This article is not directly about COVID-19 or PPP forgiveness. There is plenty of content on that. This short article is however about a blind spot you may have found in your business as a result of the global pandemic we were thrust into.
On March 19th when I shut the door to my physical office and sent my team of 6 to work from home I was surprisingly calm. I knew we were prepared and capable to work from our homes. There were a few logistics to work out but I knew we would be okay. After all it was only for a couple weeks, right?
As weeks turned into months I realized planning was the key. Over the past few years we have become virtually a paperless office with storage solutions like SmartVault and client organization programs such as JetPack Workflow. The secure access to our clients records through these applications became increasingly vital as we helped them navigate the PPP application process and guide them through an uncertain financial time . Being able to provide payroll reports and bill copies at the touch of a button instead of combing through printed reports, then scanning and sending them saved us time and frustration. We were also able to look at their financials and walk them through what the future may look like. We were prepared.
Keeping your files digitally is only one way to organize and secure your financial data. In the article 7 Steps to Organize Business Paperwork So You Always Find What You Need you will find some more tips on how to organize and store your data.
I encourage you examine your current practices with your financial data. Is it all in one place where you can get your hands on it quickly and easily? Is it in a format that you can email or upload to a bank or other lender?
If you already have good practices in place and follow them consistently, way to go! If you struggle in this area or have never had a plan and are feeling overwhelmed, reach out to someone at JB Financial Associates. We will help you implement a plan so you will always feel prepared.