Who'll be exhibiting at Accountex 2018?
Today's Daily Insight is longer (a lot) than usual because we are focusing on some of the magnificent 200-plus exhibitors at Accountex .
The UK’s top event for the accountancy and finance profession has released the show highlights for 2018.
At London's ExCeL next week on 23-24 May, visitors will be among the first to see loads of new products, technology, services and solutions from 228 exhibiting companies – including many of the most influential brands within the industry.
The following is just a taste of what’s on offer at Accountex 2018:
Real time cash flow forecasting
Slide is a new online cash management app by Cashfac Technologies. Launching mid-2018, Slide helps SMEs cash-manage their business by combining online business banking services with real-time cash flow forecasting. The app can create estimates, capture invoices, make or delay payments and much more (stand 583).
Zetadocs Expenses is previewing its software integration for Sage Business Cloud Accounting users. Established on Microsoft Dynamics, this award-winning expense management solution is designed to help accountants and bookkeepers increase their value to clients by providing a simple, cloud-based alternative to processing shoe boxes full of receipts (stand 872).
HM Revenue and Customs recently started the live pilot of Making Tax Digital for VAT. They invited a small number of businesses who meet initial eligibility criteria to join. As the pilot progresses iteratively, HMRC will seek to involve a greater number of VAT entities, helping to prepare for mandation for VAT from April 2019 (stand 498).
Lanop Outsourcing is previewing its new franchise opportunity, launching in July. It provides the opportunity to start an accountancy practice for only £4,999. They’ll be running a prize draw at the show, to give one lucky winner a free franchise worth £4,999 (T&Cs apply) (stand 471).
Multi-budgeting functionality
Float Cash Flow Forecasting is close to launching its new multi-budgeting functionality, making it even faster and simpler to set up an accurate, detailed cash flow forecast (stand 176).
Valenta BPO Solutions is previewing its new Nuclear CRM to accountants, which will enable them to focus on client engagement through real time dashboards, and also improve overall practice management. Accountants will have to start embracing technology and offshoring solutions to increase profits and productivity (stand 436).
Sage is introducing its Sage Accountant Cloud platform at the show, along with live demonstrations of the new Sage 50 Payroll Cloud Bureau, which helps accountants and bookkeepers improve their client experience and is 100% GDPR ready (stand 720).
KeyPay is launching the UK's first cloud payroll platform built specifically for large employers and bureau businesses. The platform will change the way businesses work and pay, by offering unparalleled levels of automation, complete payroll visibility, full compliance and pension integration (stand 675).
IRIS Software Group is promoting several new products and suite enhancements, designed to help accountants thrive in the digital economy: including the improved Accountancy Suite, with enhanced MTD and GDPR functionality, as well as the new FRS 105 detailed balance sheet. IRIS Snap, IRIS Accountant Go and the TolleyLibrary Light Service will also be showcased (stand 620).
Fresh interface and functionality
BTCSoftware is launching its new BTC Hub and a Company Secretarial Module. The Hub brings a fresh interface and functionality to aspects of BTCSoftware’s award-winning tax, accounts production and practice management software. The Company Secretarial module will hold everything accountancy and finance professionals need for easy Company Formations and Governance compliance. Also showcasing: Making Tax Digital for VAT software to give accountancy practices and businesses a head start before 2019's deadline (stand 530).
X-VAT has been developing API Enabled Spreadsheets and MTD functionally compatible software for 2019 to ensure that the MTD transition is as efficient as possible. This includes an updated version of its online compliance template, vatman pro (stand 805).
Invu Services is introducing Invu Verify at the show. It enables SMEs to capture data automatically from supplier invoices, consistently apply account coding, approvals and upload the data directly into their ledgers from any location. It is light touch yet it carries heavy improvements in efficiency, control and visibility of the accounts payable process. Anyone signing up at the show will receive a first-year discount of 50 per cent (stand 146).
Data legislation maze
TaxCalc is showcasing its TaxCalc Practice Collection. Trusted by over 8,000 firms, TaxCalc’s multi-award winning, integrated, accounts, tax and practice products are smart, easy to use and exceptional value. New additions include a GDPR compliance module to navigate the upcoming data legislation maze and CloudConnect product bundles for every sized practice (stand 250).
AccountancyManager is launching and demonstrating its new mass and parallel SMS features. Emails are convenient, but they're not always noticed. This solution can send an automated SMS alongside emails, or users can send tailored mass SMS messages to a specific segment of their client base (stand 860).
Growth Street is a launching a new white-paper survey, Beyond banks, at the show. Visitors can get their copy at CEO Greg Carter's talk at the FD Theatre at 4pm on Thursday 24 May. He'll discuss the alternative finance landscape for UK SMEs, and Growth Street's involvement with some exciting innovations in business finance (stand 1120).
