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