Financial Management (UK) articles from June 2001

Financial Management (UK) archives from June 2001

Editor's letter.(the role of finance in an organisation)
June 1, 2001... What is the role of finance in an organisation? Is it to check and double check the figures and to ensure that there's enough cash in the bank? Is it to drive strategy and support products and initiatives with financial and business planning?...

One-stop-shop security portal.(Ernst and Young has launched Esecurityonline a security portal)
June 1, 2001... Ernst and Young has launched Esecurityonline, a security portal designed to be a one-stop-shop for IT security information. This allows users to tailor the site to their specific needs and provides the latest research, solutions and diagnostic...

Business advisers back Hague.(business advisers favor William Hague over Prime Minister Tony Blair)
June 1, 2001... Britain's business advisers believe that William Hague would make a better prime minister than Tony Blair, according to a survey by Bibby Financial Services. Over a third of business advisers who voted Labour in 1997 plan to switch...

Post Office CEO predicts profits.(John Roberts)
June 1, 2001... The Post Office will turn last year's 264 million [pounds sterling] losses into a profit of 300 million [pounds sterling] in three years, despite a stiff new regulatory regime, according to John Roberts, the organisation's chief executive. The...

Members stand up to be counted.(Chartered Institute of Management Accountants' members running for Parliament)
June 1, 2001... They represent different parties, but CIMA members fighting the UK election all agree that management accountants are ideal MPs. Taxation and public investment are the key election issues for management accountants, according to three CIMA...

GLOBAL BUSINESS MANAGEMENT WEEK.('Chartered Institute of Management Accountants' Global Business Management Week)
June 1, 2001... In an unprecedented show of unity, five leading professional bodies and councils are working together to ensure that this September's Global Business Management Week (GBMW) is an essential fixture in the business calendar. The Chartered...

Job cuts at HBOS hit finance chiefs.(proposed merger of Halifax and the Bank of Scotland)
June 1, 2001... Sir John Shaw and Roger Boyes will leave after Halifax merges with Bank of Scotland, writes Cathy Hayward Two senior CIMA fellows are set to leave their jobs following the proposed 30 billion [pounds sterling] merger of Halifax and the Bank...

Ethical reporting crucial for survival.
June 1, 2001... Socially responsible reporting is key to future business success, according to Professor Carol Adams of the department of accounting and finance at Glasgow University. "Firms must start to report environmental, ethical and social issues or they...

Inland Revenue officer jailed.(Chandrakant Patel receives three years for generating false tax repayment claims)
June 1, 2001... Former Inland Revenue officer Chandrakant Patel has been jailed for three years for generating false tax repayment claims. Patel, who stole 76,000 [pounds sterling] with the aid of two accomplices, was found guilty of conspiracy to cheat the...

Firms risk fine over pensions.(approved employee pension schemes)
June 1, 2001... Thousands of businesses which employ five or more staff run the risk of being fined up to 50,000 [pounds sterling] if they fail to put in place a new stakeholder or an approved employee pension scheme by 8 October. "There will be a last-minute...

Increase in insolvencies.(Statistical Data Included)
June 1, 2001... Almost 4,000 companies in England and Wales became insolvent in the first quarter of 2001, an increase of over 8 per cent on the same period last year. Roger Oldfield, president of the Association of Business Recovery Specialists (R3), said...

Revenue plans put on hold.(law enabling Inland Revenue and HM Customs and Excise to report suspected criminal wrongdoing is tabled until election)
June 1, 2001... Proposals to allow the Inland Revenue and HM Customs and Excise to volunteer information to police if they suspect criminal wrongdoing have been put on hold by the dissolution of Parliament for the general election on 7 June. Under the plans,...

Intellectual property at risk.(protecting intellectual property)
June 1, 2001... Over two-thirds of UK financial services firms believe that their organisation's success depends on protecting intellectual property, such as brands and inventions, but over half have no systems in place to do this, according to patent and...

KPMG cuts IT consultants jobs.
June 1, 2001... Big Five accountancy firm KPMG is to cut up to 10 per cent of the 2,100 jobs in its UK consultancy operation. The move follows a drop in demand for its IT services to large companies.

Dodgy directors prosecuted.(Dodgy Directors Hotline)
June 1, 2001... Tips from the public on the Dodgy Directors Hotline have helped the insolvency service to prosecute 12 company directors. Over 2,300 calls have been taken since the hotline launched in January 1998, -- with one in three resulting in an...

Amex launches B2B pay service.(Brief Article)
June 1, 2001... American Express has launched a B2B internet payment service allowing firms to send payments in over 160 currencies to any account worldwide for 10 [pounds sterling] per transaction. The service, aimed at SMEs, allows companies to manage their...

