Payroll under disaster conditions

Millions of Americans may be short of electricity, water or a decent roof over their head after Hurricane Sandy, but are still hoping that their ‘pay check’ arrives. With power cuts potentially stopping regular payroll payments, companies without remotely situated data centres or other disaster plans could struggle to make payments. An article in Payroll World magazine looks at reactions of both employers and employees in the United States trying to cope. Martin Caddick, director of business continuity at PwC, says that larger businesses with facilities outside of the disaster zone will run last month’s payroll from remote centres “It may not be 100% accurate, but it puts money into the staff bank accounts,” he said. He advises that all companies should think of what they would do in a situation ‘analogous to a hurricane and have simple contingency plans to cope.” For more about disaster planning for payroll management read the full article at http://www.payrollworld.com/article/14509/magazine/hurricane-sandy-hits-us-payrolls

Hot topic workshops for payroll professionals

Members of the Chartered Institute of Payroll Professionals have a number of opportunities this autumn to get up to date with all the changes in payroll and pension legislation. The ‘Hot Topics Workshops’, taking place at London, Birmingham and Glasgow all before Christmas, give an overview of issues such as automatic enrolment for pensions, payroll software and data improvement for real time information. The full day also includes opportunities to network and find out more about Continuing Professional Development (CPD). You can even book a one-to-one appointment to talk to an advisor from the CIPP  to talk about your personal CPD situation. Colleagues who are not yet members can also attend at a slightly higher cost. The London event takes place first on 28^th Nov, then Birmingham on the 4^th Dec and Glasgow on the 13^th Dec. For full details visit the CIPP website. http://www.cipp.org.uk/en/learning-and-development/cipp-events/index.cfm/shorturl/hot-topics/sessionid/A256E47C-7425-4BA5-80D304F3ACB8F723

Freelancer or employee? Public accounts committee urges public sector review

How should finance departments ensure that the freelancers who work for them pay enough tax? Which organisations have significant numbers of employees who don’t pay tax at source? The Public Accounts Committee has recently expressed concerns about the BBC in particular, and other bodies with high numbers of staff apparently in this situation. In an article on the Accountancy Age website, more details are given of the number of employees who work this way and other bodies that the cross-party committee may want to investigate including the NHS and local government. Margaret Hodge MP, chair of the committee, explained that the scrutiny was to ‘show leadership in the fight against tax avoidance’ and that "those whose income is derived from monies raised through taxation have a particular obligation to make sure that they do not use tax avoidance schemes." For more on the review read the full article at http://www.accountancyage.com/aa/news/2214799/mps-shocked-by-bbc-tax-arrangements#ixzz28hcdiJzv

Accountancy Awards 2012 – is your firm on the list?

The nominations for this year’s British Accountancy Awards have recently been announced prior to the awards ceremony on the 21^st November in London. Categories include global, national and regional firms of the year along with awards for audit excellence and accountancy software product of the year. In the Midlands the five firms nominated for ‘Independent firm of the year’ are Accounts Assist, Adams Moore, Coalesco, Sterling Financial and The Chartwell Practice. In the category of ‘Employer excellence’ the nine national candidates cover a range of disciplines from accountancy to tax and auditors. They are Charterhouse (Accountants), DSC Chartered Accountants, Evolution Business & Tax Advisors, Fish Partnership, Fitzgerald and Law, Green & Co, Lamont Pridmore, Price Bailey and UNW. To see whether you work for one of the nominated firms or to find out more about the full shortlist, visit the Accountancy Age website, organisers of the nominations and event. See more here http://www.accountancyage.com/aa/news/2205419/british-accountancy-awards-2012-the-shortlist#ixzz27OOc7nCg

Is your payroll office ready for RTI?

‘Real Time Information (RTI) is about to become one of the biggest things to hit payroll since the introduction of Pay As You Earn (PAYE).’ That’s according to John Black, RTI specialist at Midland HR, writing on the Fresh Business Thinking website. This fundamental change to how and when employees pay details are sent to HMRC affects all employers and businesses. Rather than an end-of-year P45 submission, employees’ pay details will be sent monthly. All businesses need to be signed up for the new scheme by October of this year. Many businesses have taken part in trials of these changes for the payroll department since April. Feedback so far has been generally positive. Payroll managers are encouraged both to get involved early in the scheme and to speak to their supplier of payroll software. For a clear, comprehensive guide for payroll managers and employees, read the full article at http://www.freshbusinessthinking.com/articles_print.php?CID=1&AID=10775