Taxfiler is launching major enhancements to its accounts production suite, including journals and improvements to the choice of accounts descriptions, plus demonstrating a new integrated diary system. With MTD in mind, they will also be announcing important new integrations with a range of other software packages (stand 346).
Powerful strategy
TwentyTwo Agency is launching Amanda C. Watt’s new book The Pioneering Practice, which complements her Pioneering Practice Programme. Designed specifically for accounting practices, it is an accumulation of 26 years’ marketing experience condensed into a powerful strategy to engage, connect and convert strangers into A Grade high value clients (stand 975).
B4B Payments will be providing guidance on smart and flexible corporate expenditure solutions, as well as announcing a key strategic partnership with account management giant Sage Spain to bring the benefits of business expense management to over a quarter of a million Spanish SMEs (stand 243).
D&V Philippines Outsourcing is introducing its finance and accounting outsourcing services to the UK. They can manage all bookkeeping activities, including invoicing, monitoring of accounts receivables and payables, preparing compliance requirements such as VAT (with help from a UK-based accountant), and management reporting (stand 683).
Eliminating repetitive tasks
Compleat Software is launching iCompleatInvoice, a Software-as-a-Service data extraction and invoice approval automation platform that transforms the accounts payable function by eliminating repetitive tasks and digitising invoice capture and approval processes. It enables businesses to comply with best practice standards, lower costs, increase productivity and strengthen supplier relationships, thereby promoting growth (stand 460).
Nimbus Portal Solutions is launching its Cloud Document Management system, with integrated 24x7 Client Portal and Digital Document Signing, to the UK. Share any document with a client just by setting the published flag, with no uploading, downloading, scanning or copying. Features also include: fully versioned file system, automatic archiving, custom metadata, multiple methods of navigation and support for workflow (stand 233).
Kamozo – Practice Due Date Management has completed Beta testing and is launching at Accountex. Kamozo is a cloud-based, practice job tracking and resource management tool that manages client due dates, keeps on top of client tasks, tracks the exact amount of time spent per client, sends staff reminders, reports on team performance and more (stand 563).
Quick to read book
Rudi Jansen is promoting his new book – How to run a successful accountancy practice in 3 hours per week, at the show. This simple, quick-to-read book, covers the main concepts that enable him and his clients to grow their practices while minimising the time spent working in them (stand 796).
Campaign Master (UK) recently launched CMDataManager. A major benefit of this CRM development is seamless integration with its email marketing platform, removing manual manipulation of spreadsheets. It’s ideal for firms looking for better data management than through Excel spreadsheets, or looking to replace existing suppliers with a cost effective, straightforward solution (stand 490).
FUTRLI is announcing feature updates to its forecasting and reporting platform and more, giving further insights and opportunities to accelerate advisory. Accountex visitors can also catch great talks in the FUTRLI Advisory Theatre (stand 1141).
FibreCRM is launching a new integration with CCH Central. Designed for accountants who want a more sophisticated, easy-to-use, client facing relationship management solution, it provides 2-way CCH synchronisation to FibreCRM, including Outlook and mobile phones (stand 955).
Look into the future
Document Logistix is offering a look into the future of Cloud-based invoice processing for SME businesses. Features include: web scanning, intelligent OCR, coding, 3-way matching and approval workflow. It meets new GDPR requirements, integrates with most ERP and P2P systems, and supports the new Fujitsu fi-7300NX Cloud document scanner (stand 261).
Onkho is offering accountants in practice its compliance workflow solution, free. This powerful workflow solution forms an integral part of the technologically-strong Onkho Practice Management system and works as a stand-alone module or as part of the full solution. It comes with pre-built workflows, allows users to create their own tasks, and provides the functionality to plan, allocate and track deadlines (stand 976).
SuiteFiles is making file management easy for accountants who want to move to the cloud. Their new releases, launching at the show, include electronic signatures and secure file sharing to make working with documents even simpler. Also showcasing: an update to the SuiteFiles web app – SuiteFiles 2018, and a Mac version of the popular Outlook Windows add-on (stand 570).
Proof of data deletion
Bizdocs – The Digital Transformation Portal has ready to go features to help ensure businesses are GDPR compliant, including a ‘Right to be forgotten’ feature and proof of data deletion. Bizdocs can archive all business records, including financial and HR documents, on a single centralised platform. It is fully integrated with Sage Accounting, and offers real-time automated booking of invoices and receipts (stand 930).
Cromwell Insolvency Limited / Liquidations Online is promoting its online solution for quick, simplistic and cost-effective liquidations (members' voluntary liquidations and creditors' voluntary liquidations). The system communicates directly with Companies House and other organisations (stand 1111).
