2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
With hurricane season less than a month away, Doeren Mayhew clients on the Gulf Coast have extra reason to review the disaster recovery plan for their business – but what about the rest of us? A “disaster” can come in many forms, and statistics tell us that the majority of businesses don’t have a plan in place to address scenarios such as:
When considering financial matters, an accounting firm such as Doeren Mayhew can help you analyze your business to determine insurance needs as well as how much to spend on disaster recovery.
Insurance can cover not only your loss of property, but also the costs related to income interruption. This will depend on, for example, the financial consequences of catastrophic failure in various parts of your operation.
With your CPA, work out the amount of time you can afford to be shut down, which will give you a better idea of how to invest in procedures to get your business up and running again.
How quickly your company can get back to business after a disaster depends on emergency planning done today. Ready.gov offers the following considerations when devising your plan:
1. Which staff, materials, procedures and equipment are absolutely necessary to keep the business operating?
2. Which suppliers, shippers, resources and other businesses must you interact with on a daily basis to run the business?
3. What will you do if your building, plant or store is not accessible?
4. How will you ensure payroll continuity?
5. What will your crisis management procedures be, and who will carry them out?
6. With whom do you need to share your plan?
For assistance analyzing your business as a first step in disaster planning, contact Doeren Mayhew’s Michigan CPAs, Houston CPAs or Ft. Lauderdale CPAs.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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