Articles

PPP: Deduct This Expense and Improve Your Operations

A second round of the Paycheck Protection Program (PPP) is taking applications through
March 31, 2021 (or until funds have been exhausted). To be eligible, companies must have 300 or fewer employees and show a decline in revenue of 25% or more in at least one quarter of 2020 compared to the same quarter of 2019.

One of the new expenses eligible for forgiveness is business software or cloud services. If you’ve been considering how to optimize your operations, a good place to start is with a cloud-based accounting department.

There are numerous advantages of a cloud computing accounting system versus a desktop-based system. Among them:

Accessibility

You can have an unlimited number of people using a cloud-based system at the same time and they can login from anywhere and on any device. Your CPA can also login and see real-time data so all of your questions can be discussed over the phone or via video conference.

Automation

Workflows can be streamlined with various apps that integrate into the system. Data is backed up 24/7 and state-of-the-art built-in precautions eliminate the need for additional IT support.

Savings

Cloud-based accounting is based on a monthly subscription fee. Desktop-based systems require a flat fee upfront and must be renewed annually or when an upgrade is required.

Alloy Silverstein can guide you on applying for PPP forgiveness and PPP 2 loans. Our cloud coaches can
help set you up with a more efficient accounting system. Contact us to get started.

Author:

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