06Jun

Accounting professionals are feeling better than they have in months about the U.S. economy, but their outlook is still far more cautious than when the pandemic began.

The fourth quarter Business & Industry Economic Outlook Survey showed 37% of the respondents expressed optimism about the economy, a 13 point increase from the Q3 survey.

Conducted every quarter by the Association of International Certified Professional Accountants, the survey found the 740 CFOs, CEOs and controllers were also more optimistic about the global economy. The global outlook improved from 17% in Q3 to 27% in the current quarter.

Though still wary about the continuing impact of the COVID pandemic, almost half (49%) were optimistic about the prospects for their own organization; 47% said they have plans to expand their business.

Looking ahead to next year, as a group the respondents saw revenue and profits improving. Where the 2Q and 3Q surveys showed the CPAs expecting declines in both areas of as much as 5.5%, now they expect revenue to improve by 1.2% and profit by a modest 0.2%.

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Headcount is expected to increase by 0.8%, also an improvement from the previous two quarters. 17% of the respondents said they have too few workers and plan to hire. In the Q1 survey, 26% said that. Another 17% said they also were understaffed, but were reluctant to hire right now. 51% said they were right-sized.

Overall, the CPA Outlook Index, a composite of nine survey components, rose for the second quarter, coming in at 62. That’s a 24 point improvement since Q2, yet still below the optimism of the first quarter of the year when the index was at a high 76.

Photo by JESHOOTS.COM on Unsplash

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#WeAreGreenKey: Spotlight on Mike Bosco

Welcome back to #WeAreGreenKey, where we shine a spotlight on our powerhouse recruiting team.  

Recently, we met up with Mike Bosco, Staffing Director on the Accounting & Finance team at Green Key. Mike started his career at Green Key about 10 years ago, first as an intern out of the Long Island office, and quickly climbed the ranks to where he is today. He currently still works out of the Long Island office, supporting both the perm and temp sides of the business.

What do you enjoy the most about Accounting and Finance recruiting?

I really enjoy how fulfilling it is both personally and professionally.  I’ve been doing this for over 10 years and still encounter new situations and challenges.  At the end of the day, we’re the intermediary between our clients and candidates. Besides being able to fill positions for our clients, working with and helping people is very rewarding. Especially when we get positive feedback, or a referral, it feels gratifying knowing you not only made an impact but established a lasting professional relationship.

How do you stay informed about developments in the accounting and finance industry, and how does this knowledge influence your approach to recruitment?

Our team consists of industry professionals. We collaborate a lot as a team, meeting several times a week to discuss various recruitment strategies and target areas.  Particularly within public accounting, we prepare for the natural seasonality of hiring for our clients. Currently in the first quarter of the year, there’s not much hiring in public accounting, so we are more focused on recruiting for clients in the private sector and outside of public accounting. 

What advice would you give to candidates looking to stand out in the accounting and finance job market?

Value every interview you go on and prepare like it’s your dream job.  General preparedness, knowledge of the company, and showing genuine excitement in the opportunity to interview.  I think hiring managers, a lot of the time, are looking for somebody who has a particular interest in their organization, not somebody who’s just looking for a job.  Getting an interview typically shows you are qualified, but how do you stand out?  Personality, enthusiasm, being prepared, and how you can clearly articulate your skills are things that can be worked on prior to an interview that will make a huge impact on a hiring manager’s decision.

Are there any specific certifications or additional qualifications valued by employers in this industry?

As an accounting and finance recruiter, the CPA license is always something that would increase somebody’s marketability for any accounting position.  However, it depends on the individuals and their background. For instance, if I’m working with a payroll individual then perhaps not the CPA, but the certified payroll professional, the CPP certification, or an experienced bookkeeper might just have a certificate in QuickBooks.

2024 marks 20 years of Green Key, how would you describe your experience since starting your career with the Accounting and Finance team?

I started back in 2010, right after the 2009 downturn. I remember being told that things are slow right now, while the year before was a busy market. Fast forward to ten years later, the pandemic happened, and it almost seemed like I was seeing things full circle. Overall, my journey has been really interesting. I started when we only had two offices, the New York and the Long Island locations. We’ve since outgrown the original office space, going from about 5 people to about 40-50 in our current larger Melville office. So even though we were a 10-year-old company, seeing where we are now seems like I started in those infancy stages and now we’re on national basis. I’ve seen not only the growth of the team but also the different transitions of our VMS systems, starting with Encore, then Ultra, and now our newest version of Salesforce. I was able to see these different systems being implemented along with new policies and procedures across the company. I was also able to witness how the team and company adapted to challenges, for instance, through COVID and then have our bounce back year.

So, it’s really been an interesting journey to say the least. I’ve never really felt that the company or I have felt stagnant. It’s been nice to be at a place for as long as I’ve been to always feel personal and company growth. That’s something I’ve really enjoyed about working here and the people that I’ve worked with, I wouldn’t be here as long as I’ve been if I didn’t like who I’ve worked with.

With all that being said, this year we’re aiming to get back on track and continue to grow by cultivating strong relationships with new clients, as well as businesses we’ve worked with in the past.