Category Archives: Accountancy & Accounts

Aberystwyth, Accountancy & Accounts, Awards, News, West Wales

Aberystwyth Accountant and MD Alex Westbury Named As One Of The UK’s Top Senior Accountants

An Aberystwyth accountancy firm is celebrating after their MD, Alex Westbury, has been recognised as one of the UK’s best senior accountants.

AW Chartered Accountants proudly announced that Alex, their Managing Director, has been recognized as one of the top 35 under 35 in the accounting industry by Accountancy Age. This prestigious award, sponsored by AJ Chambers, highlights Alex as one of the best senior managers among the UK’s top accountancy firms.

Remarkably, nine of Alex’s fellow honorees are senior leaders in the UK’s top 15 accounting firms, including PWC, the leading firm by fee income. Additionally, half of those recognized are senior leaders within the top 50 accounting firms, and the majority work in the top 100 firms, which collectively turned over between £6.88 million and £5.79 billion in the past year.

Having established AW Chartered Accountants from the ground up in the past year, Alex expressed his excitement and pride in being included in such a prestigious industry list. He is particularly proud to be the only representative from a Welsh firm, the only start-up, and the only sole practitioner named in the list.

Alex said:

“I thought I was giving up the opportunity to place in such a prestigious industry list when I left my corporate job at a Top UK 15 firm to return to my hometown in Mid Wales. so I am delighted to be named amongst the greats of the accounting industry as the only person on the list from a Welsh business, having only started my business in the last year.”

“I am incredibly honoured to be named among the top 35 under 35 in the accounting industry by Accountancy Age. We strive to provide the highest level of service to our clients and help them to achieve their goals. This award inspires us to continue innovating and growing, and I am excited about the future of our firm and the continued success of our clients.”

 

About Alex Westbury:

Alex Westbury is the Managing Director of AW Chartered Accountants.

Having trained to become a Chartered Accountant at top UK 15 firm Saffery in Manchester before returning home to West Wales to join a growing local practice. His exceptional work ethic and aptitude for delivering high-quality service led to his rapid recognition, and he was appointed as a director at the age of 28, just three and a half years after joining the firm.

In the last year, Alex transitioned from his director role to take on the new challenge of setting up his own independent firm, AW Chartered Accountants. Through this new venture, Alex focuses intently on his clients, working closely with them to achieve their unique goals, whether that is increasing profitability, scaling, or enhancing business efficiency. His forward-thinking approach is driven by cloud-based software, enabling clients to make informed, up-to-date decisions.

In just a few months, AW Chartered Accountants has experienced remarkable growth, and the firm’s success has already been recognized with a nomination for a Welsh Business Growth Award, highlighting its’ rapid growth and commitment to customer excellence.

Alex and AW Chartered Accountants provide services to clients across various industries, but they have also been recognized as specialist accounting advisors to the UK tourism industry. Thanks to Alex’s experience and understanding of the industry, the firm is one of only two Welsh accounting firms accepted as associate members of the British Holiday and Home Parks Association (BH&HPA), the leading trade body for the UK holiday park industry.

Accountancy, Accountancy & Accounts, Business, Business Advice

Empathy, Flexibility, Innovation: The Keys to Success for SMEs

  • To mark United Nations Micro, Small and Medium-sized Enterprises (MSME) Day, a new report reveals inside stories highlighting resilience and growth as small businesses face broader challenges than ever

Empathy, adaptability and the human touch are vital to SMEs navigating through today’s dynamic and challenging business landscape, according to a new report launched by ACCA (the Association of Chartered Certified Accountants).

This collection of stories and a toolkit brings together real-world experiences from finance leaders, entrepreneurs, and business support organisations across the globe, showcasing the role of accountants in guiding SMEs through the challenges and opportunities of today’s dynamic business landscape.

Aleksandra Zaronina-Kirillova, ACCA’s head of SME professional insights, says: “In a world where SMEs are confronted with rapid change, from navigating digital transformation and sustainability, to managing talent shortages and inflation, the role of accountancy professionals as empathetic and indispensable partners has never been more vital.

