What a summer! Businesses have welcomed an above average number of visitors – on and off Cape – while managing staffing and supply difficulties. At The Cooperative Bank of Cape Cod, we’ve been inspired by our clients’ steadfastness during what has been a challenging season on top of an unusual year with the pandemic. As we head into the off-season and businesses can begin to take a breath, now is the time to re-evaluate and assess your financials.
Clean Up Needed In Back Office
Get your books in order. If you wait, that will not help you come tax season. Now is the time to straighten your files and take stock of what worked during a hectic summer. Did your accounting software make things easier? Did you get frustrated and ditch it? If you’re not using software, how does your ledger book look? If you need more help, check in with your bookkeeper or banker. You can take training classes or workshops through your local chamber of commerce, too. SCORE Cape Cod and WE CAN also are great resources for learning and mentoring.
Schedule Your Financial Checkup
If you took out a SBA Paycheck Protection Program loan, have you applied for forgiveness? Check with your banker to make sure you’re on track with PPP forgiveness. Your banker also can review your accounts and any other loans you have to make sure they’re the best fit for your needs. For example, with low rates, now may be the time for you to consider refinancing. Or maybe you’re thinking of renovating or adding onto your business, so a construction loan or commercial mortgage may be in your best interest. Your banker can talk you through your options.
Make Payday Easier
How’s your payroll system? Do you have a system? Your banker may be able to help you with that, too. At The Coop, we’ve partnered with Complete Payroll Solutions to offer payroll and tax payment services. Our experts handle tax payments, vacation/sick time, and all other aspects of your company payroll. We can do the paperwork so you can concentrate on other aspects of running your business.
Protect Your Business
Fraudsters never take a break. To keep your business safe from corporate account takeover, the first step is education. You and your employees are the first line of defense. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers. Talk to your banker about programs that safeguard you from unauthorized transactions. Services can include call backs, device authentication, multi-person approval processes and batch limits help protect you from fraud.
Running a business isn’t easy, but remember you’re not alone. Your banker is one of your most vital resources to help you strategize for the future and benefit from the latest services and programs. Our Relationship Managers listen to clients, ask questions, and create customized solutions. We’re here to help you succeed.
Allyson Brainson is a Vice President, Small Business Relationship Manager, with The Cooperative Bank of Cape Cod.
This article appeared in the August edition of Cape and Plymouth Business. To read the August edition, click here: https://loom.ly/1ZRgGo4