukee when all these thoughts hit me. Driving is often when I do the most thinking. Sometimes I listen to books or music but sometimes I listen to silence and just think! Being the Mom of 4, there aren’t many opportunities for silence or even hearing myself think, but that’s a story for another day. As I was driving, thinking about our new name, I was trying to figure out how we really need to market this in order to be successful. The truth is that our name is different from the norm, maybe a little “cute” or unprofessional BUT it does something no other accounting firm name does… It vocalizes our passion, mission and purpose. Since I’ve started this business my goal has always been to change the face of accounting, to do it different, to fight this statistic that 8 out of 10 small businesses fail. By educating, processing and analyzing your financial data and specializing in small business, we will help process and translate your books. Every owner needs somebody to help them grow a successful, profitable business and we want to be that somebody for you! It goes so much farther than the numbers (even the numbers are key)... We are here to help you conquer your books and assist as needed; whether that’s simply helping with the books, developing a plan to get to the next level, teaching a business owner how to understand their financials, create a budget or projection, or understand what profitability really means and what cash flow is and what the difference is, we want to be that partner for you. When you’re working on your margins and planning, it all comes back to the numbers and if you don’t know them it’s going to be a lot harder to make the right decisions for your business. Regardless of which level you may be at as an owner you need to know what your numbers mean and how to use them to run your business more and more successfully. We are your backup and partner to creating a profitable business! We will help you conquer your finances by taking control of where your money comes and goes. We are here to help, and we will continue to refine, define and grow in our ability to do just that! So, on that note, I am so pleased to introduce you to Sidekick Accounting Services! Conquer Your Books! Change the Statistic! 2745 N MLK Dr, Suite 203F Milwaukee, WI 53212 414-702-5012 info@sidekick-accounting.com Schedule Your FREE Consultation today!!  When running your own business, there’s a lot of things that you must keep focus, but one of those things many neglects is: organization. Effective organization requires a mixture of the right mindset and conditioned habits over time. You won’t be a good organizer or even like it, day one, but all it takes is repeated self-practice. Here are three easy ways to start managing your business’s finances better.
Go Digital Having filing cabinets, folders and piles of papers is completely unnecessary in today’s world. In fact, having that clutter makes organization almost impossible. It’s easier to keep track of everything when it’s all in one place and it will save you time. Cutback on the amount of paperwork you have around – there are programs that aggregate your business spending that keeps you organized and saves you a lot of time. These software’s allow owners to neatly organize expenditures, income earned and other financial matters, right on your computer. Make it a Daily or Weekly Practice Take time at the end of every day or week to review expenses and sales. This can be as little as 15 minutes. By doing this you’ll get a clear view on where you are financially, and what you need to do to move in the right direction. Organization is all about habit, and by setting aside time to do this daily or weekly creates that habit, making it easier each time you do it. It will also help you monitor cash flow and business growth, while maintaining a clear, complete record. Last but not least, consider bringing in an accountant quarterly to give you professional eyes. This is a great way to learn as well, if you are not an expert in finances. Don’t Pay as You Go According to many experts, paying your bills all at once at the end of the month gives you a much better perspective of your expenses than if you pay your bills once they arrive. You’ll be able to see everything from the month at once, so you can make all your adjustments, planning, and budgeting at once. If you pay as you go, you wouldn’t be able to do that as you might put your financial plans in one problem, while a much bigger problem could still be possibly looming. Your business is very important to us. If you have questions or you are interested in learning more about what we can do to help your business out financially, let’s meet to discuss our services and all your options. Give us a call 414-702-5012 or visit us at https://www.mccrayaccountingservices.com/ to see how we can help you TODAY!  Position: Data Entry/Office Intern (Part time) Description: Sidekick Accounting Services provides quality full service bookkeeping, accounting, and payroll services to small businesses in the Greater Milwaukee Area and virtually throughout the United States. We have quickly grown and are looking for a dedicated, passionate individual that is self- motivated, willing to learn and a team player. This position has tremendous room for growth as the company continues to grow. Part time position has some flexibility for hours between 8:30 and 4:30 pm M-TH at our office and is expected to go to a full time position within 6 months. This is the ideal position for a college student or someone looking to grow with a successful small business starting from an entry level position. Requirements:
Responsibilities:
Compensation/Benefits:
Please send resumes to: info@mccrayaccountingservices.com |
AuthorSidekick Accounting Services is an accounting company dedicated to serving other small businesses and individuals. Helping them grow and strive to their fullest potential. With Sidekick Accounting you get a whole lot more than just accounting help, you get the tools needed to continue to be successful! We are Accounting Fit for You!! Archives
June 2020
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