Normal Is this recession / recovery fundamentally different?

If so, what do you need to do differently?

This has been a major discussion point in our professional issues updates / town hall meetings over last spring and summer with more than 2,000 CPAs from all sectors of the profession and throughout the state.

It is also the subject of a upcoming online discussion from fellow blogger, Scott Heintzelman, who writes at the Exuberant Accountant.

Check out his discussion on Aug. 20, Featured Online Discussion: Is There a New Normal? Then make plans to see him and fellow AccountingWeb bloggers crew folks live in Baltimore on Sept. 13-14. Registration and more information here.

Here are some thoughts from Maryland CPAs to get you thinking:

  • Eighty-one percent of MACPA members survey said this downturn and recovery are fundamentally different. Only 3 percent said it is typical.
  • Ninety-two percent said we need to reset our business models. See our post, Do we need a Re-Set?
  • Fifty-four percent said their jobs have changed significantly as a result of the downturn (usually doing more with less).

Many said they are being asked to do more frequent projections, and that budgets are more like scenarios (worst, best, projected, cashflow forecasting is critical, and many are doing more strategic thinking).

Here are some of our posts about dealing with the New Normal:

What do you think? Are we entering a new normal? What are you doing differently?