Financial Management (UK) articles from September 2001

Financial Management (UK) archives from September 2001

Editor's letter.
September 1, 2001... Success in business can be a fleeting thing. One minute yours is the product du jour; the next, no one wants to know. Consumers are fickle, investors are impatient, and employees are easily disappointed. You have only to look at the high...

Rogue buying wastes millions.(preferred supplier list ignored)(Brief Article)(Statistical Data Included)
September 1, 2001... Maverick buying costs companies an average 22 [pounds sterling] million a year, or 15 per cent of indirect spend, according to a survey by e-procurement solutions firm TomorrowFirst. Travel, stationery and IT spending were the worst offenders....

Scala wins ERP solution award.
September 1, 2001... Financial software firm Scala has won the 2001 ERP solution of the year prize at the fourth annual Microsoft certified partner awards. Scala's back-office software was declared the world's best enterprise resource planning (ERP) application....

Plcs fail to pay on time.(public limited company)(Brief Article)
September 1, 2001... Plcs are failing to make prompt payment a priority, according to league tables of over 4,000 companies published by the Federation of Small Businesses. The average time it takes a pie to pay its suppliers is 46 days, the same as in 1999 and...

Firms risk fines over pensions.(Brief Article)
September 1, 2001... Fewer than 90,000 British businesses have a designated stakeholder pension scheme in place, according to figures from the Association of British Insurers. This leaves up to 500,000 firms in danger of breaching the rules: firms with five or more...

Green index is too `black and white', says CBI.(Brief Article)
September 1, 2001... FTSE4Good, the new index of ethical organisations, has received mixed reactions from industry. The Confederation of British Industry (CBI) said the index was too black and white. "There's a danger that firms included might be seen as good and...

Good leaders are made, not born.(Brief Article)
September 1, 2001... People are not born managers, but they can develop good leadership and managerial skills through on-the-job and formal training, according to Mary Chapman, director-general of the Institute of Management. "I don't believe that people are...

Retail booms while IT busts.(information technology in Britain)(Brief Article)
September 1, 2001... The manufacturing industry is in recession, the technology sector is shedding thousands of jobs every day, but consumers still appear to be surprisingly unconcerned. Charlotte Parry considers the rise of a two-tier economy Over the past...

AAT ANNIVERSARY.
September 1, 2001... The Association of Accounting Technicians (AAT), founded in 1980, is celebrating its 21st birthday. It is also celebrating its 100,000th member and aims to attract another 100,000 within 10 years. Sponsored by the four major UK accountancy...

CIMA journal wins IFAC award.
September 1, 2001... An article in Management Accounting has won the International Federation of Accountants 2001 award for distinguished contribution to the management accountancy profession. Regina Herzlinger's piece about the impact of management accountants in...

Poor websites jeopardise brands.(financial service brands)(Brief Article)
September 1, 2001... Over 40 per cent of financial services firms believe their company's brand is being jeopardised by the poor quality of its website, despite the fact that they see a strong internet presence as crucial for a successful business, according to a...

New VAT plans for SMEs.(value added tax, small and medium enterprises)(Brief Article)
September 1, 2001... HM Customs and Excise has announced proposals to make life simpler for small businesses dealing with VAT. The new system, which could save businesses up to 1,000 [pounds sterling] a year, will simplify bookkeeping for businesses with a taxable...

Business owners fight stress.(Brief Article)
September 1, 2001... Over 95 per cent of small business owners are stressed at work, according to research by Bibby Financial Services. A third go to the gym to relax, half spend more time with their family, 17 per cent drink or smoke more, while almost 20 per cent...

Silver jubilee for stockbrokers.
September 1, 2001... CIMA's stockbroker, Blankstone Sington, is celebrating its silver jubilee. The firm, established in 1976, was the first stockbroker to be set up in Liverpool since the Second World War. It established a London office in 1988, following the...

CIMA seeks views on law review.
September 1, 2001... CIMA is seeking members' views on the company law review presented to Patricia Hewitt, secretary of state for trade and industry, at the end of July. The DTI is studying the report and proposals are expected to be tabled in the 2002-2003...

Global accountancy figures.(Brief Article)
September 1, 2001... The management accountancy profession makes up the largest segment of the accountancy profession worldwide, according to figures from the International Federation of Accountants (IFAC). IFAC membership comprises 153 member bodies of accountants...

Retail consultancy launched.(SB Capital)(Brief Article)
September 1, 2001... US retail consultancy SB Capital has launched a UK service aimed at helping struggling retail businesses to manage strategic change, translate business plans into action and provide support during mergers and acquisitions. The firm also offers...

