Page 104 - JoFA_Jan_Apr23

MANAGEMENT ACCOUNTING

CFOs prepare

to face a

turbulent

economy

Finance leaders share what
they learned while navigating

past crises and what CFOs can

do to keep their organizations

resilient.

By Andrew Kenney

n overwhelming majority of finance leaders say a
recession is coming: About 96% of those polled in the About the
Afourth-quarter AICPA Business and Industry Eco- author
nomic Outlook Survey expect a downturn in 2023. Andrew Kenney is
These gloomy predictions have many CFOs and other a freelance writer
finance leaders looking back to economic slumps in 2020, based in Colorado.
2008, and earlier in search of strategies that can help a com-
pany survive economic turbulence.
Finance leaders emphasize the importance of financial
strategies like cash flow management, as well as strong lead-
ership to keep teams focused on big priorities.
But they also warn that historical lessons have their limits.
In the face of an unpredictable 2023 economy and mount-
ing government intervention, finance leaders are trying to
stay nimble and are searching for opportunities to grow even
among ominous indicators.
March 2023 | 13