By Camille Davis
Special to the AFRO
Americans showed resilience after the end of the Great Recession in 2009 and a little over a decade later they’re hoping to bounce back after a pandemic.
Now, Covid-19 (coronavirus) has many businesses scrambling to make sense of all of the news and information being shared. As we approach and welcome the issuance of Stimulus checks for individuals making $75k per year or less, entrepreneurs such as the Accountability Accountant, have a chance to thrive and provide insight on how small businesses can navigate during this time.
Folasade Ayegbusi of Suncrest Financial Services is one of the leading accountants in the Washington Metropolitan area. Her focus is ensuring that small businesses and entrepreneurs understand and know how to maintain and create growth strategies for their businesses. As an accountant, insurance broker, speaker and business growth strategist, Ayegbusi has helped entrepreneurs and small business owners save over $25 million in lost revenue, tax assessments, penalties and interests over the last 12 months. This financial powerhouse partners with clients to identify financial challenges, design optimal solutions and oversee implementation of new systems that simplify financial processes for success.
While many may not have liquid income for Suncrest Financial Services, Ayegbusi uses her platform and social media outlets such as Instagram to provide complimentary coaching and tips for small businesses impacted by Covid-19.
“The coronavirus will have a negative impact on all of the small businesses that failed to incorporate their accounting into their business processes,” Ayegbusi said. “The pandemic has proven that accounting is the language of business and for you to obtain any type of funding you need accounting. Most businesses that are unable to apply for funding due to their lack of accounting will hence, realize the over importance.”
Ayegbusi recommends businesses take proactive measures to prepare for the current financial climate and afterwards, such as “hiring an accountant or adding accounting into your business processes; but most importantly, prepare a business and personal budget.”
“The preparation of an annual business budget will allow the business owner to see what their annual expenses and what income needs to be made to pay the budgeted expenses. Review your numbers monthly,” she added.
Ayegbusi also had advice for small businesses disheartened by cancellations and failing contracts. “The best way to protect yourself from cancellations is by creating a no-refund policy for certain products and services. However, to avoid contractual cancellations, you must show that your services are a much-needed necessity. You must show that your services add value to their business during this state. Keep your clients informed and up-to-date. Create resource sheets and whitepapers for them to utilize during this tough time.”
As an accounting professional, Ayegbusi takes her responsibility seriously of creating accurate content to inform the masses, particularly during a time where it may be difficult to disseminate truth amidst false and misleading information on the Internet and social media.
Despite this day of social distancing, Ayegbusi does still have a business located in Largo, MD, For more information on “Accounting with Folasade,” visit http://www.accountingwithfolasade.com.