Category Archives: Accountancy

Accountancy, Business, Business News, Cardiff, Charity, Hospice News

Quantum Advisory scores big for Tŷ Hafan in football fundraising tournament

ONE of the UK’s leading actuarial and pension consulting firms, Quantum Advisory, took part in Tŷ Hafan’s Football Fives tournament and raised £3000 for the children’s hospice charity.

The firm rallied together to enter two teams into the round robin league which featured Champions League, Europa League and ECL stages, including knock-out phases, semi-finals and the final.

After standout performances amid tough competition, Quantum Advisory’s teams celebrated success in the top event: the Champions League. One of the firm’s teams won the league, while the other reached the quarter finals of the same competition.

The Football Fives tournament is held annually by Tŷ Hafan at Gôl Centres in Cardiff and was this year sponsored by V12 Retail Finance.

Tŷ Hafan, one of the UK’s leading paediatric palliative care charities, provides comfort and care to children and young people with life shortening conditions throughout Wales. The charity also provide support to parents and siblings, helping to create special memories and offering respite not only at the hospice but in the homes of the families or in hospital, completely free of charge.

Joining the fundraisers at the tournament was former Wales and Cardiff City player Danny Gabbidon who held a live Q&A session and presented a series of awards. Quantum received the top fundraisers award for a second year running, sharing the award this time with V12 Retail Finance. John Plenderleith, an Investment Consultant at Quantum Advisory, was also named ‘player of the match’ for his performance in the final.

Quantum Advisory is a longstanding supporter of Tŷ Hafan, with one of its first projects in 2016 winning them an engraved bronze apple to place on the hospice’s Gift Tree in recognition of reaching their ‘pay for a day goal’ of £11,000.

Since 2016, they have raised over £31,000 for the charity. Past events have included the Race to the Stones challenge, a fundraising ball and participation in Tŷ Hafan’s Christmas pantomime. In 2023, Team Quantum took part in Tŷ Hafan’s Football Fives tournament and received the ‘Best Tŷ Hafan Fundraisers’ trophy by former Cardiff City, Celtic, Crystal Palace and Welsh International midfielder, Joe Ledley, in recognition of their continued support.

Stuart Price, Actuary and Partner at Quantum Advisory, said: “We had a fantastic time at Tŷ Hafan’s Football Fives tournament this year. It was wonderful to see so many businesses coming together to raise funds for this incredible cause and thank you very much to those individuals that sponsored us, all the support is warmly received.

“Tŷ Hafan’s work is life changing and we are proud to have been supporting them for almost a decade. I would encourage anyone to find out more about Tŷ Hafan if you have not already and get involved with their next fundraising event.”

Sorrel Mayo, Corporate Senior Fundraiser at Tŷ Hafan, said: “When a child’s life will be short, Tŷ Hafan will walk alongside their family every step of the way – through life, death and beyond. We were delighted to see so many teams at our Football Fives fundraising tournament to help us to be able to do this.

“Quantum Advisory’s fantastic fundraising has contributed to this year’s event raising almost £15,000 which is truly incredible, and we are also extremely grateful to them for their ongoing support and enthusiasm.

“No parent ever imagines that their child’s life will be short. Sadly, this is the reality facing thousands of families in Wales. We can’t stop this happening, but together we can make sure that no one in Wales lives their child’s short life alone.”

For further information on Tŷ Hafan, visit www.tyhafan.org/. Donations can also be made at https://www.justgiving.com/page/tyhafanfiveaside.

Quantum Advisory provides pension and employee benefits services to employers, scheme trustees and members, and has offices in Cardiff, Amersham, Birmingham and London. For more information, visit www.quantumadvisory.co.uk.

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

New diploma from ACCA sets the global standard sustainability in finance

  • The qualification has been developed in response to the demand for skills and training in sustainable finance.
  • ACCA has worked with global regulators on their requirements for sustainability auditors, and the new professional diploma has been designed to meet their needs.

 

In response to growing demand from businesses and professional accountants, ACCA has launched a pioneering Professional Diploma in Sustainability, designed for finance professionals at all levels who are looking to gain a comprehensive understanding of sustainability and accreditation to prove it.

Businesses often lack the essential skills to support the move to more sustainable business models and urgently need the skills to consider non-financial as well as financial business drivers, according to research by ACCA.

