In our previous small business COVID-19 Survival Guide, we discussed a few critical tips for managing your cash-flow during the pandemic. In this piece, we explore some fundamental accounting, legal and labour tips which all small business owners need to consider during the period of coronavirus.
Accounting, Legal And Labour Tips During A Pandemic.
Let’s take a quick look at ten critical points you, as a small business owner needs to consider:
In the event of retrenching an employee, it is vital to ensure that you follow all the correct procedures. For information on this subject, click here.
Explore options in utilising your staff in different ways. For example, restaurants and stores which have had to close due to lockdown restrictions have pivoted to taking delivery orders via phone, food delivery services and even WhatsApp groups, many of which have used waiters and other staff for their delivery services.
You could also consider invoking the Force Majeure clause any contracts you have signed with clients in cases where you may not be able to deliver the intended services. However, only do this, if you really need to.
Ensure that you have sufficient and accurate financial information to help manage your business.
If you have employees with high leave balances, you could consider requesting them to take forced leave.
It’s no brainer, but more vital now, so ensure that you pay tax as a small business corporation if you qualify.
Ensure that you’re claiming Employment Tax Incentives if you’re in the position where you are eligible for it via the training of junior employees. Moreover, speak to your accountant about other potential grants and tax breaks.
Consider making a move to online accounting software if you’re able to as this will also help with your team’s working remotely.
Ensure that if you get signed agreements in place with your clients quickly, as many will likely default in paying.
You could also opt for outsourcing an accountant as it’s usually cheaper than in-house, albeit per hour, and it’s vastly better than doing it yourself.
That brings us to the end of chapter 6 in our COVID-19 Survival Guide series. In the next and final article in this series, we will explore some essential tips when searching for specials and discounted services in a myriad of sectors to help with tightening the business buckle.