Category Archives: Accounts and Accountancy

Accounts and Accountancy

New Managing Director appointed at MSS Group

Facilities management company MSS Group has announced the appointment of Jonathan James as Managing Director, taking over the role from CEO Bill Mayne.

 

Having worked at MSS for over 12 years, Mr James brings a wealth of experience to the role, successfully leading operations in the MSS Environmental team. MSS Group founder Bill Mayne will continue to work within the Group, supporting the leadership team in taking the business forward.

 

As Managing Director, Mr James will oversee MSS Group’s strategic operations in highly regulated and frequently hazardous environments, providing industrial and commercial cleaning, waste management, asbestos removal, water treatment, and security services with a 600-strong workforce.

 

MSS Group Founder and CEO Bill Mayne said: “We have seen exceptional growth at MSS Group, especially in recent, record-breaking years. Jonathan has played a fundamental role in building MSS through the Environmental team, and I have every confidence that he will help steer the business to even greater heights from this new position.”

 

Commenting on his appointment, Mr James said: “I am delighted to take on this role, having been a part of its impressive journey to date. I look forward to working with the whole Group, as MSS continues its exceptional growth and development.”

 

Established in 2005 and now one of Wales’ top companies, Cardiff-based MSS Group serve large multinational businesses, tier one contractors and public sector bodies, building a reputation for high levels of responsiveness, a focus on proactive client management and delivering the best outcomes for clients.

 

MSS Group was acquired by RSK Group earlier this year, a leading integrated environmental, engineering, and technical services business offering bespoke end-to-end solutions to a variety of sectors.

 

Headquartered in the UK but with an established presence throughout Europe, Africa, the Middle East and Asia, RSK helps organisations around the world achieve their business aspirations in a sustainable and efficient manner. The deal has seen MSS’ national and international markets expand, following a record-breaking year of rising revenue and pre-tax profits.

Accounts and Accountancy

Making Tax Digital: key dates for digital accounting transition

The most thoroughgoing legislative reform of the UK’s tax system in a generation is already underway. Summed up in three deceptively humdrum words – ‘Making Tax Digital’ (or MTD) – it’s a reform that’s set to profoundly alter the way that self-employed individuals and businesses (large and small) compile and submit Corporation, Value-Added and Self Assessment Income Tax returns from now on. Its launch in the UK aims to effect a major transition away from error-prone, time-consuming (and often late) paper-based tax returns in favour of a wholly digitalised alternative – all of which is to say that the time to get ready for this reform is now.

Let’s take a look at what Making Tax Digital actually is, along with the already-unfolding timeline for this significant reform.

 

What is Making Tax Digital?

As noted above, Making Tax Digital is the embodiment of the UK HMRC’s goal of digitalising the British tax system. It will encompass Corporation Tax, VAT and Income Tax Self Assessment for both businesses and self-employed people. Businesses and individuals currently using spreadsheets will be required to use HMRC-recognised bridging software. For many, however, a more comprehensive (and affordable) solution can be found in the form of new cloud-based accounting software that automates bookkeeping and makes the compilation and submission of each of these taxes a breeze. The best providers offer this technology on a subscription basis, which is designed to be affordable even for the smallest businesses.

Once set up, it will completely digitise all financial bookkeeping data, including tax returns, keeping it all fully updated and visible in real time on any authorised connected device, regardless of the location. This sophisticated cloud-based software is fully compliant with HMRC requirements.

As HMRC explains on its website, the initiative is designed to substantially close the annual tax gap in the UK, which amounted to £8.5bn in 2018 and 2019 – despite taxpayers’ best intentions to submit accurate returns, many turn out to be inadvertently inaccurate.

HMRC states: “The improved accuracy that digital records provide, along with the help built into many software products and the fact that information is sent directly to HMRC from the digital records, avoiding transposition errors, will reduce the amount of tax lost to these avoidable errors.”

