See how CFOs really feel about business in the Valley [ 2016 ]

This article is Sponsored by

Oct 10, 2016, 11:46 AM | Updated: Jan 26, 2018, 3:12 pm


This article is Sponsored by BeachFleischman.

In spite of recent events, the threat of global recession and the plunging price of oil, chief financial officers in the Phoenix and Tucson areas generally have a favorable economic outlook for 2016, according to the Arizona CFO Spotlight Survey 2016 by BeachFleischman PC.

The annual independent, voluntary study was conducted during the fall of 2015. BeachFleischman PC reports the survey is “intended to provide CFOs with information regarding their CFO peers’ thinking across a variety of industries and topics in the Phoenix and Tucson markets.”

CFOs play a critical role in creating and implementing successful business strategies. An article in the Harvard Business Review noted, “The hard data and empirical mindset that the CFO brings to the table can be invaluable in setting and executing the company’s game plan, especially when it comes to forecasting trends or managing government and regulatory relationships.”

Responses to the survey from Phoenix CFOs showed more than 58 percent are very optimistic about the 2016 business outlook and another 25 percent are somewhat optimistic.

More than 70 percent indicated they expect an increase in revenue this year. beach-f-az-cfo-survey 2

In Tucson, the outlook was even more positive with 91 percent of CFOs saying they are somewhat or very optimistic about the 2016 business climate. And 72 percent of respondents expect to see higher revenues in 2016.

Immigration legislation is a hot topic in this year’s presidential election, and it is an important issue for a border state like Arizona. But as far as business goes, it doesn’t seem to be a big concern for the CFOs surveyed. More than 69 percent said regulation and policy around border security and immigration will have very little impact on their businesses in the coming year.

Similarly, environmental policy has been an area of major focus for the federal government. Yet among local CFOs, 69 percent responded that state environmental policies have minimal impact on their companies and organizations.

The biggest concerns identified by CFOs were:

  • Available skilled talent (57 percent)
  • Business-friendly city and county policy (56 percent)
  • Improved educational system (49 percent)
  • Updated physical infrastructure (29 percent)
  • Better tax incentives (24 percent)
  • Regulatory cost reductions (22 percent)

When it comes to factors that could influence company revenues in 2016, CFOs listed consumer confidence first and labor costs second.

Health care change is another national issue attracting attention the past few years. Nationally, the trend is to shift costs from employers to workers. The survey found more than one-third (36 percent) of area CFOs are concerned about the risk of providing health care benefits in a time of rising costs. Almost 33 percent indicated they plan to shift costs to employees and to change providers.

Other topics covered in the survey include:

  • Cross-border trade
  • Data security
  • Reputation management
  • Millennials
  • Risk management
  • CFO contributions
  • And more

The survey was sponsored by Bank of Arizona, The Phoenix Business Journal and Inside Tucson Business. It included responses from 77 participants. Companies included in the survey had average annual revenue of $94 million and an average of about 400 employees. The average tenure of CFOs queried was 11 years.

Those who would like a copy of the complete survey results can register at the BeachFleischman PC website.

BeachFleischman, one of Arizona’s largest locally-owned CPA firms, provides services that help Phoenix and Tucson Arizona business owners save taxes, preserve wealth, improve accountability, enhance profitability and achieve compliance. If you are interested in learning more about how their team of certified public accountants can help your business, please contact or call Tracy Hughes, CPA at (602) 265-7011.



Hannah McBeth , Brandforge Business Writer

Five things business owners need to know about taxes this year

Here are five of the specific tax cuts and added deductions business leaders need to know about President Donald Trump's tax law.

6 years ago


Katie Nielson, Brandforge Business Writer

The real deal on how Trump’s tax cuts may affect you

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and was signed by President Trump in December 2017.

6 years ago


Flint Stephens, Writer for Brandforge

See how top CFOs feel about economic growth in the Valley

CFOs in both Phoenix and Tucson believe that economic conditions have improved significantly in their cities and the state of Arizona, with the majority expecting revenue growth and one-third are planning to raise the price of their goods and services this year. These were just some of the results from the second annual Arizona CFO […]

7 years ago


Flint Stephens, Writer for Brandforge

6 tax breaks your CPA may be missing for your business

This article is Sponsored by BeachFleishman. For individuals, a new year means resolutions, goals and reflections. In business, those same things occur as companies try to assess, plan and adjust to try to make certain that the next year is better than the previous year. The annual reckoning is important for any firm, whether large or small. […]

8 years ago


Flint Stephens, Writer for Brandforge

The tax credit most small businesses overlook

This article is Sponsored by BeachFleishman.   Running your business is hard enough without having to keep up on constant tax updates. Unfortunately, there’s plenty of room for error, not to mention missing out on a possible tax break along the way. Research and Development Tax Credits are available to a wide variety of industries […]

8 years ago

Adam Cary, CPA, Beach Fleischman

Find hidden money for your business with the AZ R&D tax credit

Successful Arizona business owners are used to taking risks. Yet they rarely take advantage of available tax credits to improve, innovate and initiate changes in their business.

9 years ago

See how CFOs really feel about business in the Valley [ 2016 ]