OPINION
From the September 17, 2004
Letter to the Editor
Dear Editor,
Want to know how the economy is really doing? Just ask a CPA. We know what the economy is like at ground level.
But this year, we seem to be divided in our opinions.
Columnist Rick Telberg's soundings of 700 CPAs this summer found that about half think the economy will improve during the next 12 months, while the rest think it will be more of the same. You can find his column at www.cpa2biz.com.
These differences of opinion are stark, Telberg writes. Some say business is great while others say everyone they know is out of work. This sounds like red states versus blue states.
Still, Telberg found that clear majorities of CPAs see these problems in the current economic picture:
-- lack of affordable health care;
-- new government rules and regulations such as the Sarbanes-Oxley Act;
-- constricted access to financing;
-- pressure to cut payrolls;
-- tight capital spending budgets.
Ironically, one CPA told Telberg that he's been having a great year on account of the Enron scandal. That CPA reports: 'The demand for auditors and experienced accountants has gone through the roof.'
And another CPA adds: 'The outlook for smaller CPA firms is very good as they experience the continuing trickle-down effects of the new financial industry regulations.'
-- Tom Louderback, Louisville
© 2004 American City Business Journals Inc.
