Alan Stein, Director of Audit and Accounting Services at Gorfine, Schiller & Gardyn (GSG), discusses how accountants, in many ways, can help businesses gain confidence when either developing plans for reopening or developing strategies for surviving during the ongoing economic crisis.

Q: What kinds of financial services are businesses seeking out in the midst of COVID-19?

A:Businesses are seeking more consultations than services. We’re still offering services; for instance, we’ve been very hands-on with helping businesses with a loan application or developing a strong budget, but with many of them, it's been more about expanding the nature of the conversation around their business.

And conversations are continuously evolving. Originally, the inquiries were determining whether or not to apply for a loan. There were also a number of questions concerning which programs a business is eligible for, and by taking advantage of a particular program, how does that make a business ineligible by other programs.

For those who have been fortunate to secure a loan, we are moving through next steps determining record keeping for the loans and ensuring they do not have to worry about returning the loans.

Q: Do you find that the consultative services that you're providing in this day and age for businesses in many ways helps them have some sort of confidence in their next steps?

A:It’s an uncertain time, and the conversations, at times, get a little far-reaching more than they might have been typically. We're now beyond the nuts and bolts and the budget because we have a relationship, and we have exposure to their business. The conversation goes into what their plans are: how they've slowed down, what they've closed, what they're planning on reopening, when they're planning on reopening, what safety measures they’re taking into place, etc.

They're discussing all these challenges with us, and we’re giving them an open ear to listen and our input as people. We now have the responsibility of being more than accountants, yet still providing the accounting and regulatory services that inspired a business to initially pick up the phone and call us.

Q: Are a lot of services or consultations you're offering simply to help talk through challenges and figure out the next steps and the next phases?

A: Absolutely. It's defining the direction a business hopes to take and whether or not they are comfortable with that path. For example, are they comfortable with the loans they obtained? Are they confident that they are keeping records so that the loan is forgivable and it'll have the intended purpose to help their business? We’re also helping businesses decide how aggressively they want to reopen. If they're not aggressive with reopening, we determine how that affects the budget and the different forecasts they should have to prepare for various scenarios in the upcoming months. These are interesting,yet challenging, discussions.

For more information on developing a plan for either reopening or coming up with overall survival strategies regarding COVID-19, please feel free to contact GSG today.

Alan Stein is a Director, Audit and Accounting Services, at GSG with over 10 years of public accounting experience. He manages audit, review, and agreed upon procedures engagements for clients in a wide variety of industries, including not-for-profit, real estate, healthcare, and manufacturing.

About Gorfine, Schiller & Gardyn, P.A.

Gorfine, Schiller & Gardyn, P.A. (GSG) is a Maryland-based full-service certified public accounting firm offering a wide range of accounting and consulting services to clients of all sizes. GSG employs the traditional business practices of a small company, delivering solid advice and solutions, and providing unparalleled client service. One of the greatest assets GSG brings to its clients is a team of experts trained to the highest industry standards. As problem solvers with an entrepreneurial drive, GSG associates are committed to the success of their clients’ businesses. For more information, click here.