At Tom Vignali CPA, Inc., we have worked extensively with all of our clients to deal with the devastating impact of the COVID pandemic. Many of our efforts can be reviewed in a previous blog: COVID-19’s Long-term Impact on Business Finance.
As the pandemic continues to impact the global economy, we have increased many of our efforts to establish short- and long-term strategies to address a new kind of normal under these stressed conditions. No one knows when this pandemic will end, but it appears that there is now a “new normal” and various new ways to deal with business strategies. This pandemic has been so long-lasting that businesses can no longer deal as if this is just a short-term crisis. The impacts have drastically changed many business practices forever.
Adjusting for the new normal
First and foremost is the need to attain some level of stability. Obtaining financing is a key factor towards achieving this. During the past almost two years, we have assisted our clients with obtaining EIDL grants and loans, PPP loans and forgiveness applications, and state and local grants totaling in excess of 10MM. Many of these funds were used to offset lost revenues or to maintain employee levels. Additionally, we have recommended that some of these funds be used to set up reserves, which greatly assisted many businesses as the effects of the pandemic persisted.
We supported clients with the creation of strategic plans to address:
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- Current and future financial needs
- Re-structuring of all financial plans and projections to maintain financial stability
- Re-establishment of existing/previous sales and client relationships
- Plans to attain new sales and clients
- New marketing plans to retain/attain sales and clients
- Revised payment plans for customers to reduce business risk and exposure
- Employee retention plans to attract new employees and retain existing ones
- Use of existing/new technologies to become more effective and cost efficient
These are just a few of the numerous adjustments we have worked on with our clients to deal with the new normal business model. Amazingly, establishing reserves for the potential long-term continuation of the pandemic has had a phenomenal positive impact on the financial viability of our client base. This has resulted in a financial security that had not existed in the past for many clients despite the continuation of the pandemic.
The use of existing and new technologies to economize operations or deal with customers has led to enhanced customer relationships, more timely billing and collections, and increased communication with vendors and suppliers. It has also allowed management to review operational and financial performance in a more timely fashion.
Taking our own advice
The impacts of the pandemic continue to this day. The recommendations and strategic plans we have provided to our clients have mitigated many of the negative effects, but many businesses continue to struggle and face the threat of failure on a daily basis. For some businesses, the impacts of the pandemic are fatal.
At Tom Vignali CPA, Inc., we have expanded the levels of service that we provide to our clients. In addition to a comprehensive back office offering, including payroll, bookkeeping, sales tax preparation, financial statements, and tax return services, we are now able to consult with you remotely in real time. We have upgraded many of our software applications to allow for more efficient internal processing. And we have installed a new telephone system, which allows you to more easily connect with one of our two new employees to deal with issues you may have in a more timely fashion. Please note that our new office number is 401-415-0798.
If you would like to further discuss this issue or any other accounting issues, don’t hesitate to contact us at: Tom Vignali CPA, Inc.
Contact Us:
Thomas W. Vignali CPA Inc.
118 Point Judith Road
Narragansett, RI 02882
T: (401) 415-0798
tom@tomvignalicpa.com
www.tomvignalicpa.com
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