Financial Management (UK) articles from April 2001

Financial Management (UK) archives from April 2001

Editor's letter.
April 1, 2001... What makes the difference between a company that succeeds and one that fails? As the Nasdaq crumbles, and insolvency specialists report a record number of companies going under, this question is becoming ever more important. In some cases it's...

Softworld Accounting and Finance 2001 news round-up.
April 1, 2001... Softworld took place on 7-8 March in London. Despite clashing with the Budget, the event attracted 3,000 finance professionals who attended masterclasses and learnt about the latest technology from more than 100 software providers. Here's the...

Tenon Technology.
April 1, 2001... Tenon Technology launched a seven-point technology healthcheck to get the best out of firms' IT systems. It looks at systems' efficiency and integration, equipment performance, security, system support, physical location, training and back-up,...

Pastel Software.
April 1, 2001... Pastel Software showcased a payroll package to meet the needs of growing SMEs. Pastel Payroll grows with a business and helps to deal with issues posed by payroll legislation. It includes current tax year history, back-up and restore utilities,...

Dragnet e-business.
April 1, 2001... Dragnet e-business demonstrated its new customer relationship management solution aimed at the SME market. It enables firms to integrate fully their CRM processes through their e-business and back-office processes and provides a 360-degree view...

Scala.
April 1, 2001... Scala launched a connectivity solution to allow companies, subsidiaries, customers, partners and suppliers to connect automatically in a seamless matrix. The system synchronises data and automates business processes, such as sending purchase...

Squaresum.
April 1, 2001... Squaresum set up an education programme for accountants which promotes the benefits of XML in the industry. Through on-stand briefings and seminars, accountants learnt how XML can realise huge cost savings and streamline business processes....

Foot and mouth crisis slaughters rural tourism industry across UK.(Brief Article)
April 1, 2001... Hotels and restaurants are facing bankruptcy as their customers are barred from the countryside by the foot and mouth epidemic, writes Cathy Hayward Small rural businesses are facing bankruptcy because of the foot and mouth crisis,...

BUSINESS HOPES DISAPPOINTED.(business and British budget)(Brief Article)
April 1, 2001... BUDGET Britain's accountancy firms have dismissed Chancellor Gordon Brown's pre-election Budget as "failing to excite" and doing little for small or big business. "With a large number of small measures, it was clearly a pre-election...

Watchdog accuses high street banks of victimising small firms.(Brief Article)
April 1, 2001... Provisional findings by the Competition Commission suggest that the largest banks are harming SMEs by restricting competition. Cathy Hayward reports Small businesses are falling victim to a complex monopoly by high street banks, according...

OFT backs multidisciplinary practices.(Office of Fair Trading)(Brief Article)
April 1, 2001... The accountancy profession must be subject to competition law, and unjustified restrictions on competition should be removed, according to a report by the Office of Fair Trading. "Competition brings consumers lower prices, more choice and...

Softworld Accounting and Finance 2001.
April 1, 2001... Coda launched Coda-financials v81, which enables organisations to share financial information with non-finance professionals, customers and suppliers by providing configurable input customised for use in specific market sectors. This allows the...

Access Accounting demonstrated Access Dimensions.NET.
April 1, 2001... Access Accounting demonstrated Access Dimensions.NET, its first software product that is fully operable through a web browser. It allows transaction entry into the back-office accounts database from anywhere in the world, and it has real-time...

Albany software.
April 1, 2001... Albany software launched EasyBis.com, an electronic bill presentation and payment product. EasyBis.com enables customers to streamline the invoicing and payment cycle by allowing a company to present invoices, statements and credit notes to its...

Systems Union Group.
April 1, 2001... Systems Union Group launched SunSystems 5, a financial management product aimed at global businesses that need to share financial and business information for multinational offices. SunSystems offers web-based reporting, a multilingual data...

Eclipse Computing.
April 1, 2001... Eclipse Computing launched Data Agent Server by Workwise for firms that need to link software and systems together and automatically exchange complex information. www.eclipsecomputing.com

ASB invites comment on FRSSE.(Accounting Standards Board, Financial Reporting Standard for Smaller Entities)(Brief Article)
April 1, 2001... The Accounting Standards Board has published a paper reviewing the Financial Reporting Standard for Smaller Entities (FRSSE). The paper seeks respondents' views on whether FRSSE meets users' needs and whether changes are needed. Comments are...