Big Five call for faster tax reform.(Brief Article)
September 1, 2001... Accountants are critical of `crab-like' moves on tax plans The government's proposals to reform taxation for large businesses are too slow and cautious, according to the Big Five accountancy firms. Ernst and Young said the proposals took...

KNIGHTHOODS.
September 1, 2001... CIMA fellow and past president Andrew Likierman has been awarded a knighthood in the Queen's birthday honours list. The accolade was probably linked to his work introducing resource accounting and budgeting in central government -- the UK is...

Letters.
September 1, 2001... Financial Management, 63 Portland Place, London W1B 1AB; financialmanagement@cimaglobal.com Travel bugs I read with interest "Travel agents" (FM, July/Aug 2001) about overseas experience. I would like to point out that salaries in the...

vis a vision.(innovations)(Brief Article)
September 1, 2001... Innovation and creativity are vital for keeping a business competitive, but companies will not succeed unless they create a culture where ideas can thrive Many businesses have been there -- market share in freefall, a stuffy brand image...

Triple decker tax.(Brief Article)
September 1, 2001... Corporate taxation has seen considerable change in the past few months. Derek Jenkins sifts through the consultative papers to uncover what firms can do to avoid disadvantages The period from mid-July to early August 2001 has been...

The trouble with Tupe.(transfer of undertakings (employee rights))(Brief Article)
September 1, 2001... Did they jump or were they pushed? Recent events in employment law are making Tupe transfers a more complex process, especially if it leads to resignations. Sue Nickson takes a reconstructive approach On one hand, Section 95 (1) (c)...

Fit for the job.(financial officers)(Brief Article)
September 1, 2001... Managing finance teams is a whole different ball game from juggling figures, and finding someone to lead and inspire is hard. A rigorous recruitment process is vital to making the right choice The task of appointing a high-calibre person to...

Interesting times.(Brief Article)(Statistical Data Included)
September 1, 2001... UK interest rates have had a bumpy ride over the past 15 years or so. David Ross looks back at the economy's recent experience and asks whether we really are heading for recession The level and variability of interest rates are not...

Time to operate.(National Health Service)(Brief Article)
September 1, 2001... The NHS is in dire need of treatment. But the service could be run more efficiently by private companies without compromising the principle of free care for all "The work goes on," according to the government after its election victory....

Money for old growth.(Brief Article)
September 1, 2001... Making a profit while at the same time promoting growth within your company is a perennial dilemma for the majority of businesses. David Allen examines growth: its quantification and its links with profitability The value of an enterprise...

Dress modes.(clothing industry)
September 1, 2001... From Gucci to New Look, the fashion world moves so fast that the new black can be the old red by the time it hits a store's bank account. As fashion week launches on to catwalks around the world, Adrienne Margolis asks what new trends are about...

Accounting for taste.(Cadbury Schweppes PLC)
September 1, 2001... As financial director of Cadbury Schweppes, David Kappler believes his job is to `ask the right questions'. He takes time out to tell Cathy Hayward about his 40 years with the group and how he sees the changing role of finance Walk through...

Pearl and don.
September 1, 2001... Anyone who still believes that those who can, do; and those who can't, teach, should tell that to Sir Andrew Likierman, who is head of the government accountancy service and an academic at London Business School. Ruth Prickett finds out why the...

Game plans.(UK football teams' finance)(Statistical Data Included)
September 1, 2001... All fans know it is blasphemy to refer to football as `just a game' and, as Cathy Hayward discovers, they are absolutely right. Football clubs are also businesses -- and new regulations scrapping transfer fees are about to make their finances...

New financial times.(changes in accounting)
September 1, 2001... It's all change for accountants as they become `dynamic financial professionals' in a technology-led business environment. Margaret May reports on the changing role of the finance function Management accountants should get ready for some...

Know limits.(knowledge management for companies)(Brief Article)
September 1, 2001... A good knowledge management system can save companies time and money, but success depends on getting the basics right A little knowledge may be a dangerous thing, but too much can be equally damaging. Companies often get carried away with...

Comment.(pensions)(Brief Article)(Column)
September 1, 2001... When pensions are in the news, it is rarely a good thing. Whether it's Maxwell falling off the side of a boat and the subsequent revelation that he had squandered his employees' pension funds, or Equitable Life losing a court battle and finding...

What's at stake?(employee pensions)
September 1, 2001... Stakeholder pensions are nearly here and any employers who are not yet geared up should get moving. Janet McDonald runs through the process and explains why it provides a great opportunity for reinforcing relations with staff The deadline...

