Positioning Compliance as the Distinction

As the threat landscape has become more perilous and complex, regulators have imposed a wide array of mandates designed to protect sensitive personal information. For most organisations, compliance is seen as the cost of doing business. However, if executed strategically it can not only improve a company’s overall security posture but shortens sales cycles and open the business to new markets.

In order to turn compliance from a check-the-box line item into a valued business initiative, businesses need to identify all global, local and industry regulations that apply to their business and, also, strategically implement the processes and technologies that keep them compliant. Whether you’re targeting specific industry or going after international customers, entering new markets requires continuous education about the latest in compliance and regulatory standards as they relate to data privacy and security.

A good way to get started is to put together a roadmap for how you will get, and stay, compliant with the regulations relevant to your business. What follows is an outline of such roadmap.

Start with the Basics

When you are building a house, a foundation is the key to a safe structure. This holds true for building a compliance roadmap.

Once the foundation has been set, it’s then time for the compliance, IT and security teams to determine which regulations apply to their business. This is the backbone of the compliance roadmap. The good news is that many of these regulations overlap so businesses can complete requirements for multiple regulations at the same time

The Roadmap Focal Point: GDPR

The General Data Protection Regulation (GDPR) brought compliance into the mainstream. When GDPR passed, it established strict regulations for how organisations must handle customer data. The regulation is so broad, stringent and complicated that it has motivated many companies to create new job titles to ensure compliance.

However, while there have been strict compliance regulations before, it’s the high financial stakes attached to GDPR that set it apart. A business can be fined up to 4% of its global revenue if it’s found to be non-compliant. Very few organisations can afford to take that kind of hit which is why so many make it the centre piece to their compliance strategy.

The privacy implications of GDPR are extensive but one of the most important and challenging requirements is the data breach notification. Organisations must notify authorities or specific data subjects within 72 hours of a breach. Most organisations are unable to locate sensitive consumer information within their environment, making this requirement near impossible. However, if the organisation puts data controls into its systems and enacts continuous monitoring and real time intrusion detection, it not only becomes achievable but improves internal processes. 

Compliance can be a powerful differentiator and business driver that inspire trust and confidence amongst prospects, customers and external partners. Although the above standards and regulations require extensive resources, non-compliance can result in fines and other punishment that can cripple a company. It’s important to remember that these compliance standards and regulations may have to be revisited, but once put into place and assigned to a dedicated compliance team; the once daunting task pays for itself.

For more information on how to meet your business compliance obligation get in touch with us on 08702281999 or contact us via info@stanleycarter.co.uk or further details on our website www.stanleycarter.co.uk.

It’s the New Year and we would like to list some legal considerations your business might be forgetting

New business regulations come into play all the time, and after a while, keeping up with the changes in legal requirements can start to feel like a job in itself. However, failing to adhere to these ever evolving rules can quickly land you and your business in hot water. To help you stay on the right side of the law, we have pulled together five of the most important things to consider.

Filing your company’s confirmation statement

A confirmation statement is a document providing the government with your company’s details, including your office’s address, your principal business activities and the names of any shareholders. Known previously as an annual return, every registered UK Company is legally required to submit a confirmation statement at least once a year to ensure the Companies House has your up-to-date company information.

You must file your statement no later than twelve months after your new company’s date of incorporation. For established companies, the review period is up to twelve months after your last confirmation filing. Even if you don’t have any updates on your company’s details, you will still have to confirm an annual statement. While there isn’t a fine for late submission of your form, it is a criminal offence not to submit one at all, and this could lead the registrar to believe your company is no longer operating and strike you off the register. This means that your company will no longer legally exist, and its assets will become Crown property.

This process is fairly simple and can be completed online. The likes of Online Filings require you to simply find your company in the Companies House register and choose a package that is right for you, and then fill out a short application form with your company number and authentication code. This process takes less than five minutes to complete, and can be approved within three hours. Submitting a confirmation statement online also saves you money, compared to submitting a paper form, which costs £40.

Employers liability insurance

It’s a simple fact that, if your business hires any staff, you will need to take out an employer’s liability insurance policy. If a worker makes a claim against you, this covers any compensation or legal fees. Whether your employees work on a full-time basis or on freelancing terms, this cover is a legal requirement for all businesses with at least one employee.

