Summing up COVID-19 with Bhavesh Ranchhod, Accounting For Success
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Posted April 21, 2020
Brian Gentil spoke with Chartered Accountant Bhavesh Ranchhod from Accounting For Success in Waihi about how businesses are coping during the lockdown Alert 4 period with Covid-19.
There’s a mixed feeling at present with no-one really knowing what this situation is going to bring.Bhavesh mentioned how several businesses are already looking at different options for when they reopen and they are being very positive about change and the prospects it will offer.
Brian and Bhavesh talked about the end of the financial year and the pressures of paying GST, terminal tax, end of year tax and other taxes at this time of year.
Bhavesh suggested businesses talk with their accountant and keep the lines of communication open.
There are other forms of help out there including talking directly with IRD who are very helpful.
Keep an eye on your accounts going out and your cash flow, as cash is going to be king in the short term for businesses Bhavesh said.
Brian and Bhavesh also spoke about when Alert Level 4 drops on Tuesday to Level 3, and how this may open up some opportunities for certain businesses.
Another important topic they covered was the government’s Wage Subsidy which is available to businesses of all sizes to help them get through this first stage.
Employers can apply together with self employed people. Bhavesh said it pays 12 weeks up front in a cash payment so well worth applying for, and it’s paid out very quickly.
The question that lots of businesses should be asking themselves right now is how can I adapt my business to work in this environment?
With a little more down time before businesses start to open, now is the ideal time to consider this Bhavesh said.
To listen to the full interview just click our podcast link …