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/