Financial Management (UK) articles from July 2001

Financial Management (UK) archives from July 2001

Editor's letter.(Brief Article)
July 1, 2001... People skills are always being lauded as essential for long-term career success, but it is only recently that they seem to be taking almost more precedence than technical expertise. Take a look at recruitment adverts for finance directors, and...

400 million [pounds sterling] lost from NIC fund.(National Insurance Fund)(Brief Article)
July 1, 2001... The Department of Social Security and the Benefits Agency lost more than 400 million [pounds sterling] from the National Insurance Fund in 1999 and 2000, according to a report by the National Audit Office. Most of the losses stemmed from errors...

IFAC publishes discussion paper.(International Federation of Accountants)(Brief Article)
July 1, 2001... The International Federation of Accountants is seeking comments on a discussion paper about defining and achieving professional accountancy competency. The paper can be downloaded from www.ifac.org. Comments are requested by 31 October 2001.

Gas gives UK firms a headache.(Brief Article)
July 1, 2001... The lack of transparency in the current deregulated gas and electricity markets is costing UK businesses time and money, according to Oliver Burgess, commercial manager at Energy Shark. Speaking at an energy forum of the British Institute of...

Summer seminars on SIPPs.(self-invested personal pension provider Pointon York holding seminars)
July 1, 2001... Self-invested personal pension (SIPP) provider Pointon York is holding a series of summer seminars to explain the benefits of the professional property SIPP to accountants. The seminars will look at the advantages of SIPPs, how they can be used...

Car tax may backfire on pollution.(Brief Article)
July 1, 2001... New company car tax will put more old cars on the road The changes in company car taxation, due to come into force in April 2002, will increase the number of older, more polluting cars being used for business purposes, despite aiming to do...

Navision profits defy merger tension.(Brief Article)
July 1, 2001... Over 1,200 Navision partners and employees attended its world conference in Copenhagen last month. The conference was the firm's first since merging with rival Damgaard last year. Comedian and key note speaker John Cleese was quick to...

Start-ups need free cash help.(accountants should waive charges in return for shares in business start-ups)
July 1, 2001... Accountants should boost entrepreneurship by waiving charges in return for shares, argued speakers at the ICAEW conference. Accountants should be willing to work for nothing to help start-up entrepreneurial businesses become successful,...

CHANGE OF VENUE.(Chartered Institute of Management Accountants' Business Management Event)
July 1, 2001... The CIMA Business Management Event (27-28 September 2001) has relocated to the magnificent Hotel Russell WC1, following the Cumberland Hotel's decision to refurbish its business centre during September 2001. Situated next to Russell Square...

CIMA member re-elected as MP.(Chartered Institute of Management Accountants member Michael Foster)
July 1, 2001... Labour MP Michael Foster was the only CIMA member to win a seat at last month's UK general election. Foster, who was re-elected in Worcester, saw his majority down from 7,425 to 5,766 with a 0.67 swing to the Conservatives. "I am delighted to...

ASB publishes exposure draft.(Financial Reporting Standard for Smaller Entities )
July 1, 2001... The Accounting Standards Board has published an exposure draft of an amendment to the Financial Reporting Standard for Smaller Entities (FRSSE). The proposals aim to take account of developments in financial reporting since FRSSE was first...

Video explains green benefits.(benefits of being environmentally friendly)
July 1, 2001... The business benefits of being environmentally friendly are discussed in the management accounting programme on the Einstein Network's April video. Based on research by Professor Steve Toms of Nottingham University, which found a link between...

Doctor jailed for fraud.
July 1, 2001... A doctor who ran a locum agency in north Wales has been found guilty of false accounting and fraudulent trading. Dimitri Padelis, who submitted invoices with inflated hours and duplicate travel expenses, was jailed for four years, was fined...

Consultancy jobs go.(Cap Gemini Ernst & Young )
July 1, 2001... Cap Gemini Ernst & Young is to shed 250 UK consulting staff following the merger of the two firms in March 2000. The group blamed the downturn in the technology market for the losses.

Income rises for top accountants.(BDO Stoy Hayward)
July 1, 2001... Top-10 accountancy firm BDO Stoy Hayward increased its fee income by almost 17 per cent to 201.5 million [pounds sterling] in the year ended 31 March 2001. Corporate finance and business recovery services were the highest earners.

Letters figured out.(directory of international professional accounting and business certification programmes)
July 1, 2001... CIMA fellow Lal Balkaran has published a directory of international professional accounting and business certification programmes. The book aims to explain the hundreds of designatory letters which exist worldwide. Contact...

Clarification.(Roger Boyes, Halifax group finance director, to retire after merger)(Correction Notice)
July 1, 2001... Following our news story last month ("Job cuts at HBOS hit finance chiefs", Financial Management, June, page 5), we wish to make it clear that Roger Boyes, Halifax group finance director, had already decided, in conjunction with the company,...

