Bodine Perry’s Bodine: Working Through PPP, Tax Laws
Matt Bodine, a partner with the Bodine Perry accounting and advisory firm, is coming back strong. You can read more about Matt at on the Bodine Perry website.
What are some ways the COVID-19 outbreak has affected your organization, and how is it rebounding?
In March, when the world began to shut down, many of our staff and clients had to adjust to working remotely. About a year ago (pre-pandemic), we had made a substantial investment in a cloud-based server and software system that allows staff to access their projects from anywhere. Since Bodine Perry now operates in five offices, we felt this was a necessary expense. In late March, we put the system to the test. Our offices remained open as an essential business, but we offered the option for all staff to do what they were comfortable with. Some worked from home, others chose the office. We tried to accommodate each team member’s individual preferences and still offer our clients timely service. Weekly staff meetings became calls or video conferences. All-in-all, the entire team adapted nicely.
Since Bodine Perry primarily serves small- to medium-size businesses, we saw a shift in additional services needed by clients. As our clients have been impacted, so have we. Fortunately, we have been able to help many of our clients navigate through new legislation, tax relief and loan opportunities, including the Paycheck Protection Program. Early on we were answering questions and assisting clients with loan applications, and now we are beginning to work through the loan forgiveness process.
How has the outbreak affected your personal life?
My wife, Beth, and I continue to assess activities, education and sports opportunities for our children, Preslie and Vander. Each decision requires us to assess the risk and balance that against needs. Just like all families, I think we have been through a wide range of emotions this year and would be happy to see life return to normal. On the plus side, we have taken the opportunity to tackle some of those home improvement projects that we never had enough time for.
What steps are you taking to come back strong?
The best thing we can do for our clients and for our business is to stay abreast of the legislation changes and be a valuable resource to those who need us. I have spent countless hours reading documents, reviewing trade journals, contacting clients and asking the Small Business Administration for clarification on loan forgiveness terms. I need to know everything about the available programs, educate my team and find ways to help our clients navigate through this economic crisis.
What advice are you sharing with the people you love?
Stay healthy and be smart. Wear your mask, wash your hands and practice social distancing. It is so important that we continue to support our local businesses and favorite restaurants to keep our community strong. We will get through this if we continue to support each other.