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MatchBooks Personnel Secured a PPP loan for a Cape Cod Nonprofit
Should you have a Cloud-Based or on premise accounting system?Your bookkeeper no longer needs to be at a desk in your office. With the advances of remote technologies and cloud computing the best bookkeeper for your business can be down the street or aross the state. Did you know that 67% of accountants believe cloud computing will help them carry out their roles in the future? Accounting and Consulting firm pwc found that 74% of business owners/ executives are involved in implementing a cloud strategy. But what is "cloud" and why is it important in today's business.cloud computing1. the practice of using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer. wikepedia
Covid-19 and the growing popularity of remote working has accelerated the need for cloud-based solutions that enable companies to operate efficiently across multiple remote workers locations. Pre Covid-19, in-house computing systems were used to manage sales, track inventories and store confidential client information, the cloud provides a flexible and secure solution that supports contemporary work habits.
The elimination of having to purchase a new system, ability to scale quickly, increased efficiency, security and accessibility of cloudbased systems are just some of the reasons for "cloud" popularity.
Matchbooks consultants can help you decide what is the best accounting solution to meet the needs of your firm. Be it cloud, onpremise or utilizing our cloud accounting solution. Please call us for a no charge consultation.
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In April of 2020 the Cape Cod Theatre Project board of directors was trying to understand how they would produce a theatrical season in light of the Covid-19 pandemic and were considering shutting down for the season like most other theatrical venues. They had heard about the Payroll Protection Plan (PPP) on the news but didn't know if they qualified or how to do it. MatchBooks filed all of the necessary paperwork and applied for the PPP loan successfully. Utilizing their contacts at a regional bank they were able to secure the loan for Cape Cod Theatre Project and the season continued.
Client: Artistic non-profit
Industry: Cultural Arts
Services: Nonprofit Bookkeeping, Budgeting, and Loans
Solution: Payroll Protection Plan loan secured in the first round.
Paycheck Protection Plan and Forgiveness Application
Our experts can help you apply for the PPP first, second and forgiveness applications while providing PPP Loan Advice.
The Small Business Administration (SBA) announced that it will be ready for the Paycheck Protection Program Loan to reopen the week of January 11th, 2021, with all lenders able to submit applications shortly after that.
The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act authorizes up to $284 billion toward job retention and certain other expenses through March 31, 2021, and allows borrowers to apply for a Second Draw Paycheck Protection Program Loan. Many businesses who already received a Paycheck Protection Program Loan will be eligible for a second draw. Those small business owners who missed out on PPP Loans the first time can still get a first draw loan in this next round.
Like last time, the PPP Loan is on a first come, first served basis so registering for the loan is essential to fast-track your application. A borrower is generally eligible for a Second Draw PPP Loan if the borrower:Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;Has no more than 300 employees; andCan demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
Should I consider outsourced bookkeeping
MatchBooks provides virtual bookkeeping and business consulting services to small businesses and non-profits. Our clients benefit from our services because they receive affordable, professional advice and are guided by CPA controllers who specialize in your business.
You know your business and we are a local Cape Cod company that knows bookkeeping and business consulting. We will save you time and using our service will allow you to spend more time doing what you set out to do to grow your business. Having high-quality financials and knowing where you stand on a monthly and quarterly basis gives you confidence when adding staff or inventory.
Our business and non-profit consultants can help you achieve your goals. Your professional advisor can provide an independent opinion and recommend solutions to help grow. This could include adding a new product line or division, streamlining operations, reviewing financials, identifying problems, and change management.
You know your business and we are a local Cape Cod company that knows bookkeeping and business consulting. We will save you time and using our service will allow you to spend more time doing what you set out to do to grow your business. Having high-quality financials and knowing where you stand on a monthly and quarterly basis gives you confidence when adding staff or inventory.
Our business and non-profit consultants can help you achieve your goals. Your professional advisor can provide an independent opinion and recommend solutions to help grow. This could include adding a new product line or division, streamlining operations, reviewing financials, identifying problems, and change management.
- Team Bookkeeping Services
- financial and cash flow statements
- year-end tax ready financials
- custom chart of accounts
- catch-up bookkeeping
- specializing in non-profit bookkeeping
- family bookkeeping
- Management Consulting
- CFO Services
- Controller services
- business strategy
- vendor referrals and review
Other Programs
There are many economic programs and resources available to entrepreneurs and their employees. These are available from the state and city you are located in, banks, universities and many more. Here are a just a few where we can provide guidance:
- On October 19, the Baker-Polito Administration announced a $774 million comprehensive plan to stabilize and grow the Massachusetts economy.
- $115 million is earmarked for local businesses
- 211.org
- Health insurance & medical expenses.
- Home Internet access,Unemployment benefits.
- Federal Family and Medical Leave Act (FMLA)
- Mortgage, rent, and utilities payment assistance.
- Supplemental Nutrition Assistance Program (SNAP)/Food Stamps.
- FEMA.Gov
Common Concerns Checklist
Ask questions to determine whether the Senior, parent or patient, is struggling with any of the following common concerns:
- Trouble paying bills because the bills are confusing to them
- Lack of confidence in making big financial decisions alone
- Lack of understanding about financial decisions that someone else is making for them
- Loans or gifts given that are more than they can afford; they inexplicably run out of money at the end of the month
- Adult children or others are pressuring them for money
- People are mailing or emailing and asking for money
- Someone is accessing bank accounts and money seems to be disappearing
- Change in Power of Attorney, Will, Estate Plan, Trust
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Warning Signs to Watch Out For
- A large amount of money has been taken out of the bank or other cash account
- Numerous withdrawals of smaller amounts, for example $100 at a time, several times a week
- Large checks made out to someone no one knows
- Change in Power of Attorney or the beneficiaries on insurance or investment accounts
- Bounced checks or bills going unpaid when there should be enough money in the bank to cover them
- Sudden unusual or unnecessary purchases, for example golf clubs and the individual doesn’t/can’t play golf
- Large, unnecessary home repairs
- Relationship with a much younger person or an inappropriate person
- A caregiver too interested in the patient’s finances