Small firms ill-prepared for euro.
July 1, 2001... SMEs across Europe need to wake up to the implications of the euro if they are to avoid serious disruption to business in 2002. With under six months to go until the introduction of the euro, fewer than 20 per cent of continental European...

CIMA member lands top-flight job.(Chartered Institute of Management Accountants member John Rishton appointed chief financial officer of British Airways)
July 1, 2001... British Airways has appointed CIMA member John Rishton as its new chief financial officer. Rishton will take over the role on 1 September. He qualified with CIMA in 1984 while working at Ford Motor Company and is currently BA's financial...

Letters.(Brief Article)(Letter to the Editor)
July 1, 2001... Con-Deming words How nostalgically refreshing, but also rather disturbing, to read the raw confidence expressed by Steve Conley who wrote: "Any management accountant who has not even heard of [Dr W Edwards] Deming should have their...

New world order.(taxation in a global economy)(Brief Article)
July 1, 2001... As the nature of overseas assignments shifts, companies must become aware of potential tax implications for them and for their employees. Nick Squire considers some problem areas for a globetrotting workforce In an economy that no longer...

Take it to the limit.(Brief Article)
July 1, 2001... A House of Lords comment in an unfair dismissal case could mean compensation claims for more than just financial loss. This will prove expensive for firms, warns Sue Nickson The increase in the unfair dismissal compensatory award limit from...

Hire education.(Brief Article)
July 1, 2001... Candidates may have the right qualifications but, if their attitude conflicts with your firm's culture, hiring them could prove an expensive mistake. Orla Leonard offers tips on how to get recruitment right first time Every time your...

Fever pitch.(Brief Article)
July 1, 2001... The US economy may be sneezing, but this does not necessarily mean the world will catch a cold. David Ross looks at the symptoms of recession and prescribes a measured approach The number of column inches recently devoted to the possibility...

Sign of the times.(Brief Article)
July 1, 2001... Companies House is now accepting electronic signatures for company registration. This should speed the process up, but does it also have a deeper significance From this month it will be possible to form a limited company in the UK in less...

Shop till you drop.(Brief Article)
July 1, 2001... Damned if they do make a profit and damned if they don't. As Tesco and Marks and Spencer take the flak from the media in different ways, Mike Brown questions the way the British press deals with profit and loss The recent announcement that...

Don't look back.(Brief Article)
July 1, 2001... David Allen contrasts financial management in quoted and private companies and finds that the share performance is a distraction which makes quoted companies an aberration One of the most persistent criticisms of British industry is its...

Paying to the gallery.
July 1, 2001... Nothing is certain in life except death and taxes, according to Benjamin Franklin, but, as the Inland Revenue takes on more spending roles, the government is hoping to link taxes more obviously with services and so make them, if not a blessing,...

Perfect harmony.(Brief Article)
July 1, 2001... She became Price Waterhouse's first female partner at just 32, races yachts in her spare time and keeps her clocks 15 minutes fast. Now Mary Keegan is directing her energy towards harmonising International Accounting Standards by 2005. The...

Yours sincerely.(Chartered Institute of Management Accountants)
July 1, 2001... CIMA's straight-talking incoming president admits he would not make a good politician but, as Gemma Townley discovers, his aversion to spin stands him in good stead for heading an organisation keen to foster clear communication Bruce...

Social conscience.
July 1, 2001... Smaller businesses are just as keen as their larger counterparts to reap the benefits of corporate social responsibility but, as Adrienne Margolis finds out, most are going to need some help to put the concept into practice If you haven't...

CAPE expectations.
July 1, 2001... A CIMA-backed survey shows clearly that the huge changes in Southern African society are affecting management accountancy in the region. Robert Luther, Diane Bowler and Steve Longdon explore how the profession has responded and ask where it...

Keeping up appearances.
July 1, 2001... Branding and image are everything when it comes to product success. Mike Brown explains why this is something the government should consider in its drive to boost competitiveness Conventional accounting has always treated marketing as a...

Flights of fancy.
July 1, 2001... Business journeys ain't what they used to be. The days of guaranteed first-class travel are over, and hotel chains and airlines are stacking up to offer cheaper deals. But, as Gemma Townley discovers, staff may take some convincing about the...

Wish you weren't here.
July 1, 2001... If you think that not taking all your annual leave makes you more productive, think again. Being tied to the desk can damage your health and relationships and, as Cathy Hayward reports, can cost your company money Few people need to have...

Gleneagles offers whole in one.(Brief Article)
July 1, 2001... If you are looking for a corporate hospitality or training venue with a difference, Gleneagles could be the perfect choice. Famous for its spectacular golf courses, the luxury hotel is also home to a major equestrian centre, a falconry lodge,...