Informanagement UK recently launched its first new product in nearly three years: InforWijzer. This series of concise brochures or factsheets describe topics in detail, and are ideal to give to customers or share in advance of a meeting. They are continually updated, with new topics being added, and are available in print and online formats (stand 846).
Outbooks recently added an Outsourcing Pricing & Job Management Tool, which enables accountants to outsource any specific job in the fastest and most transparent way. This will help accountants know the cost of and delivery timeline instantly, along with GDPR compliance (stand 1020).
Audit and tax information
Croner-I Tax & Accounting, the UK’s largest provider of accounting, audit and tax information, recently introduced Croner-i Small Practice Packages. Specifically designed for the small practice accountant, they cover tax and accounting information with helpful time saving tools (stand 160).
Senta is demoing several newly launched features at Accountex this year. Electronic document signing is top of the list, offering unlimited electronic signatures for practices to use. There’s also a new auto-chase feature, which will chase clients automatically for missing collateral required to complete work. Plus new client workflows, which lets practices have repeatable personalised workflows for individual clients (stand 673).
Prosper Systems is promoting Prosper BI, which delivers affordable, actionable, predictive insights straight out of the box, removing the need for expensive data analysts. Prosper BI integrates with accountancy and sales software, runs the data through a machine learning engine, adding in socio-economic historic data and data from its neural network to accurately predict the next 12 months (stand 596).
Potamo Consulting can create a bespoke strategy to accelerate a company’s digital transformation. They will analyse the most suitable software package(s) on the market and team it with professional process change and workflow automation to meet the criteria of their customer’s future business (stand 926).
Efficiency, control and visibility
Tax Systems is giving Accountex visitors the opportunity to see the Early Access Launch of the Process Management Suite that delivers efficiency, control and visibility over the end-to-end compliance process. The user-friendly, intuitive dashboard displays real-time information from Alphatax computations, enabling users to quickly organise and prioritise workload, with dynamic links to the underlying period computations (stand 474).
Feebooster Accountancy Marketing is showcasing its latest Multimedia Marketing packages, where telemarketing, email marketing and digital marketing are used in combination, to reach the greatest number of targeted prospects in the local area (stand 273).
Solna provides SMEs with the tools to help them manage finances, stay on top of cash-flow, and get paid more efficiently. Solna’s new invoicing platform is the first of its kind to be powered by credit-scoring data. Invoicing functionality is overlaid with SME credit data, meaning users get a clear picture of their customer's financial health, and ability to pay (stand 320).
Easy to use payroll
Time Tracker by eBillity is now integrated with Xero Payroll in the UK. Released in March 2018, Xero’s long-awaited suite of easy-to-use payroll features connects seamlessly with the Time Tracker add-on. Employees track time from anywhere, even offline, and the admin can approve entries and sync with Xero in just one-click (stand 920).
Unleashed Software has a new Referral Partner Programme for accountancy practices seeking to develop their advisory services. The programme enables accountancy firms to gain a competitive edge by providing clients with advice on optimising their inventory processes via the Unleashed Software platform (stand 180).
Aon is showcasing its new Cyber and Data Insurance product, which launched in March. The new solution is designed to help a wider range of organisations better manage and protect themselves from cyber risk associated with ransomware and other malware-related threats (stand 370).
Key components
Webexpenses has added new ACR functionality, bringing a quicker and even more accurate way to submit expenses. Entirely built, tested and approved in house, webexpenses uses ACR to automatically extract key components of a receipt and allows a claimant to generate a full claim on a smartphone in less than 20 seconds (stand 560).
Clear Books is showcasing Clear Books Micro and Clear Books Practice Edition. In less than 12 months accountants and VAT-registered businesses earning over £85,000 will need to use HMRC-approved software as part of Making Tax Digital, yet many are not ready. Clear Books Micro, a free cloud-based spreadsheet, and Clear Books Practice Edition, exclusively for accountants, are designed to address this (stand 473).
BASDA is promoting its new Selecting Business Software Guide at Accountex. This extensive 24 page guide provides objective direction and guidance for business software buyers, giving them practical advice and steps on how to effectively choose the right software to meet their business requirements (stand 900).
Reports and forecasting
Virtual Cabinet is showcasing its latest updates with improved GDPR compliance, such as improved document security, automated document retention policy, auto archiving and ex-client re-index. It also boasts automated mass publishing of documents via the secure portal, including requesting signatures (stand 650).
Arthur Online has integrated with QuickBooks to accompany the existing Arthur/Xero integration. This added integration will ensure powerful and comprehensive accounting and the ability to produce financial reports and forecasting. Alongside this, they recently launched a new tenant app and integrations with rightmove, Zoopla and StuRents (stand 462).
E-Link Incorporator is a Companies House authorised technology integrator, with software that is accessible to third parties. It enables firms to register limited companies simply and quickly online, so they can undertake all key company secretarial functions on behalf of their customers, ensuring compliance (stand 574).
