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For people who work in the knowledge economy, ideas can be their primary  ...
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For people who work in the knowledge economy, ideas can be their primary  ...
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Source: https://financialaccountant.co.uk/feed/

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<title>MTD sets the timer for small practices to drive efficiencies</title>
<link>https://financialaccountant.co.uk/features/making-tax-digital-hmrc/</link>
<comments>https://financialaccountant.co.uk/features/making-tax-digital-hmrc/#respond</comments>
<dc:creator><![CDATA[Kevin Reed]]></dc:creator>
<pubDate>Fri, 09 May 2025 04:32:00 +0000</pubDate>
<category><![CDATA[Features]]></category>
<category><![CDATA[HMRC]]></category>
<category><![CDATA[Regulatory development]]></category>
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<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43883</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/mtd-smes-pexels-thirdman-5060979.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/mtd-smes-pexels-thirdman-5060979.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/mtd-smes-pexels-thirdman-5060979-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Sole and small practitioners must “pull the levers” to <a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">drive efficiencies and scale in their firm with MTD</a> a key driver for change, according to Xero’s UK boss.


Speaking to Financial Accountant for Xero’s launch of its<a href="https://www.xero.com/uk/campaign/partner/industry-report/#download-report" target="_blank" rel="noreferrer noopener"> 2025 Accounting and Bookkeeping Industry Report</a>, UK country manager Kate Hayward said there was broad positivity about the improvements that MTD ITSA’s 2026 introduction was creating among practices and their clients.


The report found that four in five (79%) of practices had <a href="https://financialaccountant.co.uk/features/accounting-predictions-2025/" target="_blank" rel="noreferrer noopener">increased revenues</a> compared to a year earlier, while 74% increased their profits in the period. Half (49%) gained new clients.





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image size-large"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/Kate-Hayward-Xero-web-799x1024.jpg" alt="Headshot of Kate Hayward" class="wp-image-43884"/><figcaption class="wp-element-caption">Kate Hayward, UK Country Manager, Xero</figcaption></figure>
</div>


<div class="wp-block-column" style="flex-basis:66.66%">
Some 80% of sole practitioners said they were either ‘extremely positive’ or ‘positive’ about MTD ITSA.
</div>
</div>


“There is some negativity that exits [around MTD] in that some think ‘it’s too much change for me’, but there is an uptick from the stress and effort of driving change,” said Hayward. “There is a cohort of potential clients that haven’t used a bookkeeper or accountant before wanting help.”


<h2 class="wp-block-heading">Small but effective</h2>


There have been concerns about the ability of the smallest practices to manage a potential increase in workload due to the extra filings that clients require. Hayward said that, while larger firms have been merging and consolidating to drive synergies, small practices must also look to create efficiencies and scale up.


“Size doesn’t have to determine whether they can be efficient or drive scale – they have to look at those levers as much as anyone else.


“Without pulling those levers [small practices] won’t be as competitive – know your customer and drive the efficiencies as if you’re a bigger firm.”


Some 58% of sole practitioners flagged ‘improved accuracy and reduced errors in tax reporting’ as a key benefit of the next phase of MTD, at least nine percentage points higher than other sizes of firms.


<h2 class="wp-block-heading">Clients and quarterly reporting</h2>


The sole practitioner cohort had the largest split between those that expect to provide a full MTD service for clients (48%), compared to 43% that expect clients to manage their own quarterly filings.


“Various models can exist,” said Hayward, “but firms will have to price accordingly.”


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote> “Marrying pieces up such as AI and literacy with accounting is the fascinating question. I think [accountancy] has to mould and change and adapt.”<cite>Kate Hayward, UK Country Manager, Xero</cite></blockquote></figure>


<h2 class="wp-block-heading">Preparation time</h2>


Despite the positive messaging across the report, it found that 72% of firms consider themselves ready for MTD ITSA - leaving a sizeable chunk with more work to do. There is a range questions that are coming into Xero from practitioners about MTD, Hayward explained.


“Some ask: ‘is it bookkeeping or tax?’ ‘What processes will need to change’, or ‘how do I price for the service?’ Our big push at Xero is for practices to consider the end-to-end process, from the initial data through to returns: how will you interact with your staff and clients? How will data flow?”