Staff can have multiple grounds to make a claim against their employers, such as if they injure themselves, or become seriously ill as a result of their work, or if a client or member of the public is injured or has their property damaged by your professional actions. Failing to have employer’s liability in place may result in your business facing hefty fines of £2500 per employee working for you, which could leave you with some considerable financial ramifications.

Ensuring your software is licensed

Your business likely uses a huge variety of software programmes on a daily basis, whether for word processing, accounts, billing, and databases. Regardless of which ones you use, they must be licensed for use. If you use unlicensed software, it most likely won’t do everything you need it to for long, as software providers can check their registrations and only allow their use for a certain amount of time before suggesting a paid software upgrade. You will also receive no additional support and face security risks, with viruses and malware issues rife amongst unlicensed programs. Illegal use can also land you with both civil and criminal penalties.

When initially accessing any software, you will have already agreed to its licensing terms and conditions, and complying with these terms is vital. It’s against the law to use unlicensed software, which includes any unauthorised use or distribution from downloading, sharing, selling or installing multiple copies. Although it may cost more to have licensed software, it’s worth it in the long run, as it prevents you from facing any potential legal problems.

To avoid legal issues, keep track of which programmes you use, and make sure to keep any relevant documentation which contains details of the software license. Write down the name of the software, its associated ID, the license number for that particular installation, when it was installed, and verification of compliance. Having this documentation protects you should a software vendor accuse your company of noncompliance to their terms.

Intellectual property protection

Protecting your intellectual property (IP) can safeguard a range of your creative business ideas, including your business name and logo, any products you have designed and created, and trademarks. It doesn’t just cover your ideas and concepts, but also business assets like any equipment that is essential for running your business.

With more businesses relying on the internet to promote and sell their products and services, there is a heightened risk of individuals having their unique ideas infringed upon. This includes violating the terms of any agreement made with third parties; for example, if you were to use someone else’s design without the owner’s permission you would be subject to an infringement claim. It’s worth protecting your IP in case people try to steal your ideas and sell them off as their own. For instance, if you own a trademark and someone uses a similar one to sell similar products or services, this could count as a case of trademark infringement.

By having IP protection, your business will be covered if anyone tries to copy your creative property. It also stops you from unintentionally stealing or copying other creative work from others.

For more information on how to meet your business compliance obligations get in touch with us on 08702281999 contact us via info@stanleycarter.co.uk or further details on our website www.stanleycarter.co.uk

Starting a business can be a risk

There are so many things that could go wrong and what business owners need to know is that compliance is one of the best ways to manage most risks that are inherent to Startups. Non-compliance to regulatory requirements results in fines, restrictions on operations, and license revocations. Therefore, Startups must observe compliance guidelines to ensure smooth operations. Compliance can be a complicated affair, especially when you realize just how much needs to be done.

Here are some aspects of compliance that are relevant to every Startup.

Choosing the Right Business Structure

Deciding whether your business will be a sole trader, partnership, limited company, or any other type is extremely important. There are regulations and tax requirements that are unique to each business structure. Understanding how your business structure relates to compliance is the first step for every entrepreneur.

You might have enough capital to register as a sole trader or require funding hence opt for a limited liability company.  Business capital is governed by a unique set of laws that you have to consider. Whichever the case, keep tax and other regulatory obligations in mind as you make this choice.

Most SMEs either comply with basic registration or overlook it completely. This is a grave mistake that could have serious legal implications. Take the time to understand the categories your business falls under and what is expected from you as far as registration goes.

Adhering To Audit and Tax Regulations

All businesses are required to carry out yearly audits and prepare annual audit reports. These reports must contain all financial transactions of the year. Startups and SMEs are not exempted from this regulatory requirement.

Auditing may not be a familiar concept for most people running startups simply because not everyone knows the ins and outs of recording transactions. To simplify auditing and ensure you comply with regulatory requirements, maintain a book of accounts. Hire an auditor to crunch the numbers and prepare a report.

Startups are required to declare their tax liabilities at the time of incorporation. Failure to do so creates inconveniences down the road.

If you need any assistance or require further information please contact us on 0870 228 1999 or email us on info@stanleycarter.co.uk

Auditing in the UK is undergoing unprecedented scrutiny.

The magnifying scope is focusing on all aspects of the sector

The multitude of reviews, some of which are ongoing, are being conducted by regulators, politicians and government departments, each separately looking at audit’s effectiveness, competition across the sector, and its future in general.

