3 factors making accounting a challenge now—and how to hedge against them Sponsored by CroweUSA
How can organizations respond? We spoke to two accounting professionals from the accounting, consulting and technology services firm Crowe to find out.It seems that no sectors are immune from inflation. Prices for food, energy and trade services rose by 0.9% in January alone, and raw material costs have gone through the roof.
To avoid surprises, Walker says, accountants should think about how inflation might affect their forecasts—particularly if a business can’t pass increasing costs along to its customers. Separately, if companies can’t modify long-term revenue contracts, inflation could render some contracts unprofitable. In these instances, Walker notes, companies should carefully assess the accounting and reporting implications, such as when such a loss should be recorded.“With the Great Resignation, a lot of departments are short-handed, and they’re finding it very difficult and expensive to hire folks,” says James Hannan, managing director in accounting advisory at Crowe.
Money doesn’t solve every problem, of course. There’s also the issue of job satisfaction. Hannan suggests more automation to help reduce repetitive work.is good for the company, too. When employees focus on higher-value work, overall efficiency increases, which improves organizational resiliency. Employees recognized this, too. What’s more, they found that “working from home has given them the flexibility to balance family, personal needs and work, and they don’t want to give that up. Working from home has become essential to maintaining their well-being,” Hannan says.
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