Hayward expects more collaboration between clients and practitioners, as MTD closes the gap between data collection and who is responsible for what. “It has been ‘our jobs and their jobs’, but [optimising client workflows] is going to increase because of MTD.”


Xero has also released a toolkit for Xero customers to help them consider the mapping and processing of data. “Were taking a proactive approach to education,” said Hayward.


<h2 class="wp-block-heading">All about people</h2>


Hayward, an accountant herself, said that despite concerns about the profession’s ability to recruit new talent, the requirement for accountants would stay strong. “With advancements in technology, the more repetitive tasks should be automated and the interesting bits that go more around critical thinking and connecting dots for clients will happen more regularly, and at an earlier stage of the career for younger accountants.”


However, accountancy training must evolve. “Marrying pieces up such as AI and literacy with accounting is the fascinating question. I think [accountancy] has to mould and change and adapt.”


Xero’s report can be downloaded by<a href="https://www.xero.com/uk/campaign/partner/industry-report/#download-report" target="_blank" rel="noreferrer noopener"> clicking here</a>.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s range of continuing professional development (CPD) <a href="https://bit.ly/3VmSD8l">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/mtd-smes-pexels-thirdman-5060979.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/mtd-smes-pexels-thirdman-5060979.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/mtd-smes-pexels-thirdman-5060979-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Sole and small practitioners must “pull the levers” to <a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">drive efficiencies and scale in their firm with MTD</a> a key driver for change, according to Xero’s UK boss.


Speaking to Financial Accountant for Xero’s launch of its<a href="https://www.xero.com/uk/campaign/partner/industry-report/#download-report" target="_blank" rel="noreferrer noopener"> 2025 Accounting and Bookkeeping Industry Report</a>, UK country manager Kate Hayward said there was broad positivity about the improvements that MTD ITSA’s 2026 introduction was creating among practices and their clients.


The report found that four in five (79%) of practices had <a href="https://financialaccountant.co.uk/features/accounting-predictions-2025/" target="_blank" rel="noreferrer noopener">increased revenues</a> compared to a year earlier, while 74% increased their profits in the period. Half (49%) gained new clients.





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image size-large"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/Kate-Hayward-Xero-web-799x1024.jpg" alt="Headshot of Kate Hayward" class="wp-image-43884"/><figcaption class="wp-element-caption">Kate Hayward, UK Country Manager, Xero</figcaption></figure>
</div>


<div class="wp-block-column" style="flex-basis:66.66%">
Some 80% of sole practitioners said they were either ‘extremely positive’ or ‘positive’ about MTD ITSA.
</div>
</div>


“There is some negativity that exits [around MTD] in that some think ‘it’s too much change for me’, but there is an uptick from the stress and effort of driving change,” said Hayward. “There is a cohort of potential clients that haven’t used a bookkeeper or accountant before wanting help.”


<h2 class="wp-block-heading">Small but effective</h2>


There have been concerns about the ability of the smallest practices to manage a potential increase in workload due to the extra filings that clients require. Hayward said that, while larger firms have been merging and consolidating to drive synergies, small practices must also look to create efficiencies and scale up.


“Size doesn’t have to determine whether they can be efficient or drive scale – they have to look at those levers as much as anyone else.


“Without pulling those levers [small practices] won’t be as competitive – know your customer and drive the efficiencies as if you’re a bigger firm.”


Some 58% of sole practitioners flagged ‘improved accuracy and reduced errors in tax reporting’ as a key benefit of the next phase of MTD, at least nine percentage points higher than other sizes of firms.


<h2 class="wp-block-heading">Clients and quarterly reporting</h2>


The sole practitioner cohort had the largest split between those that expect to provide a full MTD service for clients (48%), compared to 43% that expect clients to manage their own quarterly filings.


“Various models can exist,” said Hayward, “but firms will have to price accordingly.”


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote> “Marrying pieces up such as AI and literacy with accounting is the fascinating question. I think [accountancy] has to mould and change and adapt.”<cite>Kate Hayward, UK Country Manager, Xero</cite></blockquote></figure>


<h2 class="wp-block-heading">Preparation time</h2>


Despite the positive messaging across the report, it found that 72% of firms consider themselves ready for MTD ITSA - leaving a sizeable chunk with more work to do. There is a range questions that are coming into Xero from practitioners about MTD, Hayward explained.