More help to be offered at tax office

To help individuals and businesses get through to the previously overstretched HMRC call centres, staff numbers are to be increased with 1000 more recruits. Large investments are due to be made at tax helpline call centres in order to meet its target of answering 90% of calls. A report in June of this year found that currently one quarter of calls go unanswered with many people hanging up after waiting an average of nearly 6 minutes. Quoted in an article on the  Accountancy Age  website, Liz Homer, Chief Executive of HMRC, described the current situation, “”The feedback we get is that the quality of the advice we give when people get through is good, but we haven't been answering enough calls." Response rates have increased recently and the Treasury aims to reach its targets with future investments. For more details on the new jobs at tax office call centres read the full article at http://www.accountancyage.com/aa/news/2198024/taxman-to-take-on-extra-1-000-contact-staff

Actuaries – book now for events and conferences

If you’re a professional actuary taking a break in August, make sure you keep a look out for all the events happening in September. For increased knowledge of your industry, networking or gaining extra CPD hours, there may well be an event on The Actuarial Profession's event calendar that can help. If you want to to get a European perspective, the ‘annual gathering of the UK’s general insurance actuarial community’ will be held in Brussels this year with themes including pricing, reinsurance and strategic modeling. Closer to home there are conferences and workshops in Leicester, Manchester and London. In particular for those unable to attend the annual pensions conference in Brighton, shorter events in both Manchester and London will look at the conference highlights with additional speakers. Other specialist events include ‘Actuaries and the Law’. For more on these events to develop your skills, knowledge and contacts, read the events page at http://www.actuaries.org.uk/events/calendar/2012-9/all   

Credit Management – are you ready to take the next step?

While school is nearly out for the summer, it may be time to plan for the next academic year. Have you considered further study in credit management to help your financial career? A Bristol based event from the Institute of Credit Management looks to advise anyone in the industry on the benefits of gaining their qualifications. Taking place at the University of West England, there will be presentations from the institute, the UWE business school and an accountancy firm. There will also be practising credit managers talking about their experiences of the benefits of ICM qualification. Whether thinking of studying while at work or adding credit management to your existing study plans, attending the event on 20^th Sept still leaves time to enrol. See if such a study program could ‘improve your effectiveness in the workplace and your career prospects.’ For more details visit the Institute of Credit management website at http://www.icm.org.uk/membership/my-membership/branches/146-bristol-and-west/714-forthcoming-events

Are you a VAT expert?

Is there a ‘national shortage’ of VAT specialists? According to a conference speaker at the Institute of Chartered Accountants of England and Wales, such a shortage of expertise is a problem particularly for smaller firms. In a feature  in Accountancy Age, one of the reasons is the fact that VAT experts usually qualify via the big 4 firms and rarely does the expertise ‘trickle down’.  A report form KPMG also backed up the need for companies to be more informed on this tax that is often under debate. As an accountant new to the profession what could this gap in knowledge mean for potential  career planning?  The article gives some good balanced advice. ‘So the advice to accountancy students is that VAT is an underserved area, and one that – given VAT's ubiquity – could hold a fruitful career if you can accept the narrow nature of the area.’ For more details read the full article at http://www.accountancyage.com/aa/analysis/2188146/vat-national-shortage-experts#ixzz1zV8j9N13

The many faces of the pension industry

Whether you’re just starting out or have been working for  a while in the pensions sector, it’s worth taking a moment to review the many areas where pensions managers can work. The ‘Inside Careers – specialist graduate advice’ website brings together career advice from many professional organisations including the pensions sector. Its comprehensive list of opportunities includes insurance companies, lawyers and government departments. The article, ‘The pensions profession – what are my options?’, looks at the current outlook for new and existing employees. It does take a positive view – ‘ the industry is complex and highly competitive, giving rise to increased career opportunities and a strong demand for good pensions staff.’ Key skills required include confidence in dealing with people, excellent number skills and knowing how to communicate technical data clearly. To learn more including salary levels from new starter to pensions director, read the whole article at http://www.insidecareers.co.uk/__802574D800564425.nsf/id/7nggjwcwis!opendocument

Is there an actuary in the house?