“Accountants, with their unique blend of financial expertise, strategic vision, and human understanding, are the listeners, the problem-solvers, and the trusted advisors who stand alongside entrepreneurs, offering not just financial guidance, but also emotional support and a deep understanding of the human stories behind the businesses they serve. This collection of stories celebrates successes from around the world.”

The report, Accountants at the heart of SME resilience and growth, includes a range of stories from around the world – in written and video formats – designed to be a useful resource for SMEs and the accountancy professionals who support them. It also includes a toolkit offering practical tools and insights on a range of topics of interest to SMEs.

To support the launch, ACCA is to host a webinar on June 27, 2024, providing a platform for discussion and deeper insights into the toolkit. Participants will have the opportunity to engage with experts, ask questions, and learn more about the strategic role of accountancy professionals in empowering SMEs. Register here.

Access the stories and the toolkit here.

Visit ACCA’s website for more information.

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Business News, Cardiff, Leadership

Kilsby Williams announces major Partner promotions

Tax and accountancy specialist Kilsby Williams has announced a major enhancement of its leadership team, doubling its partner group to 11 with six new internal promotions to partner.

Lucy Creese, Stuart Evans, Dafydd Ford, Rob Meredith and Kaye Morris have been promoted from within the firm’s fast growing Tax, Growth and Transactions departments, while Huw Sheppard from the Audit, Accountancy and Payroll teams completes the leadership group.

Simon Tee, managing partner at Kilsby Williams, said: “This is an incredibly exciting time for our business and we are proud that we are able to expand our leadership team with six outstanding internal promotions. We have been growing at a fantastic rate over the last few years and the capabilities and ideas our new partners bring will ensure we can continue to do so in the future.”

The announcement coincides with an exciting new brand identity and website.

The brand refresh has seen the firm retain the respected Kilsby Williams name and diamond logo, supported by a fresh colour palette and updated design across its new website with improved functionality, and at its Newport headquarters.

The website’s significant functionality overhaul now offers existing and prospective clients a seamless experience, showcasing the firm’s tax and accountancy expertise, case studies and thought leadership in a more user-friendly way. The new site allows the firm to better interact with its client base of entrepreneurs, local fast growth businesses, and national and international groups.

Simon Tee added: “With the continued use of the Kilsby Williams name, there is a classic feel to the new branding, representing the firm’s determination to stay true to its history and culture. These have been the bedrock of the firm’s success and made us a recognisable, trusted partner to our varied client portfolio for over 30 years.

“Whilst retaining our heritage, we have also developed a modern, forward-thinking new look that fully embraces the firm’s current evolution and growth as the largest independent firm in the region and improves our clients’ experience.”

Established in 1991, Kilsby Williams works with clients locally in south Wales, extending across the UK and globally. Their clients range from sole traders to international quoted groups.

Accountancy, Accountancy & Accounts, Accounts and Accountancy, FInance, Finance and Banking, Finance News

Over 50% of SMEs say resisting bribery and corruption results in lost business opportunities

  • New research shows 59% of SMEs believe that standing up to bribery and corruption will result in lost business opportunities.
  • However, 67% of UK respondents agree a strong anti-bribery policy boosts customer confidence.
  • 68% of UK respondents say stringent anti-corruption guidelines increase the likelihood of large contracts with big businesses and public sector bodies.

 

A new report from the Association of Chartered Certified Accountants (ACCA), Bribery and corruption: The hidden social evil on your doorstep, delves into the true extent of how bribery and corruption impact small and medium sized enterprises (SMEs) across the world, highlighting the pressing need for enhanced transparency and robust regulatory frameworks.

 

The research shows a high prevalence and deep concern about the damaging impact of bribery and corruption on SMEs, with more than half (59%) of SMEs and their advisers believing that standing up to bribery and corruption will cost them business trade or opportunities. The UK appeared more relaxed, with 46% thinking taking a stand would cost them.

 

Yet the survey also reveals a strong understanding of the benefits of standing up to bribery and corruption. 77% of global respondents, and 67% of UK respondents, agree that having a strong anti-bribery policy boosts customer confidence in their business. Furthermore, 68% globally and 68% in the UK say it increases their chances of getting lucrative contracts with big businesses and public sector bodies.

 

Jason Piper, ACCA’s head of tax and business law, said: “Corruption is a poison; it distorts markets, stunts economic growth, and deters investment.

