PREDICTIONS FOR 2023
Executives Make Their Forecasts for What ' s Ahead in the New Year
Voice concerns and confidence
Compiled by Diane C . Walsh Editor , COMMERCE
As the new year approaches , there ’ s talk of a possible recession . We are also facing interest rate hikes that could affect every corner of our economy . All eyes are on Washington , D . C . too , as new leadership asserts itself in the halls of Congress . And of course , we are still struggling with the changing definition of work and how it is accomplished in the post pandemic era . What will 2023 have in store for us ? COMMERCE asked many of New Jersey ’ s top business leaders to offer their predictions for 2023 and here are their insights , observations and analyses . These 60 executives offer a valuable peek into the year ahead .
ACCOUNTING
Goldstein Lieberman & Company LLC Phillip E . Goldstein CPA , CEO
“ The accounting industry is undergoing a sea change . The number of mergers is up exponentially . Some firms are being swallowed up by private equity firms . Who ’ s on deck to ride the waves ? Thankfully , Goldstein Lieberman & Company CPAs has kept its head . We have performed more mergers and acquisitions in the past few years than in any other time in our history . Our reputation brings us top-notch professionals . Who wouldn ’ t want to ride the waves at a safe , family-friendly firm .
Sax LLP Kathleen M . Alexander , CPA , MST , CFE Partner
Despite perceptions , the accounting industry is a model of constant change . And while innovation isn ’ t always glamorous for accountants , it ’ s always there . The biggest issue that we face in the coming year ( that will require innovation to address ) is the changing landscape of human capital . In-house , remote , or abroad – all these variables should be on the radar for businesses in 2023 .
SobelCo LLC Alan Sobel , CPA , MST , CGMA Managing Member
Work trends will continue to dominate our strategic plan in 2023 . With less talent to recruit , SobelCo will remain financially competitive , offering greater flexibility regarding how much and where people work and providing interesting opportunities quickly . These work trends will change the financial calculus we work more creatively and effectively to adopt technology , while strengthening the client experience value proposition .
The Haggerty Group William J . Haggerty , CPA Founder
Our firm principally provides tax preparation and tax planning services . The Inflation Reduction Act and the Secure Act were signed into law in 2022 and made changes to our tax laws that will impact 2022 tax returns and require tax planning for 2023 . Also , many clients have been adversely affected by the decline in the stock market and the possible recession and we will be helping them reduce 2023 taxes .
BANKING
Columbia Bank Thomas J . Kemly President and CEO
In 2023 , consumers and businesses will continue to see rising interest rates and a potential recession . Uncertain economic cycles are never easy , but they present a unique opportunity to banks like Columbia Bank . As a local community bank , we are bullish about
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New Jersey Society of CPAs ( NJCPA ) Ralph Albert Thomas , CPA ( DC ), CGMA , CEO , Executive Director
I see the accounting and finance profession becoming a more inclusive environment . Diversity , equity and inclusion ( DEI ) is good for business . In recent years , ethnically diverse candidates and women made significant gains at leadership levels . There ’ s more work to be done to make the profession and leadership more diverse and inclusive , but we ’ re moving in the right direction .
Diversity , equity and inclusion helps businesses grow .
Photo : Getty Images / iStockphoto // Volumes / Charday Penn
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