Errors do, however, also run in the opposite direction. For example, in 2021, UK corporations claimed back £11.5bn in overpaid Corporation Tax from the preceding year, a hike of 26% on 2020’s £9.1bn. As tax consultant David Hannah noted in response to these figures, the accuracy and streamlining delivered by digitising financial affairs is the solution to errors of both underpayment and overpayment.

As the initiative proceeds, accountants are urging micro and small business owners to move their finances online ahead of the full introduction of the scheme, which has been pushed back by HMRC to April 2024. This deferral has been arranged to grant small business owners and sole traders with annual incomes above £10,000 an additional year to make the transition to online accounting.

 

The key dates for the digital accounting transition

HMRC has phased the rollout of MTD, with several of its stages already implemented. Here is the timeline:

 

  • April 2019: HMRC introduces MTD for all VAT-registered companies with a taxable turnover of £85,000. All businesses meeting this description were required to begin keeping digital records and submit returns to HMRC via MTD-compatible software.

 

  • April 2021: Bridging software or ‘digital links’ becomes mandatory for VAT returns under the MTD rollout. Data transfers from this date onwards are required to be made between functionally compatible software (manual copying and pasting became impermissible).

 

  • April 2022: All VAT-registered companies, irrespective of turnover, are required to register for, and be fully compliant with, MTD for VAT.

 

In addition, MTD for Income Tax Self Assessment (ITSA) for self-employed individuals is piloted.

  • April 2024: MTD for ITSA becomes mandatory for all sole traders and landlords with an annual income exceeding £10,000. This will require MTD for ITSA-compatible software to maintain digital records. HMRC will also require quarterly updates of all company income and expenditure, plus an End of Period Statement (or EPOS) at the conclusion of the firm’s fourth quarter.

An annual ‘Final Declaration’ must also be submitted digitally by 31st January each year, detailing all other taxable income.

  • April 2025: All general partnerships earning in excess of £10,000 must join MTD for Income Tax by the 6th of this month.
  • April 2026: All businesses paying Corporation Tax are likely to be required to begin adhering to MTD rules in the tax year 2026, though this specific date remains unconfirmed at present.

As we noted in the opening paragraphs, from sole traders to corporations, the time to prepare for full compliance with Making Tax Digital is now.

Accounts and Accountancy, Appointments, News

Four Senior Appointments at Azets South Wales

Azets, the UK’s largest regional accountancy firm and business advisor to SMEs, has appointed a number of senior members to its South Wales tax and corporate finance teams, further strengthening its position as a top 10 firm.

The tax team has welcomed Amy Buckley as partner, Oliver John as director and Ben Griffin as associate director, whilst the corporate finance division has appointed Claire Marshall to the role of director, as Azets continues to grow.

Amy Buckley has over 20 years’ experience working in personal tax, 16 of which were spent in a ‘Big Four’ firm. As partner, Amy advises in areas such as inheritance tax, trusts & succession, compliance, profit extraction, property portfolios, capital gains tax and residence and domiciled issues.

Oliver John was previously at Mazars for just over five years where he provided tax and share valuation advice to a range of businesses with regards to share transactions. In his role as director at Azets, Oliver will continue to share tax advice with clients over the life of a business, from companies looking to raise capital to shareholders looking to exit.

Ben Griffin, also previously at Mazars, has been appointed associate director in the tax advisory team and is a qualified chartered accountant and chartered tax adviser. With extensive knowledge and experience in transactions, Ben provides support on post-transaction equity incentives for management and specialises in share-related matters, employee reward and fiscal valuation, as well as all aspects relating to the “employment-related securities” rules. Ben advises clients across all sectors (private and quoted, UK and international), and has particular focus on UK entrepreneurial businesses and UK inbound groups.

Claire Marshall has joined Azets as a director within the corporate finance team, specialising in supporting clients with mergers and acquisition advisory support, transaction due diligence and capital raising advisory work.  Claire trained as a chartered accountant with KPMG and more recently achieved an MBA from Warwick University. Prior to joining the firm, Claire has spent nearly 20 years in senior finance and advisory roles, including corporate finance roles within the care home development and social housing sectors.