SMEs earn 50 [pounds sterling] for on-line taxes.(small and medium entities)(Brief Article)
April 1, 2001... Small businesses that file their VAT returns on-line and pay the tax electronically will receive a 50 [pounds sterling] incentive payment under a new Customs and Excise scheme. The one-off payments will be given to VAT-registered businesses...

IASC issues agriculture standard.(International Accounting Standards Committee)(Brief Article)
April 1, 2001... The International Accounting Standards Committee has published a standard for agriculture. IAS 41 agriculture describes the accounting treatment, financial statement presentation and disclosures relating to agricultural activity not covered in...

Money-laundering investigation.(Brief Article)
April 1, 2001... The City of London police is to investigate how 23 British-based banks flouted anti-money-laundering rules and moved almost 1 billion [pounds sterling] between 42 accounts linked to former Nigerian president General Sani Abacha. The move...

IIA issues internet security guide.(Brief Article)
April 1, 2001... The Institute of Internal Auditors has published an Internet security guide for internal auditors. This is a response to the rise in on-line crime and increased internet traffic. For details, contact 020 7819 1925.

CIMIA Business Management Event offers tips from the top.
April 1, 2001... Prestigious speakers including Sir John Shaw, governor of the Bank of Scotland, Nick Montagu, chairman of the Inland Revenue, Douglas Flint, group finance director of HSBC, Andrew Likierman, head of the Treasury, and David Maloney, group...

REWARD EXCELLENCE.
April 1, 2001... Have you been involved in a merger or acquisition? Have you implemented an ERP system or a Balanced Scorecard, activity-based management or strategic enterprise management? Perhaps you employ lots of CIMA trainees and have developed an...

Complicated tax credit processes prompt smaller firms to sack staff.(Brief Article)
April 1, 2001... A new report argues that the Working Families Tax Credit burdens small firms and discourages them from employing eligible staff. Marc Bernstein reports The Working Families Tax Credit is too difficult to administer and is burdening the...

Customs attacks retail tax 'dodge'.(Brief Article)
April 1, 2001... HM Customs and Excise has attacked a tax avoidance scheme by major high street retailers and is threatening to tackle offenders in court. The scheme reduces the taxable element of debit and credit card transactions by introducing a tax-exempt...

Accountant faces extradition.(Ian Leaf)(Brief Article)
April 1, 2001... Chartered accountant Ian Leaf is set to be the first Briton to be extradited to the UK by the Inland Revenue on tax fraud charges. Currently imprisoned in Rome, he is alleged to have deprived the government of 70 million [pounds sterling] in...

Revenue launches tax research.(Brief Article)
April 1, 2001... Customs and Excise and the Inland Revenue are working together on a programme of surveys to hear from UK businesses about the costs of complying with the tax system. Questionnaires on VAT and corporation tax will be sent to large and small...

Danger of counterfeit Euros.(Brief Article)
April 1, 2001... Delays setting up the European Commission's anti-fraud office, Olaf, will jeopardise its ability to combat Euro counterfeiting, according to security firm De La Rue, which is involved in the design and production of the new currency. The new...

Fraud police investigate website.(Brief Article)
April 1, 2001... Revenue figures for entertainment website e-district.net have been exaggerated by up to 32 times, according to an investigation by the Metropolitan Police fraud squad. Revenues of 781,571 [pounds sterling] reported for the 17 months to 31...

International Accounting Standards: A Guide to Preparing Accounts.(Review)
April 1, 2001... International Accounting Standards: A Guide to Preparing Accounts, 2nd Edition Authors: Georgette Bailey and Ken Wild Publisher: Accountancy Books ISBN: 1841400459 Price: 70 [pounds sterling] This is the second edition of...

The Keys to Excellence.(Review)
April 1, 2001... Book: The Keys to Excellence Author: Nancy R Mann Publisher: Management Books 2000 ISBN: 1852523239 Price: 12.99 [pounds sterling] It is doubtful whether many readers of Financial Management will have heard of Dr W...

Revenue Law: Principles and Practices.(Review)
April 1, 2001... Book: Revenue Law: Principles and Practices, 18th edition Author: Chris Whitehouse Publisher: Tolley ISBN: 0406930783 Price: 42 [pounds sterling] "Much to be endured, and often little to be enjoyed" is how the preface...