“Some ask: ‘is it bookkeeping or tax?’ ‘What processes will need to change’, or ‘how do I price for the service?’ Our big push at Xero is for practices to consider the end-to-end process, from the initial data through to returns: how will you interact with your staff and clients? How will data flow?”


Hayward expects more collaboration between clients and practitioners, as MTD closes the gap between data collection and who is responsible for what. “It has been ‘our jobs and their jobs’, but [optimising client workflows] is going to increase because of MTD.”


Xero has also released a toolkit for Xero customers to help them consider the mapping and processing of data. “Were taking a proactive approach to education,” said Hayward.


<h2 class="wp-block-heading">All about people</h2>


Hayward, an accountant herself, said that despite concerns about the profession’s ability to recruit new talent, the requirement for accountants would stay strong. “With advancements in technology, the more repetitive tasks should be automated and the interesting bits that go more around critical thinking and connecting dots for clients will happen more regularly, and at an earlier stage of the career for younger accountants.”


However, accountancy training must evolve. “Marrying pieces up such as AI and literacy with accounting is the fascinating question. I think [accountancy] has to mould and change and adapt.”


Xero’s report can be downloaded by<a href="https://www.xero.com/uk/campaign/partner/industry-report/#download-report" target="_blank" rel="noreferrer noopener"> clicking here</a>.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s range of continuing professional development (CPD) <a href="https://bit.ly/3VmSD8l">here</a>.
]]></content:encoded>
<wfw:commentRss>https://financialaccountant.co.uk/features/making-tax-digital-hmrc/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>Strong growth for UK accounting practices as digital transformation accelerates</title>
<link>https://financialaccountant.co.uk/features/accounting-growth-tax/</link>
<comments>https://financialaccountant.co.uk/features/accounting-growth-tax/#respond</comments>
<dc:creator><![CDATA[Annie Lawson]]></dc:creator>
<pubDate>Thu, 08 May 2025 06:50:00 +0000</pubDate>
<category><![CDATA[Features]]></category>
<category><![CDATA[Regulatory development]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Strategy]]></category>
<category><![CDATA[Support and advice]]></category>
<category><![CDATA[Tax]]></category>
<category><![CDATA[taxation]]></category>
<category><![CDATA[Technology]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43869</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/profit-revenue-rc-xyz-nft-gallery-w9coDxtsfts-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/profit-revenue-rc-xyz-nft-gallery-w9coDxtsfts-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/profit-revenue-rc-xyz-nft-gallery-w9coDxtsfts-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />



<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


At a glance


<ul class="wp-block-list">
<li>UK accounting practices are experiencing strong revenue and profit growth. </li>


<li>Cloud technology adoption is driving success, with 87% of users reporting increased client satisfaction and 86% noting more time for practice growth. </li>


<li>This follows concerns about costs and skills shortage in the profession. </li>
</ul>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





The figures coincide with greater rates of <a href="https://financialaccountant.co.uk/features/ai-tools-for-accountants/" target="_blank" rel="noreferrer noopener">digital transformation</a> as the industry prepares for regulatory shifts, according to <a href="https://www.xero.com/uk/campaign/partner/industry-report/" target="_blank" rel="noreferrer noopener">Xero's comprehensive 2025 Accounting and Bookkeeping Industry Report</a>. 


Despite reports of accounting firm numbers falling last year, Xero’s data paints a rosy picture for the accounting profession.


Some 79% of accounting practices are experiencing revenue growth, with 74% enjoying higher profits as the sector embraces digital transformation. This report, commissioned by Xero and facilitated by Quadrant Strategies, is based on an online survey of 250 accountants and bookkeepers from independent panels.


This follows cautiousness in the wider business sector, with an index that measures confidence across the British manufacturing industries falling in February for the fourth consecutive month. And optimism among CFOs of larger companies slumped to a two-year low earlier this year, according to Deloitte data. 


A net 26% of CFOs reported feeling more pessimistic about the outlook for their companies compared to three months ago, the first time sentiment has tipped into negative territory since the second quarter of 2023. Even so, confidence is above the lows in 2020 and 2022.


It coincides with the Bank of England slashing prediction for UK growth this year by half to 0.75 per cent, with inflation forecast to climb to 3.7 per cent this year.