With changes to the structure in the NHS, you may find that your doctor may need to call on your actuarial services rather than you on them. In an article in the Actuary magazine, the effect of the new NHS structure on GPs is investigated with particular reference to risk management. GPS may need to suggest a choice of health service providers to patients if they can’t provide the service themselves. However, as the article explains, “they are unlikely to have had any training in procurement, predictive modelling or financial risk management.” A GP will be working in a Clinical Commissioning Group (CCG) who may need to deal with financial risk in two ways. Insurance risk will involve looking at the changing needs of a local population and service risk will involve any issues with referrals to other services. For more on how your NHS may need you, read the full article at  http://www.theactuary.com/features/2012/05/healthcare-nhs-in-critical-condition/

Accounting Apprenticeships

There are so many roles in a business where financial skills are needed and the Apprenticeships website lays out a comprehensive list of where you might start a financial career. Whether or not you think the apprenticeship route into accountancy, bookkeeping or credit control is right for you, the website has a lot of helpful career advice. It lays out the different levels and responsibilities in a finance department and how to progress. If an apprenticeship would suit you, there are three levels. An Intermediate Level could mean access to work as a finance assistant or purchase ledger clerk. A Higher Apprenticeship would mean having opportunities such as accounts manager or accounting technician open to you. The website also has a separate section for bookkeeping, explaining how it differs from accounting. For more on starting a career in a finance or admin department visit the website at http://www.apprenticeships.org.uk/types-of-apprenticeships/business-administration-and-law/accounting.aspx

Online data management – what do accountants need to know?

Internet based data management systems can offer great financial benefits for your clients but what are the key questions to address before getting involved? An article on the Accountancy Age website, “Key Questions before entering the cloud’, looks at the steps to consider before moving data offsite. A section on data location looks at the importance of where in the world the client’s data would be stored and the legislation in that country. Issues such as the security of the data centre are also vital and their plans for disaster recovery. The sector supplying such services is known as SaaS (software as a service) and the article highlights the huge growth in this area - 18.5% expected this year to a market size in Europe of ₤1.96bn. For more on the sector and how it could affect and benefit you and your clients read the article at http://www.accountancyage.com/aa/feature/2171479/online-systems-taking-security-concern

Auto-enrolment - new survey

A recent report ‘Working Lives’ from insurance company Aviva looks at the affect that auro-enrolment is likely to have in the U.K. workplace. The report, discussed on professionalpensions.com, claims that 68% of employees have little or no knowledge of the auto-enrolment changes. Amongst employers, 70% of employers were aware of the reforms due in Oct 2012. The report does predict that the scheme will have an effect however, as only 38% of employees surveyed said they had a private sector workplace pension scheme. According to the article, Aviva said that ‘better communication about workplace pensions will be necessary in the future, despite industry concerns that the AE process alone may strain technological capabilities.’ Even when communicated effectively, industry experts claim that the ‘programme is just the start of the solution’ in order to persuade employers and employees to prepare for the future. For more details on the survey read the full article here http://www.professionalpensions.com/professional-pensions/news/2171904/workers-reject-ae-aviva

The role of a forensic accountant

Forensic accountant or investigative auditor – whatever the title, the role can cover many interesting areas in both civil and criminal cases. You many find yourself working on valuation cases in a contractual dispute or scrutinising accounts looking for proof of embezzlement. Economia, the magazine of the ICAEW (Institute of Chartered Accountants in England and Wales), has an article this month on the rise of forensic accounting, particular linked to the increasing globalisation of business and offshore transactions. Experienced professionals are also often called upon as expert witnesses in court. In fact the ICAEW now offers an ‘expert witness accreditation’ scheme. Gavin Pearson is a forensic director and explains that standing as an expert witness requires similar professional skills such as “a good grasp of the facts, the willingness to engage with someone who challenges you, ask questions and read between the lines.” For more on the role of a forensic accountant and why they are in demand, read the full article http://economia.icaew.com/Business/Forensic-accounting

Are your invoices ready for 2013?

Do your accountancy, payment and credit control departments know what an invoice should look like in 2013? There are both ‘legislative demands and cultural requirements’ changes required when ‘new cross-border VAT and internet based invoicing directives’ come into effect in 2013, according to the Accountancy Age website. In the article, 'Invoicing the European Way', e-invoicing is a major part of the legislation with paper and electronic invoices to be treated equally. With ‘seven of the top eight markets for UK business coming from the EU’, companies that are on board with comprehensive e-invoicing systems could be at an advantage. In fact they could be at a disadvantage if they are not ready to receive, recognise and process them. Often some companies who rely on paper-based invoicing may have a more ad-hoc approach to storing the electronic version and may need new systems. For full details read the article at http://www.accountancyage.com/aa/opinion/2168719/invoicing-european

Can volunteering help your actuarial career?