TRAVEL BY INTRANET.(Brief Article)
July 1, 2001... P&O Business Travel has launched a one-stop service allowing firms to provide customised travel information to employees through the company intranet. The service, which includes flight schedules, company travel and insurance policies, hotels,...

MINDING THE GAP.(Balanced People establishes interim management division)(Brief Article)
July 1, 2001... Accountancy recruitment firm Balanced People has set up an interim management division specialising in recruiting senior finance professionals on a contract basis. "We will be looking for managers to cover situations such as re-organisations,...

Hold on to footloose handhelds.(handheld computers)(Brief Article)
July 1, 2001... The use of handheld computers is set to increase by over 50 per cent in the next few years, according to a survey by the Gartner Group. More than a billion handheld computers and mobile phones with wireless network connectivity will be used...

People make the difference to your bottom line.(Management accountants must broaden their skill base to include expertise in managing people)(Brief Article)
July 1, 2001... Management accountants must broaden their skill base to include expertise in managing people, according to John Freeman, a CIMA fellow and chief executive of law firm Hextall Erskine. "People are a firm's most valuable asset. Retaining good...

Gadget of the month.(Brief Article)
July 1, 2001... You might be the boss, but who says you can't indulge in a little Friday afternoon skiving (sorry, power breaking) in the office? Casio has launched a tiny TV, the latest in miniature technology, in time for you to catch the end of the Grand...

Offers you should refuse?(job hunting)
July 1, 2001... Picture this: you decide to leave your current employer. You start job-hunting, get an interview and receive a job offer with better career prospects, more money and a newer company car. You resign and tell your boss you are leaving because...

Top CVs win the top jobs.(job resumes)(Brief Article)
July 1, 2001... * Keep your CV simple, clean and tidy. * Job descriptions should be expressive -- do not assume your job title explains what you do. * Qualifications need to be arranged to show the most recent first to demonstrate ongoing professional...

Aspiring managers are signing up for MBAs in record numbers.(Brief Article)
July 1, 2001... Aspiring managers are signing up for MBAs in record numbers, despite fears of a recession, according to Nunzio Quacquarelli, editor of the MBA Career Guide and chief executive of MBA careers management service www.topmba.com. "Last year many...

How to: ask for a rise.(Brief Article)
July 1, 2001... 1.Take on more responsibility in addition to your existing duties before you ask for a rise. This may mean working harder, but that's how to limb the career ladder. Alternatively, offer to take on the new responsibilities to "prove yourself"...

THE TEMP IS RISING.(temporary employment)(Brief Article)
July 1, 2001... It is well known that temping pays well, but offers little in the way of job security or benefits. But all that might be about to change after a leading firm of London commodity brokers gave a temp a 10,000 [pounds sterling] bonus after an...

21st century ploys.(tax audits)
July 1, 2001... The Revenue has transformed itself from a lumbering giant into a lean machine, using sophisticated techniques to catch tax evaders. But, says Michael Staszewski, it is bound to snare honest people as well For many years accountants have...

Bruce Epsley FCMA ATII President of CIMA.(Chartered Institute of Management Accountants)(Brief Article)
July 1, 2001... By the time he qualified with CIMA, Bruce Epsley, who began his career with Reed International, had risen to become assistant chief accountant at Imperial Paper Mills (part of the Reed group). After several years as group chief accountant with...

Outgoing president's address.(Chartered Institute of Management Accountants President Peter Layhe)
July 1, 2001... Mike Jeans looks at CIMA's progress over the year Just under two years ago, the then recently elected president, Peter Layhe, stated that CIMA was "confident, strong and growing". At last year's AGM, the outgoing president, David Melvill,...

Annual general meeting report.(Chartered Institute of Management Accountants)(Brief Article)
July 1, 2001... At a packed AGM last month at the Cafe Royal, Regent Street, London, Mike Jeans, the outgoing president, handed over to Bruce Epsley, CIMA's new president. Harry Byrne became deputy president and Claire Ighodaro took over as vice-president. ...

Honorary officer Henry Jackson Byrne FCMA FCCA Deputy president of CIMA.(Brief Article)
July 1, 2001... For most of his career Harry Byrne was employed in the Guinness Ireland Group. He was appointed to the board in 1977 as finance and administrative director and became assistant managing director in 1992. Earlier appointments included a period...

Honorary officer Claire Ighodaro BSc (Hons) FCMA Vice-president of CIMA.(Chartered Institute of Management Accountants)(Brief Article)
July 1, 2001... Claire Ighodaro began her career at Otis Elevators in London in 1979. She then joined BT in 1984 as a management and development accountant. As senior project manager at BT between 1988 and 1993, she led the development and implementation of...