<h2 class="wp-block-heading">Client growth and revenue drivers</h2>


Despite this broader economic outlook, the Xero survey found nearly half (49%) of practices gained new clients over the past year, with average client numbers growing by 15%. Sole practitioners and small practices reported slightly larger increases than medium and large firms.


Three key growth drivers included: 


<ul class="wp-block-list">
<li>Expanding existing client relationships (reported by 73% of practices with revenue growth);</li>


<li><a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">Streamlining workflows </a>(34% of revenue-growing practices); and </li>


<li>Boosting service offerings (35% of revenue-growing practices).</li>
</ul>


<h2 class="wp-block-heading">Advisory and bookkeeping </h2>


Advisory services now contribute 32% of practice revenue on average, surpassing bookkeeping at 31%, highlighting opportunities for small practices to develop higher-value service offerings.


Meanwhile, nearly a quarter of clients (24%) have all their bookkeeping handled by their practice, 20% receive only advice and guidance and the remaining 55% split bookkeeping tasks with their accountant in various arrangements. This flexibility in service delivery should encourage micro practices to develop models tailored to their strengths.


<h2 class="wp-block-heading">Technology adoption </h2>


Technology adoption played an important role in success, with 42% of respondents citing it as the most significant change in their practice over the past year. Practices using cloud-based software reported benefits including:


<ul class="wp-block-list">
<li>87% report increased client satisfaction</li>


<li>86% report more time to focus on practice growth</li>


<li>86% report time saved on manual daily tasks</li>


<li>84% report improved billing approaches.</li>
</ul>


Cloud software users are also more likely to experience client growth (51%) compared to desktop-only users (38%), and 44% of practices reported greater efficiency from adopting cloud-based software.


<h2 class="wp-block-heading">Cloud adoption</h2>


While 86% of practices use cloud software for at least one client, 59% of their bookkeeping work is delivered using cloud platforms. The study showed connected bank feeds are used for just 40% of clients, payment tools for 33% and data capture tools for only 31%.


Data security concerns are a barrier for some practices, but addressing these through training and systems could unlock efficiency gains.


Despite current external challenges, 77% of accountants and bookkeepers express confidence in the future of their practice. Technology adoption correlates with optimism, with 32% of cloud software users report feeling very optimistic compared to 25% of desktop-only users.


<h2 class="wp-block-heading">Practical implications for small practices</h2>


For accountants operating small practices, relevant insights include:


<ol class="wp-block-list">
<li>Focus on advisory: With advisory services now generating slightly more revenue than bookkeeping, developing higher-value consultancy offerings represents a clear growth opportunity.</li>


<li>Embrace cloud technology: There is a correlation between cloud adoption and practice growth, with modest technology investments yielding significant returns.</li>


<li>Prepare for MTD: While sole practitioners may need different service models than larger firms, preparing now for MTD implementation creates competitive advantage.</li>


<li>Deepen client relationships: Strengthening existing client relationships is an effective growth strategy.</li>


<li>Optimise cloud usage: Simply adopting cloud software isn't enough – practices that fully utilise features like bank feeds and data capture tools stand to gain the most.</li>
</ol>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s range of continuing professional development (CPD) <a href="https://bit.ly/3VmSD8l" target="_blank" rel="noreferrer noopener">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/profit-revenue-rc-xyz-nft-gallery-w9coDxtsfts-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/profit-revenue-rc-xyz-nft-gallery-w9coDxtsfts-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/profit-revenue-rc-xyz-nft-gallery-w9coDxtsfts-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />



<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


At a glance


<ul class="wp-block-list">
<li>UK accounting practices are experiencing strong revenue and profit growth. </li>


<li>Cloud technology adoption is driving success, with 87% of users reporting increased client satisfaction and 86% noting more time for practice growth. </li>


<li>This follows concerns about costs and skills shortage in the profession. </li>
</ul>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





The figures coincide with greater rates of <a href="https://financialaccountant.co.uk/features/ai-tools-for-accountants/" target="_blank" rel="noreferrer noopener">digital transformation</a> as the industry prepares for regulatory shifts, according to <a href="https://www.xero.com/uk/campaign/partner/industry-report/" target="_blank" rel="noreferrer noopener">Xero's comprehensive 2025 Accounting and Bookkeeping Industry Report</a>. 


