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.
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.
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.
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.
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.
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.
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.
HM Revenue and Customs (HMRC) has announced that its pay-as-you-go tax system for landlords and sole traders will be up and running from April 2018, in what could be an innovative development for tax payers.
The plan is to allow businesses to employ a digital tax account in order to estimate their liabilities and make a payment. This will make it easy for HMRC to allocate the funds directly from their accounts when their taxes are due.