Tag Archives: accountancy

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

Two thirds of UK finance professionals optimistic about AI in accountancy

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

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

Read the full report here.

Accountancy & Accounts, Appointments, News

Dealmaker Max Perry gains promotion at HURST

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Accountancy, Accountancy & Accounts, Investment

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

See the FRC/ASIC announcement.

Accountancy, Appointments, Business, Investment, Newport, South Wales

Kilsby Williams continues to grow with new appointments

Tax and accountancy specialist Kilsby Williams has strengthened its business services and tax teams as the Newport-based firm continues to grow.

Ken Vargis has been appointed as a manager in Kilsby Williams’ business services team. An assurance professional, Ken will be applying his significant auditing expertise to support the firm’s varied client portfolio.

Ken said: “I am elated to be joining Kilsby Williams at such a pivotal point in its growth. I am looking forward to working with new clients, and adding value to their business by providing robust services.”

Joining Ken in the business services team is Hannah Griffiths, a Swansea University accounting and finance graduate.

In her role as business services assistant, Hannah will be involved in the preparation of accounts for a number of clients and assisting with audits, while working towards the ACA qualification to become a chartered accountant and progress further in the firm.

In the tax team, Cardiff University graduate Luis McCarthy has been appointed as a trainee. He will support the team with the preparation of corporation and personal tax returns and will study towards the ATT and CTA exams to become a chartered tax advisor.

Ataf Salim, partner at Kilsby Williams, said: “We are focused on attracting the best accountancy and tax talent at every stage of their careers and are pleased to share the news of our latest appointments ranging from trainee to managerial level.

“As the largest independent firm in the region, it is exciting to grow even further and we know that Ken, Hannah and Luis’ work will strengthen our services.”

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.

Accountancy, Climate, FInance, Wales

Global accountancy body in net zero first as profession steps up drive for sustainable future

ACCA (the Association of Chartered Certified Accountants) has become the first global professional accountancy body to have its net zero targets verified by the Science-Based Targets initiative.

 

The achievement highlights ACCA’s commitment to a sustainable future and is part of its larger focus on equipping and upskilling the accountancy profession across the world to drive the changes needed in businesses and organisations to achieve this.

 

Helen Brand, chief executive of ACCA, said: “The SBTi applies independent testing to net zero targets in line with climate science, and we’re delighted that it has recognised our approach and targets. It’s a great step forward on our journey to net zero.

 

“The accountancy profession has a critical role to play in driving good business decisions and best practice that will create more sustainable businesses and a better, greener future for all.

 

“We’re working hard to drive this transition through our 773,000 members and future members in 181 countries and our work to influence policymakers. And it’s important that we apply best practice in our own operations.”

 

ACCA is targeting a 50% reduction in carbon emissions by 2030 and net zero by 2045, using science-based best practice.

 

The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organisations to set science-based emissions reduction targets. It brings together experts to provide organisations with independent assessment and validation of targets.

 

Find out more about the role of accountants in sustainability.

Finance and Banking, News, North of England

HURST blazes a trail with new Vistage Inside leadership development programme

Independent accounting and business advisory firm HURST is blazing a trail with a new leadership development programme for 12 of its rising stars.

HURST is the first accountancy firm headquartered in the north to launch a Vistage Inside programme for future leaders.

Vistage, with 45,000 members worldwide, is a global leader in personal development and advisory groups for CEOs, key executives and leadership teams, providing insight, fresh perspectives, peer advisory groups, coaching and mentoring.

The two-year Vistage Inside programme combines tailored workshops with speaker sessions, insight papers, webinars and one-to-one coaching.

HURST’s bespoke Developing Leaders initiative is being delivered by Victoria Gee, former managing partner at executive search company Warren Partners, in her role as the founder and chair of a Manchester and Cheshire Vistage CEO peer advisory group.

The programme began this month with a full-day workshop and a talk by award-winning speaker, business author and ‘corporate athlete’ Brad Waldron on the key habits of highly-effective leadership.

