According to the 2012 Oklahoma Economic Outlook Poll[1], which surveyed members of the Oklahoma Society of CPAs, 54.7 percent said Oklahoma’s economy will improve in 2012. While 35.7 percent said the state’s economy would remain unchanged, only 8 percent indicated they believed it would be worse.

Respondents also expressed a confident view in their own organizations. More than half, 52.8 percent, described their outlook for the future of their companies or firms as “optimistic” and 52.6 percent indicated they expect their businesses’ growth to increase moderately. However, that number is down from last year, when more than 68 percent said they were “optimistic or “very optimistic” about their businesses.

The job market forecast remained similar to last year in that only 4 percent indicated Oklahoma will see fewer jobs, compared to 6 percent from last year. CPAs say Oklahoma’s employment will also get better, with 55 percent indicating the state will see more jobs in 2012. However, 40.1 percent responded that there would be little change in Oklahoma’s job market.

As the most important issues affecting Oklahoma, 39.3 percent of respondents ranked education as the most important concern facing the state, while 23.4 percent ranked health care and other federal mandates as the second most important issue. Not surprisingly, more than half (53.8 percent) ranked the national deficit/government spending as the most important issue affecting the country.

Faye Boydstun, CPA, the CFO with KT Plastics in Calera, Okla., who indicated the business climate in Oklahoma will improve, wrote, “Our work load has increased over the last year. We recently purchased another location in order to fill some of our contracts.”

However, Paula Hayes, CPA, and Chris Zach, CPA, disagreed, indicating a gloomier economy on the horizon. Hayes, a staff accountant with Van Wieren & Jones, Inc. in Oklahoma City, Okla., wrote, “Unemployed people are having a harder time finding employment — even part-time or seasonal. Many need to re-educate to find a job - but that costs money they already don't have.”

Roy Morris, CPA, a sole practitioner in Perry, Okla., added another issue to top concerns: tax reform. “Eliminating the income tax to be replaced by another tax is absurd,” he wrote, adding that he would make it the top issue facing Oklahoma’s economy. Trish Houston, CPA, PFS, CFP®, agreed that tax changes are a big issue, stating “Tax decrease is not wise at this time.  Why not fund our defined benefit plans or save the money for a rainy day?”

For Ed Bolka, CPA, there’s another issue that runs in the middle on his top-of-mind concerns list: “EPA problems concerning fracking and well plugging”.

Jayna Vaughn, CPA, a sole practitioner in Duncan, Okla., and current OSCPA president, said members of the OSCPA are perfectly suited to take the economic pulse of the state.

“Our members, who work daily with consumers and business leaders, are financial experts with niches that run the gamut of economic knowledge.,” Vaughn said, “Not only are they CPAs, but they’re also CFOs, CEOs, controllers, auditors, attorneys, business advisors, college professors, tax consultants, and so on.”

Vaughn added, “Whether you think the economy is going to improve or get worse before it gets better, keep in mind that CPAs all over Oklahoma can offer financial advice year.”

With more than 6,000 members in public practice, industry, government and education, the OSCPA is Oklahoma’s only statewide professional association of CPAs. Since 1918, the organization has continued to provide professional education, conducted quality reviews and promoted and maintained high standards of integrity and competence within the accounting profession. Visit KnowWhatCounts.org for a free CPA referral, a free 30-minute consultation and more information on business and consumer services.