What does a volunteer actuary do and how can it benefit them and their career as a financial professional? The Actuarial Profession website lists ways volunteers can help. These range from speaking at university and career events or mentoring a newly qualified colleague to joining a practice executive committee and being involved in developing professional policies. Becoming an examiner is another possibility. Volunteering opportunities allow you to make contacts and gain experience, which can all help you progress in your career as well as giving back to the profession. Available to download from the website is the annual report looking at the work of the institution’s volunteers. David, a specialist in life insurance and a member of several development boards and research committees, says “I have developed my leadership and strategic thinking capacity since becoming a volunteer.” See what volunteering in your profession may mean to you. Visit the website at http://www.actuaries.org.uk/members/pages/volunteering-profession

Preparing for an accountancy interview

Preparation is everything and the careers service at the University of Kent can really help you be prepared, particularly for an interview with an accountancy firm. Luckily you don’t need to have gone to the University of Kent or even live in Kent. All their advice is online including tips on how to answer more than 150 common interview questions – specifically for accountancy graduates. They also list questions asked by specific companies such as Deloitte or Grant Thornton. General advice includes reading the finance papers of a good quality broadsheet and if applying to a smaller local firm, trying to find out who the firm’s clients are. It also lists qualities and requirements looked for by some of the big names in accountancy – for example the core competencies required by KPMG such as business focus and problem solving. For more comprehensive advice on your first, second or third interview visit the website at http://www.kent.ac.uk/careers/interviews/ivaccountancy.htm

Improving the consumer’s financial know-how

Can a financial professional’s role be made easier if their customers know more about basic finance, economics and therefore financial products? Jane Curtis, President of the Institute and Faculty of Actuaries, definitely thinks so, laying out several initiatives in her recent article on The Actuary website. In fact, she urges fellow actuaries, accountants and financial managers to get involved in some of the projects already underway. Projects start with teaching personal finance in school to all ages. For older students the actuarial profession is working with the Royal Statistical Society to promote the teaching of statistics. The profession also gets involved with initiatives for consumers such as the report produced by their ‘Consumer Information Working Party.’ Jane Curtis recommends their report as ‘enlightening and an essential read for anyone in the profession who has to draft communications for non-experts.’ Could you help consumers to be more financially literate? Read the full article at http://www.theactuary.com/opinion/2012/03/presidents-comment-never-too-young-to-learn/

Changing roles for accountants

In a changing world with customers demanding more added value services and wider advice, management accountants and accountancy businesses may have to re-evaluate what they offer. This is the argument made by Neil Davidson, the managing director (U.K.) of Deltek in an article on the Accountancy Age website. Davidson also argues that this can only be done when a business understands and controls its business data. He says firms must “ become agile enough to offer new value-added services and ditch the archaic pricing strategy of recoverability.” They need to have an “ have an insight into their business processes including engagements, client servicing levels and profitability.” To do this he recommends having good internal procedures to bring together vital information in an integrated software solution and ‘not inputting disparate data into a myriad of spreadsheets.’ For more about the new age of accountancy see the full article at http://www.accountancyage.com/aa/opinion/2156447/stuck-moment

Fighting fraud in the public sector

Fraud is definitely not the exclusive problem of the private sector. In this month’s Public Finance magazine, an extensive feature looks at the issues discussed at a seminar hosted by Public Finance and Deloitte. It was attended by 30 key figures from the public finance sector including chief information officers, finance directors and fraud investigation officers . £21.2 billion was lost in 2010 through fraud in the public sector, accounting for ‘55% of all fraud loss in the U.K.’ Such fraud included tax fraud, procurement processes and expenses. Dame Sue Street, from Deloitte, and previously a government permanent secretary, said that a problem area was the reluctance of finance and other departments to ‘report bad news quickly.’ Organisational culture and knowledge share were seen as two key areas to work on in order to reduce the rising incidence of fraud. For much more detail on this key public finance seminar read the article here http://issuu.com/redactive/docs/pfmar2012?mode=window&backgroundColor=%23222222

