Archives For Accountants for small business

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By David York, head of auditing practice, ACCA

An authoritative global survey of the views of smaller accountancy practices was published in March 2015 by the International Federation of Accountants. The survey concluded that the biggest challenge faced by firms was attracting new clients and half of those surveyed said they were concerned about differentiating their firm from the competition.

One UK firm that has cracked this problem is Green Accountancy. If you call yourselves Green Accountancy the differentiation from competitors is about as obvious as it can get.  But what lies behind this is an innovative service that any firm can add to its own service lines to give an edge in attracting new clients. In this case, clients that benefit from it may also get a ‘green advantage’ with their own customers.

ACCA has worked with Green Accountancy to promote this service. We issued detailed guidance in the form of Technical Factsheet 190, which is available as a free download on the ACCA website and crucially it is issued copyright free, to encourage firms, other accountancy bodies, or indeed anyone, to tailor it to their own needs: translate it, change UK to local figures, or include it in their own materials. The service is all about helping smaller businesses measure and reduce their main environmental impacts, so the more accountants that get involved in this the better. To quote ACCA Past President, Brendan Murtagh: ACCA believes that our members’ accounting and financial reporting skills have a key role to play in the transition to, and management of, the low carbon economy. By providing additional green accounting skills . . .  professional accountants will have a pivotal position measuring and managing carbon emissions.’

Recently we have released a video to introduce the service in detail and have put a transcript and the slide deck online.  There are also short articles that provide an overview: on the IFAC Global Knowledge Gateway as well as elsewhere on ACCA’s website.

The guidance was initially issued as ‘interim guidance’ because we wanted to improve it by responding to feedback from users. It is now (June 2015) due to be updated for 2015 year-end reporting and so, in addition to a feedback request in the factsheet itself (many thanks to those who have already provided their views) we have launched an online survey. The survey is not just for those who have introduced this service; anyone who has read the Factsheet can comment.  Please do so.

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Perfect pairing

aksaroya —  23 August 2013 — Leave a comment

By Professor Barry J Cooper, ACCA President

The alliance between a small business and the accountant is good for both – and for the economy.

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While the role of the CFO in the major listed company or the work of the auditor in a multinational company may be the areas that dominate the headlines, ACCA has never lost sight of the fact that the work thousands of our members do in helping the development of SMEs is hugely significant for the health and growth of all economies around the world.

With 45% of our members having at some point worked for an SME, the finance professional clearly plays a major role in this sector. As a body which has long called on regulators and standard setters to ‘think small first’, we’re now focusing our attention on small businesses themselves to make them aware of the value of the professional accountant.

Our ‘Accountants for small business‘ campaign also aims to raise awareness of how new or young businesses can build professional finance teams and why there is such a need for complete finance professionals who can develop with these businesses. ACCA will also be working to build partnerships with business associations, government agencies and service providers to provide practical resources and support for SMEs looking to invest in internal finance functions.

There is a wider benefit to this campaign that goes beyond ACCA’s desire to ensure that businesses are aware of the skills our members can bring them. The campaign will emphasise the importance and benefits of having more formalised businesses in driving economic development, particularly in emerging markets, where a growth in such businesses will enable governments not only to achieve predictable revenues but also to develop and implement policy more effectively because such businesses have a greater voice and presence.

The accountancy professional is a natural ally in this process.

ACCA wants to play its role fully by ensuring that stakeholders in SMEs, whether they are business owners and management, finance providers, government agencies or employees, have the information they need presented in a way they understand to enable them to take the right action.

I have seen at first-hand the work that our members do for SMEs and I know they can meet the challenges and take the new opportunities that this new campaign will bring.

This article first appeared in Accounting and Business, June 2013.