A new nationwide survey has found that CPA firms worry that up to 28% of their clients may not survive the current economy due to the COVID-19 pandemic.
The AccountantsWorld survey gauged the business outlook for nearly 400 professionals in public accounting. Almost 90% of survey respondents were owners or partners of accounting firms.
According to the survey, accountants believe that more than half of their small and medium-sized business clients will struggle to survive or will need to scale down their growth expectations, and that barely 10% will emerge with minimal impact to their business.