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Recent Posts:

  • Avoiding common payroll mistakes
  • Tax essentials for sole proprietors
  • The right financial guidance can help maximize your business’s potential
  • FAQs about resolving small business tax issues
  • Stress testing: A smart way to manage today’s business risks
  • Open the door to investment with a winning pitch deck
  • What’s the right entity type for your new business?
  • Behind on bookkeeping? Here’s how to get back on track

    • 5 Tips To Safeguard Against Summer Storms

    With rising temperatures, thunderstorms typically become more and more common in the summer season—as well as more and more unpredictable. Lightning, heavy wind and rain can result in physical damage to your property, and power outages can wreak havoc on electronic files.

    If you want to help safeguard your personal and business assets from unexpected weather, here are some steps you can take:

    1. Have a backup of your records. In order to prevent loss of important documents and records, it’s recommended to keep a copied set of backup records stored in a different location from the original set. And remember to scan paper documents into an electronic format as an extra precaution!
    2. Document valuables. In case of damage, it’s important to have documentation when filing a claim. Photograph or video the contents of your home or business, especially items of higher value, to prove the market value of items for insurance and casualty loss claims.
    3. Update emergency plans. Having an emergency plan for your business is important for the safety of your employees and property, but it needs to be up to date. Emergency plans should be reviewed annually and distributed to all employees. Don’t forget the new hires!
    4. Maintain current contact information for employees and customers. Ensure that you can communicate with employees and clients in the event of business disruption. Phones may go down, so have a backup method of contact for emergency communications.
    5. Know how to get help. Federal and State agencies can offer assistance, such as FEMA, the Small Business Association, and the Department of Homeland Security. IRS publication 2194, Disaster Resource Guide for Individuals & Businesses, contains information and form needed to claim a casualty loss.

    Do you know who to call when your business is facing an emergency? A trusted business advisor can help you find the next step when a crisis occurs. If you need someone you can trust with your business finances, Padgett’s nationwide network of CPAs and EAs are here. Find an office near you today to help safeguard your business for the future.

    05/17/2022



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