Dotcom signs of recovery.(Brief Article)
June 1, 2001... The worst is over for the IT sector as more companies are showing signs of moving into profit, according to PwC's quarterly dotcom survey. Almost 40 per cent of companies were profitable in the last quarter of 2000, 10 per cent more than in the...

Wembley project faces relegation.(Brief Article)
June 1, 2001... Poor financial management has caused the Wembley National Stadium Project to miss its funding goals. Cathy Hayward reports on a scheme in jeopardy The Wembley National Stadium Project is facing collapse because of poor financial...

Mediocrity no bar to board bonuses.(Brief Article)
June 1, 2001... Almost eight out of 10 directors of FTSE 500 firms are receiving huge bonuses despite mediocre performances. A report by PricewaterhouseCoopers says that most directors are receiving "top-scale bonuses for below average performance". Median...

Coopers and Lybrand fined.(Brief Article)
June 1, 2001... Coopers and Lybrand, now part of PwC, has been fined 100,000 [pounds sterling] for its involvement with leisure firm Resort Hotels, which went into receivership in 1993 following a serious fraud by its managing director Mark Harwood. An...

Sybiz launches product for SMEs.(Brief Article)
June 1, 2001... Accounting software firm Sybiz has launched version 2.4 of its Vision 2000 financial package aimed at the SME market. The modular product can handle multiple users, companies, locations and currencies, and it provides a high degree of...

Advice on conforming with IASs.(Brief Article)
June 1, 2001... Ernst and Young has published a book to help companies get ready to report under international accounting standards by the end of 2004. IAS/UK GAAP Comparison sets out the key differences between international accounting standards and UK GAAP...

Flint appointed to the ASB.(Accounting Standards Board)(Brief Article)
June 1, 2001... Douglas Flint, HSBC's group finance director, has been appointed a member of the Accounting Standards Board. Already a member of the board's Urgent Issues Task Force since 1997, Flint will remain on the board for three years. Flint will present...

Pay a fair price for share options.(Brief Article)
June 1, 2001... All businesses are keen to develop more entrepreneurial staff but, argues Cathy Hayward, complex UK share legislation is not the way to achieve this Employee share participation in the UK is becoming too complicated because of increased...

Show off at Design in Business Week.(Brief Article)
June 1, 2001... Has your business implemented a new design process that led to the launch of a successful product, or have you developed a new way to discover and meet customer demands? Have you found a method of turning customer demand into innovative new...

Letters.(Brief Article)
June 1, 2001... Financial Management, 63 Portland Place, London W1B 1AB; financialmanagement@cimaglobal.com Recognised authority I wish to contribute to the debate over the focus of the institute. In particular, two points stem from my experience of...

Management Accounting.(Brief Article)(Review)
June 1, 2001... Book: Management Accounting Author: Kwami Gyasi Publisher: Minerva Press ISBN: 0754 104486 Price: 18.99 [pounds sterling] This book reminds me of my early attempts to learn about costing. My lecturer was a very experienced and erudite man,...

The Goal.(Brief Article)(Review)
June 1, 2001... Book: The Goal Authors: Eliyhu M Goldratt and Jeff Cox Publisher: Gower ISBN: 0566 074184 Price: 12.95 [pounds sterling] The Goal is not good bedtime reading. Although it is written as a novel, it manages to fold back the layers of...

Value-Based Marketing.(Brief Article)(Review)
June 1, 2001... Value-Based Marketing Author: Peter Doyle Publisher: Wiley ISBN: 0471 877271 Price: 24.95 [pounds sterling] A quality revision manual for marketing principles, growth through mergers or acquisitions, and strategic planning, Value-Based...

Private functions.(Human Rights Act 1998)(Brief Article)
June 1, 2001... The Human Rights Act has not had quite the impact anticipated. As the EAT throws out a tribunal's ruling on a breach of the act, Sue Nickson asks how it will work in practice Since October last year the Human Rights Act 1998 (HRA) has...

Avoidance tactics.(Brief Article)
June 1, 2001... Tax compliance is getting more onerous just as companies are becoming reluctant to spend on non-core activities. Tony Elgood explains why you should consider outsourcing parts of your in-house tax function In an increasingly competitive...

Staff bonuses.(Brief Article)
June 1, 2001... A company's finances are irrevocably linked to the fortunes of its staff and, David Allen argues, management accountants are well placed to highlight this and to improve morale Survival in a rapidly changing environment demands three...

Their profit, whose loss?(Brief Article)
June 1, 2001... The pharmaceutical industry is the most profitable in the world, but is its monopolistic stance socially responsible and does it really encourage innovation? Mike Brown argues the case for a more ethical approach Management textbooks...

Mind over management.(Brief Article)
June 1, 2001... Having problems with employee retention or motivation? Orla Leonard explains why a business psychologist can throw light on some of the key managerial issues facing FDs A discipline as ordered and professional as financial management may...

