June 7, 2023

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Choppy Recovery with Plenty of Opportunity

By wmadministrator

“In 2022, we expect the market to continue to have some level of uncertainties in many sectors. As our communities continue to recover, so will new innovations. Kentucky businesses will be seeking additional value from their professional service providers. The accounting industry needs to continue to prioritize the expansion of service lines in order to best serve their clients. MCM is committed to investing in our existing team while adding more resources, equipping them with the necessary tools to deliver high quality service, and exploring new avenues to improve the way we work.”

Brad Smith Managing Partner, MCM CPAs & Advisors

“The Kentucky economy should be strong for 2022. However, both supply chain issues and a tight labor market will continue to challenge businesses and the economy for the foreseeable future. The accounting industry will continue to be strong, driven primarily by anticipated tax law changes and the additional services created by the pandemic. The PPP loan forgiveness and Employee Retention Credit work will carry over for the first six months of 2022. Accounting firms will increase staffing levels as the demand for accounting services continues to increase. All in all, the Kentucky and U.S. economies share a positive outlook for 2022.”

Alan Long Managing Member, Baldwin CPAs

“As we continue to adjust to COVID-related changes and ongoing uncertainties, we believe the 2022 U.S. and Kentucky economies will be characterized by a ‘two steps forward, one step back’ trajectory. Businesses are being proactive and are anxious to take steps forward, but inflation and continued difficulty in finding qualified workers pose significant challenges in various sectors. In our industry, we believe there will be continued strong demand, especially for outsourced accounting and finance, business consulting and data analytics, and IT and data security services. We continue to expand our offerings and enlarge our footprint in an effort to meet the changing and increased needs of our clients.”

Jennifer Miloszewwski Director-in-Charge, Blue & Co. Lexington

“While there is pent-up investment in the U.S. and Kentucky economies, labor issues, supply chain disruption and ongoing COVID-related uncertainty will likely suppress some of that through a good part of 2022. Throughout the past couple of years, companies and individuals have turned to their accountants and advisors to guide them through these economic challenges and accompanying regulatory changes and help them take advantage of new opportunities that exist. We expect this trend to continue in our industry. There is great opportunity in our field right now as we at Blue & Co., like many firms, look to expand our team, but competition is fierce to hire those individuals at all levels.”

-Grace Miller Director in Tax, BKD

“In 2022, we expect a continued bull market and steady merger and acquisition activity in the private sector. The availability of capital, government investment in the economy and general positive economic outlooks should continue to move the economy forward. Inflation issues will continue to be a challenge for businesses with rising costs of goods and services as well as labor shortages. New tax legislation may create additional challenges, particularly for business owners of flow-through entities and large corporations. We anticipate opportunities in our industry to help clients navigate and plan for these potential changes.”

David Bundy President/CEO, Dean Dorton

Accounting: Choppy Recovery with Plenty of Opportunity