Chris Stewardson, the HURST partner who is leading the programme for the firm, said: “The partners firmly believe it is essential to equip our developing leaders with the commercial, client and people skills to ensure the continued success and growth of the practice.

“Several of the HURST board have benefited from Vistage membership for some time, and we are now bringing Vistage to a wider group of people in the firm who are developing into a leadership role. The group is very excited to be working with Victoria to assist with their self-development and look forward to putting their learnings into practice.”

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

Victoria said: “HURST’s senior leaders have seen the value of developing their skills and knowledge in partnership with our organisation, and it’s great to see the firm taking an impressively proactive approach to developing its leaders of the future and investing to ensure they continue to meet the expectations of its entrepreneurial client base and team.

“The practice has a fantastic culture, a great reputation and a strong position in the market, which all set it apart, but its leaders understand they cannot be complacent as they compete to attract, retain and grow their talent.”

She added: “We provide an environment where people can learn and be challenged in an open, supportive way that’s aligned to the culture at HURST.

“Our aim is to ensure that they are not only great technical accountants but also rounded leaders who understand entrepreneurs and the challenges and opportunities they face, and who are equipped to have the right conversations at the right time.

“As the first accountancy firm headquartered in the north to have launched a VI programme of this kind, it’s extremely exciting to be working with HURST and helping to bring on its next generation of leaders.”

Andy Perkins, managing director of international operations at Vistage UK, said: “The partnership between HURST and Vistage is a great example of our mission in action.

“Through this collaboration we’ll be able to support HURST to do more of what’s important to the firm – focusing on personal and business growth, supporting its people to become better leaders who make better decisions and achieve better results, as well as placing the values of trust, challenge and care at the centre of everything they do.

“We know that better leaders have a positive impact on their companies, families and communities, and we are thrilled to be supporting HURST in its continued growth plans and developing its leadership talent of the future.”

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

HURST is taking a 10-year lease and will occupy the entire fifth floor at the building. It has been based since 1998 in Tiviot Dale in Stockport town centre, but has outgrown those premises. The new HQ will give the firm scope to expand from 120 staff to around 170, which it aims to achieve over the next three years.

News

Haines Watts welcomes six trainees to its West Midlands offices

Leading accountancy and business advisory firm Haines Watts has welcomed six new trainees and graduates to join the firm’s operations in the West Midlands.

The graduates and school leavers will take up a host of positions across its offices in Birmingham, Tamworth, Worcester, Ashby, and Hereford, joining their current crop of 24 other regional trainees.

To welcome the new team members on board, the graduates attended a regional welcome induction at the Institute of Chartered Accountants in England and Wales (ICAEW) headquarters in London recently, where they met their peers from around the country and heard from previous trainees and partners on their career progression.

Baljit Kaur, Regional HR Advisor in the West Midlands, commented: “Our trainee induction was a fantastic opportunity to welcome our 2022 cohort of new starters.

“They had a fun-filled, informative day getting to know each other and gaining insights from our existing trainee group, about life as a trainee and the journey ahead. They also heard from senior partners and owners of the firm about their stories, the values that run through our people and brand, the clients we work with and ambitions our leaders have for the future of Haines Watts.

“The innovative ideas generated during various tasks were excellent and I was delighted to see them developing relationships with their peers from other offices across the UK. They’re at the start of a very exciting journey at and I look forward to seeing the ideas and energy that they bring.”

Haines Watts prides itself on its commitment to talent development, investing over £20K per candidate in creating an academy dedicated to the continued development of staff, as well as an accredited training programme.

This commitment will continue with all the new starters, who will be joining different training routes, including ACA, ACCA or the tax pathway.

Kasim Khan, Audit and Accounts Trainee, said: “The reason I chose to join Haines Watts was due to the personal aspect of the course and training; it seemed like a firm that you were more accepted into and somewhere that really cared about my progression.

“If I had chosen to accept an offer from one of the top four, I would have been seen as a number not an individual. I can already really see the connection, and support from colleagues and managers alike.

