NEWS - ACCOUNTANCY & FINANCE

City of London is a key global hub for fintech companies

The City of London has become a key global hub for fintech companies over the past decade, according to UHY Hacker Young.

Research from the national accountancy group showed significant growth in the City’s economy, making it the strongest in the UK over the past decade.

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Survey shows optimism boost in financial services sector

Businesses in the financial services sector felt more optimistic in the first quarter of 2017 than in the previous quarter, despite uncertainty over Brexit, according to the most recent CBI/PwC Financial Services Survey.

The quarterly report surveyed 98 businesses and found that the level of optimism was varied across sectors, with investment managers, building societies, insurance brokers and life insurers feeling the most optimistic in the first quarter of the year.

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Study reveals banking preferences of UK adults

A study commissioned by Lithium Technologies has revealed the banking preferences of adults in the UK, with over 60 per cent saying that they would prefer to do their banking online than at a physical branch.

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Financial education helps employees cope with life issues, research finds

Financial education in the workplace can help employees to cope with life issues, with 48 per cent believing that it would enable them to save for retirement, according to a report from Capita Employee Benefits.

The Insight report surveyed over 1,800 employees aged 16 or over in the UK and found that over 75 per cent believe that being provided with financial education would enable them to cope with issues such as saving for retirement or saving up for a deposit on a mortgage.

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Fintech investment reaches two-year high in 2017, report shows

Fintech investment between the UK and mainland Europe reached a two-year high in 2017 despite the uncertainties over Brexit, according to a report from professional services and Big Four firm KPMG.

The report showed that fintechs in the UK attracted $226 million in venture capital (VC) funding in the first quarter of the year, up by 28 per cent from $178 million in the fourth quarter of 2016.

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UK investors continuing with plans despite Brexit, research shows

A report from Market Finance Solutions has shown that investors in the UK are forging ahead with their investment plans despite Brexit.

Out of the 1,000 investors who were surveyed, 37 per cent believe that the upcoming Brexit negotiations will provide a good opportunity for short-term investment.

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Research shows increase in asset-based finance to businesses

March 15 ,2017 | by Claire Payne

Research from the Asset Based Finance Association (ABFA) has shown that asset-based finance to businesses in the UK has reached £22.2 billion, up by 13 per cent from £20.6 billion in 2016.

The research identified the key reason behind the rise, with the increase in businesses turning to asset-based finance and supplementing traditional sources of finance to help boost business growth and finance the development of new products being the main driver.

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Accountants were in high demand last year, survey shows

February 27 ,2017 | by Claire Payne

There was a high demand for newly qualified accountants in 2016, according to the UK Salary Guide by specialist recruitment agency Morgan McKinley.

The guide showed that 2016 was a good year for accounting and finance, with strong demand in both sectors, particularly for auditors who were looking to move into the industry.

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Royal Bank of Scotland launches loan service for SMEs

February 16 ,2017 | by Hari Sri

Royal Bank of Scotland (RBS) is to launch a digital site that will offer business loans to small and medium-sized businesses within hours.

The site, which is named “Esme”, was developed by RBS’s in-house innovation lab and is being launched under the NatWest brand.

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Brexit will increase demand for accountants, according to research

February 15 ,2017 | by Erin O’Neill

Brexit will increase demand for accountants, according to a poll from YouGov commissioned by the Association of Chartered Certified Accountants (ACCA) and the Association of Accounting Technicians (AAT).

The survey, which looked at the attitudes of MPs, found that over 45 per cent believe that the UK’s exit from the EU will have a positive impact on the accountancy profession, as accountants will be able to provide advice to clients on the financial implications of the vote.

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HMRC releases further information on digitising tax

February 02 ,2017 | by Erin O’Neill

Following consultations with the business community, HM Revenue & Customs has released further information on their Making Tax Digital initiative.

HMRC received over 3,000 replies from the consultations.

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Guide to help businesses avoid late payments published

February 01 ,2017 | by Claire Payne

Guidance to help large businesses improve their payment practices and pay their suppliers on time has been published.

The guide comes after research from payment processor BACS found that almost half of small and medium-sized businesses have problems with late payments, with over £26 billion being owed to them.

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Brexit could drive demand for financial education, research shows

January 26 ,2017 | by Helen Gould

Over 60 per cent of employers in the UK believe that the impact that Brexit has on the UK’s economy could lead to more demand for financial education in the workplace, according to Nudge’s Financial education yearbook 2016/17 report.