Hey, big spender.(Brief Article)
June 1, 2001... Companies can benefit greatly from sponsorship, but it pays to do your homework first. Peter Bartram looks at deals big and small and gathers some top tips for making your money work Callum MacKay, head of sponsorship for brewer Tennent's,...

Travel agents.
June 1, 2001... You've got qualifications, ambition and huge amounts of experience -- what else do you need to take the fast-track to the boardroom? Cathy Hayward finds out that there's much more for accountants abroad than sun, sea and cheap lager So you...

It's a fair swap.(Brief Article)
June 1, 2001... Barter may be the oldest form of trade, but it is certainly not history. Ruth Prickett finds out what today's sophisticated global barter exchanges and corporate barter firms can offer you Scenario one -- a bright summer morning a long time...

Chain reaction.
June 1, 2001... Integration can be the key to a more efficient operation and can help you to know your customers better. But companies should have a clear business objective before jumping on the bandwagon, writes Cathy Hayward What's the difference...

Secure in the knowledge.(Securitisation)
June 1, 2001... Securitisation brings many benefits. Banks can generate additional loans, diversify their funding base and use it as a risk-management tool. As the market is set to expand further, Aidan O'Neill and Ronan White assess its popularity There...

Many happy returns.
June 1, 2001... NPV and IRR discounted cash flow methods are widely used, but they can create conflicting signals. Stephen Keef and Melvin Roush return to the original theorists for a solution Irving Fisher and John Keynes were, without doubt, giants among...

The human factor.
June 1, 2001... Bad managers lurk in many companies, creating hidden costs of low staff morale and demotivation. But there are ways to deal with them, says Merrill Cassell, and management accountants have a role to play in the solution Management...

PRIZE MOTORS.
June 1, 2001... The Toyota Yaris has been voted this year's used car of the year by motoring magazine Auto Express and used car value bible, Glass's Guide. The Toyota came out on top for its desirability, style, practicality and minimal depreciation. The...

TICKETS TO RIDE.
June 1, 2001... Passengers flying business or first class on Continental Airlines' daily service between New York's Newark Airport and London Stansted can get free business-class tickets for the airport's rail link with London Liverpool Street Station. Economy...

Work-life stress costs billions.(Brief Article)
June 1, 2001... Work-life balance is becoming employers' top priority, according to Margaret Hodge, parliamentary under-secretary of state for employment and equal opportunities. At a conference on implementing work-life balance policies last month, Hodge said...

E-billing helps you go as you pay.(Brief Article)
June 1, 2001... One day in the not-too-distant future you leave work and get into your car to drive home. As you sit at the traffic lights, a voice tells you that you have a bill and asks whether you would like to pay it now. You leave it and carry on home....

Virgin FD delivers immaculate reception.(Brief Article)
June 1, 2001... The directors of V Shop, the new Virgin entertainment store which has taken over from Our Price, went back to the shopfloor last month to find out what it was like for front-line staff. Following three days of training, Richard Lee, the firm's...

Rooms with a view of Portofino.(Brief Article)
June 1, 2001... Italy in June might not have quite the ring of Paris in springtime, but find yourself at the Hotel Splendido and time won't matter (unless it's time to pay the bill). Perched on the hillside overlooking the bay of Portofino in the Gulf of...

Gadget of the month.(Brief Article)
June 1, 2001... Carrying a mobile phone and a Palm Pilot is so last year. Or so the tecchie wizards at mobile and wireless specialist Peripheral Corner would have us believe. They have launched Europe's first dual-band GSM wireless modem, which turns your Palm...

Fish and tips from Rick Stein.(Brief Article)
June 1, 2001... The silly season is almost here, so ignore tangible fixed assets and month-ends and start thinking diets, fake tan and mosquito repellent. But if you want more out of a holiday than cheap beer and a lobster tan, then head for somewhere closer...

Marketing for superprofit.(Brief Article)
June 1, 2001... How do you view your marketing department? A bunch of hard-working, efficient professionals who boost your firm's image and woo new customers? Or as hopelessly impractical arty farty spendthrifts who whinge at you to hand over vast sums for...

How to: deal with your boss.(Brief Article)
June 1, 2001... 1. However informal your relationship with your boss may be, don't forget that he has responsibilities in the company hierarchy that he must observe. Don't put him in embarrassing or unfair positions (eg by asking him to comment on the...

Tune into the Channel.(Brief Article)
June 1, 2001... Whether you're a champagne charlie or the proud owner of a beer belly, the high levels of duty levied on booze lure thousands of Brits across the Channel every year looking for bargains. But most cross-Channel bargain hunters aren't sure what...

Handle with care.(Brief Article)
June 1, 2001... Traditional management accountancy methods are not always the best solution to the problems facing small and medium-sized businesses. Keith Cleland highlights the risk of killing the patient not the illness For good reasons, management...