The professional diploma brings together high-quality learning support and assessment, aligning with the increasing demand from employers, as well as individuals, wishing to pursue the widening career opportunities related to sustainability, and emerging regulatory requirements around the world.

ACCA has been working closely with regulators globally on their requirements for sustainability auditors and this new professional diploma has been designed to meet their needs. Once completed, the professional diploma provides a comprehensive accreditation in the core areas of sustainability.

This leading-edge qualification builds on the increasing number of sustainability learning opportunities ACCA has added to its portfolio in recent years, as well as the addition of more sustainability content into the ACCA Qualification.

The Professional Diploma in Sustainability consists of a comprehensive, integrated learning programme, in-depth knowledge, a revision kit, and a three-hour exam. Offering over 60 hours of learning and practice across four certificates and one exam, learners will gain in-depth knowledge of sustainability frameworks and ethics, sustainability strategy and management, sustainability reporting and sustainability assurance.

Helen Brand, chief executive of ACCA, said: “The expertise of accounting and finance professionals in driving sustainable approaches to business is absolutely essential if we are to make the progress the planet so desperately needs.

“With their central role working in and for countless businesses and organisations across the world, professional accountants are well placed to play a key role in shaping the future we need. This new qualification is designed to help meet that increasing need and recognises that success is not now just about profits, but about sustainability and social value too.”

Lloyd Powell, head of ACCA Cymru/ Wales noted: “Sustainable organisations that create long-term value for society will be the bedrock of our future economy – and professional accountants will be at the heart of these organisations. This specialist diploma will support them as they drive positive business change and support the Welsh economy.”

 

Visit ACCA’s website for more information.

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

ACCA welcomes government action on late payment

Government action on late payment has been welcomed by leading accountancy body ACCA.

 

The announcement by Jonathan Reynolds, Secretary of State for Business and Trade, of a new Fair Payment Code to replace the Prompt Payment Code is the first step in the right direction.

 

Glenn Collins, head of technical and strategic engagement at ACCA, said: “We are pleased to see this move by the government today. ACCA has been a consistent and vocal supporter of the need to ensure small businesses are paid on time and have clear knowledge of the payment practices of who they are doing business with. It is a great first step but there will be more work to do. We look forward to participating in the consultation on the proposed new laws.

 

“Late payment and unfair practices continues to blight small businesses across the UK. We have long called for urgent implementation of proposed improvements to tackle late payment problems, including expansion of prompt payment reporting and the proposed expansion of powers for the Small Business Commissioner (SBC).  We are glad that some initiatives are now being taken.”

 

Lloyd Powell, head of ACCA Cymru/Wales, added: “Small businesses account for more than 99% of businesses in Wales. It is vital that they are able to get paid on time, as cashflow drying up can be a serious problem for them, more so than larger businesses.

 

“We are pleased that the SBC has been given extra powers to tackle some of the defaulters under the old code, however we will be calling for additional reforms to provide more transparency in this area.

 

“Clearly this is voluntary, but we urge Welsh businesses across the supply chain to see how they can sign up to this enhanced code and work together to eradicate the scourge of late payment.”

 

Based on the insight from members over the last two decades, ACCA is clear that late payment is a persistent problem in the UK. Poor payment practices have a domino effect throughout supply chains, with severe consequences for cashflow and the survival of SMEs. To rectify this situation, strong action – including a decisive culture shift – is required.

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Business, Charity, Charity Events, Newport, Tax

Kilsby Williams announces charity of the year

Tax and accountancy specialist Kilsby Williams has announced that it will be supporting Calon Hearts as its charity of the year.

Calon Hearts is a Cardiff-based charity which promotes heart health in Wales and across the UK.

Less than one in ten people survive an out of hospital cardiac arrest but survival rates can be increased significantly if a defibrillator is used and CPR is performed. The charity’s mission includes teaching valuable CPR and first aid skills, and ensuring communities have access to defibrillators and are trained in how to use them.

Calon Hearts also provides free heart screenings for people aged between 16 and 25 to detect life-threatening heart conditions that often go undetected.

To kickstart their fundraising efforts, a team of around 20 from the firm has signed up to run the Cardiff Half Marathon on 6 October.

