Financial Management (UK) articles from October 2001

Financial Management (UK) archives from October 2001

Editor's letter.(Editorial)
October 1, 2001... Terrible atrocities, as the recent terrorist attack on the US demonstrated, often bring out the best and the worst in people. Panic and despairjostle with compassion, heroism and an instinct for survival, and the results can be electrifying. In...

MPs struggle with tax returns.(Brief Article)
October 1, 2001... Over 80 per cent of MPs cannot do their own self-assessment tax return because it is too complicated, according to a survey by the Chartered Institute of Taxation. But John Whiting, the institute's president, is not surprised. "The 29 pages and...

Directors told to invest in firm.(Brief Article)
October 1, 2001... Nearly a third of FTSE 100 companies require their top executives to have substantial shares in the firm, according to research by William M Mercer. Some firms insist their directors own up to five times their salary in company shares. For many...

New president of SOLACE.(Society of Local Authority Chief Executives)(James Hehir )(Brief Article)
October 1, 2001... CIMA fellow James Hehir has been appointed president of the Society of Local Authority Chief Executives. Hehir, who is chief executive of Ipswich Borough Council, will be speaking at CIMA's local government open forum in December this year. ...

SMEs improve credit policies.(small businesses)(Brief Article)(Statistical Data Included)
October 1, 2001... UK small businesses are becoming better credit managers, according to research by the Credit Management Research Centre. The number of sales agreed in writing increased from just under half in 1996 to 61 per cent in 2001. Around half of SMEs in...

Pensions fail to provide for old age.
October 1, 2001... Falling share values and poor information are undermining faith in pensions. Charlotte Parry reports on why stakeholder pensions are failing to avert a crisis October is a crucial time for the pensions sector. Firms with five or more...

Analyst debate the cost of terrorism.
October 1, 2001... The true financial impact of the terrorist attacks on New York may not be known for several months, but the disaster is unlikely to accelerate a world recession, according to industry experts. "The uncertainty surrounding future terrorist...

E-procurement is no panacea.(Brief Article)
October 1, 2001... The benefits of e-procurement can be huge savings, but experts warn that it has to be implemented correctly or it will never work. E-procurement contributes savings to the bottom line, but it is not a general panacea, according to speakers...

A NEW CHAPTER.(Chartered Institute of Management Accountants)(Brief Article)
October 1, 2001... CIMA's head office is moving to Chapter Street in Westminster, London, from the end of this month. The institute needs a business environment with the infrastructure to manage the needs of its members around the world. Portland Place has been...

Customs advice on video.(value added tax and import/export requirements)(Brief Article)
October 1, 2001... HM Customs and Excise and the British Chambers of Commerce have published two videos to help small businesses deal with VAT and import/export requirements. Customs Matters -- Getting it Right From the Start explains how to become registered for...

IFAC calls for comments on draft.(International Federation of Accountants)(Brief Article)
October 1, 2001... The International Federation of Accountants (IFAC) is calling for comments on its draft Charter of the Public Oversight Board (POB) by 22 October. The POB is being set up to oversee IFAC's public interest activities. Contact www.ifac.org

Charge by value, not time.(management of professional services firms)(Brief Article)
October 1, 2001... Professional services firms would increase profits if they charged by value instead of by the hour, according to Ron Baker, founder of Californian think tank VeraSage Institute. "Value pricing helps you to communicate better with your clients,...

Members in practice prizes.(Chartered Institute of Management Accountants)(Brief Article)
October 1, 2001... NatWest won a prize for best bank for small and medium-sized enterprises, and Sage won a prize for the best accounts package for small businesses at the CIMA Members in Practice Conference last month. Julia McDaid was awarded the CIMA member in...

Low creativity hurts UK.(Chartered Institute of Management Accountants research findings)(Brief Article)
October 1, 2001... UK firms are failing to compete globally because they do not support creativity. Cathy Hayward reports on CIMA research Business creativity is being hampered by the need to generate high short-term returns for shareholders, according to...

Six leading professional management bodies representing 500,000 business professionals worldwide teamed up to launch CIMA's second annual Global Business Management Week (GBMW).(Chartered Institute of Management Accountants)(Brief Article)
October 1, 2001... Six leading professional management bodies representing 500,000 business professionals worldwide teamed up to launch CIMA's second annual Global Business Management Week (GBMW). Pictured left to right are Ward Griffiths, assistant...

Letters.(Brief Article)
October 1, 2001... Financial Management, 63 Portland Place, London W1 B 1AB; financialmanagement@cimaglobal.com Thoughts on euro psychology In response to Roger Blackburn's letter in last month's FM, I remark that the spot rate today for the euro is...