Aubrey E A Joachim.(Brief Article)
June 1, 2001... Aubrey Joachim started out as an accounts trainee at Unilever, Sri Lanka in 1973, where he was employed on all aspects of financial and management accounting. He moved to a senior accountant position in the textile and garment export industry...

Francis X R Pereira.(Brief Article)
June 1, 2001... Francis Pereira was elected to CIMA membership in 1973 and became a fellow in 1985. He holds a post-graduate diploma from the University of Colombo in international trade law. He has been an FD in consultancy, industry and commerce and is now a...

Further elections to council.(Brief Article)
June 1, 2001... The following have been elected to serve on council from the close of the annual general meeting on 9 June 2001 until the close of the annual general meeting in 2004. * Francis Rowlands: area no 12 (South East England) was re-elected for...

Dunlop Aviation Services.(Caroline Bagguley)(Brief Article)
June 1, 2001... Caroline Bagguley ACMA has been appointed financial controller at Dunlop Aviation Services (DAS). She was previously financial controller, valves business unit, at St Gobain Pipelines. Apart from responsibility for the main plant at Coventry,...

Methodist Guild Holidays.(Andrew Watkins)(Brief Article)
June 1, 2001... Andrew Watkins ACMA has been appointed finance director at Methodist Guild Holidays. He has been with the company for 10 years and is also company secretary.

HLB Kidsons.(Brief Article)
June 1, 2001... David Gwilliam has become the youngest ever Scottish managing partner of HLB Kidsons in Scotland. Gwilliam assumes overall responsibility for HLB Kidsons' four offices in Scotland. He has previously been head of the company's tax department and...

Deloitte and Touche.(Alden Birkett)(Brief Article)
June 1, 2001... Deloitte and Touche has appointed four PricewaterhouseCoopers partners to its financial advisory services. Alden Birkett, Gerry Loftus, Stephen Knight and Andrew Grimstone specialise in corporate recovery.

London-Reuters.(appointed Hywel Thomas as group financial controller)
June 1, 2001... London-Reuters has appointed Hywel Thomas as group financial controller. Thomas joined from First Call where he was chief financial officer/vice-president international for two years. He also spent three years as vice-president, finance, at...

Ablemarle Intirim Management.(Richard Beesley been appointed sector manager)
June 1, 2001... Richard Beesley ACMA has been appointed sector manager at Ablemarle Intirim Management. Beesley joins from Robert Half International where he was responsible for senior finance appointments along the south coast. He has previously held...

Access Accounting.(appoints Ian Little as financial director)
June 1, 2001... Access Accounting has appointed Ian Little as financial director. He was recruited from KPMG, where he was a manager in the corporate recovery division. As finance director, he manages the finance function, fulfilment and HR at Access while...

B-Plan Information Systems.(Mahmoud Warrior has been appointed finance director)
June 1, 2001... Mahmoud Warrior has been appointed finance director at B-Plan Information Systems. Warrior has 13 years' experience in financial management in several blue-chip companies including Royal and Sun Alliance, Chase Manhattan bank and Mattel and...

Solution 6's CMS Europe.(Chris Hoad made general manager)
June 1, 2001... Chris Hoad, former head of financial systems at Clifford Chance, has been made general manager of Solution 6's CMS Europe. Hoad has spent 11 years as founding director of a consultancy and software house.

Volkswagon Financial Services.(Bryan Marcus appointed joint managing director)
June 1, 2001... Bryan Marcus has been appointed joint managing director of Volkswagon Financial Services (VWFS). Marcus has worked at VWFS for two years as general manager for SEAT finance and, more recently, as the company's director of sales, marketing and...

Ascot Drummond.(hires Steve Holgate from PricewaterhouseCoopers)
June 1, 2001... Steve Holgate ACA has joined Ascot Drummond after 20 years at PricewaterhouseCoopers. Holgate's role will be to develop the company's financial infrastructure and, with the rest of the board, to evolve and implement its business strategy.

Morgan Lovell.(appoints Andrew Bradley as financial director)
June 1, 2001... Morgan Lovell, part of construction group Morgan Sindell, has appointed Andrew Bradley ACMA as financial director He joins from Overbury, where he was financial controller. He will have overall responsibility for the financial management of...

Menzies Corporate Restructuring.(established by Jason Godefroy, formerly of Kroll Buchler Philips)
June 1, 2001... Jason Godefroy has left Kroll Buchler Philips to establish Menzies Corporate Restructuring with fellow founding partners Andrew Stoneman and Paul Clark. The partnership is in association with Menzies Chartered Accountants.

Leonard Curtis & Co.(senior partner Keith Goodman appointed president of the Insolvency Practitioners' Association)
June 1, 2001... Keith Goodman, senior partner of accountancy firm Leonard Curtis & Co, has been appointed president of the Insolvency Practitioners' Association (IPA). The appointment, effective from 4 May, runs for one year.