Market fluctuations are an everyday element of the accountant’s life. They come and go, subject to the economics, markets, and policies of countries and governments. As an economy enters a period of inflation and sees the cost of everyday products rise, the impact can be felt not only by the individual consumer but also on the business balance sheet. That’s when the accounting industry comes into its own, offering experience and insight into a company’s reporting. Here are 5 ways inflation affects the accounting industry, and how that impacts business. 1. Preparation for Change Becomes a Priority Throughout history, periods of inflation and conversely deflation, have made their presence … [Read more...]