Our team is continually monitoring the current COVID-19 (Coronavirus) situation, and we wanted to take a few minutes to reach out to our clients to provide an update on our strategy and action plan moving forward.
DMS has implemented a remote work policy in an effort to protect our employees and clients, and to reduce the spread of the Coronavirus. The policy is effective beginning March 17, 2020. As things become clearer or change, updates to our clients via email will follow.
Your DMS Accounting Manager will be contacting you within the next few days to discuss how the Coronavirus is affecting your business and how we can work together “remotely” to keep your business moving forward.
In order to continue to serve you, we will be using certain technologies, as needed, based on your specific situation:
- AnyDesk – A free and secure web-based application that allows our staff to remotely access and control your computer. This technology will allow your DMS accountant to work on your office computer as if they were there in person. Once you disconnect the session, your DMS accountant will no longer be able to see or access your computer and its files. Click here for full instructions on how to use AnyDesk.
- Secure document portal – Many of our clients already share documents with their DMS team in an effective and efficient manner, however should you need a portal to share many documents quickly and securely with your DMS accountant, we will coordinate with you and provide email instructions to access.
- Email, phone calls and phone conferencing – As always, your DMS accountant is available via email and phone. Should you need a team meeting, we are happy to coordinate and provide conference call-in information.
We want to remind you that although we may not physically be in your office, it is business as usual at DMS. We have the know-how and technology in place to ensure all your business needs are met remotely.
We’ve also created the below list of recommendations and resources for businesses and business owners impacted by the current COVID-19 situation:
- Small Business Administration (SBA) – The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Ohio is not yet a designated state but Governor DeWine has been working with state officials to finalize the required applications. Although this is administered directly through the SBA, we recommend you notify your bank prior to submitting an application with the SBA. You can apply online for all types of SBA disaster assistance loans. For more information regarding Disaster Loans, click here.
- Ohio Department of Jobs and Family Services: Unemployment Claims – As a business, if you have been directly impacted by Coronavirus or the business has slowed down or closed because of the Coronavirus, your employees can apply for Unemployment Compensation. An executive order issued by Governor DeWine expands flexibility for Ohioans to receive unemployment benefits during Ohio’s emergency declaration period. Unemployment benefits will be available for eligible individuals who are requested by a medical professional, local health authority, or employer to be isolated or quarantined as a consequence of COVID-19, even if they are not actually diagnosed with COVID-19. In addition, the waiting period for eligible Ohioans to receive unemployment benefits will be waived. For more information regarding Coronavirus and Unemployment Insurance Benefits, click here.
- Bank Communications and Requests – We strongly recommend that you reach out to your banker for guidance on this situation or to request assistance. Be sure to ask about delaying payments, deferring interest, extending your lines of credit, reducing borrowing-base calculations or obtaining additional financing. Also, this may be a good time to request relief with your bank covenants, especially any required year-end reporting.
- Vendor Communications – Be sure to communicate to all vendors, including landlords, equipment lessors, utilities, etc., to request an extension for any invoices due by 60-90 days from their original due date.
- Cash Flows – Review your current situation and prepare a cash flow analysis for the next 90 days with the consideration that customers may be unable to pay their invoices due to your business and overall business will slow down. Review expenses that you can reduce or delay to preserve cash and line of credit availability.
- Insurance Coverage – Check with your insurance company for any available claims, as well as to see if they will extend premium payments or adjust premiums for loss of business.
Unfortunately, COVID-19 has also resulted in heightened phishing scams and increased cyber-security related fraud. Please be extra cautious with any emails that ask you to click on a link or open an attachment. Click here learn about more ways to protect yourself from Coronavirus related scams.
We appreciate your understanding and willingness to work with us to help keep everyone safe and to help our nation contain and recover from this virus. The more we know, the quicker we can react and get business back to normal for all of us and for our economy to recover.
If you have any service issues, challenges or suggestions, please don’t hesitate to reach out to me by phone at 440.471.0840 or email at email@example.com.
Sean Brady, CPA
DMS Management Solutions