Pensions Conference 2012

Pension professionals need to put the 30th May – 2nd June in their diaries for the annual Pensions conference, bringing together a range of professionals, experts and academics from pensions and finance. The three day event will have a number of workshops and plenary sessions covering areas of change such as ‘The impact of global demographics’ presented by Dr Amlan Roy from Credit Suisse. Also speaking on the economy will be two guests from the Times – Danny Finkelstein OBE and Oliver Kamm. The details of the conference, laid out on ‘The Actuarial Profession’ website, explain that the conference is open to anyone who works in the pension sector or who has a related interest in it. As well as presentation on the economy, the conference should cover ‘ a range of technical matters, softer skills and professionalism topics.’ For more information about the event, taking place at the Metropole Hotel, Brighton, visit the website at http://www.actuaries.org.uk/events/residential/pensions-conference-2012/about

Careers in payroll management

Sometimes you just need clear information – particularly when considering a new or sideways move into the finance department. The ‘Planning your career’ section of the government’s Next Step website lays out the details of many career paths in the financial sector. Taking a role of a payroll manager as an example, the website offers lots of details on management responsibilities including ‘supervising and training the payroll team, creating payroll policies and procedures and advising on tax and pay laws.’ It goes on to list the number of organisations that offer qualifications in payroll administration e.g. the Association of Accounting Technicians (AAT)
certificate in payroll administration. Further study could then lead to a foundation degree in payroll management. Typical hours, salary and associated professional bodies for more information are all included. For more details to help you make your next financial move, look at the full website https://nextstep.direct.gov.uk/planningyourcareer/jobprofiles/JobProfile0740/Pages/default.aspx

‘People will always need accountants’

Accountancy still appears to be a profession attracting confident and demanding graduates. Despite pessimistic employment news in other sectors, according to an article in Accountancy Age magazine, today’s accountancy graduates have high expectations. The article by Rachel Fielding looks at a report from UCCA which says that graduates are looking for ‘aspirational and dynamic career paths’. They often seeing their professional financial training as the basis for a broader business career. Many are also prepared to look outside of traditional companies in order to find something challenging and with good career progression. The article includes an interview with Nadim Choudhury head of career services at London School of Business and Finance who comments, “The recession…has helped propel accountancy to the forefront of career choices. "We don't know if some of the investment banks will be around in the long term but people will always need accountants," Choudhury adds. Read the full article at http://www.accountancyage.com/aa/feature/2153953/-aayp-generation-ys-expectations

Financial red tape - getting better or worse?

In a recent research report, ‘The regulatory environment on UK business’ the Institute for Chartered Accountants in England and Wales reports that most businesses think that red tape is still a problem. The respondents, including senior finance professionals, said that they have seen little improvement in the regulatory environment with some thinking that things have got worse. According to the report, “employment legislation, employment tax and health and safety regulation are most likely to be cited as hindering the operation and development of their business.” Respondents were asked whether they were aware of the government’s ‘one in, one out’ policy to company and financial regulation. The majority weren’t aware of this and of those who did, few were confident of it helping the situation. Whether you are a chartered accountant or work elsewhere in the financial industry, see where you stand on the discussion on the ICAEW’s website http://www.icaew.com/home/about-icaew/what-we-do/~/media/Files/About-ICAEW/What-we-do/business-confidence-monitor/special-reports/the-impact-of-the-regulatory-environment-on-uk-business-icaew-research-report-january-2012-2-.ashx

Events for the actuarial profession

How would you define the sector where you work as a professional actuary? If it’s in the healthcare sector, risk or pensions industries, several national conferences are being held in the next few months to meet fellow professionals and experts. Take a look at the website of The Actuarial Profession which also represents member of the The Institute and Faculty of Actuaries – the chartered professional body for actuaries in the UK.
Six conferences are taking place this year along with a range of CPD events (continued professional development). The first event from 30th April to 2nd May is aimed at the Health and Care sector and takes place in Manchester. It includes a wide range of speakers with plenary sessions including ‘Reputation management’ and ‘Putting the patient first’. For more details on which of the range of this year’s events could give you an opportunity to meet your peers visit the website at http://www.actuaries.org.uk/events

Bristol takes new financial step

The new Bristol pound is soon to take to the streets and the pockets of Bristolians. Unlike other local currencies, this one, according to the article on the BBC West website, will have the backing of the council and a credit union. One Bristol pound will be worth £1 sterling.
The article explains that ‘People will open an account with the Bristol Credit Union…for every pound sterling they deposit, they will be credited one Bristol pound.’ The funds will also be guaranteed by the Financial Services Authority. As such the article explains that an account with Bristol pounds will have the same protection as any other deposit account. The standard government scheme guarantees up to £85,000 per person.’ The new local currency will be the first such scheme that can be used to pay local business taxes. For the full details including local reaction to the new currency see the article on http://www.bbc.co.uk/news/uk-england-bristol-16852326

