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A recent online survey by the Maryland Association of CPAs shows not surprisingly 72 percent of respondents are worried about a potential recession. The survey involved more than 400 “attendees” of a session on professional issues update that have previously been held as in-person events.

Sixty-five percent expect a slight, moderate or significant decrease in revenue and profitability while 25 percent were not sure what to expect give the imp act of the coronavirus. Beyond the economics, the survey showed the impact of the disease. Eight percent of those polled are infected by COVID-19, while 30 have family, friends, or colleagues who are currently ill.

A shorter poll of 12 firms with more than a 100 employees reported no severe changes to staffing levels. A third said they would wait and see while five expect a slight decline in their workforce through attrition.

Among the other issues the larger survey showed following:                                                                                                                                                                                                                                                 59 percent focused on family, friends, or colleagues who are currently ill;                                                                                                                                                                                                                   45 percent most concerned about the impact on workforces and a potential reduction in productivity;                                                                                                                                                                     44 percent concerned about a lack of information with which to make good decisions or to help their clients                                                                                                                                                          39 percent have a decrease in consumer and business confidence is top of mind.

 

Last modified on Monday, 06 April 2020
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