While the COVID-19 pandemic is not likely to end anytime soon, the world has started turning on its gears again, and forward-thinking business entrepreneurs must prepare for mitigating the effects of the global health crisis on their profits, as well as encourage growth and progress. For this reason, it is necessary to take a long, hard look at your finances and strategize for the future; a Nashville CPA can help you with this, especially if you want to focus on post-pandemic recovery.
According to the latest results of the 2022 PwC Pulse Survey, 77% of executives say that finding and retaining the right talent will be critical to their growth this year; similarly, 60% of business leaders that were surveyed believe that digital transformation will have a major impact on business growth. Of note, taxation issues will be integral to carrying out these two factors, which makes working with a trusted accounting professional an important consideration.
How will a CPA assist in your post-pandemic recovery?
Proper finances will equip your organization to attract and retain proper talent.
If your business is not financially healthy, chances are you will not be able to develop and implement organizational decisions that will be significant to your business growth. These include finding and keeping the right talent that will power your company to manage the effects of the pandemic on your business, mitigate the losses that you have incurred, and streamline your processes towards better returns.
A professional CPA can help you:
- Identify issues that are affecting your bottom line
- Improve taxation processes to align with organizational objectives; and
- Position your business for optimal success
A professional accountant can help you digitize.
Digitization is central to post-pandemic recovery; the shift from traditional business practices to digital platforms come with various opportunities for time and cost savings, improved productivity and operational efficiency, and even better security for your data.
Additionally, the PwC survey found that:
- 38% of business leaders believe process automation will play a direct role in business growth
- 36% of business leaders forecast making significant technology investments; and
- 27% of business leaders expect to make changes to capital investment strategies
All these things can be managed better with the help of a CPA. The modern accountant knows that paperless is the new way to go, and will have the skills and competencies required to help your business transform digitally.
US corporate taxes are also expected to rise this year. To navigate all these changes, your business must focus on establishing a solid financial foundation that will allow you to weather what may come and steer your growth forward.
Founded in 2012, Evan Hutchenson, CPA, LLC is a trusted provider of Nashville CPA services. Find out how the firm can help you bring about post-pandemic recovery here.
PwC Pulse Survey: Executive views on business in 2022, PWC.com
Business leaders focus on combating inflation, retaining talent, transforming tax, AccountingToday.com