David Owens, Regional CEO at Azets South Wales commented: “With two of our service lines continuing to grow, it’s an exciting time for us as we continue to develop our teams to match our business demand. All four senior appointments bring a wealth of experience in their sectors, and their professional knowledge is a huge asset to our team. I look forward to seeing both the tax and corporate finance teams continue to flourish.”

Azets is a top 10 accountancy firm and focuses on delivering a highly personalised service, though a local office network and proprietary digital workplace technology. Career opportunities are available at Azets, visit www.azets.co.uk to find out more.

Accounts and Accountancy, Appointments, News

Four Senior Appointments at Azets South Wales

Azets, the UK’s largest regional accountancy firm and business advisor to SMEs, has appointed a number of senior members to its South Wales tax and corporate finance teams, further strengthening its position as a top 10 firm.

The tax team has welcomed Amy Buckley as partner, Oliver John as director and Ben Griffin as associate director, whilst the corporate finance division has appointed Claire Marshall to the role of director, as Azets continues to grow.

Amy Buckley has over 20 years’ experience working in personal tax, 16 of which were spent in a ‘Big Four’ firm. As partner, Amy advises in areas such as inheritance tax, trusts & succession, compliance, profit extraction, property portfolios, capital gains tax and residence and domiciled issues.

Oliver John was previously at Mazars for just over five years where he provided tax and share valuation advice to a range of businesses with regards to share transactions. In his role as director at Azets, Oliver will continue to share tax advice with clients over the life of a business, from companies looking to raise capital to shareholders looking to exit.

Ben Griffin, also previously at Mazars, has been appointed associate director in the tax advisory team and is a qualified chartered accountant and chartered tax adviser. With extensive knowledge and experience in transactions, Ben provides support on post-transaction equity incentives for management and specialises in share-related matters, employee reward and fiscal valuation, as well as all aspects relating to the “employment-related securities” rules. Ben advises clients across all sectors (private and quoted, UK and international), and has particular focus on UK entrepreneurial businesses and UK inbound groups.

Claire Marshall has joined Azets as a director within the corporate finance team, specialising in supporting clients with mergers and acquisition advisory support, transaction due diligence and capital raising advisory work.  Claire trained as a chartered accountant with KPMG and more recently achieved an MBA from Warwick University. Prior to joining the firm, Claire has spent nearly 20 years in senior finance and advisory roles, including corporate finance roles within the care home development and social housing sectors.

David Owens, Regional CEO at Azets South Wales commented: “With two of our service lines continuing to grow, it’s an exciting time for us as we continue to develop our teams to match our business demand. All four senior appointments bring a wealth of experience in their sectors, and their professional knowledge is a huge asset to our team. I look forward to seeing both the tax and corporate finance teams continue to flourish.”

Azets is a top 10 accountancy firm and focuses on delivering a highly personalised service, though a local office network and proprietary digital workplace technology. Career opportunities are available at Azets, visit www.azets.co.uk to find out more.

Accounts and Accountancy, Finance and Banking, Midlands News, News

Star pupil Piers among youngest in country to pass finance exam

A rising star at a Shropshire financial services group has become one of the youngest people across the country to pass his first professional exams.

Twenty-year-old Piers Hindhaugh, of Q Financial Services, has successfully completed his R01 qualification – and is now half way to gaining a diploma in regulated financial planning.

Piers, from Pontesbury, joined the administrative department at Q’s Shrewsbury office just under a year ago and has set his sights on developing a long-term career with the expanding firm.

“It has taken me five months since I started my studies but I’m delighted to have passed the exam,” said Piers.

“I want to carry on so that I become a qualified mortgage adviser and can start building up a portfolio of my own clients with Q

“Since I joined Q, the whole team has been really supportive in allowing me to study for these exams and achieve my dream of qualifying. I couldn’t have come anywhere better to start learning my trade and I cannot thank all of them enough.”