Despite reports of accounting firm numbers falling last year, Xero’s data paints a rosy picture for the accounting profession.


Some 79% of accounting practices are experiencing revenue growth, with 74% enjoying higher profits as the sector embraces digital transformation. This report, commissioned by Xero and facilitated by Quadrant Strategies, is based on an online survey of 250 accountants and bookkeepers from independent panels.


This follows cautiousness in the wider business sector, with an index that measures confidence across the British manufacturing industries falling in February for the fourth consecutive month. And optimism among CFOs of larger companies slumped to a two-year low earlier this year, according to Deloitte data. 


A net 26% of CFOs reported feeling more pessimistic about the outlook for their companies compared to three months ago, the first time sentiment has tipped into negative territory since the second quarter of 2023. Even so, confidence is above the lows in 2020 and 2022.


It coincides with the Bank of England slashing prediction for UK growth this year by half to 0.75 per cent, with inflation forecast to climb to 3.7 per cent this year.


<h2 class="wp-block-heading">Client growth and revenue drivers</h2>


Despite this broader economic outlook, the Xero survey found nearly half (49%) of practices gained new clients over the past year, with average client numbers growing by 15%. Sole practitioners and small practices reported slightly larger increases than medium and large firms.


Three key growth drivers included: 


<ul class="wp-block-list">
<li>Expanding existing client relationships (reported by 73% of practices with revenue growth);</li>


<li><a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">Streamlining workflows </a>(34% of revenue-growing practices); and </li>


<li>Boosting service offerings (35% of revenue-growing practices).</li>
</ul>


<h2 class="wp-block-heading">Advisory and bookkeeping </h2>


Advisory services now contribute 32% of practice revenue on average, surpassing bookkeeping at 31%, highlighting opportunities for small practices to develop higher-value service offerings.


Meanwhile, nearly a quarter of clients (24%) have all their bookkeeping handled by their practice, 20% receive only advice and guidance and the remaining 55% split bookkeeping tasks with their accountant in various arrangements. This flexibility in service delivery should encourage micro practices to develop models tailored to their strengths.


<h2 class="wp-block-heading">Technology adoption </h2>


Technology adoption played an important role in success, with 42% of respondents citing it as the most significant change in their practice over the past year. Practices using cloud-based software reported benefits including:


<ul class="wp-block-list">
<li>87% report increased client satisfaction</li>


<li>86% report more time to focus on practice growth</li>


<li>86% report time saved on manual daily tasks</li>


<li>84% report improved billing approaches.</li>
</ul>


Cloud software users are also more likely to experience client growth (51%) compared to desktop-only users (38%), and 44% of practices reported greater efficiency from adopting cloud-based software.


<h2 class="wp-block-heading">Cloud adoption</h2>


While 86% of practices use cloud software for at least one client, 59% of their bookkeeping work is delivered using cloud platforms. The study showed connected bank feeds are used for just 40% of clients, payment tools for 33% and data capture tools for only 31%.


Data security concerns are a barrier for some practices, but addressing these through training and systems could unlock efficiency gains.


Despite current external challenges, 77% of accountants and bookkeepers express confidence in the future of their practice. Technology adoption correlates with optimism, with 32% of cloud software users report feeling very optimistic compared to 25% of desktop-only users.


<h2 class="wp-block-heading">Practical implications for small practices</h2>


For accountants operating small practices, relevant insights include:


<ol class="wp-block-list">
<li>Focus on advisory: With advisory services now generating slightly more revenue than bookkeeping, developing higher-value consultancy offerings represents a clear growth opportunity.</li>


<li>Embrace cloud technology: There is a correlation between cloud adoption and practice growth, with modest technology investments yielding significant returns.</li>


<li>Prepare for MTD: While sole practitioners may need different service models than larger firms, preparing now for MTD implementation creates competitive advantage.</li>


<li>Deepen client relationships: Strengthening existing client relationships is an effective growth strategy.</li>


