Survey of Connecticut CFOs Reports Optimistic Outlook for Economy and 2011 Trends

Updated July 27, 2024 · Originally published May 11, 2011

The Hartford Business Journal article, “Northeast CFOs: Economy, inflation heating up”, summarized local findings of a national survey done by accounting-consulting firm Grant Thornton LLP.  Of the 318 U.S. CFOs and senior comptrollers participating, 59 were from the Northeast region - including Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont.

The survey asked CFOs and Senior Comptrollers these 6 questions:

1. Over the next six months, do you expect the U.S. economy to: Improve, Remain the same, Get worse
2. Over the next six months, do you expect your company’s financial prospects to: Improve, Remain the same, Get worse
3. Over the next six months, do you expect your company’s financial prospects to: Increase, Remain the same, Decrease
4. Over the next six months, do you expect your headcount to: Increase, Remain the same, Decrease
5. Are you concerned about a double-dip recession?
6. How long do you think it will take the Japanese economy to recover fully from the recent earthquake and tsunami?
7. Do you believe that the U.S. economy will be impacted by the situation in Japan?

Overall the survey found growing optimism regarding the US economy.  Of Northeast finance professionals 52 percent say the economy will improve over the next six months (up from 30 percent six months earlier). This is slightly higher than the national result which was 48 percent.

However, nationally 57 percent of CFOs are concerned about a double-dip recession. So despite the optimism, we are still in tough economic times.

Why would any CFO implement new ERP software during tough times?  History has proven that smart executives use recessions as a time to build their businesses.  It is actually easier to implement changes to your company in a slowdown.  You’re not growing at a breakneck speed. You have your employee’s undivided attention.  ERP vendors offer incentives and promotions that would not normally be available. (for example, the current “Buy 1 Microsoft Dynamics GP users Get 2 Free promotion”).

If you are a Connecticut or New England CFO that is preparing for growth for the bright future ahead and wants a new accounting software/ERP system to help you cut costs and be more efficient, contact CAL Business Solutions.

Concerned about the cost of new ERP system?  Download our white paper, “30 Questions Every CFO Must Ask About the Cost of Accounting Software” or request a free “Dynamics GP Quick Quote” to get a budgetary cost estimate of sofware licenses, maintenance, implementation and training for Microsoft Dynamics GP.

By CAL Business Solutions, Connecticut/Northeast Microsoft Dynamics GP Partner