Even if you’re not overly concerned about the economic downturn, there’s no question the next few months will be rocky ones for businesses. As your company steers a course through the storm, Accounting will play a key role — so you need to know what you’re up against.

Ernst & Young published its list of the top 10 business risks for 2009. Five of them are likely to require your direct involvement. Here’s what you should prepare for:

1. The credit crunch. Less credit can pose a number of challenges to your company: You may see slower-paying customers and may have to stretch payments yourself. You’re not in a position to change that, but keeping the lines of communication open can lessen the impact and keep small payment issues from snowballing into larger ones.
2. Regulation and compliance. The feds, states and cities are all going to be looking for ways to collect every last penny of taxes they are due. And for publicly traded companies especially, there are likely to be many new regulations to follow. Keep a close eye on the industry news to make sure your company is up to date with every rule.
3. Deepening of the recession. No one can say with any certainty how much worse the overall economy might get or when it will turn around. For now, expect even healthy, stable companies to hold off on extra spending. It means you may have to do more with less for the short term. You can make the most of limited resources by reviewing processes and procedures to ensure they are as streamlined as possible.
4. Cost cutting. Accounting pros are in the best possible position to help their companies find ways to save money — who else has such an “up close and personal” view of where each dollar goes? Look for every cost-saving opportunity you can. Every dollar you save right now only proves your value to upper management. There’s no better time to make the case for taking more early-payment discounts or switching payroll over to direct deposit if it will save money.
5. Managing talent. When money’s short and days are stressful, it can take a toll on even the most loyal, hard-working staffers. To make sure your stars don’t jump ship — or just burn out — find low-cost ways to show you appreciate their hard work. Hosting the occasional group lunch, offering a paid day off or other perks shows you notice the effort key staffers put into the job. Sometimes, even a well-timed “attaboy” can make all the difference in a person’s day.

What risks do you expect to loom largest for your company in the next year? And how do you plan to manage them? Share your thoughts in the comments.

Tags: A/P, Best practices, Communication, Economic outlook, Employee communication, Management issues, Payroll, Workplace stress