Record year for fraud says KPMG

Vigilance is needed by financial managers and auditing professionals more than ever before after the publications of KPMG’s latest Fraud Barometer with record figures. According to an article on The Guardian website, “The firm's Fraud Barometer, which has been running for 25 years monitoring reported cams, recorded £2.5bn of fraud between July and December.”
The financial profession need to be aware of such details not only in their role of financial audit professionals but also in that financial institutions were the ‘largest victims of fraud’. Companies and pubic bodies have brought more fraud to light as they implement budget restrictions and austerity measures according to sources at KPMG. Yet these tough economic times have also given rise to more frauds being perpetrated. As Hitesh Patel, a forensic partner at KPMG, explains in the article: "2011 was an extraordinary year for fraudsters. The economic uncertainty has been the double-edged sword behind these numbers.” http://www.guardian.co.uk/business/2012/jan/30/fraud-managers-kpmg-barometer

Auto-enrolment outside the U.K.

With auto-enrolment due to be rolled out in the U.K. what can we learn from the many other countries who have already gone down this route to improve pension provision? In an article in Professional Pensions magazine, Michael Bow looks at how they operate the system in countries including Australia,the United States and Sweden.

In ‘Auto-enrolment 2.0: Lessons from abroad’ he finds two common elements that governments and pension professionals must ensure for the success of the scheme. Looking at the first one, ‘Funding and Contributions’, he considers the US schemes where legal statutes were employed to ensure regular increases. This is not currently part of the UK proposal. Under the second point of ‘Engagement’, Bow considers the effective communication scheme used in Sweden to ensure people understood their pensions. For more details, including the pensions experience in Australia, read the full article at http://www.professionalpensions.com/professional-pensions/news-analysis/2137752/auto-enrolment-lessons-abroad

How to choose a career in insurance.

Risk Management? Underwriting? Loss Adjusting? All are potential career paths in the insurance industry and the Chartered Insurance Institute’s bright and interactive ‘Discover Risk’ website is aimed at helping students, graduates and others navigate their choices. Its career advice includes personal case studies from all areas of the industry and definitions and tips for each specialist risk area. It defines the role of an underwriter, for example, as someone who assesses risks and decides whether or not to accept applications for insurance cover, and on what terms. The aim is to minimise exposure for their company and help it to make a profit.” The Chartered Insurance Institute is the world’s largest professional body for those working in insurance, risk and financial services. Its membership scheme offers access to exams and awards eventually up to Chartered status with the Discover Risk website helping you to make the first step. Discover the site at http://www.discoverrisk.co.uk/about-risk/career-paths.aspxChartererd
Insurance Institute

New audit legislation – your views

After the decision to abolish the Audit Commission last year, the government are currently drafting the legislation for a new local public audit regime. According to an article on the website of the Institute of Chartered Accountants for England and Wales (ICAEW) this could mean increased opportunity for professional auditors in the public sector.

The institute is one of the bodies contributing recommendations to the Department for Communities and Local Government and are hosting a meeting with the department on Jan 31st. With this in mind the ICAEW encourages professional accountants and auditors to get in touch with their views on how public money should be scrutinised. The article explains that ‘the new regulatory regime as part of the overall framework is based on the existing private sector Companies Act model.’ The first draft of the legislation should be available in the Spring. For your chance to contribute as a finance professional read the article at http://www.ion.icaew.com/MoorgatePlace/23767

Another cautious year ahead? Financial plans for challenging times.

Financial managers and their teams still need to forecast, manage cash and make spending decisions despite the uncertainties of the economic world around them. Expert predictions range from a slow recovery to another year of slowdown. In an article on About.com’s Business Finance guide entitled ‘5 Financial Resolutions for the 2012 New Year for Business Owners’, there is guidance for those professionals managing the money in whatever size of business.

Cash flow management is seen as even more important than ever, particular liquidity, with the article advising holding more cash than normal to manage short-term demands. With a similar eye on outgoings, it also advises delaying major purchasing decisions on such as plant and machinery and to ‘Institute Smart Cost-Cutting Strategies’.

The article urges creativity when looking at costs in areas such as advertising or capital purchasing - rather than just cutting something out. See how your financial resolutions compare by reading the full article at http://bizfinance.about.com/od/smallbusinessfinancefaqs/tp/5-financial-resolutions-2012-new-year-for-business-owners.htm