Making 2022 a Prosperous Year!

Author: Kim Freestone | | Categories: Accounting , Bookkeeping Services , Management Accounting

Blog by Freestone Associates

The year 2021 is marked as the year of great resignation and the emergence of various variants of COVID-19 in some parts of the world. In the global market, these changes have impacted many small businesses. While some of them have been able to pivot sales streams to online successfully, others suffered from the lack of human capital.

Although 2021 was challenging and tough for businesses, and the world is fighting the new variant of the coronavirus, we have been particularly busy during the pandemic. In the last twelve months, our workload increased with our clients’ wage, rent, and other grant administrative requirements.

While we expect things to get better in the coming months, we hope to see the fourth wave dissipate in February so that businesses can make up for lost time in 2022. Here is a list of four changes we’re expecting to witness in the coming months of the new year.

1. Continuation of economic relief to small businesses
There will be a continuation of economic relief to small businesses such as the Tourism and Hospitality Recovery Program, Hardest-Hit Business Recovery Program, Canada Recovery Hiring Program, continued EHT deferrals, and hopefully a few other incentives. These economic incentives will continue to assist small businesses to weather the pandemic and ultimately pivot successfully.

2. Increased investments in technology and automation
Increased investments in technology and automation will help perform repetitive tasks and reduce human input. Automation frees up workers for value-added tasks.

3. Improved hiring processes and more attractive comprehensive compensation packages
Formalized hiring processes will reduce the time it takes to recruit, while comprehensive compensation packages will attract quality employees.

4. Return to normalcy
Confidence in the economy will remain strong with the optimism of a return to pre-pandemic levels by the end of the first quarter of 2022. From this, increased demand will be met by efficiency and automation, increased sales, and the introduction of new products.

To learn more about our expectations for the future, reach out to Freestone Associates. We are a leading bookkeeper and QuickBooks specialist in Toronto, Ontario, with over thirty years of relevant, multi-industry bookkeeping and office management experience to ensure your bookkeeping is done with keen attention to detail and pragmatic business sense. 

We offer cloud accounting solutions, accounting software set-up, QuickBooks training, and support. Our services are available to clients across Etobicoke, Toronto, Mississauga, North York, Oakville, Vaughan, and the surrounding areas.

For further details about our bookkeeping services, please click here or get in touch with us by clicking here