Rules of engagement.(sourcing a stakeholder pension provider)
September 1, 2001... Companies must go by the book when sourcing a stakeholder provider, but will this mean that they face an administrative nightmare? Michael Lockyer runs through the legal requirements When choosing a stakeholder provider, one of the most...

Package deal.(employee benefits management)
September 1, 2001... Benefits are costly to provide and can be seriously undervalued by employees. Flexibility is the key to redressing the balance, says Anne-Marie McEvoy, and can help companies to maximise return on their benefit investment The obligation...

JOB-HOPPING FOR PERKS.(employees seek benefits and higher pay when unemployment is low)(Brief Article)
September 1, 2001... A new brand of mercenary candidates are cashing in on low unemployment and an abundance of vacancies to job-hop across the UK, according to recruitment firm HMI Accountability. Some candidates in junior accountancy roles are taking advantage of...

FLIGHT ENTERTAINMENT.(airlines offer live television and internet services)(Brief Article)
September 1, 2001... Saudi Arabian Airlines and Alitalia are set to introduce live television and internet services for their passengers. The two global carriers have signed up for trials with Air TV, a New York-based consortium, which plans to offer broadband...

Make meetings more fun.(Brief Article)
September 1, 2001... Do you notice your colleagues dropping off half way through a meeting you've called? Do they make any excuse not to turn up at all? Or do your meetings tend to drag on and on with no satisfactory ending? Don't despair, poorly managed meetings...

Richer in the regions.(high technology jobs: salaries and benefits)(Brief Article)(Statistical Data Included)
September 1, 2001... Senior e-business jobs, such as chief executives and heads of e-commerce, are better paid outside London, according to a survey by management consultancy the Hay Group. The equivalent positions earn an average of 14 per cent more when based in...

Getting what you paid for.(new employee recruiting)(Brief Article)
September 1, 2001... If you've ever employed someone only to find that they lied on their CV and are unsuitable for the job, you're not alone. Over 70 per cent of organisations have encountered serious lies on CVs, and almost half said CV fraud was a serious...

Luxury trips at little expense.(Brief Article)
September 1, 2001... If you're planning to travel at your company's expense this month, you're in for a nice surprise -- or at least your expenses manager is. Most top hotels offer discounted rates for business travellers over the summer months which extend into...

How to: cope with office relocation.(Brief Article)
September 1, 2001... 1. Spend time finding out about the potential benefits of the new office location -- things like good transport links, shops and restaurants, and facilities such as banks and health clubs. 2. If possible, keep in personal contact with...

Gadget of the month.
September 1, 2001... Whether you're the outdoorsy type who fancies themselves as a bit of an Andy McNab, or just have difficulty finding your way to work, the Magellan GPS (global positioning system) is a must for every executive briefcase. It gives you your...

IS FINANCE YOUR LANGUAGE?(Brief Article)
September 1, 2001... IS FINANCE YOUR LANGUAGE? Manchester is the linguistic capital of the UK, according to industry experts, as some of the world's biggest firms are fighting for staff with language skills in the area. Most in demand are people with combined...

London living costs rival Moscow.(Brief Article)
September 1, 2001... London is the most expensive city in the European Union, according to the latest cost of living survey by consultancy William M Mercer. Glasgow and Birmingham are far more affordable, ranked 72 and 77 respectively. "Compared to many of...

British Airways' London Eye.(honors five millionth visitors)(Brief Article)
September 1, 2001... British Airways' London Eye, London's top paid-for visitor attraction, welcomed its five millionth visitor this summer, after almost 18 months dominating the London skyline. Tessa Jowell MP, secretary of state for culture, media and sport,...

Jobs on the net.(Brief Article)
September 1, 2001... More candidates than ever before are finding new jobs on-line, according to a survey by finance and accounting recruitment firm FSS Financial. Over the past year, the firm has seen a 26 per cent increase in on-line job placements. However, the...

Banks held to account.(Brief Article)
September 1, 2001... In the past five years, over three million customers have decided to change their banks, and a quarter of 25- to 34-year-olds are now looking to move their accounts. According to new research by leading software specialists London Bridge Group,...

How to: get a good appraisal.(Brief Article)
September 1, 2001... 1. Before the meeting, draft out your objectives and set your goals in such a way that you will be able to succeed in areas that are important to the company. Prepare an outline of your most significant achievements and match them to the...

Principle players.(British Bankers' Association issues new guidelines)
September 1, 2001... The British Bankers' Association has issued new guidelines intended to improve relations between small companies and their lending banks. Mike Brown asks how the Statement of Principles will affect SMEs The British Bankers' Association's...