High profile failures of big high street names have captured the headlines and raised questions of ‘where were the auditors?’ resulting in some having a lack of confidence in the sector’s effectiveness.

Concerns have also been raised over a conflict of interest in firms selling consultancy services, while their auditing arms are carrying out an audit in the same company.

This has prompted suggestions that a full structural or operational split could be the answer.

Outside of the reviews and reports, the general public have identified what they see as one answer to improving corporate reporting; a good and clean audits.

Despite audit being under growing and intense scrutiny, the public still regard it as part of the solution to what is perceived as unacceptable corporate behaviour.

The purpose of an audit is to ensure that financial statements give a true and fair view, ensuring that material fraud is detected, and appropriate levels of professional scepticism are applied.

Everyone with an interest in financial reporting and strong corporate governance has a responsibility to work together to address the public’s legitimate concerns about audit.

It is clear that the profession must continue to focus on improving audit quality, working proactively with other stakeholders to support better understanding of the auditor’s role.

But, most importantly, all stakeholders connected to the audit process; such as regulators, professional bodies, investors, governments and the media; have a responsibility to inform the public in a fair, balanced and understandable way about audit regulations and standards. It is in the public interest that they do so.

For all your business and corporate needs give us a call on 0870 228 1999

or send us an email info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk

What to consider if you are expanding overseas

Since the UK voted to leave the European Union (EU) in 2016, there has been one thing on the minds of HR professionals and business leaders alike the issue of hiring and maintaining overseas staff.

Business, HR, EU, Around the world
Planning to move or expand your business overseas?

Brexit has cast a question mark over the future of the global workforce and with VISA issues for existing staff looking to be problematic and hiring overseas talent going to become more difficult, businesses need help.

To achieve this, Human Resource (HR) departments and those responsible for recruitment must be aware of the options available to them to enable the business to easily expand and hire the people they want, where they want. This is where organisations should look towards partnering with a direct Employer of Records (EOR) service provider.

With a potential economic slump on the cards, preparation is key. A third party service used by businesses looking to expand and create entities overseas, an EOR takes care of all of the issues traditionally associated with the minefield that is global recruitment. Helping make the transition into new territories more simple, these service providers speed up the process of setting up shop abroad in a cost effective way. So how does it work and how can it really help in a post-Brexit world?

Time saving

Carrying out HR tasks is time intensive and it’s no wonder that companies often wildly misjudge the time it takes to carry out processes which are traditionally the expertise of HR professionals during periods of global expansion.

Sorting out documentation and translations, hiring new staff, and getting to grips with local payroll and tax regulations are all obstacles that can take a relatively long time to work through when setting up a new office abroad. Underestimating the time it takes to establish a business overseas is a key pitfall faced by organisations expanding globally.

But this is where an EOR service provider can help. Taking responsibility for all processes relating to employment contracts, payroll and tax compliance away from HR departments, EORs can save them time and prevent unnecessary stress when it comes to dealing with the nuances in specific regions.

Outgoings

The costs associated with expanding overseas can be crippling, especially for small business wanting to ride the wave of success onto pastures new.

Unforeseen costs can come from multiple sources, depending on the country you are looking to expand into. These include, but are not limited to, recruiting staff, funding health or housing benefits and complying with the legal requirements for annual leave outlined by the host country.

For instance, in China, an employer is required by law to foot the bill for an employee’s housing fund and social healthcare programmes and in Switzerland, those under the age of twenty are entitled to one week more annual leave than the rest of the population. And those are countries that aren’t even in the EU, so add the other twenty seven member states and the nuanced ways they do business into the mix and you can see how complex things get. Especially as the UK does much of its business with EU countries.

It’s factors like these that not only mean business owners are confronted with costs they were not expecting, but also are at risk of legal repercussions should they not comply with these country specific regulations.

EOR service providers can help here too. Setting up an entity abroad no longer needs to be decided on the basis of the financial reserves; time or legal expertise a business has available to it. Instead, this will be the only time that hiring another entity won’t actually cost the company money, but help it make savings.

Legal compliancy

Ensuring the decisions a company makes are above board is paramount to both its financial success and the longevity of its trading. The process of ensuring legal compliancy can be a daunting one and can put companies off recruiting staff and setting up shop in overseas territories altogether, or lead them to cut corners. The principal issue with this is that by bypassing the aforementioned formalities, businesses then run the risk of breaching both employment and tax laws.