Letters.
April 1, 2001... Financial Management, 63 Portland Place, London W1B1AB; financial management@cimaglobal.com Greater than the sums of its parts I read with interest the many letters debating whether we are in the business of management accounting or...

For what it's worth.
April 1, 2001... When it comes to working out your firm's value, it is vital to consider its intangible assets, but how do you measure them? David Allen looks at the latest ways to evaluate a business As is now widely recognised, there is no correlation...

Takeover undertaking.(Brief Article)
April 1, 2001... If your business is taken over by another firm, is your new employer legally obliged to keep you on or not? Sue Nickson finds there is no easy answer, as controversial TUPE decisions continue to confuse TUPE or not TUPE? That is the...

Ruling classes.(2001 British budget)(Brief Article)
April 1, 2001... Companies should welcome the chancellor's aim of simplifying the tax system, but they should not expect too much too soon. Trevor James reports on new and improved proposals that emerged in the 2001 Budget The chancellor's fifth Budget...

Expand and contract.(application service providers)(Brief Article)
April 1, 2001... Financial managers can no longer afford to ignore the possibilities offered by application service providers. But you have to read the small print in the contract, warns John Warchus The announcement by Microsoft, Cable and Wireless and...

Plane speaking.(Brief Article)
April 1, 2001... Companies must be flexible to survive fluctuating market and business conditions. Roy Northridge looks at the airline industry to illustrate why the idea of fixed costs is is no longer appropriate in today's economy It is time that the...

Going for broke.(business failures)
April 1, 2001... In the business world, small is not beautiful and youth is no advantage -- most of the 172,000 businesses that collapsed last year employed fewer than 14 people and were less than two years old. Cathy Hayward analyses the secrets of failure ...

Measuring up.(balanced scorecard and performance scorecard accounting)
April 1, 2001... While the Balanced Scorecard has taken off in the US, the Performance Scorecard is winning fans in France. The Balanced Scorecard (BSC) is a strategic tool which enables companies to link a set of indicators directly with their strategy,...

Scored for life.(balanced scorecard accounting software)(Brief Article)
April 1, 2001... The good news is that software companies are producing packages to help you implement a Balanced Scorecard. The bad news, warns Bernard Marr, is that there is still no substitute for the hard work of the initial strategic analysis Experts...

Tailor made.(enterprise resource planning)
April 1, 2001... Despite all their uses, enterprise resource planning systems have a reputation for high costs, overruns and failing to deliver. Chris Gant explains how to fit them to your business objectives The ICT (information and communications...

Central office.(shared service centers)
April 1, 2001... In the 1990s, big business saved money by pooling resources into shared service centres. But in the future, says Aubrey Joachim, technology could make these centres redundant The concept of shared service centres (SSCs) was born when...

Joining forces.(accountants and managers)
April 1, 2001... Many company decision-makers fail to understand either the language or the aims of their accountants. Mike Scott explains how to unite all managers to improve business performance Most people within a business do not generally understand...

Midas mouse.
April 1, 2001... If your company coffers are bursting, try a touch of gilt accessorising with the gold mouse -- the latest techie gadget for not-so-prudent financial directors. Made from sterling silver, but plated with 18 carat gold, the mouse has a standard...

Battered company cars cost firms 200 million [pounds sterling] each year.(Brief Article)
April 1, 2001... Mistreatment of company cars is costing British businesses over 200 million [pounds sterling] a year, according to fleet services firm Interleasing. Bumps and scratches, ingrained dirt, cigarette burns and irresponsible driving are just...

Charitable action saves on tax.
April 1, 2001... You may have already dug deep into your pockets for Comic Relief, but now there's an extra incentive to give to charity. It could significantly reduce your tax bill if you donate shares before 5 April, according to the Charities Aid Foundation....

Increasing air traffic grounds travellers.(Brief Article)
April 1, 2001... Flying can be stressful -- waiting in endless queues for toilets, luggage and Duty Free, and being confronted with aeroplane food at strange times of the day and night -- even without the further irritation of delayed or cancelled flights. ...

High-flyers go on an economy drive.
April 1, 2001... Forget luxurious airport lounges and on-flight massages, today's business travellers are more interested in saving their firm money, according to a recent survey published by American Express. Almost half of business travellers questioned...

