Category Archives: Accounts and Accountancy

Accounts and Accountancy, News

Kilsby Williams eyes further expansion on the back of client wins

Leading independent accountancy firm, Kilsby Williams, is celebrating its 30th year with significant client gains and exciting recruitment plans.

Kilsby Williams, which was launched in 1991, has seen record growth in the past six months with many lucrative client wins including both Newport and Cardiff Bus, Fordthorne, Pensord Press, Poundstretcher and London-based Cutler and Gross. Added to existing gains this has seen the firm’s annual growth rate rise to a record 20%.

This success can be attributed to Kilsby Williams’ expert knowledge, technical ability and years of experience advising businesses, all of which mean that the company can attract national organisations that would traditionally work with the Big Four accountancy firms, putting it in a unique position for a business of its size.

Simon Tee, Managing Partner at Kilsby Williams, said: “We have been really pleased with the way business has gone since the start of 2021 and see our success as a fitting way of celebrating our 30th anniversary.

“We are proud of our ability to compete with the Big Four accountancy firms and other larger organisations. We believe that we offer clients and staff many of the benefits of these bigger companies but within a unique, family team culture.”

Accountancy and taxation specialist Kilsby Williams provides solutions for businesses through a variety of services such as company audits, accountancy advice and technical tax solutions designed to avoid tax leakage.

Currently a team of 55, Kilsby Williams is looking for staff across all levels of the business from trainees to partners and believes that there are plenty of opportunities available for people who are looking for a chance to push on in their career.

Simon said: “Due to the size of our firm we are able to get to know our staff well and see what they are capable of. We offer clear progression plans and development opportunities and believe that this is a great place for people to thrive and become clever accountants.”

Established in 1991, Kilsby Williams works with clients from across South Wales, the Midlands and London, ranging from sole traders to companies in international quoted groups.

Accounts and Accountancy, News

Coding and the accountancy profession

Technology and digital skills are a core part of the accountant’s world. Digital adoption is on the rise, and accountants are increasingly being asked to leverage digital to enhance the value they bring, says ACCA (the Association of Chartered Certified Accountants) in a new briefing paper called Coding: as a professional accountant, why you should be interested.

The paper explains why professional accountants should be aware of and interested in coding, which is a task most associated with developing solutions using technology. This is done in a programming language, of which there are many types – some in machine code and others very much like natural language, the latter being the focus of the paper.

Lloyd Powell, Head of ACCA Cymru Wales, says: “Not every professional accountant may need to code, but even a basic understanding can add value to their organisations, help to differentiate themselves and open future career opportunities.”

Research amongst 992 ACCA members showed that although 57% had no knowledge of coding, 40% expressed an interest in learning. Looking ahead three years, none of the respondents wanted to remain without any knowledge of coding. And over that same time frame, six in 10 wanted to develop a basic knowledge, and a further one in four sought advanced knowledge in coding.

The paper contextualises coding to the accountancy environment, with an explanation of the benefits and barriers typically faced, and a case study on how it fits into the wider eco-system of skills relevant to the professional accountant.

Narayanan Vaidyanathan, ACCA’s head of business futures at ACCA concludes: “Coding can be a valuable skillset. There are various levels at which an accountant can get involved – from just a high-level awareness of what it is, to involvement as a user who can partner with specialists to more hands-on development of code itself.”

ACCA offers CPD courses across this spectrum: for those interested in a high-level introduction, Machine learning – an introduction for finance professionals will provide a business oriented view of AI. While for those seeking more hands-on training with Python labs, Machine learning with Python for finance professionals will be more appropriate.

Accounts and Accountancy, Finance and Banking, News

Staying ahead of risks – the rise of the accountant as the ‘guardian of information’

An unmissable era is dawning for the accountancy profession and its role in effective risk management as a result of the global pandemic, environmental sustainability and economic turbulence, says ACCA (the Association of Chartered Certified Accountants).

In its new report Rethinking risk for the future, ACCA asserts that as guardians of information, accountants can help organisations not only detect and better understand the emerging risks and opportunities facing them, but also cultivate the mindsets needed to think more long-term.

