Annual CIMA report shows positive outlook from management accountants

Despite turbulent times, the recent Chartered Institute of Management Accountants salary survey shows a profession relatively optimistic about their future. According to the report available from CIMA Global, which surveyed their members in the UK and throughout the world, ‘almost half (45%) of UK members are expecting an increase in personal salary in the next 12 months and 63% are considering alternative job opportunities in the next two years.”

In his executive summary, Chief Executive, Charles Tilley, noted that “the global CIMA community has shown notable resilience to the on-going turbulence in the global economy.” Despite positive salary levels and career expectations, many areas did also report an increase in working hours. As a final point, UK members were asked to describe management accounting in one word to which the top replies were ‘challenging, varied, strategic and interesting’.

To see how your salary and aspirations stack up against CIMA members see the whole report here- http://www.cimaglobal.com/Documents/Jobs-docs/Salary_Survey/UK_qualified%20salary%20survey2011.pdf

Getting the annual report right – advice from CIMA

Despite the rise of social media, not all business communications have to be restricted to 140 characters. The annual report is a vital piece of company documentation and financial managers need to consider both legal requirements and how to communicate well with all stakeholders.

A feature in FM (Financial Management) – the magazine of the CIMA - offers 8 ways to focus your annual report. Areas such as having KPI data available as early as possible and planning for different audiences are covered.

It also offers advice, with the help of key figures in the financial accounting sector, on structuring an online version. One contributor explains the power of the annual report being online. “There are millions of potential investors just a click away…try to make the online experience interactive – animate charts, for example... At a minimum, supply Excel spreadsheets they can download.” For the full feature go to the FM website. http://www.fm-magazine.com/feature/list/8-ways-focus-your-annual-report

You’re prepared for auto-enrolment but what about elsewhere in your company?

Is your company prepared for auto-enrolment? As a financial, payroll or pensions manager you may know the details of the changes in 2012 but do all departments have plans in place?
According to a survey by the Chartered Institute of Professional Development (CIPD), featured in Payroll World this week, many HR professionals knew about the changes regarding auto-enrolment, but less than one third knew the date the changes would apply to them.

Charles Cotton, CIPD reward adviser is quoted as saying , “My suspicion is that…HR has assumed that another team or department… is dealing with the response to the 2012 pension changes.”

In another article on the Payroll World website, the National Association of Pension funds (NAPF) has also said that the scheme would benefit from some plain English ‘rather than gobbledegook’ to help both staff and pension recipients. To get some clarity for you and your colleagues read more at www.payrollworld.com

Midlands accountancy firms shortlisted for British Accountancy Awards 2011

Good luck to three independent accountancy firms in the Midlands shortlisted for an award at The British Accountancy Awards on 30th November in London. The three firms are Harrison Beale and Owen with offices in Leamington Spa and Coventry, Accounts Assist in Northamptonshire and Nottingham firm Coalesco Accountants.

The awards are the only awards that reward the accountancy profession in practise and succeed the original Accountancy Age awards. The new award ceremony is still an Accountancy Age event but now in association with the Association of Chartered Certified Accountants (AACA).

With new categories this year, as well as existing awards from the previous event, this is the first time regional firms have had the chance for recognition at the event. Larger global names such as Deloitte, KPMG and Price Waterhouse Cooper are nominated for global firm of the year. For a full list of firms throughout the country nominated for these best practise awards visit www.britishaccountancyawards.co.uk

The importance of financial management for the charity and NGO sector

Charities and NGOs demand a high level of professional financial management, more so now than ever before.

MANGO (Management Accounting for Non Governmental Organisations) state their mission as "To strengthen the financial management and accountability of Non Governmental Organisations (NGOs) and their partners." To offer easily accessible advice to such organisations, applicable to many other charitable organisations as well, MANGO produce a comprehensive guide on financial management available online or on CD. The guide, recently updated, covers areas such as financial sustainability and grant management. It also has a key section on accountability - very important in the voluntary sector - for both donors and beneficiaries.

The organisation works with such charities as Action Aid, Comic Relief and Save the Children, with their staff in the U.K. and overseas. Multiple copies are available to use as a group learning tool if required. See more at www.mango.org.uk

Accountant or Actuary?

How do you decide between a career as an accountant and or a career as an actuary? If you've advice to give on making that decision or want some help to make a change in your financial management career, try The Actuary Magazine's career clinic section.

A current topic sees students, graduates and experienced professional discussing those particular career choices. Which are the skills and qualifications that separate the two careers or which are the ones that complement both?

One comment on the careers clinic forum explains the advantage of being qualified in both accountancy and actuarial science:"It's a tough job market. The two professional skills could be an advantage if working with consultancies such as the big four where you could bring in additional value to teams - and also cross-over your skills."

Whether you're already have ACCA qualifications or you're starting with mathematical and analytical skills from a less traditional background, The Actuary's online audience may be able to help. http://www.theactuary.com/career-clinic

Pension Bill receives Royal Assent

New pension legislation is on its way for pension managers, administrators and particularly employees. Professional Pensions magazine reports that the Pensions Bill received Royal Assent last week so becoming the Pensions Act 2011. The magazine highlights the key changes as “the increase in state pension age, the switch from RPI to CPI for benefit up-rating and a last minute amendment on the definition of money purchase benefits after the Supreme Court decision in Imperial Home Decor case.”

The article also has an explanation from law firm Sackers on the change to SPA. “The legislation will accelerate the former Labour government's planned rise in SPA so that it reaches 66 in 2020 (rather than 2026). As a result, men's and women's SPAs also equalise faster, with women's SPA hitting 65 in 2018 instead of 2020.”

For the full article and more details on the effects of the act on the pensions industry see www.professionalpensions.com