Question

Subject : Accounting & Finance

Describe the costing process OR budgetary process OR Industry 4.0 plans OR MBRS implementation used in your company. Special mention would be given on how your company handled their budgets during the Covid-19 pandemic Note: Your organisation may use a software (Enterprise Resources Planning – ERP, accounting software, etc) or a manual system to track the costing process OR the budgetary process. You might also have project papers pertaining to Industry 4.0 implementation. PLEASE PROVIDE SAMPLE OF FLOW CHART so I can relate to my organization

Answer 1

Ans. We are all in a place right now where we have to stretch our dollars.Our controller just went through an exercise where we cut every non essential cost.This included not renewing services and contractors that are incrediably valuable to us, but we felt we needed to put a hold on spending money on them until the economy is back to normal.

It is time for every business owner to think fiercely about their budget, as well as access every resource available to them.

Here are avenues for getting money or cutting costs :

• Everything your business qualifies for from the cares act.This includes PPP Loans and EIDL loan, which are processed through the small business administration.
• Grants such as the Covid 19 business for all grants from silicon valley bank and e bay foundation .
• Industry or demographic specific funding such as guy fieri and the National Restaurant's association in partnership with global giving for female partners.
• Pausing or temporarily close down your business to cut costs so you can reopen post shutdown.

We are living in a time when every penny counts. Make as much time as possible to dig into your budget and apply for the financial programs now available to help keep your business afloat.

Even if you don't need the money today, we don't know how long the coronavirus pandemic will last or what the economy will be like once we get back to work so figure out your finances before it's too late.