New integration with QuickBooks
Chaser has introduced a hotly-demanded ‘Thresholds’ functionality, in addition to a new integration with QuickBooks Online. Users are now capable of setting, and automatically monitoring, credit limits for their customers to intelligently and effortlessly limit their liability (stand 470).
R&D Online is showcasing its intuitive digital platform that enables accountants to make R&D Tax Relief claims on behalf of their clients. The service is offered on a white-label basis, but supported by R&D tax specialists who will ensure accountants can deliver successful claims to their clients every time (stand 856).
JustAccounts is promoting its new On-boarding Process for 2018. It can create leads, consultations, illustrations and track referrals before being able to progress to making them into a live client. Accountants can even incorporate companies, set up business bank accounts and create contracts for their clients to agree through their dashboards (stand 152).
OneStop Reporting is presenting live, 10-minute demos, with seating, throughout the show. Topics include: Invite your clients to a new reporting technology; Streamline your budgeting process; and Reduce manual processes within your firm (stand 750).
Bank statements, bills and receipts
Hubdoc has expanded to the UK. Hubdoc automatically fetches bank statements, bills, and receipts from hundreds of financial institutions and online suppliers, extracts the key data, and publishes the transactions to Xero and QuickBooks Online with the source documents attached (stand 863).
Spotlight Reporting has added four new features for 2018. These include two new rules for fast and accurate cash flow forecasting – loan amortisation for client financing and a dynamic rule to auto-update values in P&L. Plus, keep track of a client’s progress with the Action Plan and Cash flow waterfall chart (stand 973).
CABA provides lifelong support to past and present ICAEW members and their families – whether they’re training, in practice or business, have left the profession or retired. They’ll be presenting a new range of training courses and help guides at the show, plus sharing top tips and ideas on how to look after your own wellbeing (stand 1146).
MyFirmsApp, developers of compliant, personalised Apps that put the accountant at the centre of the mobile world, has produced a One Stop Guide to help accountants who are planning a visit to Accountex. (stand 798).
To register for a free ticket, visit www.accountex.co.uk and use priority code ACX108 (HERE ).
One click and the payroll’s done!
Processing payrolls can be labour-intensive. So, what would the world look like if we could process payrolls with one click?
Today, payroll bureau operations can install a one click solution. Here's how...
Say a bureau practice runs over 300 client payrolls. Half of those payrolls are classed as standard or threshold payrolls (paid up the threshold of NIC). In other words, there is no change from one pay period to another, and let’s assume they are all monthly payrolls.
Monthly process
Using a well-known payroll software, we start the monthly process. The first step is getting in touch with 150 clients to confirm there are no changes for this month. We then must open each payroll one by one and run a series of tasks such as update tax codes from HMRC, run auto-enrolment, process the payroll, print the reports and payslips, back up the payroll, send payments to BACS and submit monthly returns to pension companies and HMRC.
Running this process for each payroll in turn has been estimated by one accountant to take 20 minutes per payroll. (I’ll let you do the calculation). All this even though about 95 per cent of those payrolls have no change from one pay period to another.
Systems automatically sends an email
Now imagine a process where the system automatically sends an email to the client asking them to reply to the email with any changes within a given timeframe. For the 5 per cent who do reply, the system takes their payroll out of the automated process.
The remaining payrolls are processed running all the necessary checks, uploading or printing reports and payslips to your ePayslips solutions, submits payments such as net pays, court orders, pensions automatically and returns to HMRC.
Apart from significant cost savings, productivity would increase because automated operations ensure that tasks are not forgotten or run out of sequence.
Automated processes
This is possible through open APIs that provide accountants and bureaus with development resources to build out their own automated processes. APIs (Application Programming Interface) have been around for some time. However, the payroll software market has only scratched the surface of APIs and those who do claim API offerings are very limited.
In 2015, HMRC launched its API strategy. David Gauke the then financial secretary to the Treasury said, “The API strategy recognises that it is important to work collaboratively with developers of software”. And HMRC are not alone, in 2016, the UK Treasury supported the use of increased APIs in the banking sector too.
Payroll APIs are not the future ... they are here now.
Payrun.io will be on stand 398 at Accountex.
Women in Accountancy launches website to fight inequality
The Women in Accountancy group will be launching its own website at Accountex 2018. WomenInAccountancy.com reflects a growing interest in the gender (in)equality issue.
The group came about after Elaine Clark, chartered accountant and managing director of CheapAccounting.co.uk, highlighted a dearth of female speakers at the first Accountex Summit North at Manchester Central in March.
Such was the strength of feeling that Elaine, after a conversation with event director Zoe Lacey-Cooper, agreed to host a round table event aimed at women in the profession.