Age shall not weary them.(age/sex discrimination and the Employment Rights Act 1996)(Brief Article)
October 1, 2001... A carriage clock and golden handshake are no longer enough to appease an employee who is dismissed at retirement age against his will. Sue Nickson examines the problem of unfair dismissal because of age Section 109 of the Employment Rights...

Data to remember.(Data Protection Act 1998)(Brief Article)
October 1, 2001... Some of the Data Protection Act exemptions come to an end this month and, as a result, you could be liable to fines or prosecution. Derek Jenkins outlines exactly how you should be managing your data On 24 October this year, the first set...

Down, but not out.(inflation forecasts for the United Kingdom)(Brief Article)(Statistical Data Included)
October 1, 2001... The UK is enjoying a period of relatively low inflation, but can it last? David Ross plots the progress of price control over the past few decades and looks at the prospects for stability Inflation has been with us for a long time, but it...

Self-feeding frenzy.(world-wide economic volatility)(Brief Article)
October 1, 2001... The global economy is changing ever more rapidly and managers in every sector must react accordingly. David Allen identifies the sources of volatility and asks what you can do about it It is now widely recognised that the rapid rate of...

Over-trading and out.(marketing/financial management and eroding an organisation's market position)(Brief Article)
October 1, 2001... Balancing marketing and investment is as tricky as stopping the war between a firm's marketing director and its finance director. It's time, according to Mike Brown, for companies to consider the investor's view It's amazing how far two...

Disaster moves.
October 1, 2001... What would your firm do if it had to recall an entire range of products, deal with a human rights or ecological disaster, or cope with a terrorist attack? Cathy Hayward talks to people who have survived such nightmares and finds out what you...

Life expectancy.(Equitable Life Assurance bankruptcy)
October 1, 2001... Last year, Equitable Life was forced to close its doors to new business. But many questions remain unanswered. Stephanie Hawthorne explains why the future for policy holders is far from certain Many people now feel that a new kitchen, a...

Hunter gatherers.(executive search services)
October 1, 2001... Being pursued by a headhunter can be awkward, but it's far more worrying if your phone never rings. Ruth Prickett finds out how you can make yourself the centre of attention It's so awkward when you receive that kind of phone call in the...

Active service.(Charles Tilley's plans for the Chartered Institute of Management Accountants)
October 1, 2001... These are exciting times for CIMA, with a move to different premises and a new man at the top. Charles Tilley tells Gemma Townley about his aspirations for the future of the institute Charles Tilley does not like standing still. The new...

Rank and files.(British Army's accounting services)
October 1, 2001... If anyone knows the price of war, it's Major Simon Parkes. As a senior accountant in the British army he must stay fighting fit as well as on top of the figures. Cathy Hayward finds him at ease with his role Imagine waking up knowing that...

SEM philosophy.
October 1, 2001... Strategic enterprise management is designed to streamline information processes and should reduce data drudgery for finance professionals. But, as Martin Fahy explains, it's the associated systems and not the software that will make the big...

Decisive action.
October 1, 2001... Confusing decision-making techniques can make project appraisal a headache. Enter Frank Lefley's FAP model, a methodical approach which clears the way for strategic thinking and allows more accurate risk assessment Project selection...

The road ahead.
October 1, 2001... Tax changes and safety and environmental considerations are affecting company car policy but, as Adrienne Margolis finds out, cars are still seen as a highly valued perk If the government wants to reduce the number of cars on the road, it...

Facing delegation.
October 1, 2001... Gelling overlooked for a promotion may have nothing to do with how well you can work, but as Orla Leonard illustrates, it may have a great deal to do with how well you can manage I have recently promoted one of my team to the position of...

CHILDCARE PERKS.
October 1, 2001... Employers should offer better childcare facilities if they want to attract the best employees, according to Sussex-based recruitment firm Alexander Lloyd. Just over 1 per cent of the firm's clients offer creche facilities, while 3 per cent...

CEO WAGES RISE BY 15%.(Brief Article)
October 1, 2001... The base salary of a typical FTSE 100 chief executive has risen by almost 15 per cent over the past 12 months, according to a survey by Big Five firm PricewaterhouseCoopers. The typical CEO receives 539,000 [pounds sterling] as well as a 46 per...

Healthcare boosts operations.
October 1, 2001... With the NHS in the doldrums, and regular stories in the media about patients dying on hospital trolleys while waiting for treatment, private healthcare has become a key recruitment and retention tool among organisations. Over 4.8 [pounds...

Finance staff at British Airways, Shell Oil and BT are studying sales techniques.(Brief Article)
October 1, 2001... Finance staff at British Airways, Shell Oil and BT are studying sales techniques, according to the Institute of Sales and Marketing Management (ISMM). People at all levels, from bought and sales ledger staff right up to finance directors, are...

