Like last year, this tax time is exceptionally busy for accountants.
Not only are you facing an increased compliance workload. But with lockdowns in large parts of the country, it’s likely many of your clients require assistance navigating the government business grants available to them (see below for more details on the support programs available).
The challenge accountants face in such situations
A common eligibility criterion to avail government COVID-19 grants is for businesses to demonstrate a decline in turnover over a period of time. For many practices, identifying business clients who have experienced this decline in turnover can be a time-consuming process. This means practices struggle to proactively offer their clients support with the business grants, and instead rely on clients to contact them.
For practices whose client data is spread across multiple bookkeeping solutions, it’s difficult to quickly compare their clients’ business performance over time. They’re forced to manually go through each client account one by one, or run reports from different bookkeeping applications.
So how can you easily take care of all your compliance work, and proactively assist your clients with the COVID-19 business grants, without spending long hours doing menial work?
Introducing the 2021 COVID-19 business grant eligibility calculator
To help practices easily identify clients who may be eligible for business grants, Access has created the 2021 COVID-19 business grant eligibility calculator. This new tool is offered as part of our Data Hub solution – a powerful data management and analytics platform built especially for accountants to help them consolidate and analyse their client data in one place.
This enhancement offers significant time savings for your practice as it allows you to proactively identify clients who may be eligible for the COVID-19 business grants. The beauty of this tool is that it provides an automated alert that advises you of each client’s turnover information, irrespective of the bookkeeping package they’re using.
You’ll not only save time, but also be able to proactively engage those clients who may be eligible for a business grant, and thereby provide the advice they need and a better customer experience.
What business grants are available?
There are three types of grants available to NSW businesses, all with different eligibility criteria. In Victoria, businesses also have access to a one-off government grant. And soon, similar grants will be made available to Queensland businesses. Given the pressure your business clients are already under, many may be unsure of whether they’re eligible, and thereby might miss out on this critical assistance.