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Home page // New Year's greeting: Welcome to a challenging 2023
"At inforevision, we are ready to support and help our customers in any way we can." Here's how...
December 29, 2022

Welcome to a challenging 2023

"Despite the slightly gloomy outlook, I hope that 2023 will be far more positive than what we are looking at right now. Here at inforevision, we are ready to support and help our customers in any way we can." So writes inforevision's Managing Partner, Flemming Andreasen, in his traditional New Year's greeting. Read along here.

Last year, I ended my New Year's greeting by noting that inflation had been pushed to the corner for a while. But that "corner" was quickly taken and sent in the direction of rampant inflation. And at a speed that no one had really imagined.

Inflation was primarily driven by the energy crisis and a fear of what Russia's attack on Ukraine would bring. The attack on Ukraine was and is in itself completely unacceptable - and at a time when it is hard to imagine anything but peace in Europe. Unfortunately, Russia seems to be continuing its attack on Ukraine unabated.

Interest rates and inflation create big challenges

Inflation has put economies under pressure, and the response has been interest rates rising at record speed. This has contributed to private economies and thus many companies becoming extra challenged after first corona lockdowns and now rising costs.

We are therefore entering a period where many companies will experience lower earnings. More bankruptcies could be the consequence, especially in the retail, construction and hospitality industries. 

While it may be a bit of a New Year's resolution, 2023 will undoubtedly be challenging. The hope, of course, is that fear outweighs reality and that some stability will prevail.

Fortunately, by the end of 2022, all indications were that the inflation curve had broken. A number of economists predict that by the second half of 2023 at the latest, we can expect falling and more stabilized inflation. This will give us the prospect of falling interest rates again.

A new - and somewhat unexpected - government collaboration

Many had looked forward to the general election in November leading to a new and more unambiguous government that could set a clear direction for the next four years.

It didn't seem to work out that way, and the bloc politics have disappeared for a while after the historically long negotiations, which unexpectedly ended with an SVM government and cooperation across the middle. It will be extremely interesting to follow the government collaboration in 2023.   

Employee shortages and increasing demands

In 2022, many companies have experienced major challenges in finding new employees. Among other things, this is challenging production in many companies, which risk losing revenue.

A new bookkeeping law has also been passed that will bring changes for a large number of companies. The law means that documents must be stored in electronic form and that you must use an approved digital accounting program.

In addition, written descriptions of accounting procedures are required, which for many companies must be in place by the end of the year.

Inforevision has also experienced how difficult it is to find new employees. This has put extra work pressure on our employees, and unfortunately, we have had to turn down some new customers and assignments.

In addition, we also spend a lot of resources on meeting the increasing demands of the authorities. This includes documentation in connection with money laundering regulations/Know Your Customer (KYC). New auditing standards have also affected the requirements for our documentation and thus the workload.

The trend towards increased regulation has been going on for some years, but unfortunately there is no sign of it slowing down. Quite the contrary. Therefore - and as a result of inflation - inforevision, like many other companies, has to adjust its prices.

Wishing everyone a happy and prosperous new year

Despite the slightly gloomy outlook, I hope that 2023 will be far more positive than what we are looking at right now. Here at inforevision, we stand ready to support and help our customers in any way we can.

Thank you for your cooperation in the past year. On behalf of the entire inforevision team, I wish everyone a happy and prosperous 2023.

Flemming Andreasen
Managing Partner, State Authorized Public Accountant
Mobile: +45 21 71 99 87
Direct: +45 39 53 50 87
Mail: FA@inforevision.dk

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