Capturing the views of its global members, the report also showcases their vital roles in building operational resilience through enterprise risk management (ERM), financial reporting and predictive data analysis.

The report explains that while Covid-19 is the biggest crisis in a generation, business and society also face huge risks from rapid climate change – perhaps the biggest risk of all. Risk management has therefore been forced to centre stage like never before. Accountants now have an unmissable opportunity to reassess how they can add more value in a post-Covid world where a myriad of pressing environmental, social and economic risks are prevalent.

Rachael Johnson, report author and ACCA’s head of risk management and corporate governance, says: “What’s clear from our engagement with ACCA members is the need for professional accountants to truly understand the strategic and business risks that their organisations face in the short, medium and long-term. In this way, through providing better informed decision making, they can help organisations maintain operational resilience and become more sustainable in today’s fast-changing, interconnected environment.”

Lloyd Powell, Head of ACCA Cymru Wales, adds: “Because of Covid-19, we’ve all learned new and vital lessons about effective risk management over the last year, so that disruption preparedness is now top of organisations’ priorities. The challenge is about how this readiness is sustained. Professional accountants are central to all this – that’s why now is the time for the profession to show in real ways how it helps organisations change behaviour, rethink risk, and how accountants can help set the tone from the very top.”

Online polling across different ACCA markets around the world reveals members’ concerns about industry disruption being the biggest risk to organisations over the next two years, followed by international trade, cyber threats and extreme weather.

ACCA fellow Israel Opio, CRO at Ecobank Uganda and member of ACCA’s Global Forum for Governance, Risk and Performance, says in the report: “Sustainability is about creating value and I believe this is where risk management is headed. Missing the opportunities that these strategic risks present is itself a massive risk to the business.”

Rethinking risk for the future concludes that risk can no longer be managed in isolation, with Rachael Johnson concluding: “Accountants, given their skills and professional duties, are in a privileged position to optimise their storytelling skills in new ways by creating more dynamic metrics and reporting methodologies. Accountants should be taking on a more advisory role in explaining the facts and possibilities behind the numbers, breaking them down and putting them into context for their organisations.

“This is an unmissable opportunity for accountancy to encourage more collaboration and collective action on environmental, social and governance matters by working with public policymakers and partnering with leaders to help grasp how digitalisation and new technologies can help avoid harm to people and the planet.”

The report can be downloaded here: https://www.accaglobal.com/gb/en/professional-insights/risk/rethinking-risk.html

Accounts and Accountancy, Finance and Banking, News, Tax

‘Seismic’ tax policy reforms announced by G7 face aftershocks, says ACCA

New tax policies announced at the weekend in the G7 communiqué will face hurdles as the proposals are yet to be agreed by the G20 and other jurisdictions, says ACCA today, asserting that the three foundations for a sound tax system are simplicity, certainty and stability.

Lloyd Powell, Head of ACCA Cymru Wales, said: “Committing to a global minimum tax of at least 15% on a country by country basis is a challenge, predicated on the agreement of other jurisdictions’ governments. To be truly effective it will need to go beyond the G7, and even the G20, to the OECD’s Inclusive Framework of 139 countries, requiring compromise as governments surrender legal sovereignty in return for an effective, practical framework.

“And the move for multinationals to pay tax in the countries where they do business – and not just were they are headquartered – will create new legal and accounting challenges for banks, businesses and tax authorities.”

ACCA says the main challenges are about achieving true parity and fairness. Lloyd Powell explains: “This is indeed a seismic announcement, but it’s more a foreshock than the main event. Corporate taxes contribute only a small proportion of total revenues, and these measures capture only a tiny fraction of even that. The real heavy lifting is done by consumption and personal income taxes, and that is where reforms could make a real difference to the sorts of societies we live in.

