A proposal to provide small businesses with up to $5,000 to seek out professional advice has now been laid before the Government. Small to Medium Businesses (SME’s) with a turnover up to $10m annually in revenue, may be eligible to use the funding on accountants and bookkeepers advice, which benefits around 500,000 businesses.
Chartered Accountants Australia and New Zealand, CPA Australia, the Institute of Public Accountants, the Institute of Certified Bookkeepers, the ASBFEO and the Council of Small Business Australia for the first time have collectively pushed for the subsidy, arguing that SME’s have been among the hardest hit in the pandemic, and play a key role in getting our economy back to normal.
Consulting with a professional is the first crucial step a business owner should take when making a decision on how to navigate through a crisis, adapt to the new environment and aid in their recovery. SME’s that are already experiencing challenges in cash flow, combined with other expenses are finding it difficult to pay for professional services on top.
The subsidy request comes right before the Federal Budget is to be handed down on 6 October. While the matter hasn’t been decided, it is hoped this will be the olive branch struggling SME’s need to recover.
If your small business is struggling to make ends meet, CAAA Commercial Concierge can help build a strategy with you to recovery. Speak with your concierge today.