SKY-HIGH MENU (AND PRICES).
April 1, 2001... If the year-end results are excellent, or you've just committed major fraud, or a client is desperate to take you out for a slap-up lunch, sample Windows, the Park Lane Hilton's 28th floor restaurant. With gin and tonics at 9 [pounds sterling]...

WORK, REST AND PLAY.
April 1, 2001... Never mind the Ritz, if you are doing business in London, impress your board with the less expensive, but infinitely trendier, One Aldwych, in Covent Garden. For the business-minded, there are conference and screening rooms, business dining...

Mind behind.
April 1, 2001... If you spend your day looking over your shoulder while surfing the net, touching up your CV, or writing personal e-mails, then the gadget you've been waiting for has arrived: the Watch Your Back convex mirror. Attached to your computer, it...

Firms ask staff to take a hike for Mencap to develop skills.
April 1, 2001... Are you confident that all those late nights at work with the auditors, followed by boozy lunches and evenings down the pub, have given your staff good teamworking skills? Learning disability charity Mencap is challenging any firms that...

Seven secrets of success at work.
April 1, 2001... * have a strong reason why you want to make a difference; * define your goal; * plan your priorities before taking action to make a difference; * have self-belief that you will make a difference; * involve others to help you...

Graduates dismiss accountancy as future career option.(Brief Article)
April 1, 2001... Accountancy is seen as a poor career option by many graduates, according to a survey of Britain's top universities by recruitment consultancy Fresh Minds. Fewer than 5 per cent saw accountancy as a good career, compared with 25 per cent...

EUROBELL SCOOPS BEST TEAM PRIZE AT CREDIT TODAY AWARDS.
April 1, 2001... Janice Padley, team leader at Close Credit Management, was awarded the best newcomer to the credit industry at the recent Credit Today awards, held at London's Natural History Museum. The awards, hosted by Chris Barrie of Red Dwarf and Brittas...

How to feel your way to the top.(Brief Article)
April 1, 2001... Emotionally aware people progress more quickly up the career ladder and get better results in the workplace, according to recruitment consultancy HMI Hitchenor Maher. "People in touch with their own and others' emotions, have emotional...

Capital fun.
April 1, 2001... If you can remember the first actor who played James Bond, and the names of the Olympic gold-medal-winning coxless four rowing team, after a three-course liquid dinner, then sign up a team of five colleagues for the Capital Quiz. The annual...

Green fingers.(Brief Article)
April 1, 2001... These days it is no longer enough for managers simply to ensure that their businesses have positive social, ethical and environmental policies, they must also be able to prove they work. Carol Adams explains why The pressure on companies...

Delegates flock to CIMA Biz.Net.(Chartered Institute of Management Accountants)(Brief Article)
April 1, 2001... CIMA Biz.Net has been taking local events by storm, with some events attracting more than 40 delegates. Over half said that they had not attended a CIMA event before. More than 85 per cent of delegates rated the overall events as above...

Correction.
April 1, 2001... The entry for new member Grant Andrew Oshry listed in Financial Management, December 2000, should have stated: Oshry, G A, Deutsche BankGroup (SA), Johannesburg, South Africa.

Chief executive departs with pride after six eventful years.(John Chester of the Chartered Institute of Management Accountants)(Brief Article)
April 1, 2001... This month John Chester retires as CIMA's chief executive. He talks to Gemma Townley about his greatest memories and describes his wish for stronger partnership between staff and members As a commander in the Royal Marines, you would expect...

Accountants in Russia gain international skills.(Brief Article)
April 1, 2001... The growing market economy in Russia demands accountancy professionals who are equipped with skills that allow them to provide financial and business information necessary for successful strategic management. Training western-style accountants...

Sunil K Sirisena FCMA has been promoted to finance director of Albemarle Private Equity Group.(Brief Article)
April 1, 2001... Sunil K Sirisena FCMA has been promoted to finance director of Albemarle Private Equity Group, a venture capital fund manager. Before this, he was finance controller and company secretary.

A special achievement award for the businesswoman of the year has been awarded to Liz Kent of Access Accounting.(Brief Article)
April 1, 2001... A special achievement award for the businesswoman of the year has been awarded to Liz Kent of Access Accounting. Kent joined the company as a receptionist in 1990. Today she runs the office, manages the administrative staff and organises...

