Inflation is rising. Costs are skyrocketing. And the GDP has declined for two quarters. Yet the demand for labor continues to be high, and unemployment remains at a historic low, causing the country to wonder whether we’re in a recession—or not.
Regardless of an official announcement, most businesses recognize the need to make smart financial decisions during uncertain times. In an economic downturn, it’s natural for small businesses to cut seemingly nonessential costs such as accounting services. However, savvy companies do the opposite. They look to accountants and financial experts for advice on how to survive tough times—and emerge stronger when the economy improves.
Looking for financial advice to keep an even keel during rough economic waters? Opti Staffing Group can help. We have experienced accountants ready to use their expertise and skills to help you cut costs while leveraging financial opportunities that keep your business growing!
Companies that don’t have an in-house accounting department may be hesitant to add people to the payroll during an economic downturn. However, hiring financial experts can help your business avoid losing ground during a recession—or disappearing altogether.
Consider these five ways an accounting staffing and recruiting agency can help your company during a recession:
Accountants help track expenditures and plan budgets accordingly
In tough economic times, businesses must be careful how they spend every dollar. Accountants can help your company lean on data to maximize the ROI of every expenditure. Budget experts enjoy digging into monthly reports to see how planned spending compares to actual expenditures. They will provide insight into how to keep your budget on track and plan for your long-term needs. An accountant provided by Opti Staffing Group is skilled and trained in regulating cash flow and planning budgets and can help your company:
- Cut unnecessary expenses. Does your company have recurring charges for subscriptions or licenses that are no longer needed but slide under the radar every month? You can’t afford to pay for things you don’t use during lean financial times. An accountant can audit your expenses and identify opportunities to cut unnecessary costs. Objective insight about spending and help you cut costs without jeopardizing productivity.
- Identify revenue-generating activities. By looking at the numbers, an accountant can identify your company’s most profitable areas of spending. Supporting those functions will drive revenue for the company and support its growth during a recession.
- Improve projections. Unexpected economic changes can affect purchasing. Accounting experts can help your company forecast changes and make better purchasing decisions. Adjusting projections and adapting to unforeseen changes in the market is essential to financial health during uncertain times!
Assist with Planning and Risk Management
A short-term strategy will only get you so far during a recession, so it’s crucial to plan for your company’s future. Working with an experienced accountant can help your business predict financial risks and plan accordingly. By proactively strategizing to deal with potential risks, you’ll be able to prepare for best- and worst-case scenarios that might affect your business.
Having a financial ally dedicated to staying alert to potential risks can help your company avoid making decisions that negatively impact your business during a recession. On the flip side, your accountant will also be able to see opportunities to improve your financial planning moving forward. Whether you need better software, more efficient processes, or more relevant KPIs, the industry experts at temporary employment agencies can provide top accounting and finance talent to help you chart a steady course toward a stable future for your company. It’s risky to tackle these issues without complex data; trust our finance and accounting staffing services in AK, OR, and WA to provide you with qualified employees.
Help Maintain Cash Flow during a Recession
Cash flow is likely your main priority unless you’ve managed to stockpile tons of cash before a recession. When cash flow is restricted, all aspects of the business can suffer. An experienced accountant will keep track of your expenses and ensure you maintain a good influx of cash. Depending on your financial model, they make suggestions for improving revenue, such as:
- Negotiating discounts with vendors
- Paying off debt to lower spending or interest payments
- Asking vendors for payment extensions
- Lock in longer-term contracts with suppliers and clients
Identify Prospects for the Business
Times are tough all over—which means your competitors are struggling, too. An experienced accountant knows the market and understands how to identify critical opportunities during tough times. Surviving a recession isn’t solely dependent on cutting costs; you must also leverage opportunities. Finance and accounting professionals from our staffing and recruiting agency can keep your business thriving by making intelligent suggestions about spending, such as:
- Consider mergers and acquisitions. Tough economic times provide the opportunity to acquire valuable companies at a lower cost. Merging with or acquiring competitors can give you access to new talent, skills, processes, and markets. Of course, these opportunities are expensive, but if you’re increasing the long-term profitability of your company, buying companies at a bargain price may be the right strategic move.
- Hire top talent. If your competitors aren’t planning as well as you are, they may have to let some of their best talents go. By continuing to recruit during a recession, you can scoop up high-performing talent to increase productivity during—and after—a recession.
- Increase your marketing spending. Many companies consider slashing their marketing budgets during a recession. Your accountant will likely advise you to do the opposite by analyzing the numbers. Maintaining your marketing efforts will help you stay on your customers’ radar, allowing you to be there for them when they need you most.
Ability to Provide Crucial Data
If you don’t already have a sound accounting system in place, it’s not too late to think of your company’s future. An experienced accountant can analyze your company’s financial health and provide a snapshot of where it stands—and what measures you should take to ensure success. Additionally, they’ll be able to help you leverage tax deductions and credits as your financial picture changes.
If your internal team is stretched thin trying to drive revenue for your business, having a trained finance professional keeping an eye on your expenses, cash flow, risks and opportunities can positively impact the future of your business. Whether your company is growing or struggling during uncertain economic times, engaging our expert finance and accounting staffing services in WA, OR, and AK can help you maximize profits, cut costs, and keep your business moving during a recession.
Set your Worries Aside. Partner with a Staffing Agency in AK, OR, WA!
Gain access to the accounting and finance talent you need without adding to your payroll. By partnering with a staffing agency, small businesses can be assured they will be provided with talented professionals in their best interests.
Accountants serve a vital role in every organization. Employers throughout the Pacific Northwest count on our proven process for delivering temporary, temp-to-hire, and direct placement services. As a locally-owned and operated staffing firm, we focus on long-term placements—delivering qualified accounting and finance professionals who contribute to the long-term success of your business.
Need Talent? Connect with Opti Staffing Group today!