We know we are all back in a situation we didn’t want to be in and we certainly have our fingers crossed this lockdown can be as short as possible.
For us at Accounted4 we feel very fortunate to be able to continue working during lockdown. All our systems are cloud based, and it is easy for our whole team to continue working from home. It is a great feeling to know we are here to help our clients in these trying times.
For many businesses we know this lockdown creates further stress and uncertainty. It certainly has been interesting times since March 2020 when we had the first major lockdown, with some industries flourishing but others really struggling to recover, and this lockdown will mean more serious issues for some.
It is really important to try maintain a positive mindset, to look after yourself and your family, and to seek advice and support. There are lots of resources available to help through these times.
Cashflow planning is absolutely critical and if you are facing difficulties here are some things to consider:
- Determine what government support is available to you – information below
- Discuss options with your bank
- Contact suppliers to discuss potential payments that can be delayed
- Tax payments – discuss with your accountant or IRD what options are available for you
- Lease payments – communicate with your landlord and discuss options with them
- Employers – keep your staff informed, and discuss options with them. Of course make sure to comply with your obligations as an employer. The below site discusses leave and pay entitlements during Covid 19 response and recovery:
Resources
- A good starting point to find helpful resources is this site below and we encourage you to have a good look over it. The site includes a cashflow planner tool:
https://www.business.govt.nz/covid-19
- Xero has some great tools available on their website here:
https://central.xero.com/s/business-continuity
Read over the resources and if you need help ensure you consult with your accountant, adviser, the Chamber, or anyone you trust that can help support you.
Further information on Government Support Packages
- Wage Subsidy – applications will open on Friday 20 August 2021. This is through the Ministry of Social Development:
https://www.workandincome.govt.nz/covid-19/wage-subsidy/index.html
- Resurgence Support Payment – applications will open on 24 August 2021. This is through IRD:
- There are also the Short Term Absence and Leave Support schemes available for employees who cannot work if they are waiting for a Covid test result or needing to self isolate:
https://www.workandincome.govt.nz/covid-19/index.html
- Small Business Cashflow Scheme - this scheme supports small to medium businesses and organisations struggling with a loss of actual revenue due.
We hope the above information is helpful to you and wish you and your business all the very best.