“Overall, tax ‘mitigation’ is the symptom, not the cause. We’ve broken the link between business and the society it serves, and somehow need to rebuild that. Building a tax system which supports and encourages a circular economy would help – and profits taxes are a very small part of that. However, this is a move to be welcomed, bringing fairness and transparency to a system that has long been seen solely as a matter for national governments. We have long called for a halt to the race to the bottom for setting corporate taxes.”

In 2019, ACCA with CA ANZ and IFAC published a report called G20 public trust in tax: Surveying public trust in G20 tax systems. This showed that most people surveyed for this report were supportive of cooperation on international tax policy to create a more coherent international tax system (69%).

Lloyd Powell adds: “We know from our research that transparency is a top issue for G20 citizens when considering tax systems. Across the G20, respondents to our global research wanted more clarity on how and from whom their governments are collecting taxes, and how their tax money is spent. Corruption in the tax system is a top concern in multiple countries, and that has remained the case in survey data for the 2021 Report, which will be published in September of this year.”

Lloyd Powell concludes: “Competition on tax policy among countries, whether to take a greater share of revenues or attract multinational business, has been the reality of the international tax environment for many years. What the G7 has announced aims to change this reality – what’s essential is that we all have trust in tax systems and this remains to be seen.”

Accounts and Accountancy, FInance, News

A decade of opportunity ahead for a UK accountancy profession that’s at a turning point

A decade of opportunity for Generation Z accountancy professionals and their employers is predicted by ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) in a new report published today Groundbreakers: Gen Z and the future of accountancy.

Gathering the views of 9,000 18 to 25-year olds globally – including 310 across the UK – the report throws fresh light on the aspirations and fears of this up-and-coming generation of young professionals, while also offering employment advice for them and employers alike.

This is a generation concerned about the future – 56% are worried about future career prospects, 48% about their own wellbeing and mental health, and 42% about the global economy and recessions.

The report also reveals that the profession is missing opportunities to attract more young people to its ranks.

UK Gen Z question the motives of the business world – just 26% say businesses are currently pulling their weight in fighting climate change; 37% agree business leaders have integrity and do what they say and 38% say business prioritise and take good care of employees. However, 60% also believe that business has a positive impact on wider society.

Lloyd Powell, head of ACCA Wales, explains: “Our findings present both challenges and opportunities for the accountancy profession and business here in Wales but also globally. And that’s because Gen Z demand more accountability from the leaders of the organisations in which they work, and they also have high expectations of their work–life balance and how employee welfare is managed.”

Other findings show:

  • UK Generation Z is keen to get ahead – 87% say they’re ambitious, but not as ambitious as those in Ireland (93%) and India (91%) – the two highest percentages; 85% also value flexibility and work life balance, and 82% value purpose and meaning in a job.
  • As expected, they’re also tech savvy – 90% say they’re very comfortable with technology and pick up new tech fast, and the same amount say technology will enable finance professionals to focus on high-value-added activity.
  • For those already working as accountants, 66% were drawn to it because of long term career prospects, and the 56% for the opportunities to secure a professional qualification.
  • And for those looking to become accountants, 41% are attracted to it as it offers the opportunity to be part of an established and accredited profession. Career portability also matters for UK respondents looking to start a career in finance and accounting with 45% saying this mattered. And 45% are also interested in the subject matter.

Lloyd Powell concludes: “Gen Z will bring their talent and tech know-how to the profession and change it, pursuing careers with purpose and doing jobs that make a difference. We very much see this as a message of opportunity and positivity as we work towards to achievement in 2030 of the UN Sustainable Development Goals.”