<li>Optimise cloud usage: Simply adopting cloud software isn't enough – practices that fully utilise features like bank feeds and data capture tools stand to gain the most.</li>
</ol>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s range of continuing professional development (CPD) <a href="https://bit.ly/3VmSD8l" target="_blank" rel="noreferrer noopener">here</a>.
]]></content:encoded>
<wfw:commentRss>https://financialaccountant.co.uk/features/accounting-growth-tax/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>How to identify and tackle financial abuse in business</title>
<link>https://financialaccountant.co.uk/features/financial-abuse-business/</link>
<comments>https://financialaccountant.co.uk/features/financial-abuse-business/#respond</comments>
<dc:creator><![CDATA[Helena Vallely]]></dc:creator>
<pubDate>Wed, 07 May 2025 02:00:00 +0000</pubDate>
<category><![CDATA[Features]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Wellbeing]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43859</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/financial-abuse-joshua-hoehne-4eES7h78HF8-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/financial-abuse-joshua-hoehne-4eES7h78HF8-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/financial-abuse-joshua-hoehne-4eES7h78HF8-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />



<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


At a glance


<ul class="wp-block-list">
<li>Economic abuse has huge financial and emotional impacts on small business owners.</li>


<li>The cost-of-living crisis is increasing the likelihood of abuse.</li>


<li>Accountants are an important line of defence for SME clients. </li>
</ul>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





A study commissioned by <a href="https://www.aviva.com/newsroom/news-releases/2023/01/two-in-five-brits-claim-to-have-suffered-economic-or-financial-abuse/" target="_blank" rel="noreferrer noopener">Aviva</a> revealed that two in five (40%) of adults in the UK have experienced economic abuse, with 14% reporting it came from an employer or colleague. 


Three in five (61%) indicated that their situation had <a href="https://financialaccountant.co.uk/features/hmrc-tax-gaps-and-tax-avoidance/" target="_blank" rel="noreferrer noopener">worsened </a>because of the cost-of-living crisis.


Tina Chander, Head of Employment Law at Wright Hassall, says that while <a href="https://financialaccountant.co.uk/features/how-the-new-economic-crime-and-corporate-transparency-bill-will-affect-you/" target="_blank" rel="noreferrer noopener">financial abuse</a> is a serious issue, it remains widely misunderstood and can often slip under the radar.


“As an employment lawyer, I come across all types of financial abuse situations – from a controlling partner stealing funds to coercing someone into debt… It typically manifests through restriction, exploitation or sabotage – all of which are coercive and controlling behaviours.”


In 2021, the <a href="https://www.legislation.gov.uk/ukpga/2021/17/contents" target="_blank" rel="noreferrer noopener">Domestic Abuse Act</a> officially recognised financial abuse as a form of coercive control. For small business owners and partners, this could appear as misuse of business funds, exploitation of vulnerable individuals, or controlling all financial decisions.


<h2 class="wp-block-heading">What does financial abuse look like for small businesses?</h2>


The IFA recently ran a webinar, <a href="https://www.ifa.org.uk/cpd/cpdondemand/recognising-the-signs-of-client-financial-abuse-on-demand" target="_blank" rel="noreferrer noopener">Recognising the Signs of Client Financial Abuse</a>, featuring Ann Kayis-Kumar, Associate Professor, School of Taxation and Business Law at UNSW, and Jasmine Opdam, Senior Policy and Advocacy Officer at Redfern Legal Centre.


During the webinar, Opdam explored some of the warning signs of financial abuse that accountants are well-placed to identify during routine financial management, tax planning, or annual reviews. She noted that clients not being able to answer basic questions about their finances may be a red flag for financial abuse.


“Sometimes, we see victim survivors who weren't even aware that they were the listed director or office holder of a company,” she says. “Often they have no visibility over their financial situation, or they might have signed personal guarantees or business loans for a company that they are not actually controlling themselves.” 


“A client who has never lodged their own tax returns before, and has little visibility of them, might be an indicator of their partner holding a lot of control over the finances in the relationship.” 


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Financial abuse red flags</th></tr></thead><tbody><tr><td>Controlling access: Limiting your access to money, bank accounts, or tax information</td></tr><tr><td>Blocking information: Setting up business or financial systems that stop you from accessing money</td></tr><tr><td>Hiding money: Keeping income, assets, or accounts secret</td></tr><tr><td>Taking control: Making financial decisions without you or stopping you from using money</td></tr><tr><td>Shifting debt: Putting their debts in your name or making you take out loans for them</td></tr></tbody></table></figure>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





The impacts can be severe, with the government’s <a href="https://www.gov.uk/government/publications/public-sector-toolkits/economic-abuse-toolkit-html#fn:5">Economic Abuse Toolkit</a> revealing that 60% of financial abuse victims will be coerced into debt.