EOR service providers can not only save businesses time, money and prevent them from breaching these local laws, but now the once-daunting process of setting up an entity abroad has never been easier. With EOR, companies can embrace the opportunities that lay ahead of them overseas with open arms, rather than confining them to function on a national basis only and HR departments and recruiters can rest assured things will be done correctly without affecting the talent pool.

If you expanding overseas and require help and assistance registering your company and/or employment contracts give us a call on 01612056655 or send us an email info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk

 

Skills you need to develop as an accountant

We take a look at the key skills accountants need to develop to pursue a successful career.

Accountants, skills, accounts
Skills required for accountants

If you are striving for a successful career in accountancy, there are a number of key skills which you should look to develop and build upon throughout your career.

A combination of accredited qualifications and excellent interpersonal and professional skills will enable you to pursue the successful career you are aiming for.

Adaptability

The accounting industry is changing rapidly. The role of the accountant is becoming more of an advisory one as technology automates processes and removes the need for paper. Clients have new expectations, and accountants can now collaborate and work with their customers in real time.

With technology bringing constant change, accountants need to be able to adapt quickly and react to whatever curve ball is thrown at them.

Openness           

Honesty is highly valued in the accounting world. Accountants and the firms they work for pride themselves on adhering to the highest ethical standards and always treating their clients with honesty and integrity.

It is important to be transparent when making decisions, providing advice, and completing tasks. This is true of every workplace relationship, whether with clients, your manager, or when working in a team of colleagues.

Strategic decision-making

Automation of many administrative tasks means accountants have more time to focus on the strategic decision-making side of their role; and clients know this.

Individuals who have strong commercial skills and have invested in their accounting training will be considered highly valuable by clients and firms alike.

Information technology expertise

Accountants should look to be knowledgeable in general IT and accounting software, especially when it is likely your client will know how to use it too.

Cloud accounting is the latest technology break-through in the accounting industry. Working in the cloud means data and software are available anytime and anywhere, so clients can keep their finances up to date across different platforms. Many clients will also be technically savvy about the cloud, but for those who aren’t, the accountant needs to step in and explain it clearly.

Communication

Clients and colleagues can communicate with you at any time they want to from anywhere in the world. Accountants need to be willing to interact with people across all mediums, from phone to video conferencing. It is a good idea to master social media as well as the more traditional email.

While clients may contact you regularly via the phone, most will also value face-to-face meetings. This is also the best way to build a trusting relationship. When it comes to complex financial or technical discussions, accountants must be able to relay information clearly and concisely.

Creative problem-solving

Change is likely to bring about challenges as well as positives. Therefore, firms need accountants who can think outside the box and come up with effective ways to solve new problems.

Initiative, a skill which can be developed in professional, educational, and personal situations, is highly valued by employers. Firms are keen to recruit staff who want to share ideas to continually improve business performance.

Customer service skills

For accountants working in public practice, it is essential to be able to build a strong relationship with current customers, in order to retain them, as well as being able to attract new customers.

In corporate accounting, individuals must meet the needs of the organisation’s other departments and their managers. In both instances, strong customer services skills are invaluable.

Here at Stanley Carter we are a highly skilled and experienced accountancy firm. If you require any help or information please contact us on 0161 2056655 or send us an email info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk

Would the new corporate governance code have saved Carillion?

Carillion, the second largest building contractor in the UK and the lead on a number of key public service contracts, entered into liquidation last week. Various commentators have highlighted poor governance at the company but would the revised UK Corporate Governance Code recently announced by the Financial Reporting Council (FRC) have prevented its collapse?

What caused the collapse?

There are differing views as to what caused Carillion’s problems but many have pointed at internal failings and a poor governance culture. Roger Barker, Head of Corporate Governance at the Institute of Directors said “it is clear that major providers of public services must be governed in a prudent manner”. He suggested that the collapse highlights a lack of effective governance at Carillion and questioned whether the board and shareholders acted appropriately before the collapse.

The Government has acknowledged these worrying signs and has ordered an investigation into the conduct of Carillion’s directors. Executives at the company are said to have tweaked rules in the firm’s bonus scheme to make it harder for those bonuses to be clawed back if the company failed. This sounds like the executives were trying to preserve their own position at the expense of shareholders’ interests. The bonuses have been branded ‘exorbitant’ in the House of Commons.

