Cars and automobiles have a special place in the life and economy of our nation. As children, we look forward to the day when we can finally experience the independence afforded by a personal automobile. For adults, vehicles represent our ability to drive to the places we work and live. Historically, the advancement of our nation’s economy in the Twentieth Century was intrinsically tied to the success of the inventors, innovators, and manufacturers of the automobile.
This has truly been one of the most trying times in our country’s history for businesses. Owners and managers have had to navigate the process of determining whether they are essential, how to generate revenue while also practicing social distancing, and how to protect as many jobs as possible. Nevertheless, companies have been resilient, using this time to practice altruism even in the face of economic uncertainty. We have witnessed many companies donate time, finances, and resources to aid medical workers and hospitals, as well as those less fortunate.
Every industry has been affected by the pandemic and the measures taken to reduce its spread by Americans staying at home. The travel industry, however, has been especially hard hit. Months of canceled reservations and reduced operations have left hotels and hotel chains well below their anticipated revenue. Even as some semblance of travel returns, for most it will not be enough to avoid significant repercussions. Now owners and executives are scrambling to find ways to reduce overhead and recover something of what they have lost.
As we continue to deal with the fallout from a global pandemic, this has been a difficult time for all businesses. Stay at home orders throughout the country have helped flatten the curve and prevent over-crowding at hospitals; however, they have taken their toll on companies in every industry. While businesses are scrambling to try to reduce overhead to retain employees, accountants are examining the books with magnifying glasses.
Banking is a vital industry for individuals and businesses to manage their money. From storing interest generating cash to approving life-changing loans, banks are fundamental to our economy. Bankers are viewed as some of the best financial minds in our society. Yet, banks are not exempt from these difficult times, and there are many tough days ahead. One means by which banks may reduce overhead is by having a CPA with property tax expertise review their assets and bills. Many banks are unwittingly paying more than necessary for their property taxes. In this article, we want to show banks how they can save money during this critical time.
It seems like everything we know about business changed in a very short amount of time. An unprecedented national shutdown has led to many businesses throwing their 2020 projections out the window. Unfortunately, throughout the country, many companies have had to furlough and layoff employees, while some have had to call it quits altogether. For those that have survived, there is still likely a need to reduce expenses and find ways to improve the bottom line, even with states slowly reopening their economies.