Some 57 percent of key AICPA members are pessimistic or very pessimistic about the economic outlook for the U.S. over the next 12 months.
That’s relatively unchanged from 59 percent who held negative expectations in the first quarter. The survey found just under 12 percent of CPAs in executive positions expressed optimism about the economy, virtually unchanged from 11 percent in the first quarter.
About 45 percent are optimistic or very optimistic regarding their own companies, while 22 percent said they were pessimistic or very pessimistic. Fifty-one percent said they still expect some growth in revenue, profits and employment within their own organizations.
Asked about the impact of the credit crisis on their organizations, 45 percent said their organization was not experiencing any changes while 20 percent cited problems with customer collections.
Eighteen percent indicated that they were experiencing higher credit costs and 14 percent said that previous sources of financing were no longer available. In comments a number of respondents said they were experiencing an indirect impact as their customers were reducing spending due to tightening credit.
For those firms that are facing challenges, common strategies for coping with current economic conditions were capital spending cuts, hiring freezes and travel restrictions.
