We will start with an important reminder to meet your turnover reporting obligation in order to receive your February JobKeeper entitlement by this coming Friday. This means you have to report the actual GST turnover for the month of February and what you think it will be for March.
And with JobKeeper due to conclude with the fortnight ending 28th March, this is the second last time you or your accountant will need to complete this task.
The bigger issue though on the horizon is what happens when JobKeeper ends?
Whilst the drop in the unemployment rate and growth in the GDP rate have been welcome, come April small businesses will be on their own. There is no (as yet but will there be?) targeted assistance to those industries decimated by covid.
So the four biggest questions you face are?
How will your business survive?
How will the businesses of your customers and suppliers survive?
And have you, your customers and suppliers addressed the impact of the end of rental relief? And not only may you soon be paying full rent, what about the portion of relief that was deferred?
And are your financiers going to continue to support you?
And with cash flow being the life blood of any business you need to understand what the impact starting in as soon as 3 weeks. Some accounting software providers market their cash flow capabilities, but it is very simple and for the immediate short term.
We however have advanced software which can:-
Model out various post 28th March scenarios.
Show the cash flow peaks and troughs in the months ahead.
And with our many years of collective experience of working with all sorts of industries, we are able to provide recommendations as to how to rectify and improve what is predicted to unfold.
Our first meeting with clients is free of cost or obligation and we welcome your call.
At MRS, we will spend today planning for your success.