 

“Many very small businesses don’t have the bargaining power to refuse when small bribes are demanded of them. Entrepreneurs have to choose between paying the bribe or losing the business – and often that is no choice at all for someone trying to support a family.

 

“Our report aims to arm businesses and regulators with the necessary insights and tools to root out corruption and foster an environment of transparency and trust. This could include the use of the latest digital tools. Just as technology is being used by criminals, so regulators and enforcement agencies should embrace it in the battle to detect, prevent and respond to them.”

 

Drawing from a broad spectrum of global data, expert opinions, and real-world case studies, the report explores the multifaceted impacts of corrupt practices on SMEs and economic development. It highlights the severe consequences that businesses can face, including legal penalties and damage to their reputations.

 

The report also considers the effectiveness of current anti-corruption laws and policies across different countries, suggesting that while some progress has been made, much remains to be done to align international efforts.

 

Piper added: “As global markets become increasingly interconnected, the imperative for accountability and ethical business practices becomes more pronounced.”

 

Lloyd Powell, head of ACCA Cymru/Wales, added: “The threat of bribery and corruption is something that businesses across Wales face on a daily basis. The fact our members are reporting improved prosperity through having anti-corruption policies in place is a good start, but there is more we can do to help them moving forward. How best to address modern-day corruption can be confusing, but we hope our latest report will provide some clear advice on how members can identify and prevent such activity.”

 

ACCA hopes this report will serve as a catalyst for change, encouraging entities across all sectors to evaluate their practices and align with the best standards of business conduct. The report is recommended for business leaders, policymakers, and regulatory bodies worldwide committed to uprooting corruption and fostering a fairer business environment.

 

The full report can be accessed here.

 

Visit ACCA’s website for more information.

Accountancy, Accountancy & Accounts, Business, Business Advice, Cardiff, South Wales

Two thirds of UK finance professionals optimistic about AI in accountancy

  • 66% of UK finance professionals believe that AI will allow them to add more value in their roles
  • 42% are concerned about the potential impact of AI on their roles in the future – but this is lower than the global average of 51%
  • 71% of finance professionals are keen for more training on AI to better understand it and integrate it into work

 

Recent research conducted by ACCA, the leading global accountancy body, takes a look at the current state of the UK workplace for finance professionals. Analysing key areas such as remuneration, staff retention, employee wellbeing, AI and diversity and inclusion, the study highlights the state of affairs for the finance profession across the UK.

 

AI has been dominating the conversation for UK finance professionals, but the response has been positive on the whole. Two thirds of survey respondents reported feeling positive about AI, seeing it as a tool to add more value to their roles and reduce data-heavy tasks. The fact that almost three quarters (71%) are keen for more training on how to best use AI demonstrates that the UK’s finance professionals want to understand and utilise AI effectively. Using AI to reduce time-intensive but low value work tasks means more time is freed up for high value work.

 

The pace of change in technology at work was a concern for one fifth (22%) of respondents, who felt overwhelmed by the rapid rate at which technology was advancing and changing.  However, the global average for this was 37%, indicating that UK finance professionals feel more prepared and resilient in the face of change than their global peers.

 

Concerns raised by respondents around AI included job displacement, qualifications taking longer, and the risks of AI such as privacy, security and ethical use of data, as well as potential issues of over-reliance on AI.

 

Alongside AI, ACCA’s survey revealed that finance and accounting employees in the UK are still very much embracing a hybrid work model, with 64% reporting this was their working pattern, almost a third higher than the global average of 41%. Only 21% of those surveyed are working full-time in the office in the UK – globally, that figure jumps to 52%. In the UK, Wales has the highest percentage of workers full-time in the office, at 38%. Only 52% of Wales’ finance professionals work in a hybrid pattern, the lowest of the UK nations surveyed.

 

However, there is a trade-off between productivity and team collaboration highlighted by the survey, with 68% saying working remotely improves their productivity, and 49% saying it makes team collaboration harder. Respondents did cite benefits of being in the office (in addition to improved collaboration) including workplace cultural reinforcement and adoption, particularly for new hires, organic learning and networking opportunities.

