Accountants in public practice now need to shift the focus toward clients. How can clients live with inflation?
Most practicing accountants were not around in the 1980s so have little experience with high inflation. Businesses need to monitor their costs and then adjust their prices accordingly. Let competitors have reduced profits and even go broke.
The same need to change perspective is required from investors. Some assets will go up with inflation like property but others like cash equivalents will lose value.
~ Peter Vickers, Chartered Accountant, Lindfield NSW