The COVID-19 emergency has left many Princeton, Hamilton, and New Jersey businesses facing operational challenges that months ago were unthinkable. The confluence of forced business closures, stay at home orders, and widespread fear about the virus has ground the economy to a halt leaving many in new and uncomfortable circumstances. While there have been moves to “re-open” the state, it will take a while before things go back to “the new normal” and opportunities return. While relief programs from both the state and the federal government have been beneficial for immediate purposes, it is necessary to evaluate the long game. Questions about recovery planning focused on cash flow management, tax opportunities, expense management, and operational challenges are likely to emerge. By lighting the way through these uncertain times, Klatzkin can help your business navigate through COVID-19 challenges. Below is a list of services designed to help address common business challenges.
COVID-19 Tax Analysis
The regular flow of updates, rule changes, and guidance from Washington DC has left many confused about what, if any, tax-saving opportunities are available. Many are surprised when they learn about modifications to rules around Net Operating Loss (NOLs) and other changes that open the door to previously unavailable tax savings. The Klatzkin tax team conducts a comprehensive tax analysis of past filings against updated regulations to identify where savings exist. This may not only lead to opportunities with prior filings but a changed tax planning approach for 2020.
Cash Flow Management
The amount of cash on hand for most businesses has significantly changed over the last 60 days. This abrupt change has left many concerned about funding operations in the short and long term. Our team can work with you to develop a comprehensive plan that outlines expense management options, analyzes vendor and supplier agreements, determines the optimal line of credit or loan opportunities, and other practical changes designed to impact cash flow positively.
Outsourced Accounting
Many businesses have made the tough choice of terminating employees, which includes those from the accounting department. Although necessary, the numbers did not add up to have a full-time resource dedicated to the function. This leaves many without the proper level of support needed to manage the accounting function. The experienced professionals at Klatzkin can step in and provide the support necessary during these times.
Business Continuity Planning
As the COVID-19 emergency continues, it is important to develop a continuity plan that will provide clear guidance on what to do when conditions change. These plans are essential for disarming the alarm and stress that arises during uncertain times. Our team will work with management to conduct an initial analysis, identify business scenarios, recovery strategies, and then implement various testing exercises to ensure the plan performs as expected.
Your COVID-19 Business Advisor
The situation unfolding right now is a once in a lifetime event. There is no playbook for how each business should respond and what specific steps should be taken. However, with Klatzkin lighting the way, we can provide informed options and guidance to help you put your business in the best position possible. For help with an issue or concern, complete the form below and we will follow up with you shortly.