 

Joe Fitzsimons, senior manager, Policy & Insights, ACCA UK, and author of the report said: “The responses from UK finance professionals in this survey around AI reflects a growing conversation about how technology will change the future of work. It is positive to see that two third of respondents are optimistic about the role of AI and even more are keen to understand it more through training and upskilling. While UK finance professionals are more optimistic than their global peers, there is still a long way to go in full rollout of AI in organisations, and ACCA will continue to provide insight, research and support for a smooth transition.”

Lloyd Powell, head of ACCA Cymru/Wales, added: “Wales offers a diverse range of opportunities for those working in accountancy roles.

“We know from the many employers that we work with across Wales that attracting and retaining accounting and finance talent is a key focus, and that offering training, professional development and other employee benefits is something they are implementing in a competitive job market. The higher than UK average percentage of workers in the office full-time in Wales is interesting, and we’ll continue to monitor this from an employee and employer perspective.”

Read the full report here.

Accountancy & Accounts, Finance and Banking, News, Tax

HURST expands with new private client tax service

Independent accounting and business advisory firm HURST has launched a private client tax service to enhance its offering to business owners, entrepreneurs and high net worth individuals.

Karen Chadwick, who has 30 years’ experience in the field, has joined HURST as a partner to lead the new offering.

She has moved from Azets, where she was a tax partner. She previously worked at firms including Deloitte, KPMG and CLB Coopers.

During her career, Karen has gained a wealth of personal and trust tax compliance and advisory experience and technical knowledge, particularly in the areas of trusts and inheritance tax.

She said: “HURST is on an impressive and ambitious growth trajectory, as a strong, independent north west accountancy firm whose team delivers a first-class service to a varied client base as well as contacts and intermediaries, backed by a strong, cohesive and close-knit management team.

“The partners have recognised there is a need and demand within the firm’s tax service line for a dedicated private client tax offering, and I am thrilled to take up the opportunity to lead it.

“I’m excited to be part of the firm’s journey and to complement the existing partner group and HURST’s skilled and ambitious team to assist with the future development and growth of the practice.

“I look forward to applying my experience and technical knowledge to help clients achieve their personal and family wealth objectives now and in the future.”

HURST’s managing partner Tim Potter said: ““As the firm cements its position as the number one independent north west firm working with owner-managed businesses in the £5m-£100m turnover space, we have taken the decision to enhance our offering with a new service to support our high net worth clients with inheritance tax, trusts and complex personal tax matters.

“This is an exciting development for HURST and we are delighted to welcome Karen to the fold. We expect her vast experience and knowledge to be in high demand from our enviable client base of high net worth individuals.”

HURST focuses on advising entrepreneurial owner-managed businesses across all sectors. Clients include Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Scapa Group and Hyde Group.

The firm recently moved its head office to a new flagship development in Stockport to accommodate its growing team, taking 11,000sq ft at 3 Stockport Exchange, the latest phase of a £145m project by Muse Developments and Stockport Council.

HURST had been based since 1996 in Tiviot Dale in Stockport town centre, but outgrew the premises. The firm aims to grow from 120 staff to around 170 over the next three years.

Accountancy & Accounts, Cardiff

Boardroom leadership needed to manage AI risks and drive trust

  • Businesses urged to take steps to maximise the opportunities of AI and lay foundations for responsible use of new technologies
  • AI use in finance must be built on trust in order for it to succeed in rollout and application

 

Chief executive officers (CEOs) and chief financial officers (CFOs) need to build trust in artificial intelligence (AI) by taking steps in their organisations to manage the associated risks.

 

As AI plays a greater role in the accounting and financial reporting of businesses, CFOs and financial controllers will have to be confident about the adequacy of oversight and controls of AI systems.

 

In the first in a series of insights, AI monitor: trust, ACCA (the Association of Chartered Certified Accountants) urges finance professionals to ensure that AI governance and AI risk management is in place, beginning with:

 

  • Investing in AI literacy and skills development: finance professionals must invest in education and training to critically evaluate AI outputs, communicate clearly with key stakeholders, and make informed decisions.
  • Collaborating via cross-functional teams: finance professionals should actively engage with IT, data science, legal and risk management teams.
  • Developing an AI governance framework: beginning with critical uses, finance professionals should take steps within their organisation to establish clear policies, oversight and governance practices.

