Good financial management is vital to the success of your small business. Financial management includes bookkeeping, projections, financial statements, and financing.

Below are resources regarding finance management, including information on taxes, accounting, fee waivers, and relief for small businesses.

Need help beyond these resources? Our Business Advisors are ready to assist you with financial management and beyond at no cost.

Small Business Finance and Expense Management _ Small Business Strong

Start with the Basics

Building a solid foundation for your business is of the utmost importance. Be sure to familiarize yourself with some key accounting principles to set yourself up for success!

Some items to keep in mind include opening up a bank account, creating a balance sheet, tracking your ex- penses, determining how you'll get paid, and beyond.

You may decide to get assistance from a professional CPA. Working with accountants will help you keep your finances on track.

Ensure that whoever you work with can manage the following:

  • Accounts receivable
  • Accounts payable
  • Available cash
  • Bank reconciliation
  • Payroll

Tax and Accounting Government Resources

Calculating and managing taxes can be overwhelming when running your own business. As a self-employed person, you are in charge of claiming business income. Below are some tax and accounting COVID-19 relief re- sources to assist you.

Guidance from US House of Reps on what debt relief CARES Act can provide

COVID-19 Relief Programs for Small Businesses

Some banks, credit-card issuers, and payment processors have announced disaster-relief initiatives and pro- grams to assist you and your business.

Financial education tools & resources. Provides links to Consumer Financial Protection Bureau, MyFinancialLife, Financial Education Center by Everfi, free virtual workshops, guidance against scams, and unemployment support.

Resources from SCORE, including information about the Paycheck Protection Program.

Compiled resources and access to a dedicated team (via [email protected]) to help answer any questions for SCORE Boston clients. Aside from helpful links, SCORE itself has a Coronavirus Business Resource Hub with funding options from SCORE partners as well as a series of Boston Webinars focusing on dealing with the impact of COVID-19.

Corporate Relief Programs

Chase - Fees / Interest Relief Program

Relief from fees and interest due to hardship related to COVID-19 on a case by case basis. Call the number on the back of your card and ask to speak with an account representative. 

Click here for more information

American Express - AMEX Working Capital and Lowered Interest Rates

Lowered interest rates to impacted card holders on a case by case basis (see AMEX Financial Hardship Relief program). AMEX is also offering business card holders access to funds for vendor payments between $500 and $150,000 (see AMEX Working Capital).

Click here for more information

Square and SkillShare - Our Latest Update About the PPP

Refunding all software subscription fees for the month of March for existing sellers who currently use Square Appointments, Retail, Restaurants, Loyalty, Team Management, Payroll, Marketing, and Square Online Store. Curbside pickup and delivery fees are waived for the next three months.

Click here for more information

PandaDoc - Prioritizing People Over Profit: The New Free eSign Plan

Free document automation software and payment processing for small and medium-sized businesses to help businesses keep running while they switch to remote working.

Click here for more information

Divvy - How Financial Institutions Are Supporting Small Businesses

Click here for a list of banks and what they are offering to small businesses that have been negatively impacted by COVID-19.

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