The number of female speakers
Women in Accountancy took off soon after that popular session, with a LinkedIn group and a page on Accountex's Accounting Insight News content platform. And it's probably no coincidence that, following the round table, the number of female speakers at Accountex (at London's ExCeL next week) went up from 18 to 44.
Clark says: "It showed that women were fed up with being under-represented at trade events and wanted more female speakers and topics aimed at them."
WomenInAccountancy.com is kicking off with a survey of women's experiences of the accountancy profession. Questions include: "Have you ever encountered sexist or misogynistic behaviour in the accountancy profession?" and, "Do you feel your professional accountancy body portrays and supports gender equality?" Take part in the Survey here .
There is also an opportunity for women to feature on the site or contribute articles.
Women in Accountancy want a loud and proud voice
Clark adds: “Women want a loud and proud voice in the accountancy profession and at events like Accountex; they shouldn’t have to beg or fight for this. It should be an absolute given that gender equality is reflected in the speaker mix at such important events in the accounting calendar.
"While speaker gender inequality has inspired the launch of Women in Accountancy, the movement - if I can call it that - is about so much more. It’s about promoting women in accountancy and removing any unnecessary barriers to gender inequality.
"One of the first campaigns that we're launching will be a call to address the huge gender pay gap that exists in accounting.
"The recent Accountancy Age survey revealed a 22 per cent gender pay gap - well above the national average. Are men in accountancy really worth on average nearly £13k a year more than women?
They should set the standard
"I think the gender pay gap is something that the professional bodies and every head of the top accountancy firms should take specific and personal ownership of to drive it out. They should set the standard for equal pay.
"The spotlight should be put on such a group to drive out the pay gap over the next five years at an absolute maximum and much sooner if possible. We’ve got to encourage women to both enter and stay in the profession. I don’t want to have to start protests and tie myself to a lamppost ... but I will do so if necessary!
"It’s time that gender equality in accounting was the norm. It’s time for misogynistic behaviour to be outed for exactly what it is; a form of bullying. I’ve experienced it throughout my career, and continue to have to put up with it on social media where people can hide behind a virtual network platform.”
Clark will be hosting two Round Table sessions on the issues that Women in Accountancy experience at Accountex next week 23-24 May.
What does the prepaid expenses card mean for accountants?
Prepaid cards aren’t what they used to be. They have come a long way from their humble beginnings. A long time ago they were just a way for consumers to gift money to friends and family or could buy themselves a present from their favourite store. They became useful with the advent of Oyster cards for travel on the London rail network. You might even be familiar with the new generation of prepaid card products that can reduce the costs of converting currency on your foreign travels.
So why are prepaid cards relevant for Accountants? Because prepaid cards have now crossed over from being a consumer payment product to something that an increasing number of companies across sectors are using to eliminate manual cash management, reduce bank fees and increase efficiency.
Why have prepaid cards suddenly become so popular?
Companies have woken up to the fact that prepaid cards tend to have lower fees than other banking and cash transfer services and they are incredibly flexible in how they can be used. According to Allied Market Research, the projected global market for prepaid cards is expected to grow by 22.7 per cent by 2022. At B4B Payments, we have seen over 100 per cent growth in corporate use of prepaid cards and a 129 per cent increase in the amount of money loaded on to our cards. This clearly suggests that the increasing number of corporates using prepaid cards is strong driver of the overall growth of prepaid products.
What are companies using prepaid cards for?
Prepaid cards are replacing old expenditure management systems and being used as an alternative to cash. They can be part of a solution that eliminates many of the most inefficient, risky and frustrating aspects of cash based systems.
Prepaid cards can give companies control of expenses and visibility of what is being spent by whom. Expense pots are predefined and capped when cards are issued, minimising the opportunity for employees to get carried away with their spending. Also, employees have immediate access to expense funds so they don’t need to claim back their expenditure at a later date. The reliance on traditional and time consuming reconciliation tasks such as petty cash is reduced along with limiting the need to hand over the company credit card for business expense purposes. The instances of poor financial record-keeping are greatly reduced so companies are much better able to reclaim VAT.
Companies are also taking advantage of the fact that they can brand prepaid cards with company logos. This is useful for creating a strong brand identity both internally with employees and externally with customers. Prepaid cards can also be issued as a convenient and low cost means of rewarding staff and customers for their loyalty. According to the Prepaid International Forum (PIF) bonuses paid to employees on prepaid cards, especially more junior members of staff have a positive effect on staff retention rates and result in increased productivity.
The prepaid opportunity for accountants
Accountants can view the trend towards prepaid use by companies as an opportunity in two ways. You can either use a prepaid solution to take control of expenditure management for your own business, or you may be able to enter a partnership agreement where you can generate a new revenue stream by selling a prepaid solution to your clients. Accounting giant Sage Spain has recognised this opportunity and recently announced its partnership with B4B Payments to offer prepaid expenditure management solution to its 300,000 clients in Europe.
