Monday 23 April 2012

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

Thursday 19 April 2012

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

Tuesday 10 April 2012

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

Monday 2 April 2012

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/