Further concerns related to the excessive pay of former chief executive Richard Howson who received £1.5 million in 2016. Carillion also agreed to continue paying his remuneration until October this year, handing him a £600,000 salary.

Many believe that the directors of Carillion did not follow responsible internal processes. Recognising the crippling debt, and other significant problems the company was facing, they should have acted in the best interests of the company and looked to minimise the risk of collapse, which eventually became unavoidable.

The revised corporate governance code

Poor corporate governance, particularly excessive executive pay, has been a hot topic for reform in the last 12 months. The FRC has opened a consultation on those proposed revisions after undertaking a ‘comprehensive review’ of the code.

In the consultation document, the FRC highlights the heightened public scrutiny faced by the country’s largest companies and the impact poor internal governance can have on a wide range of stakeholders. So could the proposed changes help to prevent another Carillion failure?

The revised, ‘shorter and sharper’ code aims to encourage high standards by being clearer and more concise. It focuses on the application of principles relating to stakeholders, integrity, corporate culture and diversity.

Excessive pay

A significant change, introduced in an attempt to tackle excessive levels of executive pay, relates to shareholder dissent and the percentage of votes against a resolution. So when more than 20% of shareholders vote against a resolution, the company should: explain the actions it intends to take following the vote; publish an update on the position within six months of the vote; and provide a final summary in the company’s annual report setting out the steps taken as a result of the vote.

To increase transparency, the Investment Association has introduced a public register that lists companies which have experienced high levels of shareholder dissent. The first published list shows that, at their last AGMs, 24 FTSE All-Share companies received significant shareholder votes against their remuneration policies and 43 had 20% or more votes against their remuneration report.

The new code should give shareholders more say in how company executives are remunerated. The excessive pay levels at Carillion may have been tackled earlier had the directors had a greater responsibility to address shareholder concerns.

Employee engagement

The new code will require boards to establish a mechanism by which they can engage with the company’s workforce and gather its views. The collapse of Carillion will have serious repercussions for its 20,000 employees whose jobs are now in limbo. Perhaps if the board had engaged more directly with those employees and been required to listen to their concerns, steps could have been taken to safeguard their position.

Section 172 duty and stakeholder engagement

The Government intends to introduce legislation which would oblige companies to explain how they have complied with the requirements under section 172 Companies Act 2006 to take account of stakeholder interests when making decisions. This is needed to increase transparency and ensure the internal processes adopted by a company promote its success and are for the benefit of its members as a whole, whilst also taking account of wider stakeholder interests.

Carillion’s supply chain is thought to include up to 30,000 small businesses who had already suffered persistent late payments before the firm’s final collapse. The changes to the section 172 duty are intended to highlight that it’s not just the shareholders who are affected by the decisions of a company’s board of directors.

The future of governance

Whilst a range of factors contributed to Carillion’s collapse it is right that poor governance practices are being highlighted as a key contributor. But whether the new corporate governance code would have prevented the collapse is unclear. Ultimately, the new requirements will only bite if shareholders and investors are prepared to step in and hold boards to account.

The new code should help to increase transparency in a number of key areas, helping stakeholders to understand what is going on behind closed doors. Preventative action could then be taken to stabilise any struggling company before it reaches the point of no return as Carillion did earlier this month.

Give us a call on 01612056655 or email us on info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk

Growing credit card conundrum fuels the British bank concerns

Britain’s banks are booking future credit card income long before it materialises, prompting concerns about the accounting practice among regulators, investors and analysts.

Riskier products such as credit cards have become more popular among banks in search of higher returns in recent years. In the first nine months of 2017, cards brought in 1.5 billion pounds in income for Barclays alone.

But how banks account for interest earned on zero percent balance cards, which attract consumers with sometimes long initial interest-free periods, is worrying some. Britain’s Prudential Regulation Authority warned that if banks are wrong about how customers will behave it could hit their capital.

Banks start booking interest income immediately after issuing the card, even though some customers may not pay any for years and could switch banks at the end of the interest-free period, before rates which can be as high as 20 percent kick in.

Barclays, Lloyds Banking Group and Virgin Money have all offered such deals, while Royal Bank of Scotland, one of Britain’s major lenders, does not.

Under international accounting rules, banks predict how much income the card will earn in total, and then spread this out equally over the years they expect it to be active.

Forecasts are based on assumptions the banks set themselves, including how many customers they think will continue to use the cards after the interest-free period ends and for how long.

