Consider These 10 Adjustments Before Making Payroll Cuts | Best Company
Consider These 10 Adjustments Before Making Payroll Cuts - Best Company
The economic impact of COVID-19 and related stay-at-home orders has reached nearly unbelievable proportions. As of April 10, 31 percent of Americans were furloughed or had lost their job because of virus-related events, according to a survey by Freedom Debt Relief.
But many businesses are hoping they can hang on to their employees until they can secure Paycheck Protection Program (PPP) funds to temporarily cover payroll costs or the economy reopens to begin the long process of recovery.
To business owners looking for every possible place to cut costs and preserve cash before initiating layoffs, there are several budget adjustments to consider.
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"I turned to IMS when my company’s accounting needs changed. As our needs grew, we did not want to continue to spend cash for our CPA of 30 years until we could assess our changing needs. IMS barter found us a barter CPA in our area who came to my home. They took the computers and boxes of accounting records and his team compiled 4 years of accounting records and financials. Once this was done, our cash-only CPA jumped back in and knocked out the tax returns just in time for us to claim a tax refund that more than paid for the CPA work. A year has passed and we are caught up and just had our best month in a long time. And IMS found us some new repeat customers who love our media placements for them too. We are excited to accept more Clients through IMS Barter and we are happy with the services they provide us. Rick Smith, CEO, News USA"