It can also take emotional and ethical tolls. Losing control of finances to business partners can result in loss of confidence and self-esteem, and in severe cases depression and other mental health issues. 


Kayis-Kumar says: “Supporting victim-survivors is a really profoundly important role for the profession to play.”


<h2 class="wp-block-heading">How accountants can respond to suspected abuse</h2>


“Through their unique position, accountants often find themselves among the first to spot signs of financial abuse in a relationship – whether it’s a client who seems afraid to speak, is being directed by their partner, or displays anxiety about their personal safety or privacy,” says Chander. “As a regulated profession, accountancy has a responsibility to report suspicious activity and help prevent crime.”


Chander notes that accountants who suspect a client is being coerced into financial decisions must consider filing a Suspicious Activity Report (SAR) with the National Crime Agency (NCA).


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Through their unique position, accountants often find themselves among the first to spot signs of financial abuse in a relationship – whether it’s a client who seems afraid to speak, is being directed by their partner or displays anxiety about their personal safety or privacy."<cite>Tina Chander, Head of Employment Law, Wright Hassall</cite></blockquote></figure>


She adds: “If you believe that there is foul play related to financial crime that falls under the Proceeds of Crime Act 2002 or the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, you must report any suspicions of criminal conduct.” 


“This is especially important where financial abuse may indicate wider financial crime or coercive control. Failing to make such reports can carry serious consequences, including potential fines and in extreme cases, imprisonment.”


Before it gets to this point, accountancy practices must train all staff on recognising economic abuse, implement internal policies to guide their response, and ensure clear processes are in place to support clients if a disclosure is made. “Raising awareness and being prepared can make a vital difference.”


<h2 class="wp-block-heading">The balance between confidentiality and duty of care</h2>


Opdam encourages accountants to focus on spotting the telltale signs. The term 'financial abuse' can feel confronting, so it's often more effective to gently explore what clients know, what they can access, and how their partner behaves around financial matters.


Accountants aren’t expected to become an expert in dealing with financial abuse, but there are existing support services they can rely on.


“I wouldn't suggest that you have concerns and ask a client outright, ‘are you experiencing financial abuse’? Chances are it won't be safe for them to disclose that to you, and you might actually put them at greater risk. My first suggestion would be to always offer appropriate referrals.”


Government advice on tackling financial abuse recommends contacting the <a href="https://survivingeconomicabuse.org/financial-support-line/" target="_blank" rel="noreferrer noopener">Financial Support Line and Casework Service for Victims of Domestic Abuse</a> if you suspect clients of being victims.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s Ethics Short Course <a href="https://bit.ly/3Sbt1JP" target="_blank" rel="noreferrer noopener">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/financial-abuse-joshua-hoehne-4eES7h78HF8-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/financial-abuse-joshua-hoehne-4eES7h78HF8-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/financial-abuse-joshua-hoehne-4eES7h78HF8-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />



<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


At a glance


<ul class="wp-block-list">
<li>Economic abuse has huge financial and emotional impacts on small business owners.</li>


<li>The cost-of-living crisis is increasing the likelihood of abuse.</li>


<li>Accountants are an important line of defence for SME clients. </li>
</ul>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





A study commissioned by <a href="https://www.aviva.com/newsroom/news-releases/2023/01/two-in-five-brits-claim-to-have-suffered-economic-or-financial-abuse/" target="_blank" rel="noreferrer noopener">Aviva</a> revealed that two in five (40%) of adults in the UK have experienced economic abuse, with 14% reporting it came from an employer or colleague. 


Three in five (61%) indicated that their situation had <a href="https://financialaccountant.co.uk/features/hmrc-tax-gaps-and-tax-avoidance/" target="_blank" rel="noreferrer noopener">worsened </a>because of the cost-of-living crisis.


Tina Chander, Head of Employment Law at Wright Hassall, says that while <a href="https://financialaccountant.co.uk/features/how-the-new-economic-crime-and-corporate-transparency-bill-will-affect-you/" target="_blank" rel="noreferrer noopener">financial abuse</a> is a serious issue, it remains widely misunderstood and can often slip under the radar.


