With the increased number of cases due to the COVID-19 Pandemic, entrepreneurs are forced to find creative ways to keep afloat. One of the leading concerns is the ability to manage and maintain their finances during this time. Kmar Henry and Sheryl Bailey of BIZcare Consultation & Accounting Firm Limited have recently launched a series of shows on social media and his blog that speak to entrepreneurs about the way forward during and even after these challenging times.
Henry believes that many entrepreneurs will only be able to turn their heads to try to make ends meet until the end of the year. He shared, “The notion of cutting all liabilities and expenses will come into play. This may mean that the pausing of tax filing for 2019 and 2020 will be one of the decisions that most small business owners will have to make”. The ongoing online series entitled ‘Biz Guide 101’ powered by AN85 Media on the company’s Instagram account will feature Henry and BIZcare Consultation’s Manager, Sheryl Bailey. The series will provide entrepreneurs with information on how to register their business, how to open a business bank account, how to record business transactions, and how to file business taxes.
Detailed in the topic of tax filing, Henry reminds small business owners that businesses are still mandated to file their taxes for this year even though the pandemic is still at hand and the same for 2021. With that in mind, he encourages persons to put systems in place that aid in keeping track of their records. “Keeping up-to-date records is essential during this time as it will prove to be easier to file taxes when the time comes. It will also help businesses to be qualified for any further benefits or subsidiaries that the government may provide. Our agents Tamara and Trishana Thomas help clients with tasks like these”, said Henry.
Given the current nature of the economy, BIZcare is aware that many entrepreneurs are seeking advice on how to weather the crisis. Sheryl Bailey noted, “Over the years, our experiences have made us realize that it’s essential for small business owners and self-employed persons to stay on top of tax filing dates as penalties and interests may prove difficult to pay. Thus, with the added pressure that is proving to be a mountain of stress on entities due to the slow movement of cash and revenue caused by the COVID pandemic. All entrepreneurs should be prompted with the intricacies, timelines, and deadlines that are implemented when it comes to filing. Hence, this is what we are here to do”.
To join the BIZcare 101 discussion you can visit the company Facebook and Instagram pages @bizcareconsultacct and visit their website www.bizcareconsultacct.com.
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