The trend towards corporate use of prepaid cards is strong and the scale of the market size is beginning to emerge. Corporates are joining the consumer trend of looking outside traditional banking services to reduce costs and realise better value. Prepaid cards are at the centre of many of those innovations and accountants are well placed to capitalise on the opportunity.
B4B Payments will be on stand 243 at Accountex.
Why accountants can't afford to ignore wellbeing
I'm always finding stories in the media about wellbeing in the workplace, or the lack of it. As a nation, we are under more strain than ever – both physically and mentally. We’re tired, stressed and overweight, and, as a result, we’re lagging behind our G7 peers when it comes to productivity... another issue we’re reminded about on a near-constant basis.
The workplace has not helped this situation, and has changed dramatically in recent years, making the situation increasingly untenable. It used to be the case that, once the workday finished, leaving work meant switching off until you got back into the office the next day. This is, sadly, no longer the case. Technology enables us to keep an eye on work whenever, wherever. According to CV Library, the first and last thing a quarter of accountants do is check their emails – this connection to work must stop.
It intrudes on our evenings, our weekends and our holidays – no wonder our research has shown that 58 per cent of 2,000 employees have experienced reduced mental wellbeing, due to poor personal wellbeing at work.
Wellbeing and the ability to connect with ourselves
As technology has connected us to the workplace, the trade-off has been the loss of our ability to connect with ourselves. The result is that the working population’s health is deteriorating rapidly, with rising levels of obesity and mental illness. To rectify this situation we need to take action now, to reclaim our work-life balance and prioritise our wellbeing. This means changing less progressive attitudes towards wellbeing and encouraging the industry to open up about pressure.
I don’t underestimate how hard this will be. It takes a lot of courage to push back on workload, especially for those wishing for career progression or wanting to make a good impression. However, if we are to improve our physical and mental wellbeing by reclaiming our free time, this is a necessary first step. These conversations can be very difficult at first, as no one wants to be seen as a shirker. However, the rationale that taking the time to recover and relax boosts the next day’s productivity has been proven over and over, and I would urge anyone at work to take steps – big or small – to enhance their wellbeing.
Life-blood of our economy
Accountancy is the life-blood of our economy, and its success is vital in keeping this country on track. However, it’s also time to acknowledge that the industry has evolved, and therefore attitudes on work-life blend need to too. Careers are now expected to last longer than ever, so we need to treat the period as a marathon, not a sprint.
Whether it’s taking the time to visit the gym three times a week or going for a lunchtime walk, we must not forget the benefits of getting away from our desks. The irony is, the more time we spend at work, the more our performance will suffer, as we can’t operate at our optimum when tired, anxious or demotivated. A small amount of pressure is good for us – continuous, peak levels are not. If we are to become more productive and help keep Britain as one of the premier international financial powerhouses we must accept the important role personal wellbeing has to play, otherwise we’ll soon discover the dire results.
For more information and tips on wellbeing, see here. CABA, on stand 1146 at Accountex next week, provides free independent support for past and present ICAEW members and their families.
Big Four accountants plan for break-up
The break-up of the Big Four accounting firms seems to be edging closer. The main story in today's FT is that KPMG, Deloitte, EY and PwC have made contingency plans for a break up of their UK businesses.
It's a solution to the conflict of interest problem in the audit sector that's favoured by politicians, academics and regulators alike.
Pressure increased after big corporate collapses such as Carillion shone a light on the Big Four's work as auditors and consultants for the UK’s largest companies.
Plans are in place
Bosses from the top four firms, plus Grant Thornton (five) and BDO (six), say plans are already in place for a break-up. Regulators could insist they separate the audit function from their consulting work.
A parliamentary report says the four operate as a “cosy club incapable of providing the degree of independent challenge needed”.
A break-up could potentially split each group into two smaller audit/consulting firm or insist they spin off their consulting work to create audit work only.
Opening the door to more competition
The latter could be seen as opening the door to more competition.
Bill Michael, chairman of KPMG UK, tells the FT that the firm has been thinking about break-up scenarios “for some time” as the current business model of the Big Four is “unsustainable”.
“We are an oligopoly — that is undeniable,” he says.
We have to reduce the level of conflicts
“I can’t believe the industry will be the same [in the future]. We have to reduce the level of conflicts and . . . demonstrate why they are manageable and why the public and all stakeholders should trust us.”
PwC has “a documented business continuity plan covering a range of scenarios that could threaten the existence of the firm”.
While EY are “working alongside regulators and standard setters, the profession can evolve to best serve business, investors and stakeholder needs".