“The highlight from the induction day was meeting a group of semi seniors. They were very supportive, given they have been in the same position as us and understood our feelings and what was running through our minds.”

Charlie Gordon, Audit and Accounts Trainee, concluded: “What drew me to Haines Watts was the emphasis it has on employee wellbeing, as well as the focus on communication with clients, instead of just focusing on the numbers.

“The day was really useful for making new connections with likeminded individuals across the country. I’m now really looking forward to getting stuck into work, getting involved with the team and meeting clients.”

Haines Watts is a leading advisor to owner-managed businesses in the UK. As a Top 15 firm, the company delivers a wide range of advisory services and solutions across Tax, Audit and Accounts that enables aspirational business owners to achieve their goals.

Accountancy & Accounts, Apprenticeships, News

HURST to welcome school leavers on to its trainee accountant programme

Accounting and business advisory firm HURST is offering school leavers the chance to join its trainee accountant scheme for the first time in its 40-year history.

HURST is opening the programme to applicants with three A-levels or equivalent.

The firm is also offering places to graduates with lower second-class honours degrees for the first time. Until now, there has been a requirement for trainees to have at least an upper second-class honours degree.

Another change sees HURST open its programme to those seeking qualifications from the Association of Chartered Certified Accountants (ACCA) rather than solely from the Institute of Chartered Accountants in England and Wales (ICAEW).

HURST partner and director of practice development Simon Brownbill said: “We have seen placement and work experience students make a fantastic impression with us over the years, demonstrating that there are quality people out there without university degrees who would be great additions to our team.

“Our rapid growth means we need more applicants, and we also want to improve diversity and reduce barriers to entry. As we look to build our business at an even faster rate while continuing to develop our own talent, the time is right to offer careers to school leavers.

“We welcome applications from a range of backgrounds, and will be using the same recruitment process for school leavers as we have in place for graduates. The standard to get a place at HURST will remain the same. The process is under way, as we are seeking trainees for our 2022/23 intake.”

School leavers joining HURST will receive paid leave for study and examinations, leading to the same qualifications they would get had they graduated from university.

Each newcomer will be assigned a mentor and will have a tailored career plan, which will see them working with partners and managers on a range of assignments with clients, and including possible secondments overseas.

Meanwhile, HURST has also launched a development programme for accountants seeking to progress through the ranks all the way to manager and partner level.

Simon added: “Our retention levels have been phenomenal, and this has been down to a focus on working with the very best clients, a supportive culture, and providing career development. As the firm grows, we want to give more people these opportunities.”

 

Climate, Food & Drink, Manufacturing, Midlands News, News

Birmingham entrepreneurs emerge from the den with ‘saucy’ £500,000 sales target for eco-friendly product

Two old school friends, who took on high-profile entrepreneurs in the Dragons’ Den twice, are setting their sights on a £500,000 sales return for their new eco-friendly solution to serving up sauce.

Ian Worton and Peter Neath are confident that Saucestream is going to prove a big hit with green-minded consumers after it saw an initial spike in online and Amazon orders.

Backed by the advisory expertise of Haines Watts, the duo is also about to close several major deals with leading homeware retailers to stock their product, which is a simple pump device that clips directly onto glass bottles and makes it easy to get the sauce out with a simple squeeze.

The device was inspired after a chance viewing of David Attenborough’s ‘Blue Planet’ documentary and is designed to encourage people to switch from single-use plastic bottles to the more sustainable glass alternatives.

“A few designs here, a few conversations there, prototyping in a garage and before you knew it Saucestream was born,” explained Peter Neath, a former automotive engineer by trade.

“Our product, which is now available in five commonly used bottles of sauces, presses all the right buttons. It is a green solution for individuals to replace plastic bottles with glass ones and still be able to get the same ‘squeezing feel’ that gets all the sauce out.”

He continued: “That’s just the beginning. We are only just starting discussions with restaurant chains about switching to our products and if we can get one of these conversations over the line that could be a real gamechanger.

