{"id":129878,"date":"2024-09-29t12:00:28","date_gmt":"2024-09-29t16:00:28","guid":{"rendered":"\/\/www.g005e.com\/?p=129878"},"modified":"2024-10-25t13:01:08","modified_gmt":"2024-10-25t17:01:08","slug":"main-street-accountants-see-turbulence-ahead-for-small-business","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/09\/29\/main-street-accountants-see-turbulence-ahead-for-small-business\/","title":{"rendered":"main street accountants see turbulence ahead for small business"},"content":{"rendered":"

the avalara accountants confidence report points\u00a0to difficulties.<\/strong>
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via avalara<\/em><\/p>\n

nearly 50 percent of accountants surveyed believe the outlook for over 80,000 small business clients they represent will turn sour over the next 1\"avalara<\/a>2 to 18 months,\u00a0according to a new 卡塔尔世界杯常规比赛时间 study conducted with avalara, the sales tax automation provider.<\/p>\n

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full report:<\/strong>\u00a0download (pdf)<\/a><\/span><\/p>\n<\/blockquote>\n

fielded during the 2024 tax season, the survey shows accounting professionals flashing warning signs around key business issues, leading with clients’ abilities to hire and retain employees, manage costs and price increases, and keep up with technology changes ushered in by artificial intelligence.<\/p>\n

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the 2024 avalara accountants confidence report, produced in conjunction with 卡塔尔世界杯常规比赛时间, results from a survey of trusted advisors with the clearest view into the financial health of small business clients. the survey was conducted against a backdrop of continued high inflation, heightened interest rates, a looming recession, tightening credit, and pressure to focus on short-term challenges at the expense of long-range planning.<\/p>\n<\/div>\n

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professional services firms and small tech companies are best positioned for this economy, accountants says.<\/figcaption><\/figure>\n

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accountants to small biz clients: cut costs, apply new financial discipline<\/b><\/p>\n

according to the report, main street accountants provide cautionary advice to small businesses amidst uncertain or deteriorating business and economic conditions. fully 48.6 percent of the 347 accountants surveyed believe the outlook for the 86,999 small business clients they represent will turn sour over the next 12 to 18 months, with only 17.7 percent expecting change for the better and 33.6% predicting no change.<\/p>\n

the survey of working tax, accounting and finance practitioners\u2014including cpas, bookkeepers, wealth managers, payroll agencies, and tax professionals\u2014also shows that 49.7% are forecasting a downturn in the u.s. economy as a whole, with only 16.8% predicting improvement and 33.6% seeing no change.<\/p>\n

main street accountants are bullish only on professional services and “small tech”<\/b><\/p>\n

the survey demonstrated that the dynamics of the economy are already throwing the spotlight on some winners and losers. accountants see some of the best prospects in the economy ahead for professional services firms, such as law firms and medical practices, and for the local it service providers and small tech manufacturers and distributors that other small businesses will need to rely on as they retool for the next phases in the economy and in technology. at the other end of the spectrum, they are not optimistic about auto dealerships, franchising, retail trade, the arts and entertainment industries, and a laundry list of additional business types.<\/p>\n

bearish extended outlook on the overall economy\u00a0<\/b><\/p>\n

accountants offered a broad range of advice to small business owners, urging clients to cut costs where possible, apply new financial discipline in running their company, embrace technology and adjust workplace policies to find and keep the best employees. the survey was conducted during an election year, adding another element of uncertainty in tax policy and planning and government regulatory activities. in written comments, survey respondents advised their clients on a range of areas, from cost management to financial discipline and reporting, client and customer relations, tax and regulatory awareness, staff management, and technology and ai utilization:<\/p>\n