While some in the industry think a break up would only scratch the surface, there is a groundswell of opinion outside the industry urging a split. Vince Cable, leader of the Liberal Democrats, thinks the “only way” to improve competition was to break them up. “Unless you do that, three or four companies will continue to completely dominate,” he says.
Interesting times.
Why Accountex 2018 is a financial feast
The 2018 MasterChef champion has just been crowned ... and this got us thinking. In some ways, a great exhibition and conference is like a great meal. You need the right ingredients, equipment and technique to produce the perfect balance of flavours. You also need the right chef(s).
And that’s exactly what we’ve seen every year at Accountex. The team has created a unique exhibition that’s become, for most, a permanent date in the diary. We’ve written lots of Accountex blogs on previous years but what’s going to happen at Accountex 2018? What is going to be new, different, bigger or just better that makes it a must attend this year?
Accountex 2018 – A unique recipe, great chefs – expect Michelin star results
At MyFirmsApp, the app support for the event, we have had the privilege of being involved in the planning and preparation for months. We’ve been watching the team at Diversified Communications (the exhibition organisers) get everything in order.
We’ve seen their strategic goals, and their desire to ensure every Accountex event is better than the last. With such engaged exhibitors and visitors, they have thousands of ideas and improvements from Accountex 2017 that they are putting into place. And if you’ve never been before – Accountex 2018 is going to blow you away.
1. Independent with no hidden agenda
We’ve been working in the profession for over 35 years, and we attend or exhibit at almost all the events in the accounting diary. And there are similarities with all of them, they almost all have an agenda (open or hidden) and contain ‘pitch after pitch’, and in many ways that’s expected. Advice from many of the speakers leans towards recommending providers or solutions that pay the greatest kickback or sponsorship fees. And, in part, that’s business.
At Accountex it’s different. One of the things we love about working with the chefs at Accountex is that they are independent. They have no ulterior motive, nothing to ‘sell’... their goal is to give you, the visitor, an incredible experience that you can’t get at any other event. In achieving this, they get your loyalty, they know you will return, and the event will get better and better.
That means, that you as the visitor, are not forced to listen to anything that’s not relevant to you and your practice or business, you pick the experience that you want, you visit the talks and stands you want, and you win.
2. Re-energise at Accountex
Being an account or running a practice can be incredibly demanding and it can take its toll. Dealing with accounting challenges, client problems, changes in the profession and compliance (MTD and GDPR recently) can sap away positivity, and enthusiasm. Most also face a regular barrage of negativity, government agencies, professional bodies, often other colleagues and also customers.
For those running smaller practices there is a lot of alone-time, working unsociable hours and putting everything into the practice. It can be very tough, and finding people to relate to, that can offer helpful advice, is also a challenge.
It’s this combination of challenges that can ultimately start to sap away energy levels and for us – one of the big wins at Accountex is to soak up the atmosphere – it’s alive, eclectic, and it will re-energise you. You can network, share challenges, get new ideas and the latest thinking. You can hear amazing content, see the new tech and see what’s going to make your life or your clients' lives easier.
And leave physically tired, with sore feet but totally re-energised with a new perspective and scores of new ideas to take your business forward.
3. A unique speaker line-up with world-class content free
You get to choose who to listen to and why. Accountex 2018 has a great line-up, from trusted well known presenters, to the new kids on the block and rising stars including some big names outside of the profession. Accountex 2018 has more content than ever before.
And to avoid disappointment theatres have changed and improved. At Accountex 2018 you will see two Keynote theatres to ensure everyone gets to hear the presenter of their choice (standing room only last year!).
You can see the introduction of some brand new theatres including a tech demonstration session running every 45 minutes. Plus, this year there are going to be some fabulous new round table discussions debating the hot industry topics of the day. You can hear from leading industry speakers about the issues which are important to you and will make the most difference to the future of your practice, including MTD and GDPR.
Stay up to date while enjoying yourself
By attending Accountex in 2018 you will meet new people, hear new ideas, discover the latest thinking and perhaps come away with that one thing which will transform your practice. You can’t cook up a storm if you don’t get into the kitchen!
We are all very busy people, but that is why Accountex 2018 is such a great idea! It’s like a one-pot gourmet meal with the chance to meet suppliers (over 200 of them), gather CPD points, sit in on a seminar (in one of 19 theatres) and network with your peers.
Planning is key so make sure you visit the Accountex website to see which exhibitors and seminars you want to get in your diary. You can also download this FREE Accountex 2018 Guide which will help you get the most out of this year’s show.
Practice progress workshops
At MyFirmsApp we have put together a series of super tasty workshops covering an array of challenging and proven strategies to help firms grow and prosper in this changing digital world.
Designed for accountants in practice, these seven workshops sessions are packed with new material. From how to make sense of MTD, to winning new clients, profitability and practice growth.