Niamh Mathews ACMA has been appointed financial controller at Kitchen Accessories (KAL).(Associate Chartered Management Accountant)(Brief Article)
April 1, 2001... Niamh Mathews ACMA has been appointed financial controller at Kitchen Accessories (KAL). Before joining KAL in 1998, Mathews was a commercial accountant at BT Cellnet, Leeds.

David Goodhand FCMA has been promoted to the position of executive director of finance and strategic planning for Estee Lauder International, based in New York.(Fellow Chartered Management Accountant)(Brief Article)
April 1, 2001... David Goodhand FCMA has been promoted to the position of executive director of finance and strategic planning for Estee Lauder International, based in New York. Previously, Goodhand was based in the UK as regional director of finance, Central...

Wm Morrison Supermarkets has appointed Jonathan Burke ACMA as company secretary.(William Morrison Supermarkets)(Associate Chartered Management Accountant)(Brief Article)
April 1, 2001... Wm Morrison Supermarkets has appointed Jonathan Burke ACMA as company secretary. Burke joined Morrison's finance team in 1991. He has also been appointed to Morrison's board of management.

Arthur Andersen has appointed Sandy Buchanan as a director of Arthur Andersen's UK life insurance tax division.(Brief Article)
April 1, 2001... Arthur Andersen has appointed Sandy Buchanan as a director of Arthur Andersen's UK life insurance tax division. Buchanan joins from his previous role as a senior manager with Ernst &Young. He has also advised insurance companies in the USA and...

Horwath Clark Whitehill has appointed Ian Smith as a senior tax adviser.(Brief Article)
April 1, 2001... Horwath Clark Whitehill has appointed Ian Smith as a senior tax adviser. Smith joined the firm of accountants and business advisers in November.

Bob Aylott has joined outsourcing advisory consultancy Orbys.(Brief Article)
April 1, 2001... Bob Aylott has joined outsourcing advisory consultancy Orbys. As well as being a senior member of the Orbys consulting team, Aylott will have specific responsibility for accelerating the firm's business growth and market recognition. Before...

Neil Thorne has joined JBS Computer Services as development account manager.(Brief Article)
April 1, 2001... Neil Thorne has joined JBS Computer Services as development account manager. Before this, he worked for Geac in pre-sales, initially on JBS's financial and distribution systems and, most recently, on e-commerce.

Janet Gray has been promoted to the position of operations director designate at finance firm Bibby Factors West Midlands.(Brief Article)
April 1, 2001... Janet Gray has been promoted to the position of operations director designate at finance firm Bibby Factors West Midlands. Gray had previously held the position of general manager. Alison Ruddock-West has also been promoted to the position of...

Ernst & Young has announced the appointment of actuary Shayne Deighton as a partner.(Brief Article)
April 1, 2001... Ernst & Young has announced the appointment of actuary Shayne Deighton as a partner. He joins from Zurich Financial Services where he had been finance director of the UK life business, which included Allied Dunbar and Eagle Star.

Securicor Recruitment Services has appointed Peter Loughlin as finance director.(Brief Article)
April 1, 2001... Securicor Recruitment Services has appointed Peter Loughlin as finance director. Loughlin previously held the position of financial controller for Securicor Cash Services.

Paul Manning FCMA has been appointed chief finance officer with the Margolis Group.(Fellow Chartered Management Accountant)(Brief Article)
April 1, 2001... Paul Manning FCMA has been appointed chief finance officer with the Margolis Group. Before this, he was financial director for a number of subsidiaries of Serco Group.

Pastel Software has appointed Kevin Lief as director of strategic channel development.(Brief Article)
April 1, 2001... Pastel Software has appointed Kevin Lief as director of strategic channel development. Lief joins the UK operation from Pastel Software in Sydney, where he was managing director.

Andrew Allcock has joined Hurst Corporate Transactions as corporate finance partner.(Brief Article)
April 1, 2001... Andrew Allcock has joined Hurst Corporate Transactions as corporate finance partner. Previously, he led the corporate finance team at Baker Tilly.

Infinium, a provider of integrated e-business solutions and ASP services, has appointed James McGowan to the position of president and chief executive officer.(Infinium Software Inc.)(Brief Article)
April 1, 2001... Infinium, a provider of integrated e-business solutions and ASP services, has appointed James McGowan to the position of president and chief executive officer. Prior to joining Infinium, McGowan was president and CEO of Portal Connect.