Bronze medallists.(Chartered Institute of Management Accountants)(Brief Article)
July 1, 2001... Albert Wallace Cowie was a member of council for area I from 1978 to 1984. During this period, he served as a member of two standing committees -- finance for five years and examinations for seven years. More recent service to CIMA has been as...

West SurreyConference -- Finance in the future: the challenges beyond 2000.(Brief Article)
July 1, 2001... KPMG Consulting predicts that by 2010 the finance department will no longer exist. The CIMA West SurreyConference will look at how CIMA members are moving away from transaction processing and analysis and are providing leadership to teams of...

Tamco Middle East.(Brief Article)
July 1, 2001... IMM Rishad FCMA has been appointed financial controller at Tamco Middle East, a producer of low and medium voltage switch gear in Dubai. He previously worked for a beverages packaging manufacturer. [ILLUSTRATION OMITTED]

Cooper Associates.(Malcolm Cooper FCMA)(Brief Article)
July 1, 2001... Malcolm Cooper FCMA has left his role as finance director of the Calderdale Colleges Corporation to form Cooper Associates. The firm will specialise in advising SMEs.

Michael Page.(appoints John Wakeford regional manager)(Brief Article)
July 1, 2001... John Wakeford ACMA has been appointed regional manager at Michael Page. He has worked with both Courtaulds Textiles and Kingfisher and qualified with CIMA while working at ICI.

TCA Consulting.(Andrew Ewer appointed financial controller)(Brief Article)
July 1, 2001... Andrew Ewer CA (SA) ACMA has been made financial controller for TCA Consulting. For the past four years he has been group accountant for The Terence Chapman Group.

Johnston Press.(has appointed Stuart Paterson ACMA as finance director)(Brief Article)
July 1, 2001... Regional newspaper group Johnston Press has appointed Stuart Paterson ACMA as finance director. He spent almost four-years at Aggreko where he was finance director and later managing director, Europe. He joins Johnston Press from Intense...

Pharmaceutical firm Strakan.(has appointed David Lawrence chief financial officer)(Brief Article)
July 1, 2001... Pharmaceutical firm Strakan has appointed David Lawrence ACMA as its new chief financial officer. Lawrence, who is currently senior vice-president for research and development, financial management, at GlaxoSmithKline, will take up the post in...

Bovis Homes.(Malcolm Harris FCMA)(Brief Article)
July 1, 2001... Malcolm Harris FCMA, group chief executive of Bovis Homes has joined the board of the National House Building Council (NHBC) He has been with Bovis Homes for 27years, originally joining as a management accountant. He became financial director...

The Interactive Agency.(Peter Meaklim appointed chief financial officer)(Brief Article)
July 1, 2001... Peter Meaklim FCA has been appointed chief financial officer of new media agency The Interactive Agency. Meaklim worked at Price Waterhouse for nine years and has a further 11 years' experience in senior financial positions, including director...

Leonard Curtis & Co.(has appointed Neil Bennett as partner)(Brief Article)
July 1, 2001... Chartered accountancy firm Leonard Curtis & Co has appointed Neil Bennett as partner. Bennett joined Leonard Curtis from BDO Stoy Hayward in 1992 as manager. He has handled a number of high profile corporate insolvencies in the communication,...

Fuel.(Roger Hughes has been appointed the first chief financial officer)(Brief Article)
July 1, 2001... Roger Hughes has been appointed the first chief financial officer of Fuel, a producer of e-learning content solutions, bringing the company's financial management in-house. Hughes was previously a managing partner of Magna Consulting and a...

Butcher's Pet Care.(Mike Bedford ACMA has been appointed finance director )(Brief Article)
July 1, 2001... Mike Bedford ACMA has been appointed finance director and company secretary at Butcher's Pet Care, following the restructuring of parent company, FW Baker. Bedford joined the group in 1995 as financial accountant, and was previously group...

United Milk.(Brief Article)
July 1, 2001... United Milk has appointed Rod Goss as its new financial director. Previously, Goss was group finance director of the Cavaghan and Gray Group and group financial controller of Geest. He began his accountancy career with Deloitte Haskins & Sells,...

Charterhouse Voice and Data.(Patrick Crockford)(Brief Article)
July 1, 2001... Charterhouse Voice and Data has appointed Patrick Crockford FCA as finance director. He joins from Clariti Telecommunications, where he was European chief financial officer. He spent 10 years with Thom EMI, where he held various senior...

Ablemarle Intirim Management.(Brief Article)(Correction Notice)
July 1, 2001... Last month we wrote that Richard Beesley had been appointed sector manager at Ablemarle Intirim Management. The correct spelling of the company name is Albemarle Interim Management.