Dafydd Ford, partner at Kilsby Williams, said: “We are pleased to share that we will be supporting Calon Hearts over the next year, raising awareness of heart health and funds to support their vital work. This is a cause we are passionate about as we sadly lost our colleague Rob Harding earlier this year and we want to make a difference in his memory.

“We’ll be beginning our fundraising challenges with the Cardiff Half Marathon. A half marathon is no mean feat; the team is training hard to pound the streets of Cardiff and do Rob and his family proud.”

Sharon Owen, founder of Calon Hearts, said: “We are delighted that Newport-based accountants, Kilsby Williams, has chosen Calon Hearts as its charity of the year and are greatly appreciative of this support.

“Calon Hearts has worked tirelessly since the charity was founded over 11 years ago to raise awareness of the vital importance of heart health and, to date, has installed over 30,400 defibrillators, provided CPR training to over 99,900 people and screened over 17,000 hearts for potentially life-threatening conditions.

“Calon Hearts would like to wish the Kilsby Williams team the best of luck in the Cardiff Half Marathon, which will launch their fundraising challenges in memory of their colleague.”

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Economy & Jobs News

Finance teams – evolve now or become irrelevant

A comprehensive new report reveals that finance teams worldwide are at a critical juncture, with just five years to adapt to rapidly changing demands—or face the risk of becoming obsolete.

Finance teams have just five years to transform or risk becoming irrelevant, according to a new report by ACCA (the Association of Chartered Certified Accountants) and Chartered Accountants ANZ in association with PwC. The report, Finance evolution: Thriving in the next decade, stresses the vital role finance teams play in building sustainable businesses and urges CFOs and finance leaders to take immediate action.

Drawing on insights from over 150 finance professionals and 2,300 survey responses, the report shows that businesses now demand a broader skill set from their finance teams, as retrospective reporting and traditional approaches to planning and forecasting alone no longer meet key decision-makers’ needs. Being pre-emptive is the order of the day.

The report highlights some ongoing concerns raised by survey respondents:

  • A lack of clarity on how finance can add value to the business (38%)
  • Finance being seen mainly as a cost centre (32%)
  • Current technology not meeting the needs of the organisation (30%)

Finance teams must embrace technologies like artificial intelligence, machine learning and data analytics, to enhance decision-making and operational efficiency. These technologies help finance teams reduce manual tasks, boost efficiency, and be recognised as key drivers of growth rather than merely number crunchers. The role of finance has also expanded to include leadership on long-term value creation including sustainability issues.

However, the report also emphasises that as finance teams undergo this transformation, the importance of ethics must remain at the forefront. With the increasing reliance on technology and data, maintaining a strong ethical foundation is crucial to building and sustaining trust.

Helen Brand OBE, Chief Executive of ACCA, said: “For finance teams to stay relevant, they need to look ahead. CFOs and finance leaders must ensure they are measuring both the long-term and short-term goals of sustainable business models effectively. The role of the CFO is fast evolving beyond finance to encompass wider value creation and management.”

Ainslie van Onselen, Chief Executive Officer of Chartered Accountants ANZ, stated: “While the arrival of new technology presents exciting opportunities to radically transform and improve the way we work, the one thing that must never change is our profession’s strong ethical standing.  While we upskill and future proof our technology capabilities, we must also remain firmly focused on the ethical role that financial professionals – especially Chartered Accountants – must play.”

Moreover, the report highlights significant skill deficits in the areas of digital, data, and sustainability. Addressing these gaps is essential for finance teams to lead effectively in the next decade.

Simon Seymour, Partner at PwC, noted: “Respondents highlighted their biggest skills gaps as digital skills, data skills and sustainability skills.  A critical question for the industry, as a whole, is why these skills gaps remain so pronounced and how far organisations should go to own the skills agenda, and not just rely on traditional training.”

The report is a clear call for action: finance teams must embrace new technologies, develop critical skills in digital, data, and sustainability, and uphold the highest ethical standards to ensure they remain integral to their organisations’ success in the years to come.

Read the report online.

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Appointments, Business

New appointments strengthen audit and accountancy team at independent firm

Kilsby Williams, one of the largest independent tax and accountancy firms in south-east Wales, has made four new appointments to its audit and accountancy team.