Sri Lankan corporate governance.(Brief Article)
September 1, 2001... CIMA fellow Mr H M Fernando is the main contributor to a new Handbook on Corporate Governance -- Principles and Guidelines to Best Practice in Sri Lanka, published by the Institute of Chartered Secretaries and Administrators in Sri Lanka. ...

Council welcomes Charles Tilley as CIMA chief executive.(Brief Article)
September 1, 2001... On 7 July, council welcomed Charles Tilley to his first council meeting as CIMA's new chief executive. Bruce Epsley, president of CIMA, then congratulated Andrew Likierman, head of the government accountancy service, on receiving a knighthood...

Changes to foundation level examining.(Brief Article)
September 1, 2001... In the first half of 2001, CIMA introduced computer-based assessment (CBA) for all five papers at foundation level on a pilot basis. The pilot studies showed that a system based on objective test questions (OTQs) is the most appropriate...

Funds where they are needed most.
September 1, 2001... When people think of charities it is usually of high-profile ones such as Oxfam, Dr Barnardo's, Help the Aged, or RNIB. Few consider occupation or trade charities. Yet there are many benevolent funds, large and small, which cover a wide range...

CEOs debate Malaysian survival.(Brief Article)
September 1, 2001... The leaders of CIMA Malaysia Division and 27 chief executives met at the tenth CIMA CEO Forum on 12 July to discuss survival strategies for Malaysian businesses facing the challenges of the current economic slowdown. The forum theme was...

Monstermob.(appoints Peter Armer chief financial officer)(Brief Article)
September 1, 2001... Peter Armer FCMA has been appointed chief financial officer at mobile phone entertainment company Monstermob. His new position follows the acquisition of m-Quest by Telezones, where he held the position of finance director. Prior to joining...

Leighton Group.(promotes Neil Kinsley group financial controller)(Brief Article)
September 1, 2001... Neil Kinsley ACMA has been promoted to group financial controller at the Leighton Group and appointed finance director and company secretary of 4Projects, a wholly owned division of the Leighton Group. Kinsley has been with the group for one...

Technical Education, Vocational and Entrepreneurship Training Authority (TEVETA).(appoints)(Nata C Nataraaj director of finance and administration)(Brief Article)
September 1, 2001... Nata C Nataraaj FCMA has been appointed director of finance and administration at Technical Education, Vocational and Entrepreneurship Training Authority (TEVETA), Gambia. Nataraaj was educated at Louisiana Tech University and has worked in...

Response Direct Publishing (RDP).(appoints David Moody financial director)(Brief Article)
September 1, 2001... David Moody ACMA has been appointed financial director designate at direct marketing publishers, Response Direct Publishing (RDP). He was previously financial manager for a manufacturing multinational in Dubai.

Infolines Holdings.(appoints Steve Martin finance director)(Brief Article)
September 1, 2001... Steve Martin ACMA has been appointed to the board of Infolines Holdings as finance director. He spent seven years as finance director at Baronsmead, until the company was sold to Ivory and Sime. He has recently completed the sale of his own...

Pitney Bowes Management Services.(appoints Ashley Bailey managing director)(Brief Article)
September 1, 2001... Ashley Bailey ACMA has been appointed managing director of Pitney Bowes Management Services, following the acquisition of Danka Services International (DSI), the document-management division of Danka Business Systems. Bailey had been managing...

Hilton Hotels Corporation.(promotes Paul Butler)(Brief Article)
September 1, 2001... CIMA passed finalist Paul Butler has been promoted internationally within the Hilton Hotels Corporation. Previously regional finance director in the UK, he will become director of marketing and financial services for the company's worldwide...

AMP UK Financial Services.(appoints Brendan Meehan chief financial officer)(Brief Article)
September 1, 2001... Brendan Meehan has been appointed chief financial officer of AMP UK Financial Services. Meehan joined AMP in July 2000 on secondment from KPMG where he had been a partner in the retail insurance consulting practice for the past three years.

Bell College of Technology.(appoints)(Asif Haseb to staff)(Brief Article)
September 1, 2001... Asif Haseb ACMA has been appointed to the new governing body of Bell College of Technology, Lanarkshire, which will provide higher education at all levels, from sub-degree to postgraduate. His appointment will be part time and he will also...

Asian Development Bank.(appoints)(Lakshman Athukorala financial management specialist)(Brief Article)
September 1, 2001... Lakshman Athukorala FCMA, MBA (Warwick) has been appointed financial management specialist at the Asian Development Bank. Athukorala is currently attached to the project economic evaluation division of the ADB at its head office in Manila,...