To help Gen Z navigate the future, ACCA’s report recommends ways they can future proof their own careers, and realise their career dreams as work changes:

  1. Bring your tech know-how to the organisation: you’ll be greatly prized for doing this.
  2. Work your brand internally: make work engagements more personal to build deeper relationships in the workplace.
  3. Care for your health and build resilience

  4. Remember, it’s a team game: tech helps to build connections, and there are brilliant opportunities ahead to learn from others in the workplace.
  5. Disrupt yourself: think ‘sideways’ moves and be adaptable.
  6. Seek mentors, and find sponsors: actively seeking mentors and colleagues from different generations to provide you with essential support to help ‘fill in the blanks’ and give you vital knowledge and wisdom from years of experience is very valuable.
  7. Continuously learn: this is about being future proofed, about learning new knowledge, but also about being adaptable and proactive and having an open mindset to get new skills, to future proof your competence.
  8. Recognise the importance of the “early years”: The only person ultimately accountable for your career is yourself, and as a young person entering the workforce, its critical to recognise the importance of the ‘early years’ in work.
  9. Build life-long networks: keep connected and build a strong external network to expand learning opportunities and new career opportunities. Time invested in important personal relationships over the long term will always pay dividends.
  10. Pursue your dreams: the pandemic’s making many rethink careers and jobs in accountancy are changing, offering fantastic opportunities to contribute and make a difference. Pursue things that interest you, that provide purpose and career fulfilment. And even if you haven’t decided yet, finding something that interests you and at which you can become good at will reap benefits longer term.

The full report can be downloaded here: https://www.accaglobal.com/gb/en/professional-insights/pro-accountants-the-future/gen-z.html

Accounts and Accountancy, News

“We’re emerging with better, more ingrained relationships with our clients” Accountancy & Business Advisory services firm Smith Cooper reflects on the last year

Smith Cooper work alongside businesses of all sizes, providing solutions to complex and challenging issues in fast-moving environments which demand a high level of technicality.

Headquartered in the Midlands, and operating on a national scale, Smith Cooper’s workforce has grown steadily in the last 5 years, by an average of 7.5% each year, whilst fiscal growth has exceeded 53% in the same period, mainly through organic growth.

The firm maintains a position as one of the UK’s top 50 Accountancy firms, currently ranked the 41st largest UK firm in the Accountancy Age Top 50+50 and holds the same spot in the Accountancy Daily Top 75 list.

James Bagley, Managing Partner at Smith Cooper comments “The last year has been a steep learning curve for many businesses, ourselves included, and through this period of exceptional challenge, we have learnt many lessons.”

“The pandemic has proved to be a defining period for so many businesses and encouraged us and many others to prioritise what matters most when it comes to business continuity. It has motivated businesses to build more structured and comprehensive approaches to crisis management, but to also reframe and unlock new opportunities.”

“The downtime we experienced in the first lockdown allowed us to accelerate some of our strategic changes which we will be announcing soon, as we look to continue on an upwards growth trajectory.”

Reflecting on the lessons learnt over the last year, David Nelson, Senior Partner at Smith Cooper adds “Whilst we have had to adapt and learn on our feet over the last 12 months, clients and prospective clients have looked to us for advice, guidance and support, and as a result we’re emerging from this period with better, more ingrained relationships with our clients.”

“We have witnessed a growth in new client numbers as a result, as many businesses felt they did not receive the support needed throughout the COVID-19 crisis – something we prioritised from the early stages of the lockdown.”

“Business confidence appears to be returning quickly and we’re seeing many of our clients re-engaging with pre-COVID-19 plans. We currently have a large number of new advisory projects on the go and look forward to helping our clients realise their ambitions.”

In regard to the firm’s 240+ strong workforce, David adds “Whilst the pandemic has no doubt changed the working landscape, we remain committed to our local presence and our centrally based offices as we believe keeping the team together physically is a key component of our success.”

As well as the primary Accountancy and Advisory organisation, the Smith Cooper Group consists of Smith Cooper System Partners, the Midlands’ leading Sage 200 Partner of the Year for the last 5 consecutive years, Infuse Technology, IT Managed Service Provider and Microsoft Gold Competency Partner, and Smith Cooper Independent Financial Services, an Independent Financial Solutions provider.

Accounts and Accountancy, Appointments, News

Azets appoints new Partner with its Shrewsbury office

James Dawson appointed Partner Designate following senior promotions in Shrewsbury

Azets, the UK’s largest regional accountancy and business advisor to SMEs, is delighted to announce the appointment of James Dawson as Partner Designate with its Shrewsbury office.