Piers, who is a keen golfer, football fan and car enthusiast, was one of the youngest students across the country to successfully complete the R01 exam, and now hopes to earn the rest of the diploma in record time.

Stuart Mackintosh, Q’s director of operations, said he was delighted with Piers’ success.

“We pride ourselves on developing young talent wherever we see it and Piers is a perfect example of that. He has worked incredibly hard to achieve this success and is already showing a great understanding of the industry.

“He has a really positive can-do attitude and is always eager to learn, as well as being a perfect fit with the rest of the Q team. I look forward to his continued success in the future.”

Q, which has bases in Wellington and Shrewsbury, is one of the region’s fastest-growing financial services companies and has been shortlisted this year in the Shropshire Chamber business awards for outstanding customer service.

For more information about Q visit  https://www.qfinancialservices.co.uk/

Accountancy & Accounts, Accounts and Accountancy, News, Pensions

‘Pensions are a long-term investment and have time to recover’ Quantum Advisory addresses ICAEW members after global financial markets react to Russian invasion of Ukraine

Experts from pension and investment specialists Quantum Advisory addressed members of the Institute of Chartered Accountants in England and Wales (ICAEW) on the turbulent global investment market and the knock-on effects on UK pensions schemes.

Partner and Actuary, Stuart Price and Senior Investment Consultant and Actuary, Kara Newcombe headlined the free hour-long virtual session which saw Kara focus on how the global financial markets reacted to the Russian invasion of Ukraine and views as to what could happen in the coming months with the ongoing conflict, soaring inflation, and continuing Covid-19 infections. The surge in commodity prices, supply chain disruption and the increase in inflation and gilt yields were also discussed. Stuart covered the increase in gilt yields and the positive impact this is having on defined benefit (DB) pension schemes, and highlighted the advantages of companies implementing salary sacrifice schemes following the rise in National Insurance contributions.

Speaking about the impact of financial markets on UK pensions over the 12 months to 30 April, Stuart said: “Government gilt yields and corporate bond yields are steadily increasing and in the long term, which we are interested in for determining pensions, this looks set to continue. For DB scheme employers, this is very good news as funding levels should improve along with pension obligations on company balance sheets and there’s the possibility of a reduction of employer contributions in the future too.

“For defined contribution (DC) schemes, as pensions are generally a long-term investment, the volatile global markets shouldn’t have too much impact on those in their 20s, 30s, 40s or even 50s, as we often see peaks and troughs and there is time for markets to recover. The current situation could even be a good time to put more money into your DC pension as there may be investment opportunities to take advantage of. The time for concern is when nearing retirement, but for many in this situation there are mechanisms in place to protect them against falls in investment markets.

“With government and corporate bond yields increasing, annuity rates are improving so we could see more people selecting the annuity route at retirement to provide them with an income from their DC pension going forward.

“The key to everything, is employers communicating what is going on to their employees. They need to keep communications simple and provide reassurance and signpost helpful places to get more information. One thing I would say, especially with the recent National Insurance increase, if not already done so, employers should seriously consider a salary sacrifice arrangement for employee pension contributions which means employees and employers make savings on the amount of national insurance that they pay.”

Kara Newcombe

Speaking about current world events and the repercussions of these, Kara said: “The events in Ukraine have had a dramatic impact with far reaching economic consequences and the situation is currently showing no signs of improvement.

“Inflation reached 7% in March and is set to hit 10% by end of this year which has seen the Bank of England (BoE) tighten its monetary policy and shift its focus from supporting growth to controlling inflation. Subsequently, it has begun a new gradual program of quantitative tightening where it will no longer reinvest the proceeds of government bonds when they mature. The BoE will only start selling its remaining gilts when the base rate rises further, depending on economic conditions at the time. Markets are expecting the BoE to be more aggressive with rate rises and there are suggestions of a possible interest rate increase to at least 2% by the end of the year.

“There are some positive points to report with nationwide Covid restrictions lifted and the economy fully opening up which should provide further support to consumer spending and economic growth. The employment rate has also shown signs of recovery. Concerns over the reliability of Russian energy supplies will put further pressure on European governments to transition away from imported fossil fuels and towards domestically-generated renewables over the longer-term.