Accountex places are limited so it’s best to reserve your seat to avoid disappointment!
Five signs your accounting firm is ready to outsource
At some point, you'll have met people trying to convince you to go through with outsourcing some of your accounting work. The benefits are tempting, and you have heard of outsourcing stories that have gone both ways.
However, there is a lot to consider when taking such a huge step. Here are five signs that will help you to determine if outsourcing is the way to go:
- You barely make it to deadlines: Your accounting team is working on different tasks to ensure business continuity. However, unforeseen overhead growth and business developments can complicate these tasks. Having more people and businesses on board means having more paper and books to manage. Your team might not be able to handle all these tasks properly and deliver before their due dates. Outsourcing time-consuming work will help you regain control of these tasks and ensure the quality of work.
- You have been focusing on repetitive tasks: A rapidly growing business may also limit your accounting team to keeping the books and ensure business continuity. Your team may not be able to explore or concentrate on other important tasks such as business intelligence, data analytics, and more, that can help you increase the value of the work of your team and improve the outcome of your operations.
- There is not enough talent in your area: When your business grows, it is important to increase the people in your team to accommodate the additional tasks in maintaining books and improving the finance and accounting processes. But desirable talent isn’t something you come across every day. Complex and demanding tasks require competencies that are hard to find, and accounting technology also demands additional skills from professionals. Tapping talents in other areas might prove to be costly and difficult, especially if you don’t have the time to study the people and their culture. Working with an outsourcing firm with specialisation in accounting will help you get the talent you need.
- You’re passing out too many opportunities: Passing on business opportunities is never a good sign for any company. You may not have enough people to work on your books or provide finance and accounting assistance to your operations. Outsourcing can be a viable solution to augment the needed manpower to help you with your activities. The expertise from outsourcing firms and the cost-benefits can help you achieve your goals and capitalise on business opportunities more.
- You don’t have the time to do your real work: Managing your finance and accounting team is no easy task. It adds up to your role as a CFO to oversee the financial standing of your company and provide relevant information to the company’s management and help steer the company’s direction. But when you are busy addressing issues such as the insufficient number of employees on your team, rising overhead costs, or difficulty in finding the right talent, you will lack time in executing your function as a CFO. Specialised accounting outsourcing firms offer scaleable solutions that are formulated to address your different requirements. These services are crafted to take time-consuming tasks off your hands and provide the right support to help you deliver your roles properly.
Watching out for these signs will help you determine whether outsourcing is the right solution for you. Keep in mind that when done with the qualified partner at the proper time, accounting outsourcing can help you achieve your goals faster and help your business grow.
D&V Philippines Outsourcing are on stand 683 at Accountex 23-24 May.
Is it time for a change?
Over the past year or so, you’ve likely dealt with a lot of change. And, with our sights set on the future, more is on its way.
First, cloud accounting software companies started targeting customers and your compliance revenues were threatened. So, you got the new software and put the processes in place. (Tick).
Then…. came the fuss about Making Tax Digital, and your frustrations hit an all-time high.
More, new processes in place. (Tick).
Can you see the pattern emerging?
But yesterday can no longer act as a guide for tomorrow.
The landscape for accountants has changed. Yet it is possible to thrive in this disruptive environment. And, as you have experienced, embracing technology is imperative to keep your firm moving forward.
But what about tax advice?
I don’t need to throw numbers and figures at you about how small businesses make up 99.9 per cent of businesses in the UK, allowing our economy to thrive. And that in 2016, a new business was founded in the UK every minute. That’s more than 525,600 businesses that may have had the opportunity to cut their tax bill.
But, have you ever thought about what it would take to service all these businesses with a holistic tax advisory service?
In the UK, there is only one Chartered Tax Adviser for every 20 Accountants?
And, even more astonishing, there is only one Chartered Tax Adviser for every 6,666 corporate tax payers.
How can advisers be expected to keep up with the demand?
Last year, tax legislation grew by two pages each day. It’s no surprise that 87 per cent of tax advisers think tax is too complex. The 2017 Finance Bill published early last year was the longest ever, at an unbelievable 762 pages.
It’s crazy right? I suppose the first thing you need to recognise here is, there are no shortcuts. Expertise is a necessary part of any tax function, and you can’t simply employ all the tax advisers in the UK.
So, is it time for change?
Maybe? If you think about it, the current tax advisory model in almost every accountancy firm is fragile. Advisers are drowning in legislation; doing everything they can to keep their head above water and service clients' tax advisory needs. They are often only able to discuss tax with clients after transactions have taken place.
This isn’t sustainable or good enough.
And the solution?
We at Diagnostax think change is the answer. We're convinced that those who adapt and move with the technology will thrive.
Diagnostax will be at Accountex, stand 182.