James joins the Azets Shrewsbury team, based out of Column House, after three years at Barlow Andrews LLP in Bolton, Lancashire, following his family’s relocation to Shropshire.

James, who is ACCA and CTA qualified, will be focused on advising clients on all aspects of their business and personal accounting and taxation requirements, working with Azets’ growing team in the Shrewsbury office to strengthen its presence and service offerings in the region.

James has a well-established background working with clients of size and nature akin to those at Azets Shrewsbury.

Dawn Owen, Partner with Azets Shrewsbury, said: “James is a great addition to the team, and we’re delighted to welcome him to the Azets family. James’ appointment as Partner Designate represents a significant milestone as we continue to grow and expand our regional capability. We’re committed to attracting the best people to enhance our depth of knowledge and experience thus further improving our client service capabilities.”

James Dawson, Partner Designate with Azets Shrewsbury, said: “I’m pleased to have joined Azets and would like to thank the team for its warm welcome. Azets is a growing company, with industry leading talent across each of its service lines and a real focus on employee wellbeing and development. I’m looking forward to hitting the ground running and adding my experience to the Azets business and our clients.”

James’ appointment follows several senior promotions within Azets Shrewsbury, with Victoria Simpson and Tim Doyle both promoted to Associate Director, and four promotions to Assistant Manager for long-term employees Stuart Rhodes, Michael Beer, Gary Morgan, and Ellis Mansell, who all earned qualifications whilst with Azets.

Accounts and Accountancy, Wellbeing

Award-winning Walsall firm puts best foot forward for mental health charity

ACCOUNTANCY specialists have been putting their best feet forward in a bid to Move for Mind.

Employees from Walsall-based Unico 3 Limited wanted to do something to raise money for the mental health charity after seeing the impact of the Coronavirus pandemic.

The award-winning family-run firm, which has doubled in size during the crisis, provides outsourced expertise in accountancy, administration and compliance for logistics companies including support for self-employed delivery drivers. 

Run by mother and daughter duo, Jane Barker and Rebecca Dean, the pair decided to embark on the challenge of walking over 1,000 miles in 30 days along with members of their team.

Together they raised a staggering £2,430 for the leading mental health charity, Mind.

Rebecca said: “Unico has seen the impact of mental health over the past year, the pandemic seems to affected everyone in different ways, some more severely than others.

“We have had a strong focus on wellbeing for employees and customers alike, with an open policy, always here to talk.

“We wanted to raise awareness to help more people realise it’s ok to not be ok.

“We chose Mind because of the work they have been doing throughout the pandemic and lockdowns as mental health is a more prominent issue now than ever.”

Unico 3 Limited expanded its team from seven to 18 to cope with demand and business growth since the UK went into lockdown, and the firm prides itself on being there for its team and customers.

The pandemic meant they had to come up with new ways to support clients and immediately set staff up to work from home, extended their opening hours, introduced new services while offering free advice about grants and furlough claims.

Rebecca, 28 added:  “The whole team has been involved in the Move For Mind Challenge. It gave us a way to do something together without being together and we encouraged each other to get the miles in and record our walks.

“It was great to do something for such a worthy cause during such difficult times.

“We’ve also been reaching out to our local business community to offer free support during this time too, the grants and furlough and loans aren’t always straight forward and we felt it was important that businesses are able to access the support.”

For more information about Unico 3, visit www.unico3.co.uk  or to make a donation to Mind, click here. Unico 3 Fundraising Page (blackbaud-sites.com)

Accounts and Accountancy, Finance and Banking, News

Propel partners with Azets to boost access to Asset Finance for thousands of SMEs

Propel, a leading specialist UK asset finance provider, and Azets, the top ten UK accounting, tax and business advisory firm and the largest SME regional practice across Europe, have today announced the formation of a significant strategic partnership. As a result of the alliance, thousands more SMEs will be able to gain access to fast and flexible asset finance to acquire the equipment and vehicles they need to drive growth and prosper.

