OUTLOOK & ANALYSIS

New Businesses Mean New Business

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What do you consider the top issue facing your business? Owners see economic uncertainty as the top issue and have started increasing cash reserves. From Gusto.

 

Some are side hustles that flourished. Seven lessons for accountants.

By CPA Trendlines Research

New businesses are burgeoning. Last year, 5 million new businesses entered the market, according to a survey from the Gusto company. Entrepreneurialism is 42 percent higher than it was just before COVID-19 hit.

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Every one of these new businesses – and they include full-time leadership as well as part-time side hustles – is a potential client for  a CPA practice. But the demographics – and thus the marketing strategies – are quite different from the historical white males who used to comprise most of the entrepreneurial cohort.
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Accounting Jobs Up 4% for Year

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Payroll services up over 7 percent.

By Beth Bellor
CPA Trendlines Research

Employment in the accounting profession continues to climb, according to the most recent federal jobs data. New highs were set in

  • employment overall and for staff, CPA firm staff, payroll, payroll staff, bookkeeping and women
  • earnings overall and for staff, and for payroll staff

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Total nonfarm payroll employment rose by 339,000 in May, with the unemployment rate ticking up by 0.3 percentage point to 3.7 percent. The professional and business services sector added 64,000 jobs, similar to April.
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