 

AI presents many opportunities to businesses such as providing more insights from a wider array of information sources, driving greater efficiency and better customer experiences. But it also poses a challenge to trust in accounting and finance reporting with new dynamics being introduced to the traditional trust mechanisms that underpin corporate accounting.

 

Alistair Brisbourne, head of technology research, ACCA, said: “Introducing AI is both about trust in the systems and trust in the people that we work with, and how we bring those two elements together.

 

“CEOs and CFOs need to focus on making the changes needed to harness the many potential opportunities but also retain trust. This includes upskilling to deal with the technology and introducing new knowledge into their organisations. They also need to focus on the governance, the oversight and culture required to allow different teams to work together effectively. It’s about bringing change management and governance together.”

 

AI monitor: trust highlights some of the risks of AI in accounting systems, such as:

  • Impacting decision-making without clearly explaining the rationale of the forecast or recommendation;
  • An over-dependence on AI procedures in auditing and assurance and a decline in use of human intervention and judgement;
  • Concern over AI bias or error in fraud detection, risk assessment and compliance monitoring;
  • Over relying on AI-powered virtual assistants which give inaccurate or inappropriate responses.

 

Lloyd Powell, head of ACCA Cymru/Wales, said: “In the AI era, the role of finance professionals is to focus on the outcomes driven by technology. Value lies in understanding how these outputs inform decisions and actions that drive business outcomes.

 

“As we recognised at a recent roundtable held in Cardiff, AI will change the finance function and there will be new roles as a result, but accountants will remain central to the success of Welsh businesses and organisations.”

 

In 2024 future issues of the AI monitor will explore talent, risk and controls, the relevance of effective data strategy, and sustainability applications.

 

Read Enabling trust in an AI-enhanced world

 

Visit ACCA’s website for more information.

Accountancy & Accounts, News, North of England

The AFA Group Celebrates Substantial Team Expansion

Manchester-headquartered AFA Group, the parent company of Clear Start Accountants and AFA Insolvency, has significantly bolstered its employee base over the last quarter with twenty three new appointments.

Welcoming half of the group’s recent recruits, leading personal insolvency specialist AFA Insolvency, has considerably extended its team. In the past three months, the firm has appointed individuals to a series of positions including Debt Advisor, Drafters and Quality Monitoring roles.

The AFA Group’s accountancy and personal budgeting division Clear Start Accountants, has also made a series of appointments, strengthening its customer service department. The business offers accountancy services for sole traders and smaller firms provided by a team of qualified accountants, as well as its pioneering, tech-enabled, personal budgeting service for both business and private individuals.

The significant growth follows hot on the heels of another record period for the group, which closed the year (2023) with a highly impressive 87.5% uplift in value of sales – rising to a noteworthy £15 million, from £8 million in 2022.

Fiaz Ashraf, Founder and CEO of the AFA Group, commented: “As we continue to experience monumental growth, it is a pleasure to offer a variety of job opportunities in the region and welcome a wealth of new team members to the AFA Group. Expanding our dedicated team is absolutely crucial in helping us to maintain an exceptional level of service for our customers, as we continue to support them with various aspects of financial management.”

With an employee base of over 150 people, and operating from its state of the art, contemporary headquarters in Universal Square, Devonshire Street North, Manchester, as well as from its offices in Stockport and Canada, the AFA Group is the parent company of several high-growth businesses including AFA Insolvency and Clear Start Accountants. The group offers via its various divisions a suite of services to support individuals and companies with financial management – from monthly budgeting services and debt management, to general accountancy support.

To find out more about Clear Start Accountants visit: https://clearstartaccountants.co.uk/

Accountancy & Accounts, Appointments, News

Dealmaker Max Perry gains promotion at HURST

A dealmaker at independent accounting and business advisory firm HURST has been promoted to associate partner.

Max Perry joins the HURST board as a result of his promotion from associate director.

He has completed a range of transactions involving UK and overseas trade buyers and private equity buyers since joining HURST’s corporate finance team in December 2021 after roles at Deloitte and corporate finance boutique Camlee Group

His deal highlights at HURST include advising the shareholders of Huddersfield-based PCS Asbestos Consultants on the company’s sale to AIM-listed Marlowe, acting for the shareholders of financial advisory firm Financial Management Bureau on the sale of the Cumbria-based business to Finitor Wealth, and advising north west IT and telecoms solutions provider Active on its sale to technology company Babble.

