Businesses are missing out on much needed stimulus cash injections from accountant’s overwhelm!
This information will show you what you can do so you don’t miss out!
There is an overwhelm in the accounting industry in assisting businesses with stimulus packages including JobKeeper and Government Stimulus COVID Business Grants etc. Accountants we deal with daily report that they are not able to get across all their clients. They are bogged down spending full days on the phone just answering queries from clients related to JobKeeper and other stimulus measures. In many cases businesses are left on their own ill equipped to understand and navigate through the requirements.
Many businesses are missing out on much needed cash injections into their businesses. They do not understand their financial reporting, or the full requirements or eligibility and they are not able to get the help they need in time before deadline.
Businesses can avoid these simple mistakes (by doing the following)
These mistakes are the outcome of why some eligible businesses failed to meet eligibility –
- bookkeeping inaccurate or not updated
– engage a qualified bookkeeper
- not having the right accounting software
– use cloud accounting Xero or MYOB
- not clear about eligibility
– ask your bookkeeper to test for eligibility
- no support from an accounting professional
– engage bookkeeper/ BAS agent
- financial reports not updated or understood
– ask bookkeeper to explain monthly reports
- no advocate to follow through to successful result
– bookkeeper to act for you for successful outcome
- inconsistency of information across government bodies, eg ATO, ABN register and related parties
– accounting professional to check details and update
- Important Note:- Your business may be missing out on much needed cash injection from government stimulus and you may not be aware or may think that your business is not eligible. But this may not be the case. We cannot emphasis this enough! GET YOUR BUSINESS GRANT/STIMULUS READY!!
Something not many people know!
Make sure all your information is consistent across all platforms, as they are all talking to each other. Where you may be identified by one for a particular purpose, you may be let down by something as simple as an ABN check as you forgot to register your business name or update details or something similar. Even your accountant may not think to update details so it’s important that you make sure you check these are all consistent with the ATO, State Revenue offices, workers comp, RMS (Roads and Marine Services), MyGov and other legislative bodies relevant to your business and your identity. Even bank info update correct addresses and contact emails etc. Loans at the bank can even be rejected on this basis alone but they do not tell you why, you just think you did not meet eligibility. It’s quite simple but we don’t really think people know this. “We would hate you to miss out just because of an algorithm or inconsistencies in the banking or other software!!”
GRANT READY CHECKLIST :- all ticked??
- Income tax returns lodged
- Single Touch payroll compliant
- Reporting for turnover up to date
- BAS returns lodged
- Info details RMS and other bodies up to date
- Accountants/BAS Agents letter at hand in support of turnover
- Business names registered
- ABN information consistent across bodies
DON’T FORGET TO AVOID THESE MISTAKES
Here is what happened with past stimulus grant applications and why they failed:
- Bookkeeping inaccurate
- No accounting software
- Confusion around grant eligibility
- No help from accounting professional
- Accountants letters rejected for simple reason
- BAS not up to date
- Inaccurate reporting of information
- No advocate to follow progress at the mercy of grant concierge triage
HOPE THIS HELPS YOU AND YOUR BUSINESS! 😊
