Accounting Trends 2024
2024 is right around the corner, and with so much anticipation for what the new year holds, we understand the importance of staying ahead of the curve in the business world. So that we can help your business prepare for the coming year, we reached out to David Benusa, CEO of Froehling Anderson. His valuable insights can help you and your business step into the new year ready to take on whatever challenges come your way.
Focus on Employee Retention
With today’s tight labor market, employee retention will continue to be crucial. Companies should double down on “creating positive and nurturing work environments where employees can see a clear career path,” says David. High turnover is expensive, so investing in retention strategies like professional development and engagement initiatives will always pay off.
Balance Hybrid Work Models
The pandemic has reshaped the way we work, and remote and hybrid work is here to stay in many industries. The challenge will be maintaining a strong company culture while still offering location flexibility. After adapting to fully remote work during COVID, businesses need to thoughtfully shape hybrid policies that combine the best of in-office and virtual collaboration. “Many industries do and should continue to offer a flexible work environment, remarks David, “but it’s equally important to preserve the unique culture that defines your organization.”
Monitor Tax Policy Changes
With the 2024 election on the horizon, pay close attention to any proposed changes to tax laws, which can significantly impact businesses and strategic planning. For example, the corporate tax provisions from the 2017 tax bill are set to sunset in 2025, so watch for updates and new developments.
Practice Budget Discipline
In light of economic uncertainties, having a clear budget in place and sticking to it will be critical in 2024. David emphasizes that a “well-defined budget provides a roadmap for financial decisions.”So with careful spending and financial governance, businesses can position themselves to weather downturns and seize new opportunities.
