Watch this video with Irfanali’s perspective on the post-Covid economy, the dangers of inflation, its impact on business, and changes coming up in the accounting industry.
If you prefer reading, check out the transcription below the video.
Hello everyone. It’s Irfanali here from RMI once again. Today, I just want to touch on the impact of coming out of COVID-19, my personal thoughts on what I see happening in the economy going forward, as well just touch a little bit on what changes I see coming down in the accounting industry and on the banking side as well.
Inflation in canada
So just quickly one of the big things we’re hearing a lot about right now in Canada is the inflation across the country. We’ve seen it a lot with the real estate market especially, and I think it’s something we need to all be careful about and think about very carefully in terms of our own future.
Inflation can become very dangerous if it’s not handled carefully because of the loss of monetary value.
Investments and debts
So if a lot of people have savings accounts that are paying them very low interest, it might be a good time to start looking at different ways on how we can start investing and saving some of this money.
If you have high debt loads, very important, we keep an eye on that for you. If inflation gets out of control, it can end up increasing interest rates and if interest rates go up and you
have heavy debt loads that can end up having a big impact on your business as well.
These are just some small things to think about. We’re always open to chat and engage more in these types of discussions with various clients, so feel free to reach out.
accounting standards changes
One other quick note I’ll make mention of is in the accounting industry. Many businesses get notice to readers or compilations done, and there are some changes coming from our standards that are going to make us have a more in-depth review of these types of engagements that we perform.
So some of the senses out there are anytime you’re trying to get a bank loan, any time you want to start working with good banking advisers they’re going to start to look for financial statements prepared by certified individuals.
talk to accounting professionals
It’s just important to keep an eye out on that and making sure you’re getting the right
advice. Make sure you’re working with the right people and support yourself with the right team as you try to grow your business going forward.
As always, feel free to reach out. Our team of chartered accountants and bookkeepers at RMI Professional Corporation in Calgary is here for you.
If you need answers to your questions about the forementioned topics or anything else, book your Free consultation today!