Channa Wijesekera joins Kilsby Williams from one of the ‘Big Four’ global accounting firms and will use his external audit, internal audit and special assignments experience to support the firm’s audit specialists as a senior.

Channa said: “I am very grateful to all the Partners of Kilsby Williams for the opportunity given to me. It is a great experience working with diverse people, clients and cultures.”

Joining Channa in the department will be manager Stephanie Pingue, an ACCA qualified business services manager with years of experience working in practice, and seniors Ryan Jeffs and Alex Manton. The trio will be responsible for providing accounts preparation services, including financial statements, year-end accounts, management accounts and VAT returns for a range of clients.

Ryan said: “The future at Kilsby Williams looks really promising; their plans for expansion and growth really give me hope for what’s to come. There are big things to look forward to from the company and I am glad I managed to join at the right time so I can continue my career and grow as they do.”

Simon Tee, managing partner at Kilsby Williams, said: “It is a pleasure to welcome Channa, Stephanie, Ryan and Alex to our audit and accountancy team. Their skills and knowledge strengthens our existing team and will provide a multitude of benefits for our clients. We look forward to seeing them progress in their roles and will do all we can to empower them to maximise their potential.”

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, AI, Business, Cyber Attack, Technology

ACCA UK calls for AI cybersecurity approach to emphasise global applicability

  • Leading accountancy body ACCA says the UK government’s proposed AI cyber code is a useful starting point for a global regulatory approach
  • Industry experts are best placed to manage the emerging and evolving range of cyber risks

 

Responding to a UK government consultation led by the Department for Science, Innovation & Technology outlining an AI cybersecurity code of practice, ACCA says the government is best placed to set up overarching regulatory structure and principles, while those on the frontline of AI developments should be given the space to work to combat emerging cyber risks.

 

However, the pro-innovation approach of the proposed code – as set out in the government’s white paper – needs to have safeguards and its requirements may need to be revisited. The cyber challenge in AI is dynamic, and a ‘point in time’ view can become quickly outdated.

 

ACCA also highlighted the risks and impacts to end users in small and medium enterprises (SMEs), with a significant number of its members operating in this segment. The greater challenges faced by this group of stakeholders on cyber readiness – across both skills and budgets – are well-documented. ACCA wants end-user SMEs to be safe and protected from cyber risk, yet empower them to choose AI given its potential to augment business productivity.

 

Glenn Collins, head of technical and strategic engagement, ACCA UK, said: “ACCA is pleased to see the consultation taking a principle-based approach as our current view of AI offers too many unseen scenarios. ACCA, its members and partners, will be profoundly impacted by its planned use of AI including delivering finance professionals with an optimal experience and skill set for the modern workplace.”

 

ACCA warned that adherence to any code carries a cost, including indirect costs of adhering to the code and the impact through the supply chain. Effort and cost will be needed to raise awareness of the code, as well as monitoring and enforcement.

 

Narayanan Vaidyanathan, head of policy development, ACCA, noted: “We anticipate utility from such a code for those providing assurance or third-party verification of AI systems. This is an important category of stakeholders who will have a key role to play in creating a trusted AI eco-system to supplement the regulatory and legal direction from policy makers.

 

“We do not anticipate this group to be subject to the requirements of the code itself, but assurance requires checks against a well-defined, and ideally, publicly available standard – which this code could provide. Cyber risks are a part of what the assurance of an AI system may need to check for. Therefore, those providing assurance would find such a cyber code and associated standards helpful.”

 

In its response, ACCA also called on the government to tackle the skills gap, which needs to be filled in order to combat cybersecurity risks. The Apprenticeship Levy could be expanded to a ‘Growth and Skills Levy’ that is more flexible and can be used to fund shorter-term accredited training programmes that upskill and reskill workers on the cybersecurity of AI.

 

Companies should also be able to increase the proportion of their unspent levy funds to their supply chains – ACCA suggests an increase of 25% to 40%. This could unlock millions of pounds to develop AI skills.

 

Ultimately, cybersecurity issues linked to AI need staff to be trained on current and emerging risks. If insufficient training is given, standards and frameworks will fail to achieve any impact.

 

Read ACCA’s response here.

 

Visit ACCA’s website for more information.

