Mid-Year Accounting review

We’re over halfway through 2023, so now is the opportune moment to review your business and progress for the year.

Chances are, it’s been a tough year so far: in the 12 months to May 2023, the consumer prices index of inflation rose by 8.7% and the bank rate is 5%. A skills shortage and the cost of energy continue to hurt businesses.

However, the Institute of Directors’ (IoD) index for business leader optimism stabilised at -6 in May, much improved from the -64 we saw in November 2022.

According to the IoD’s surveys, 55% of business leaders even expect revenues to rise in the year, compared to 19% who expect theirs to fall. Another 35% expect to increase their headcount in the next year, compared to 14% who expect it to reduce.

So, with 2023 still marked by an air of uncertainty, how are you going to make sure your business doesn’t just survive, but thrives in the current economic climate?

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