“Looking ahead, we remain positive on developed equities, as company balance sheets and earnings remain strong and this asset class will be the most sensitive to any form of long-term economic recovery. We also see opportunities in emerging market equities, however, they have tremendous exposure to the ongoing war in Ukraine. The long-term outlook is difficult to assess given the unprecedented situation, so unfortunately, for now, it is a case of watch and wait.”

Quantum Advisory is an independent financial services consultancy that provides solution-based pension and employee benefit services to employers, scheme trustees and members with a focus on tailored and practical advice and support from experienced professionals. For more information, visit www.quantumadvisory.co.uk

Accounts and Accountancy, News, Tax

WhisperClaims Expands its R&D Tax Claims Offering with Automated Risk Assessment and Claims Review Service

WhisperClaims, the award-winning R&D tax claims software for accountants, today announces the addition of new Risk Assessment functionality within the WhisperClaims app and a new expert Claims Review service, both designed to help accountancy firms raise standards in the R&D tax relief world.

Since its foundation in 2018, WhisperClaims has sought to bring openness, transparency and efficiency to the R&D tax space, helping the UK’s SME business community benefit from the HMRC scheme by empowering accountants with software and support that enables them to provide R&D tax claims services with confidence[i].

These latest additions to both its cloud-based software platform and customer support service are designed to help accountancy firms make more informed decisions about their clients’ claims, and ensure submitted claims are robust and defensible.

Mike Dean, Managing Director, WhisperClaims, comments: “R&D tax claims represent a potentially huge service line for accountancy firms, as many recognise in their quest to move beyond compliance to the provision of advisory services. But it remains largely untapped. WhisperClaims recognises that accountants need support: support in navigating the complexity of clients’ eligibility criteria for the tax relief scheme; support in understanding which of their client portfolio qualifies; and support in mitigating the arduous and manual processes associated with completing an effective and audited claim. These additions to our product and service offering are designed to provide that much needed support to our clients.”

WhisperClaims’ Risk Assessment is an automated tool in its award-winning app. Every claim prepared is automatically assessed against at a variety of factors, including company sector, size of claim and company turnover, in order to benchmark the claim against claims for similar companies and give a rating of how likely the claim is to a) attract attention from HMRC and b) stand up to their questions. It’s not a measure of the eligibility of a claim, but a tool to help accountants understand the weaknesses of the claim and take steps to mitigate the highlighted risks.

The Claims Review service is a manual process whereby one of WhisperClaims’ R&D experts takes a deep-dive into the prepared claim and any other publicly available information about the claimant company, to produce a detailed document about the claim. The review looks at the likelihood that projects are eligible, based on the information provided, and analyses the costs to ensure that the claim hangs together.

Building upon WhisperClaims’ existing Portfolio Review tool, which helps firms understand which of their clients are likely to be eligible for R&D tax relief, the services underpin the company’s mission to help accountants and their clients successfully and effectively navigate the complexities of the scheme.

Mike adds, “HMRC has conducted several consultations around the scheme and has recognised the need to clamp down on what can only be described as ‘cowboy claims’. One of the measures they are introducing from April 2023 is that every claim submitted must be supported by a written report, signed off by the client and identifying the advisor. As regulated and accredited professionals, HMRC recognises that accountants are ideally positioned to provide this service. This is why WhisperClaims is committed to helping our clients raise the standards in R&D tax relief, by providing them with the right tools to have confidence in the process.”

—

About WhisperClaims

WhisperClaims is an R&D tax fintech company based in Edinburgh. Founded in 2018, it offers award-winning R&D tax credit software and support that enables the accounting industry to deliver a comprehensive R&D tax relief service to their clients.

Since inception, WhisperClaims has so far enabled over 160 firms across the UK to process over 2200 claims worth over £310m in eligible R&D spend. Its subscriber base includes all sizes of accounting and consulting businesses, from one-man-bands to several UK Top100 firms.