The report surveyed over 300 employers and found that 32 per cent already provide their staff with financial education in the workplace, whilst 54 per cent are planning to introduce it or have already started introducing it.

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Accountants want flexibility when considering a new job, survey shows

January 23 ,2017 | by Helen Gould

Research from the Chartered Institute of Management Accountants (CIMA) and Global Accounting Network has found that over half of qualified accountants are motivated by flexibility when taking a new job role into consideration.  

The CIMA 2016 salary insights report surveyed over 3,400 of CIMA’s student accountant members and over 4,400 qualified accountant members and found that 55 per cent of qualified accountants would like a new job that offers flexibility and a better work-life balance, up from 37 per cent in 2015. 

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ACCA outlines key priorities for accountancy success

January 04 ,2017 | by Helen Gould

The Association of Certified Chartered Accountants (ACCA) has released a checklist outlining the key priorities for achieving success in the accountancy profession in the new year.

The checklist is aimed at accountancy professionals, business leaders and policy makers and consists of a wish list to help professionals deal with uncertainties in 2017, including the upcoming negotiations over Brexit. 

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Research shows increase in Christmas tax returns

December 30 ,2016 | by Helen Gould

Research from HM Revenue and Customs has shown that more self-employed workers are choosing to complete their tax return early, with 14,000 people filing their return over the Christmas period.

The research found that 1,944 people filed their tax return online on Christmas Day, a decrease of 100 from last year.

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Number of jobs in London’s finance sector increases, report shows

December 13 ,2016 | by Erin O’Neill

Recruitment agency Morgan McKinley has found that the number of jobs in London’s finance sector has increased since the EU referendum.

The company’s London Employment Monitor showed an increase of 6 per cent year-on-year in November, indicating that employment in the City could remain strong.

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Sage’s global event is coming to London

November 29 ,2016 | by Erin O’Neill

Accounting software company Sage has announced that its annual global event road show will be coming to London next year.

The Sage Summit Tour will be held in London from 5th April to 6th April 2017 and will offer learning, training and networking opportunities for entrepreneurs.

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Bonuses outstripping salaries in accountancy roles

November 24 ,2016 | by Erin O’Neill

Growth in bonuses is outstripping the average increase in salary in accountancy roles as employers make retaining top talent a priority, according to data from the Chartered Institute of Management Accountants (CIMA) and finance recruitment agency Global Accounting Network.

The data showed that average salaries increased by 1.9 per cent, up from £62,791 in 2015 to £63,991 this year, whilst average bonuses saw a much bigger increase, up from 8 per cent of annual salary to 12 per cent over the same period.

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Accountants need tech skills to succeed

November 10 ,2016 | by Erin O’Neill

By 2026, accountants believe that tech skills will be required in order to succeed, according to a report from cloud-based accounting software company Xero.

The report showed that whilst the majority of accountants are aware of how important it is to keep up to date with new technologies, many of them are not investing enough time into developing skills to allow them to do so.

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Alternative finance options for small businesses

November 03 ,2016 | by Erin O’Neill

Under a new government scheme, nine of the UK’s major banks will offer small businesses more finance options.

This new initiative will see the details of small businesses passed on to finance platforms by big banks that have rejected them for finance.

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Salaries to increase in finance and accountancy roles

October 11 ,2016 | by Claire Payne

Recruitment agency Robert Half has found that starting salaries for finance and accountancy jobs are expected to increase by an average of 2.9 per cent in 2017.

The company has predicted that starting salaries in finance and accountancy roles will rise across more than 100 roles.

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Accounting software to help small businesses with finance

October 04 ,2016 | by Thiago Kiwi

Barclays has teamed up with online accounting software company Xero to help small businesses in the UK to manage their finances.

The service will enable Barclays customers to use Xero’s direct feeds technology to access their transaction data.

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UK businesses raise record £20.3 billion in invoice finance

September 07 ,2016 | by Hari Sri

UK businesses have raised a record £20.3 billion in invoice finance this year, according to figures from the Asset Based Finance Association (ABFA).

An increasing number of small businesses are using invoice finance, resulting in the first time the £20 billion barrier has been broken. 

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Businesses optimistic about digital tax plans, according to report

August 23 ,2016 | by Hari Sri

Freelancers and micro-business owners believe that the Government’s plans to make tax digital is a step in the right direction, according to a survey conducted by FreeAgent.

The report, which surveyed 513 businesses with less than ten employees, showed that nearly half of UK businesses feel optimistic about the changes to the UK tax system. 

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