Latest News

How accountants can prepare for the 2022 economy

Written on Dec 2, 2021

By Jessica Salerno, OSCPA senior content manager 

The businesses that will thrive in next year’s economy will be those that can leverage technology to expand and evolve their offerings, an Ohio-based business adviser says. 

“You have to use technology to deliver your information,” said Jim Saling, president of Saling Simms Associates in Columbus. “It has to be available at times when you're not, but it also can't be a replacement for you and it still has to be adviser-centric or CPA-centric, the CPA has to be in the forefront of that.” 

Saling will take a deep dive into the economic outlook Dec. 8 at OSCPA’s Winter CPE Virtual Conference. He said the struggle with finding workers, the impact of the gig economy and inflation are all factors businesses must consider. He said because businesses are expected to always be available, they must create a “360-degree environment” to inform clients while also being ready to answer questions. And while many might say they are leveraging technology, Saling said to consider how that technology is being leveraged to determine if it’s truly meeting business objectives. 

“Availability becomes a real strain factor,” he said. “And that's where you can use technology a bit for that. You don't want to just become another email that they have to put into their spam folders. You want to make communication that is ready to answer their questions when they want their questions answered.” 

Businesses need to make themselves experts in areas beyond tax, Saling said, and should research other competencies that will allow them to grow to meet client needs. 

It’s vital to not only pay attention to how clients are adapting but how your own business can adapt, he said. Take the time to look internally and consider how you are spending resources on HR, tech and more to consider what makes sense to keep in-house and what to outsource. 

“It’s going to be a year that you have to be prepared to move the way that the economy moves,” he said. “We still think it's going to be robust for the rest of this year and in into next as well. It’s not a place where you're sitting back and waiting.”