Finance directors take on traditional MD responsibilities.
October 1, 2001... The role of the finance director has significantly changed over the past few years, according to a survey by financial recruitment specialists Sewell Moorhouse. The FD's traditional role involves accounting, control of the company's budget and...

Trust needs finance mentors.(Prince's Trust is calling on accountants to volunteer as business mentors)(Brief Article)
October 1, 2001... The Prince's Trust is calling on accountants to volunteer as business mentors to help fledgling entrepreneurs. Mentors devote four hours a month to advising 18-to 30-year-olds, from hairdressers to car mechanics, who are starting up their own...

How to: break the news of redundancies.
October 1, 2001... 1. Preparation beforehand is crucial. Involve HR as early as possible and make sure you know all about the individuals concerned -- from the length of time they have worked for the company and the role they do, to what types of company property...

MOUSE WHOLE STORY.(Brief Article)
October 1, 2001... Accountancy recruitment firm Executive Connections is publishing a guide for those who want to hunt for jobs or for employees on-line. Mouse-hunting covers the basics for anyone who has never used the internet for recruitment, as well as more...

CHARITY CYCLE.(Deloitte and Touche employees raise over 5,000 pounds sterling)(Brief Article)
October 1, 2001... Employees of Big Five accountancy firm Deloitte and Touche have raised over 5,000 [pounds sterling] by cycling from London to Cambridge. The event, which is part of a series of fundraising activities, was in aid of the National Society for the...

Degree brings golfers up to par.(University of Birmingham has teamed up with the Professional Golfers' Association to offer golf degree)
October 1, 2001... If your career is under par, you might decide that networking with your boss and the company directors is your best route to a seat on the board. But what do you do if they spend all their spare time on the golf course and you don't know your...

WHO WANTS TO BE A MILLIONAIRE?(Brief Article)
October 1, 2001... Over 60 per cent of university students believe they will become millionaires, according to a survey by Ernst and Young. Half this number plan to be rolling in money by the time they are 40, despite the downturn in the economy and the failure...

Overtime fails to boost fortunes.(Brief Article)
October 1, 2001... Working overtime to keep on top of your workload might impress your boss, but it won't improve your bank balance, especially if you're a woman, according to research by Abbey National. Just over half of men are paid for nights spent burning the...

Firms check out Czech cheques.(Review)
October 1, 2001... We all make mistakes when we go abroad on holiday. Whether this involves getting a steak tartare when you like your meat well done, or getting ripped off over a taxi fare, the differences in language and culture can leave us bewildered and out...

How to: resign professionally.
October 1, 2001... 1. Don't cut off your nose to spite your face -- you should always leave a company on good terms. There are several reasons for this: first, you may want to return at a later stage in your career; second, you may need a good reference when you...

Practices make perfect.
October 1, 2001... Accountants enjoy a higher reputation in the US than they do in the UK. Speakers at last month's Members in Practice Conference asked why this was and what accountants should do about it. It's not often that anyone has a good word to say...

On-line CGT.(Brief Article)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Bob Welland FCMA has been appointed managing director of On-Line CGT, a new technology company supplying real-time CGT...

Institute of Chartered Accountants in England and Wales (ICAEW).(Brief Article)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Alison Clark FCMA has been" appointed south-west regional manager by the Institute of Chartered Accountants in England and...

Russell Finex.(Brief Article)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Mike Henson FCMA has been appointed managing director of seperation technology specialist Russell Finex. Henson will be...

University of Luton.(Brief Article)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Raff Stuart FCMA has been appointed financial controller at the University of Luton. He previously ran his own consultancy...

Greggs of Gosforth.
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Andrew Killey ACMA has been appointed financial controller at Greggs of Gosforth. Killey has moved from Greggs' central...

University of Wales and Manchester Business School.(Brief Article)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Ray Harmstone FCMA has been awarded an MBA through the distance-learning programme jointly administered by the University of...

European optoelectronics chip manufacturer Intense Photonics.(Brief Article)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Gillian Hastings has been appointed chief financial officer of the European optoelectronics chip manufacturer Intense...

Bibby Factors Northeast.(Brief Article)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Business finance firm Bibby Factors Northeast has appointed Aiden Jewitt as business development manager. Jewitt has...

Apologies to Neil Ainsley.(Correction Notice)
October 1, 2001... On the move is edited by Louisa Roberts. Please e-mail her with news of your move at louisa.roberts@cimaglobal.com Apologies to Neil Ainsley, whose surname was misspelled last month as Kingsley.