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8 Accounting Lessons Learned from the PPP process – Small Business Financial Tips

Applying for and documenting funds from the Paycheck Protection Program (or PPP) has been quite an eye-opening experience for many small business owners. This channel has received THOUSANDS of questions regarding the PPP loans, and we noticed a few common threads among the questions that we thought might be good to point out. Although we know accounting is not everyone's favorite topic, we do believe that proper accounting supports excellent business decision-making. Additionally, we want you to stay compliant with IRS rules and regulations so you can avoid penalties and fines if you were to get audited! Software mentioned in this video: Receipt Management: Hubdoc: https://app.hubdoc.com/ ReceiptBank: https://www.receipt-bank.com Accounting System: QuickBooks: https://quickbooks.grsm.io/hannahsmolinski984 (Note, this is an affiliate link that provides anyone who signs up with a 50% discount for 6 months. Clara CFO Group receives a small payment as compensation for a new sign-up) Payroll Software: Gusto: https://gusto.com/r/hannah4653 (Note, this is an affiliate link that provides anyone who signs up a $100 Amazon gift card when you run your first payroll. Clara CFO Group receives a small payment as compensation for a new sign-up) Video regarding S-Corp reasonable compensation and 1099 vs. Employee: https://youtu.be/nbhUxyocHl4 Find Small Business PPP Resources here: http://learn.claracfo.com To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions Find us at: https://claracfo.com/ Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Clara CFO Group, LLC or its members cannot be held liable for any use or misuse of this content.

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