The company won the ‘Best use of Innovation’ award at the 2018 UK Business Tech Awards; the ‘Emerging FinTech Company of the Year’ award at the Scottish Accountancy & Financial Technology Awards 2019; the “Non-Accounting Cloud or Banking App of the Year” award at the 2020 Accounting Excellence Awards and in October 2021 they were chosen as part of the TechNation Fintech 4.0 programme.

 

[i] In 2021, over 1% of all claims submitted to HMRC were processed using WhisperClaims software. To date, its users have realised over £80m in tax benefits for their clients.

Accounts and Accountancy, News, North of England

Accounting and business advisory firm HURST sponsors Stockport Pride festival

Accounting and business advisory firm HURST has signed up as a sponsor of this summer’s Stockport Pride festival, which is taking place in-person for the first time since 2019.

The annual LGBTQ+ festival will be held at Stockport Market Place from 11am to 6pm on Sunday, July 31, with a range of entertainment and stalls including music, crafts and drag acts. The event is free to attend and is open to all.

A parade filling town centre streets with rainbows will take place during the day, It will begin on Bridgefield Street, a short distance from HURST’s headquarters in Tiviot Dale and will make its way to Suffragette Square, through Merseyway and on to the market place.

Stephen Bowyer, Stockport Pride’s chairperson, said: “It will be amazing to be able to hold our first event since the start of the pandemic, and the support of firms such as HURST is invaluable in helping the community and demonstrates a dedication to equality, diversity and inclusion.”

HURST chief executive Tim Potter said: “We’re an inclusive and diverse employer, and community groups which reflect these values are really important to us.

“We are delighted to support the Pride organisation with both sponsorship and attendance at what promises to be a fantastic and very enjoyable event.”

Accounts and Accountancy, HR, Mental Health, Mental Health at Work, News

Work-related stress: How to spot the symptoms and what employers can do to support employees

Work-related stress can occur in any job, level, and sector. While stress can be a good thing for productivity and creativity, there’s a fine line between a healthy amount of stress and a toxic amount that negatively affects one’s mental health.

If employees become too stressed, it takes a toll on the individual and the company’s overall culture. Spotting the signs early allows employers to have more control over the situation, to step in and find ways to manage or remove any unnecessary stressors in the workplace. Realistically, some stressors can’t be removed, so investing in stress management is a must to ensure a happy, healthy, and engaged workforce.

Signs of stress in the workplace

1. A change in behaviour 

Changes in behaviour don’t automatically mean stress, but any changes need to be noted and addressed by leadership teams. Signs to look out for in an employee can be spotted by observing their actions, behaviour, and interaction with others.

Certain behaviours may be typical for one individual and may be a sign of stress for another. There is no one-size-fits-all list that can apply to every individual, but we can look at common symptoms and ask ourselves if we have spotted the following changes:

  • Loss or increase in appetite

  • Sleeping too little or too much – this can lead to poor timekeeping

  • Procrastinating or avoiding responsibilities, missing deadlines

  • Poor decision making

  • Avoiding conversations with people/meetings

  • More use of drugs, alcohol or cigarettes

  • Nervous behaviours like nail-biting, fidgeting or pacing

  • Increase in short term sickness absence

  • Uncharacteristic defensiveness, cynicism and frustration

  • Conflict in relationships / aggressive behaviour

Because people handle stress very differently, symptoms of stress can vary, and symptoms can be vague or the same as those caused by medical conditions. Hence, employers who create an environment where employees feel safe and empowered to engage in honest communication will benefit from higher productivity.

2. Withdrawn and disengaged

Stress tends to cause people to isolate themselves. This reaction is often used to feel in control of the situation or to cope with a stressful social situation, such as reaching out to someone for mental health support.  Their confidence may have taken a hit as they realise that they are unable to manage their feelings on their own, and as a result, they avoid anything that might push or exacerbate these feelings. Employers and business leaders can co-create goals with employees that are meaningful and measurable and show that individual successes are connected to the business’s success.

