If you do get a Payroll Protection Loan, you will need to carefully track and keep receipts for every single thing you pay for with the funding. The banks expect followup documentation when the loan period is over. Here are some overall tips for your accounting.
Here's the excellent, more detailed article from Evergreen Small Business. It's worth a read.
Tip #1: Use a good payroll system (probably a payroll service)
Tip #2: Have a real accounting system - QuickBooks, etc.
Tip #3: Track the funds flow, either using a separate bank account or through your accounting system
Tip #4: Over-document owner compensation in your payroll records
Tip #5: Document every disbursement with the date, dollar amount, and back up receipt
Here's the excellent, more detailed article from Evergreen Small Business. It's worth a read.
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