Just 32% of businesses ready for tax reform

Posted 5/7/2018

A survey of CFOs by financial recruitment firm Robert Half Finance & Accounting shows that only 32% of companies are ‘very ready’ for the demands that the U.S. Tax Cuts and Jobs Act of 2017 brings, with 56% ‘somewhat prepared’, 9% ‘not very prepared’ and 3% ‘not at all ready’ for the changes. The study highlights the strategies that firms are utilising to move toward compliance, with 42% conducting training, 34% upgrading financial systems, 33% bringing in subject experts, and 21% hiring full-time staff to prepare to meet requirements. On the need to bring in the right people to handle the change, Steve Saah, executive director of Robert Half Finance & Accounting, said: “Acting fast to make necessary hires takes on greater importance, given today's low unemployment rates and talent shortages."

CPA Practice Adviser