Only 1 in 3 Businesses Feel Well-Prepared

recent Robert Half surveyStrategy 1:Addmore full-time accounting and finance staff, and acceleratehiring.hiring more full-time staffmillions of jobs are still waiting to be filledtop talent won't tolerate a long hiringprocessA smooth onboarding processStrategy 2:Leanon outside resources for additional expertise andtraining. Strategy 3:Assess whetheryour financial systems can handle the tax changes.

  • Expensing. Companies could previouslyexpense entertainment expenses and meals—such as taking anemployee, client, or prospective client out to lunch—for a 50percent deduction for business purposes. Because these items are nolonger tax-deductible, your business might need technicalassistance adapting software to separate deductions in your generalledger for employees' meals and entertainment expenses.
  • Payroll. Changes in withholding methodsand calculations may require the implementation of new businesssystems. New withholding tables from the IRS aredesigned to prevent most taxpayers from over- or under-withholding.They also reflect higher standard deductions and the elimination ofpersonal exemptions. Many employers' payroll systems must beredesigned to execute the new law's individual income tax rate cutsand taxable income bracket changes.

Strategy 4:Redouble your retentionefforts.Offeringcompetitive compensationbuild the leadership and interpersonalabilities


Steve Saahis theexecutive director for Robert Half Finance & Accounting, theworld's first and largest specialized financial recruitmentservice. A division of Robert Half, the company has more than 300locations worldwide. Saah is responsible for leading worldwideoperations, based in the Washington, D.C., metropolitan area. Priorto joining Robert Half in 1998 as a recruiting manager, Saah workedas an internal auditor and assistant controller.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.