Page 31 - BusinessWest November 23, 2020

Review, Refocus, and Reset
Amid the Pandemic, It’s Often Hard to See the Forest for the Trees
TBy Julie Quink, CPA, CFE
his year has been riddled with a series
of unexpected and unanticipated events
for business owners and organizations, the height of which continues to be the pan- demic and its continued significant impact.
With the uptick in positive cases continuing, business owners and management continue
to face difficult business decisions and worries surrounding the financial and safety impacts of
better time to review, refocus, and reset.
Review
Countless impacts, some quantifiable and some undocumented or unknown, exist within organizations resulting from the events thus far in 2020. Among them:
• An unprecedented amount of fraud has occurred, impacting unemployment claims, accounting
(CARES) Act, including the Paycheck Protection Program, the Provider Relief Fund for hospitals and healthcare providers, and the Economic Injury Disaster Loan Program;
• Businesses that have been severely impacted by the pandemic may qualify for the Credit for Sick and Family Leave and the Employee Reten- tion Credits;
• Remote working has become the norm out of necessity rather than convenience as busi- nesses try to keep employees safe, while main- taining the desired level of production;
• Not-for-profit organizations are feeling the pinch of decreased donation levels at a time when their services are needed the most; and
• Interruption of business globally due to the closure of various countries, limited travel, and availability of resources has contributed to the economic challenges for businesses.
Typically, reviewing the results and events
of a previous year or period is instrumental in planning for an upcoming year. For many orga- nizations, pivoting and reframing have partially replaced planning in 2020, sometimes just to survive.
Review
Continued on page 41
“Remote working has become the norm out of necessity rather than convenience as businesses try to keep employees safe, while maintaining the desired level of production.
systems, and data breaches,
to name a few areas of concern;
• Key accounting stan- dardsthatwere intended to be implemented in 2019 and 2020, including the
the COVID-19 coronavirus. With much on their minds running a business day to day, it becomes difficult for business owners, management, and even accounting professionals to ‘see the forest for the trees,’ as they say, and, as a result, they often set aside the opportunity to plan.
Using the lessons learned in 2020, there is no
lease-accounting and revenue-recognition stan- dards, were deferred by the standard setters to ease the strain on companies in this high-pres- sure economic atmosphere;
• Significant stimulus funds have been made available to the business community through the Coronavirus Aid, Relief and Economic Security
”
At Melanson, we are committed to ensuring that our clients receive the highest level of professional accounting services as well as the personal touch of a trusted advisor.
Contact us today to find out how we can partner with you!
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Nashua, NH | Manchester, NH | Andover, MA | Greenfield, MA | Ellsworth, ME 800.282.2440 | melansoncpas.com
Richard F. Burkhart, CPA and Salvatore J. Pizzanelli, CPA, JD, PFS
The talented team at Burkhart Pizzanelli
Accounting
Julie M. Quink, CPA and Deborah J. Penzias, CPA
The talented team at Burkhart Pizzanelli provides
provides expertise in a full range of accounting
and financial services. Feel free to call on us at Consulting 413.734.9040.Feel free to call on us at 413.734.9040.
expertise in a full range of accounting and financial services.
201 Park Avenue, Suite 2, West Springfield, MA
201 Park Avenue, Suite 2 • West SpringfieldR, eMtAir0e1m08e9nt Plans T: 413.734.9040 • F: 413.781.5609
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