“Sustainability isn’t going away; it’s only going to grow in importance and hopefully our innovation can play a small part in that.”

Peter and Ian have been supported by Haines Watts for the past seven years, helping them establish and grow their hugely successful Grillstream business, a business that has transformed the way BBQs operate.

The specialist accountant and business advisers have guided the entrepreneurs in securing Patent Box allowances and helping it establish the brand as the second biggest in the UK and a thriving export venture.

In recent years, the attention has switched to how they fund and get Saucestream off the ground quickly to make the most of the market opportunity.

Ian Worton continued: “Haines Watts just got our business straight away and understood our personalities, which are big drivers in Grillstream and Saucestream. As owner-managers your day is full of getting stuff done, from the core design and development work to trying to work out how the hell you are going to sell it.

“The last thing you need to try to do is try to understand the world of finance and all the different tax incentives and funding routes we could embark on. We just needed someone to step forward and take control of that.”

This is exactly what Haines Watts has done, firstly completing the Patent Box application on both products and, more recently, securing more than £20,000 of R&D Tax savings that the entrepreneurs have put towards development and tooling costs to get Saucestream up and running.

It has also ensured that both firms have moved to digital accounting, installing Zero software to help with stock management and to give everyone greater visibility on purchases, sales, investments, and future opportunities.

Haines Watts’ Daniel Montgomery picked up the story: “Peter and Ian are two fantastic innovators and have a track record of bringing new products to market successfully. We’ve started with compliance and making the business more efficient, and we’ve then used the expertise of our pan-regional teams to maximise Patent Box, R&D Tax Credits and, more recently, postponed VAT accounting.

“The latter is important as there is a lot of up-front costs associated with manufacturing products for sale and then a lag in the time it takes to sell the units and recoup the revenue. We can ease some of the pain with this clever approach to VAT.”

History has a habit of repeating itself and the duo lived up to this mantra when they became the first entrepreneurs to return to Dragons’ Den with a different offer in 2022.

This time, they managed to attract three offers from Peter Jones, Deborah Meaden and newcomer Steven Bartlett, all keen to maximise the sustainable opportunity Saucestream could deliver.

However, despite this interest, negotiations are still ongoing on how this deal will look, so for now the entrepreneurs are going it alone.

 

 

Appointments, News

Trio promoted at accountancy firm HURST

Accounting and business advisory firm HURST has promoted three rising stars to associate manager level.

The trio are Oliver Cross and Ellie Wild in HURST’s business services team and Jack Moore in the tax team.

Oliver was recruited to the practice in 2017 as an audit senior while Ellie joined as a graduate trainee accountant in 2015 and qualified two years later. Jack joined HURST in April last year as a tax senior.

HURST partner and director of practice development Simon Brownbill said: “Joining us early in their careers, Ollie and Ellie have become invaluable members of the team, and we welcome their promotion to management positions.

“In a short period of time, Jack has really impressed us with his skills and knowledge. We see his promotion as recognition of his stellar performance, and the central role he will play as the team continues to grow and develop.

“These promotions reflect our ongoing commitment to promoting talented individuals within the firm and giving them the opportunity to further their careers with us.”

HURST, which is celebrating its 40th anniversary this year, focuses on advising entrepreneurial owner-managed companies with turnover of £5m and above.

Clients include leading entrepreneurial businesses such as Kinaxia Logistics, M&I Materials, London Lash, Beechfield Brands, Duerr’s, Oliver Valves and Delamere Dairy.

Meanwhile the firm has also recruited three trainee accountants to its growing team.

They are Ewan Lawson, who has a maths and economics degree from the University of Strathclyde, Tirath Panesar, who graduated in accounting and finance at the University of Leeds, and Miles Redgrave, who has an astrophysics degree from Loughborough University.

In another development, Mimi Weir-Bennett has taken on a new role at HURST as its dedicated HR and quality associate. She joined the practice as a personal assistant in 2015, then moved to its HR and business support team.

Mimi’s new role will see her support and promote best practice across the firm.