Interest income can also include upfront fees and interest charged on additional purchases.

Give us a call on 01612056655 or email us on info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk

The deadline is looming. Companies and Business owners have until the end of this month to submit it.

January can be a tricky time for companies and business owners. Even if you’ve kept on top of it all throughout the year, you can still have a time consuming task on your hands.

Tax return, HMRC, tax
Deadline approaching

Companies face a number of challenges at this time of year, particularly as the tax deadline is in tandem with reduced revenue after the Christmas break.

It’s all too easy to forget that small business owners don’t have the luxury of enjoying much downtime over Christmas. The break is often a prime opportunity to catch up on important business admin and to start planning for the year ahead.

It’s worrying that nearly half of small businesses in the UK admit that they have struggled to pay tax bills, according to a report from insurer RSA. But what’s more worrying is that problem with accounting, or simply a lack of awareness about the process or the deadline, mean that as many as a quarter of companies are missing the due date.

Failing to file a self assessment form by 31 January can leave you facing an automatic £100 penalty.

The fines build up after three months, with HMRC starting to charge penalties of £10 per day, and after six months, the penalty amounts to five per cent of the person’s tax or £300, whichever is higher.

Being hit with fines will inevitably put a strain on the cashflow of small businesses, so managing your tax properly is important. We have here some tips to help you manage your taxes:

First, stay organised. You don’t want to be panicking the day before the deadline trying to find bits of paperwork, so it’s a good idea to file everything in an organised fashion throughout the year.

If you haven’t made any progress, there’s still a week until the deadline. Just don’t leave it until the last minute.

Second, keep tabs on all expenses and include all the information required. Make sure you don’t miss any sections out on the form, and include all earnings, including dividend income on any shares you own. You don’t want HMRC to reject your tax return if there are any mistakes, so also allocate time to double-check the form before you submit it.

Third, use tools available to you. The days of doing everything by hand are long gone. Software’s are available to give you a helping hand when managing your accounts, so do a bit of research to figure out which app is best suited to your business. Making use of these tools will make your life a whole lot easier; think of it as an investment.

Finally, if you are really stumped when it comes to your tax return, you can get a professional accountant involved who should be able to take all the stress away.

Yes, this will come at a cost, but you have to consider if that cost outweighs the penalty from HMRC. Seeking advice from an accountant on your finances can be invaluable to your business, particularly later down the line as your company grows.

Fulfilling tax obligations can be one of the biggest barriers to the success of a business, but don’t let it stop your company from having a prosperous future.

For help filling your tax return give us a call on 01612056655 or email us on info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk

The challenges of using technology

Technological advancements require accountancy firms to review not only their internal processes relating to workflow and business management, but also their working environment, including employee reward and engagement practices

Techonology, accountants, UK
Is technology helping accountants?

The rise of technology has transformed the accounting industry and the way in which accountants work in recent years, with cloud tools automating processes which previously took up valuable staff time, increasing efficiency in practices throughout the UK.

Yet, technological advancements require accountancy firms to review not only their internal processes relating to workflow and business management, but to also examine their working environment, including employee reward and engagement practices.

Cloud-based technology automates the collection and processing of financial transactions, helping to build better accountant-client relationships. It can capture, read, and store receipts and invoices automatically, removing the need to store paper, type in data, or chase clients. It also vastly decreases the likelihood of error.

These benefits mean that technology provides significant time savings, with firms needing to adapt to the new business climate as a result, eliminating time-based pay and incentive’s productivity to foster happier employees, and therefore happier clients. Ultimately, time is freed up for accountants and bookkeepers to focus on more important activities, and provide their customers with a quick, hassle-free service.

With staff wanting to feel challenged in their role and recognised for the performance they give, firms need to find an effective way of boosting productivity and rewarding employee performance.

Incentivised pay ensures that the amount an individual earns is relative to his or her results, profit, or performance. Short-term schemes, like bonuses and commission, motivate employees to hit or exceed targets while longer schemes, such as profit sharing, help to generate in the employee an interest in the success of the company.

Firms that fail to get on board with these productivity practices will likely find themselves unable to compete with the more tech-savvy businesses, and risk losing their best employees to competitors offering more recognition for individual performance.

If you are looking for new accountants send us an email info@stanleycarter.co.uk or check our website for further details www.stanleycarter.co.uk