Page 20 - BusinessWest January 6, 2021

ECONOMIC OUTLOOK 2021 >>
Accounting
This CPA Is Advising Clients to Keep the Seat Belt Buckled
‘Uneasiness.’
That was the word Julie Quink sum-
moned, after considerable thought, to describe the sentiment of most small-business own- ers as the calendar turns to 2021.
And it seems like an appropriate choice.
Indeed, regardless of how a business fared in 2020 — and some of her clients actually held up pretty well — Quink, managing partner at the West Spring- field-based accounting firm Burkhart Pizzanelli, said most simply don’t know what to expect for the year again. Thus, they are uneasy and likely to be cau- tious and conservative in the months to come, which will likely play a role in how quickly and profoundly this region bounces back from all the body blows it took over the past 10 months or so.
Many of these businesses are also uneasy because they were able to “limp along,” as she put it, thanks to support from the CARES Act, especially in the form of forgivable Paycheck Protection Program (PPP) loans that provided a much-needed cushion from sometimes dramatic drops in revenue.
Starting this past fall, when many businesses effectively spent down their PPP, they’ve been getting a look at operating without a net underneath them, if it can be called that, and for many, it’s a scary
proposition. “That’s why I
think we’re going to see the true impact
of this crisis over the next 12 months or so, especially as the pan- demic continues,” said Quink, adding quickly that, another round
“I have clients that are doing swimmingly well — they’re in the right industries that are flourishing in this environment — and I have others, third- generation businesses, that are closing;
of PPP was included
in the recently passed
stimulus package,
little is known about
how much help will be available, when, and to whom. And even for those businesses that get anoth- er round of help, 2021 is likely to be a struggle, she went on, again because of all that uneasiness.
Quink, like most of those in the accounting and tax field, has a good read on the economy and the factors driving it because her portfolio of clients is diverse and represents virtually every sector. Slic- ing through the phone calls, the questions asked, and the answers provided, she said some businesses have actually done well during this pandemic (she has a few commercial cleaners, for example), oth-
JULIE QUINK
we’re helping them wind down.”
ers are holding their own, and still others are really struggling.
“There is such a mixed bag with our clients,” she said, adding that this diversity of performance reflects what’s happening across the region. “I have clients that are doing swimmingly well — they’re in the right industries that are flourishing in this environment — and I have others, third-generation businesses, that are closing; we’re helping them wind down.”
Accounting
Continued on page 21
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20 JANUARY 6, 2021
ECONOMIC OUTLOOK 2021
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