With a 25-year track record in supporting over 40,000 business customers with vital asset finance, including a large number of Azets’ clients, Propel is ideally placed to support SMEs in meeting their ambitions for growth as they emerge from the pandemic. Propel’s proprietary technology platform, ‘Propeller’, underpins the commitment from both partners to provide outstanding personal service and ensures a swift and seamless customer experience.

Trusted by over 120,000 clients globally, Azets delivers a complete range of accounting, tax, audit, business and advisory services for businesses digitally and at their door to help them achieve their ambitions. Clients know Azets for helping them focus on what they do best; to grow, invest and prosper. Access to the right finance solutions, therefore, plays a key role in that vision.

Mark Catton, CEO, Propel Finance PLC, said: “I’m delighted Azets has chosen us as their strategic partner for asset finance, working closely with their teams and clients around the UK to finance investment in capital equipment. Azets is one of the largest accounting, tax and business advisory firms in the UK, with an outstanding and rapidly growing SME regional practice. We’re proud to be able to offer our services to Azets clients. We know that SMEs are incredibly important to the recovery and vibrancy of the UK economy and we’re here to support businesses needing or wanting help to invest and grow. Azets stand out for their passion for local client service and we want our own offering to complement that really well.”

Stephen Cridland, Business Development Director for the South West and Wales region at Azets said: “SMEs, the lifeblood of the UK  economy, are facing more challenges than ever due to the pandemic, Brexit and Government financial help coming to an end this year.  Our SME clients are looking for new solutions to their cash flow and funding issues and asset finance provides them with a great way to free the cash tied up in their existing assets. Our partnership with Propel is a demonstration of our commitment to solving important problems for our clients and provide a brilliant client experience each and every time, something which fits closely with Propel’s mission. We look forward to working with Propel to deliver the right asset finance solutions, driven by our shared values of providing the first-class and fast service that businesses need to succeed.”

Accounts and Accountancy, Finance and Banking, News

GS Verde Group expands with South West acquisition

The GS Verde Group, a multi-discipline deal making group focused on corporate finance and mergers and acquisition work, has taken another step on its buy and build growth strategy, with the strategic acquisition of South West based Astrum Accountants.

The addition of Astrum to the fast-growing group, will see outsourced finance director and accounting services added to the integrated professional services provided to businesses on a scale-up or growth trajectory.

Technologically advanced advisory business Astrum, will continue to provide finance director and accounts department services to businesses and, as part of the integrated GS Verde Group, its clients will now have access to the group’s other services including legal, corporate finance advice and marketing and communication strategy advice.

Astrum’s established team of experienced accountants and practice staff will continue to operate autonomously from its offices near Bristol.  Speaking on joining the group, Martin Vincent, founder of Astrum, said: “Joining the GS Verde Group is an exciting and natural progression for Astrum and its team because we love being ‘not like other accountants’.  Making available an array of specialist professional and strategic services for developing and growing businesses will differentiate and strengthen the Astrum proposition even more“.

The addition of Astrum to the group is part of an ongoing growth strategy for the corporate finance led GS Verde Group, to not only increase its service offering to scale-up business owners, but also to grow the geographical foot-print of the group.   The combined group is now over 50 staff, across 4 offices and 2 satellite locations, with the acquisition itself providing 12 new skilled employees to the Group and c.£1m of new revenue within the first 12 months of acquisition.

Group CEO, Nigel Greenaway, said of the news: “We are delighted to welcome Astrum to our group.   As a disruptive, and innovative business ourselves, we have continually looked to add specialist teams to our group that will assist scale-up businesses with integrated professional support focused on fully supporting corporate finance and M&A projects.   Our ability to advise our fast growth clients on the financial, communication and legal aspects of a corporate project, in an integrated offering, has become a real game-changer for the clients and represents a focused value added service across all of our disciplines”.

In addition to Astrum, the GS Verde Group now includes award-winning law firm Greenaway Scott, corporate finance specialists Verde, marketing and communications agency Dragonfly Marketing, and the digitised investment platform, the Elevate investment network.