90 percent of Michigan CFOs answering Grant Thornton survey believe their company’s financial prospects will improve or remain level the next six months
In a survey of chief financial officers and senior comptrollers from Michigan and nationwide, conducted recently by Grant Thornton LLP, one in three believe their Michigan company’s financial prospects will improve while almost 60 percent believe they will remain level. Only 10 percent answered they believe their company’s financial prospects will decrease in the next six months, compared to 17 percent nationally.
Not surprisingly in Michigan’s post-SBT climate, 85 percent of Michigan respondents said the impact of state and local tax compliance had some impact or significant impact on their business, compared to 73 percent nationally.
Other findings showed that:
* Thirty-eight percent of Michigan companies responding predict that staff headcounts will go down the next six months, compared to 23 percent nationally
* Seventy-six percent believe that CFOs could intentionally mis-state a company’s financial statements
* Even in this time of market distress, 71 percent in Michigan and 73 percent nationally believe financial statements are too complex to be used by the average investor.
* Fifty-two percent in Michigan expect their company to raise prices in the next six motnhs, vs. 42 percent nationally.
* Only 14 percent in Michigan expect their company's head count to increase over the next six months, vs. 30 percent nationally. Thirty-eight percent expect layoffs, vs. 23 percent nationally.
*Fifty-seven percent in Michigan believe CEOs are overpaid, vs. 66 percent nationally. Five percent believe they're underpaid vs. just 1 percent nationally.
To receive a copy of the full Michigan results or national findings, contact Tom Lang at (734) 953-3500 or at teldaytom@aol.com.
More at www.GrantThornton.com.
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