Jerome Grisko, President and CEO
For every business, large or small, financial stability matters significantly. Business owners need to be aware of various financial aspects such as accounts payable, accounts receivable, sales figures, annual statements, payroll, projections, cash flow, and taxes. Organizations often spend an enormous amount of time on these matters. While these tasks might seem easy at the beginning, the same arrangement cannot be maintained once the business picks pace. There comes a point in every organization where leaders need to decide what business aspects they need to outsource and what to retain, and accounting is probably one to be delegated.
When managing every aspect of business, details tend to get overlooked, especially as the company grows. Unless it is an accounting firm, it is highly likely that the business's financial picture will stretch the limits of the company's expertise rather quickly. Accounting errors, especially tax-related, can prove expensive. While managing the business's accounts internally may seem like a cost-friendly option, business leaders need to consider the amount of time spent on recording, sorting, calculating, inputting, and researching the latest changes in tax law. Not only could the hours spent be put to better use, but an external accountant is likely to complete the same task in far less time and more accurately.
This is where CBIZ (NYSE: CBZ) steps in as one of the nation's top providers of accounting, tax, and advisory services, working closely with businesses, non-profits, and individuals to identify and address their needs. With an approach refined over the years, the company listens and learns about its clients' business, challenges, and goals, allowing them to provide proactive suggestions to strengthen their operations and deliver a wide array of solutions to help them achieve their goals. Offering a unique combination of national resources paired with personal services, CBIZ operates from over 100 office locations, has above 4,800 associates, and serves more than 90,000 clients.
Enhancing User Interface and Optimizing Search Functionality
At the beginning of this year, CBIZ unveiled a new website and refreshed its online presence. The new site boasts an enhanced user interface and optimized search functionality to yield more streamlined access to resources, tools, and solutions and underscores CBIZ's commitment to providing best-in-class, technology-enabled services and solutions for its clients. "This investment in our website and digital presence reflects an ongoing shift as more of our clients and prospects use the internet as their starting point when looking for resources or services for their business," noted Jerome Grisko, President and CEO of CBIZ.
Staying true to its reputation for exceptional client service, CBIZ also offers a differentiated experience by delivering comprehensive and coordinated solutions that respond to the increasingly complex business environment. The company's new website showcases its breadth and depth of services and expertise, including timely thought leadership and actionable tools. "As businesses look for additional support in this changing environment, our new website provides an easy and convenient way to access the solutions, resources and guidance that best meet their needs," Grisko added.
ecovering from the Pandemic
As businesses look for additional support in this changing environment, our new website provides an easy and convenient way to access the solutions, resources and guidance that best meet their needs
CBIZ's Small Business Employment Index (SBEI) reported a seasonally adjusted gain of 0.99 percent for February, signaling a turnaround from the index's abrupt decline in January. The growth comes when more states are relaxing COVID-19 restrictions, making way for small businesses to resume activities. SBEI tracks payroll and hiring trends for over 3,400 companies with 300 or fewer employees, providing a broad insight into small business trends.
At the same time, ADP and Moody's employment report also noted hiring growth in February. The data suggests that private-sector jobs rose by 117,000 on a month-over-month, seasonally adjusted basis, while small jobs, in particular, rose by 32,000. Regional data from SBEI pointed out that the West played a leading role in overarching growth with a 4.58 percent stake in the rise, partly due to sectors of the economy reopening. The report also shows that among the industries that increased hiring, Information experienced the largest growth. Accommodation and Food Services, Healthcare, and Educational Services also reported an increase, while Technology and Life Sciences, Arts and Entertainment, and Non-Profits scaled back hiring.
COVID-19 Impact and Recovery
CBIZ launched the Main Street Index with the intent to take the pulse of businesses and provide valuable data and insights for organizations to leverage. Since then, the index has turned out to be an excellent resource for businesses during the pandemic to analyze their position and take measures to improve the same. In its most recent survey from February 2021, the index suggested that companies continue to feel the impact of COVID-19. The Fall 2020 Main Street Index indicated that 25 percent of businesses reported a moderate impact; 28 percent experienced a significant impact; 15 percent reported a severe impact on business from the pandemic.
These survey numbers changed marginally in the February 2021 polls. 26 percent of businesses experienced a moderate impact; 30 percent reported a significant impact; 14 percent revealed a severe impact. Despite the headwinds, the majority of companies continue to have a positive outlook. Factors such as the vaccine, demands for products and services, and growth suggested that 74 percent of businesses indicate an optimistic or very positive business confidence level for 2021. To make the positive outlook a reality, the Main Street Index suggests that organizations should carefully monitor cash flows and key performance indicators and regularly check in with product/service line leaders about marketplace improvement opportunities.
It comes as no shock that the index points out the loss of revenue as the top concern, which is why companies should be wise to look for opportunities to generate cash. There may be tax moves to make in early 2021 that could bring bottom-line benefits and savings potential in operational areas. Employee safety is another top concern for these businesses, and for many reasons, should remain a priority beyond the pandemic.
While businesses have reported a marginal or severe decline in revenue, most of them are holding steady or increasing their employee headcount. This has shown signs of hope for a positive future, and for employers to stay competitive, they will need to adjust their recruiting methods and even rethink their talent strategy. Whether in need of accounting and tax services or insurance and HR services, or both, organizations can rely on CBIZ for national-caliber expertise and technical depth combined with highly personalized, local service.