Max is among a group of HURST’s rising stars who are taking part in a bespoke two-year leadership development programme.

HURST is the first accountancy firm headquartered in the north to launch a Vistage Inside programme for future leaders. Vistage, with 45,000 members worldwide, is a global leader in personal development and advisory groups for CEOs, key executives and leadership teams.

Nigel Barratt, partner and head of HURST’s corporate finance team, said: “Max has played a leading role in growing our business by successfully completing transactions with UK and international trade buyers and private equity buyers.

“He is currently working on a number of transactions, has brought new clients to the firm and has built strong relationships with existing ones. He’s passionate about developing team members and actively supports and mentors his colleagues.

“His promotion is well-deserved and we look forward to seeing Max continue to flourish as our corporate finance practice expands further.”

Max said: “I’ve thoroughly enjoyed my time at HURST so far and I’m especially grateful to Nigel, corporate finance partner Ben Bradley and Mike Jackson, the head of our business services team, for their guidance to date.

“I’m absolutely delighted to receive this promotion and to have been invited to join the board. The firm is so full of talented individuals, and the future is incredibly exciting. It’s an honour to be asked to play my part in it.”

HURST focuses on advising entrepreneurial owner-managed businesses with turnover of £10m and above across all sectors. Clients include Kinaxia Logistics, M&I Materials, Beechfield Brands, Duerr’s, Oliver Valves, Lancashire County Cricket Club, Krones UK, Creamline Dairies, Arighi Bianchi, Scapa Group and Hyde Group.

The firm will move its head office to a new flagship development in Stockport later this month to accommodate its growing team. HURST is taking 11,000sq ft at 3 Stockport Exchange, the latest phase of a £145m project by Muse Developments and Stockport Council.

It has been based since 1998 in Tiviot Dale in Stockport town centre, but has outgrown those premises. The new HQ will give the firm scope to expand from 120 staff to around 170, which it aims to achieve over the next three years.

Accountancy, Accountancy & Accounts, Investment

ACCA welcome UK/Australia audit recognition deal as step to driving audit quality

  • The deal between UK and Australian audit bodies allows professionally qualified auditors to more easily work in either country.
  • With talent in short supply, both countries’ regulators recognise audit professionals should face no boundaries in taking their work overseas. 

 

ACCA has welcomed the mutual recognition agreement between UK and Australian audit authorities. At a time of a talent shortage, the deal should make it easier for auditors, including ACCA members, to work between both countries.

 

The agreement between the UK’s Financial Reporting Council and the Australian Securities and Investment Commission (ASIC) allows auditors who have obtained professional audit qualifications as a statutory auditor in the UK or Australia to more easily apply for recognition of their qualification and audit rights in the other nation.

 

Maggie McGhee, executive director for strategy and governance at ACCA, said: “ACCA welcomes the UK and Australian audit authorities agreeing mutual recognition of audit qualifications.

 

“Over time this Memorandum of Understanding on Reciprocal Arrangements (MOURA) should increase the supply of high quality auditors for both economies. This is important at a time when audit talent globally is increasingly in short supply. This will in turn support the continued efforts from the respective regulators of the two countries to drive high quality audit in the public interest.”

 

ACCA has discussed the issue of audit talent scarcity in its recent report Attract, engage, retain: Insights and recommendations for audit talent success, published the day before the UK/Australia agreement was announced.

 

Simon Grant, CA ANZ group executive advocacy and international development, said: “The ability to be recognised and work overseas in a truly global profession is a major drawcard for a career in audit, and this agreement provides greater clarity and confidence for auditors moving between Australia and the UK.

 

“Australia is one of the first countries to be recognised under the UK FRC’s renewed approach on mutual recognition, which alongside New Zealand, is a testament to our close ties and shared history.”

 

Mike Suffield, ACCA’s director, policy and insights, said: “This builds on the professional ties between the two countries and helps embed the value of the strategic alliance between ACCA and Chartered Accountants Australia & New Zealand which works to increase the flow of qualified accountants, including auditors, between the two countries.”

 

See the FRC/ASIC announcement.