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