Member Since: 21st Apr 2004
13th Aug 2020
I have for a long time felt that the profession needs to do more with supporting businesses with cash flow forecasting, so the focus on this is very welcome.
A few months ago I looked at a demo of Fluidly, while I thought the credit control aspect was great and thought it would be OK for short term forecasting (Ie: a month/six weeks ahead, I did not feel comfortable that there was no P+L and balance sheet and I felt there was scope for error when applying adjustments. As someone who carries out due diligence - I'm not sure it would pass muster for 12 month planning etc - especially in an environment where past performance may bear little resemblance to the current business dynamic.
The Fluidly presentation I watched promoted it is an extra source of income for accountants, however getting cash flow forecasting wrong can be terminal (eg: the case of Conviviality plc). I just hope users are mindful of the potential pitfalls.
30th Jul 2019
The article supports my view that compliance work can be draining (these days I only work on a project basis which has different challenges). Nick has given some great advice. I suppose one question would be is the writer able to take a drop in income in the short term? If so it strikes me that a refocusing of the practice towards the most enjoyable work/clients would be really helpful.
The writer sounds like he/she is too busy to step back from the nitty gritty -and bearing that in mind I think it's essential to seek help from someone to help them see the wood from the trees.
If the writer is an ICAEW member, I would recommend that they get in touch with CABA who provide a range of support to members including (I believe) time management & dealing with stress.
2nd Jan 2019
Interesting stats - a quick Google https://www.ccab.org.uk/documents/20170518TheAccountancyProfessionintheU... indicates that there are c20,000 accountancy firms in the UK. The article above suggests there are c4,500 SARs submitted by accountants in a year :
- does this imply that most firms don't come across any suspicious activity in the course of a year?
- or are there firms who are not tuned in or who are simply not bothering to report?
SARs are required not just when the client is the suspect, but also when the client is the victim (eg: of suspected fraud). The number of SARs made seems very low to me.
21st Apr 2015
Different businesses have different drivers -so running an accountancy practice, doesn't necessarily qualify you to advise on running a tech business, a manufacturing business, a farm etc etc.
Personally I think the term business advisor is very generic- how many accountants are experts in sales & marketing in other sectors (or even their own). There are also plenty of accountants who aren't great on cash management at a practical level, which is fundamental to any business and is arguably something that would reasonably expected of any accountant who is a business advisor.
While advice may be given, it is essential that the client understands the limitations of any advice being given.
20th Jun 2013
In case you've missed it Sage didn't exactly endear themselves to the accountants born before 1980 in this article https://www.accountingweb.co.uk/article/generation-y-accountants-step-forward/543120
19th Jun 2013
I wonder how their risk management deals with reputational;risk - certainly been underwhelmed with the response - do they think "no publicity is bad publicity"
18th Jun 2013
Yes we all make mistakes sometimes and I guess experience gives us the confidence to admit them!
18th Jun 2013
Not so clear cut!!
An interesting question you pose.
Reputations take years to build and usually less time to be shattered (the News of the World being an extreme example).
While short term profit pressures may suggest that social media management is a luxury, from a strategic perspective on line reputation management may be an imperative for some businesses. Once the genie is out of the bottle it can be difficult to put it back in!
While I can't say what the "right" perspective is from Sage's point of view, I am not sure that short term profits should be the only consideration.
18th Jun 2013
I can't see any evidence in the article that supports the statement - as it is written it strikes me as being ageist and baseless.
Hopefully Sage will at least PROPERLY justify the statement or post an apology. At the time of writing my attempts to obtain a response from Sage have proved fruitless. Ironically one of the changing demands of recent years is the growth of social media and the need to respond! Particularly, when outcomes are not as desired!
12th Jun 2013
I can't imagine that including every risk is what is envisaged, it would water down the meaningfulness of the information and would probably require a statement that's longer than the accounts!!
In reality, there will always be risks that wouldn't normally come under the auditor's radar eg: if a fraud arises through collusion. It really wouldn't be feasible to note every conceivable risk.