Accounting Newsletter 

How Many Non-Auditors are Getting Pulled Off the Bench to Do Inventory Counts This Year?

Hello and Happy post-Christmas Monday, everyone. Quick show of hands (let’s just pretend I can see them through the screen OK?), how many of you NOT in audit have been pulled off the bench to do inventory counts this week? We’re hearing some grumblings of tax people being thrown into the gauntlet and thought it might be good to throw the question out there to find out if this is just the usual “hey you’re not doing anything anyway and Kevin has the flu so he can’t go to St.…

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Accounting Advices 

Growth and productivity: is outsourcing the answer?

A third (34%) of UK accountants do not trust that outsourcing is done correctly or to a high enough standard, according to latest research from IRIS Software Group (IRIS), the UK’s leading provider of accountancy software and services. The research reveals many accountants are reluctant to outsource certain elements of their role thanks to out-of-date assumptions. From the beginning of the COVID-19 pandemic, accountants have been their clients’ essential, trusted advisors. Yet with the threat of business survival still at large, accountancy professionals need more support in managing admin-heavy tasks…

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Accounting Advices 

Optimism as small businesses start to get back to normal but financial support lagging behind

Small business owners are feeling upbeat about the prospect of trading getting back to normal but are still struggling with their mental health and finding financial support, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN). All owners reported that business trading is at the level they expected or slightly higher this month, a jump of 11% over last month. And there was also unanimity from 100% of respondents that their businesses will return to pre- Covid levels of productivity…

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Accounting Services 

Friday Footnotes: Accounting’s Future; PwC Plants a Flag on the Metaverse; Netflix For Professional Services? | 12.24.21

Ed. note: Have a safe and happy holiday out there, everyone. We hope a good chunk of you are rocking the out of office message this weekend and can get some much-deserved rest and relaxation, and that the rest of you can at least fit in a nap and a text message to your grandma. We’ll be back Monday with the usual end of the year phoned-in trash. Merry Christmas! The Future of Accounting: How a New Generation Can Tackle the World’s Biggest Challenges [Bloomberg Tax] As the tax and…

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Accounting Newsletter 

Many businesses failing to focus on cash flow, survey finds

–  Only 14% of UK Finance departments report a primary focus on cash flow during the COVID-19 pandemic. 16 AUGUST 2021: New research has shown that just 14% of UK Finance decision-makers focused on cash flow during the most recent Covid-19 lockdown. The majority of businesses focussed on cost-cutting exercises and the use of Government support. For example, 41% confirmed they had furloughed accounts payable staff over the past 12 months. As of June 2021, approximately 11.6 million jobs had been placed on furlough in the United Kingdom as part…

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Accounting Advices 

How can accountants unlock their practices’ full potential?

By Jim Scott, MD for Accountancy at IRIS Software Group Accountants have faced a number of challenges since the start of COVID-19. The sudden shift to remote working and changing customer demands meant many had to adopt new ways of working, fast. Added to this, businesses have needed additional support to prepare for phase two of the evolving Making Tax Digital (MTD) legislative changes and will continue to need expert advice from accountants ahead of the next phases in 2022 and 2023. As we emerge from the pandemic, accountants will…

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Accounting Newsletter 

We Did it Guys, We Found the World’s Most Insufferable Accountant

Once again, r/linkedinlunatics comes through with the gold: Either this guy is really, really serious about his job OR — and more likely — just really bad at figuring out how to get 16 hours of work done in 10. If Reddit existed 20 years ago, the comment section on that post would likely be filled with similarly-minded weirdos who consider abandoning any hope of a personal life some kind of twisted badge of honor. Thankfully we live in current day where this kind of behavior is called out for…

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Accounting Newsletter 

Making Tax Digital is less about tax and regulation than you may think

Evan Jones is Lead Technology Product Manager at Wolters Kluwer Tax & Accounting UK When we think of Making Tax Digital (MTD) for Income Tax, the obvious association is tax and regulation, but the reality is that MTD in any form is less about either of the above and more about how practices need to evolve as organisations, and how they might encourage their clients to begin to operate in a digital way. When it comes to practices making as smooth a transition as possible for their clients, there may…

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Accounting Services 

British accountants crippled by raging talent war

Nearly half (49%) of UK accountancy firms are suffering huge blows to growth, amid the skills and salary war raging across the profession. The astounding figure was uncovered during research conducted by IRIS Software Group (IRIS), to understand more about the vital role accountancy professionals play in British business. Professional services firms have been hit hard by labour shortages, with many forced to turn work away due to a lack of staff, according to KPMG. IRIS also found a third (32%) cite the current skill set of talent in their…

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Accounting Newsletter 

A Pair of Senators are Trying to Get the Kiddos Hooked on Accounting in Grade School

Do you guys remember those after school specials of the 80s that made it seem like drug dealers hiding around every corner offering free drugs was going to be something one would have to be concerned about as we got older? I imagine I’m not the only one who was tremendously disappointed to find out there are no such drug dealers. Having to pay for our drugs aside, there was a lesson in there somewhere: the grown-ups were warning us to be cautious because kids are dumb and impressionable and…

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