3. Accidents or more frequent mistakes

Prolonged stress, or burnout, can manifest itself as inefficiency or a decline in work output. Employees who might have been highly engaged at one point but didn’t have the mental health training to preserve their well-being are more likely to produce work with mistakes or miss deadlines altogether.

Stress at work not only impacts employee health but also affects workplace safety. Often, stress results in accidents in the workplace because stress causes individuals to think about a problem rather than be attentive to their surroundings. How can employers put support in place for their workforce?

  • Understanding what leads to stress

  • Identifying signs and symptoms

  • Practical tips and exercises for managing stress

  • Peer support

4. High turnover in the workplace

Employees with workplace stress tend to be unhappy in their work situations. If they don’t have leaders with the training needed to point them towards mental health resources, they won’t feel supported by the company and will look elsewhere for work. Nowadays, several company-review websites, like GlassDoor or LinkedIn, give potential employees a glimpse into a company’s culture and how they support the mental health of their workforce.

When companies have employees who constantly come and go, this is a tell-tale sign that this is a stressed workforce who is not comfortable sharing their struggles with its leadership team.

Mental health training for Stress Management 

Delivered by mental health clinicians, guides, support through robust mental health training, and clinically proven techniques can empower your workforce to develop life-enhancing strategies to cope with daily life pressures at work and home.

Accounts and Accountancy, Finance and Banking, News

Accountancy is vital for global economies to advance into the future

The accountancy profession can play a role in shaping a better world for the future.

These are turbulent times and society’s expectations of governments, policymakers and business have shifted with speed and intensity. The devastating impact of war and conflict heightens the challenges the global economy is already facing from the impact of the Covid-19 pandemic and the climate crisis.

While no one profession can solve all the challenges global society faces, they can each play their part and contribute to helping make the world a better place for the future in different ways.

ACCA (the Association of Chartered Certified Accountants) has released a new report Accounting for a better world providing an overview of the contribution the profession could make in transforming the world for the better. It identifies seven core areas of focus, as well as sharing case studies and stories – bringing to life why the accountancy profession matters, and why it remains integral in helping economies and wider society to advance in the future.

 

  • Building resilient economies for the future including the role of accountancy in emerging economies, capacity building, driving financial literacy and helping address corruption.

 

  • Developing the talent of tomorrow – helping cultivate a new generation with financial skills in the workplace, delivering world class business and financial education and contributing to diversity and equality.

 

  • Driving sustainable business with professional accountants in whatever role they perform as being essential in helping organisations create long term value and delivering accountability and transparency across business.

 

  • Advancing standards and regulation – the role the profession plays in future regulatory reform, working to develop regulation and standards that are the bedrock of trust in capital markets and that help the world respond to major societal and environmental challenges.

 

  • Transforming the public sector – accountancy at the centre of public sector change, helping deliver the right sorts of policy and spending decisions and transforming public financial management to create a more digital, green and inclusive future across global society.

 

  • Supporting entrepreneurial growth with accountancy as a foundational pillar at the heart of the future entrepreneurial economy, with smaller accountancy firms as the trusted advisers offering innovative and technology-led services to support local business growth.

 

  • Strengthening ethics and trust with the profession helping to restore and strengthen trust in business, government and other institutions. Serving the public interest and driving enhanced corporate governance standards to increase stakeholder confidence in organisations.

 

Head of ACCA Cymru/Wales, Lloyd Powell, said: “In these difficult times, this report looks ahead and considers the priorities facing the accountancy profession in helping create a better tomorrow. By sharing stories and examples across the profession, we also seek to strike a cautious yet prevailing note of hope for the future, showcasing the role of accountancy, and the positive contribution accountants can make in forging a new path to a better destination for global society.”

 

Jamie Lyon, report author and Head of Business Management at ACCA, said: “We have a responsibility to future generations to ensure they inherit a better world. As this report demonstrates, the accountancy profession can play a vital role in this, helping deliver a more equitable, green and inclusive world for the future.”