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Business, Diversity & Inclusion

Embracing neurodiversity brings business benefits, says new ACCA report

  • New report shares stories of individuals who are neurodivergent within the accountancy profession and their experiences
  • Estimates that one in five members of the workforce are neurodivergent indicates a greater need for neuro-inclusive practices in all levels of business

Leading global accountancy body ACCA’s latest report ‘Neurodiversity in accountancy’ explores the growing awareness by employers that those who are neurodivergent have real value to bring to an organisation.

The report highlights targeted hiring programmes that have actively sought out neurodivergent talent to undertake roles.

It is estimated between 15 – 20% (or roughly one in five) of the population are neurodivergent. As a result, organisations have a responsibility to include and support neurodivergent individuals, creating workplace environments where everyone’s challenges are supported and strengths are celebrated, and where neurodivergent individuals can thrive.

The business benefits for organisations that embrace neurodiversity include:

  • Diverse thinking: neurodiversity brings unique viewpoints, problem-solving approaches, fresh ideas and innovative solutions.
  • Increased productivity: accommodations for neurodiverse individuals enhance overall productivity.
  • Talent attraction: focusing on building neuro-inclusive workplaces attracts candidates – especially Gen Z.
  • Talent retention: a neuro-inclusive environment fosters loyalty and reduces turnover.
  • Enhanced creativity: neurodiverse individuals often think ‘outside the box’.
  • Positive workplace culture: Employees feel respected and valued, leading to better morale.

 

The report shares stories of individuals who are neurodivergent within the accountancy profession and ultimately celebrates thinking differently, representing organisations as diverse as accountancy firms EY and Cooper Parry, recruitment firm Michael Page Malaysia, HMRC, and The Ritz London hotel.

Numerous benefits to organisations were cited, from brand recognition and winning new business, to accessing previously untapped talent pools. Bringing innovation, creativity and other valuable skills to the organisation was also recognised as a key benefit. Ultimately, a proactive approach in this area has an impact on creating value for an organisation, both financially and socially.

Report co-author Jamie Lyon, head of skills sectors and technology at ACCA, says: “Supporting neurodivergent employees is essential for creating an inclusive workplace and this doesn’t need to be complex. Often knowing where to start can be the biggest challenge. Organisations can approach neuro-inclusion at both an organisational and individual level. The aim for any organisation should be neuro-inclusive design, where possible adjustments and ways of working are part of standard practice and no longer need to be requested.”

Report co-author Tania Martin, Neuro-inclusion consultant at PegSquared: “With an estimated one in five of the workforce being neurodivergent, and more people willing to openly share their stories, it is becoming even more important that employers are proactive in understanding and building neuro-inclusive workplaces. So often we find what works for one, benefits so many. But broader than that, neurodiversity also impacts employers’ clients and customers. Having an understanding of neuro-inclusion can be a competitive advantage – harnessing neurodiversity is ultimately good for business.”

The research sought to understand the challenges neurodivergent individuals face at work and in education; their strengths; how organisations have implemented support at both the organisation and individual level; and thoughts about the future of neurodiversity at work.

It concludes with key recommendations for organisations to better support their neurodivergent employee community, from leadership buy-in and sponsorship, education and training opportunities, through to inclusive job descriptions and recruitment practices.

Read the report and access the employers’ guide here.

Visit ACCA’s website for more information.

Accountancy, Accountancy & Accounts, Accounts and Accountancy

ACCA Cymru/Wales on the King’s Speech

Lloyd Powell, head of ACCA Cymru/Wales, said:

 

“ACCA welcomes the King’s Speech and its positive focus on growth and the importance of stability in economic policy.

 

“However, with so many Bills for parliament to consider, it will be important for government to think small first, ensuring that legislative changes consider the implications for the smallest businesses. The Government should focus on getting the framework right so that businesses can plan and invest to generate growth.

 

“We welcome the commitment to establish a new Council of the Nations and Regions to renew opportunities for the Prime Minister, heads of devolved governments and mayors of combined authorities to collaborate and to bring economic opportunities to all parts of the UK.

 

“Although there are announcements that will affect Wales, such as the opportunities from Great British Energy and potential investments following pension reforms, we now face a further period of uncertainty as the new First Minister is selected, and we hope that this period of tumult will not result in Wales missing out on opportunities arising from announcements and initiatives from the new UK Government.”

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.