“As an employment lawyer, I come across all types of financial abuse situations – from a controlling partner stealing funds to coercing someone into debt… It typically manifests through restriction, exploitation or sabotage – all of which are coercive and controlling behaviours.”


In 2021, the <a href="https://www.legislation.gov.uk/ukpga/2021/17/contents" target="_blank" rel="noreferrer noopener">Domestic Abuse Act</a> officially recognised financial abuse as a form of coercive control. For small business owners and partners, this could appear as misuse of business funds, exploitation of vulnerable individuals, or controlling all financial decisions.


<h2 class="wp-block-heading">What does financial abuse look like for small businesses?</h2>


The IFA recently ran a webinar, <a href="https://www.ifa.org.uk/cpd/cpdondemand/recognising-the-signs-of-client-financial-abuse-on-demand" target="_blank" rel="noreferrer noopener">Recognising the Signs of Client Financial Abuse</a>, featuring Ann Kayis-Kumar, Associate Professor, School of Taxation and Business Law at UNSW, and Jasmine Opdam, Senior Policy and Advocacy Officer at Redfern Legal Centre.


During the webinar, Opdam explored some of the warning signs of financial abuse that accountants are well-placed to identify during routine financial management, tax planning, or annual reviews. She noted that clients not being able to answer basic questions about their finances may be a red flag for financial abuse.


“Sometimes, we see victim survivors who weren't even aware that they were the listed director or office holder of a company,” she says. “Often they have no visibility over their financial situation, or they might have signed personal guarantees or business loans for a company that they are not actually controlling themselves.” 


“A client who has never lodged their own tax returns before, and has little visibility of them, might be an indicator of their partner holding a lot of control over the finances in the relationship.” 


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Financial abuse red flags</th></tr></thead><tbody><tr><td>Controlling access: Limiting your access to money, bank accounts, or tax information</td></tr><tr><td>Blocking information: Setting up business or financial systems that stop you from accessing money</td></tr><tr><td>Hiding money: Keeping income, assets, or accounts secret</td></tr><tr><td>Taking control: Making financial decisions without you or stopping you from using money</td></tr><tr><td>Shifting debt: Putting their debts in your name or making you take out loans for them</td></tr></tbody></table></figure>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





The impacts can be severe, with the government’s <a href="https://www.gov.uk/government/publications/public-sector-toolkits/economic-abuse-toolkit-html#fn:5">Economic Abuse Toolkit</a> revealing that 60% of financial abuse victims will be coerced into debt.


It can also take emotional and ethical tolls. Losing control of finances to business partners can result in loss of confidence and self-esteem, and in severe cases depression and other mental health issues. 


Kayis-Kumar says: “Supporting victim-survivors is a really profoundly important role for the profession to play.”


<h2 class="wp-block-heading">How accountants can respond to suspected abuse</h2>


“Through their unique position, accountants often find themselves among the first to spot signs of financial abuse in a relationship – whether it’s a client who seems afraid to speak, is being directed by their partner, or displays anxiety about their personal safety or privacy,” says Chander. “As a regulated profession, accountancy has a responsibility to report suspicious activity and help prevent crime.”


Chander notes that accountants who suspect a client is being coerced into financial decisions must consider filing a Suspicious Activity Report (SAR) with the National Crime Agency (NCA).


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Through their unique position, accountants often find themselves among the first to spot signs of financial abuse in a relationship – whether it’s a client who seems afraid to speak, is being directed by their partner or displays anxiety about their personal safety or privacy."<cite>Tina Chander, Head of Employment Law, Wright Hassall</cite></blockquote></figure>


She adds: “If you believe that there is foul play related to financial crime that falls under the Proceeds of Crime Act 2002 or the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, you must report any suspicions of criminal conduct.” 


“This is especially important where financial abuse may indicate wider financial crime or coercive control. Failing to make such reports can carry serious consequences, including potential fines and in extreme cases, imprisonment.”


Before it gets to this point, accountancy practices must train all staff on recognising economic abuse, implement internal policies to guide their response, and ensure clear processes are in place to support clients if a disclosure is made. “Raising awareness and being prepared can make a vital difference.”


<h2 class="wp-block-heading">The balance between confidentiality and duty of care</h2>


Opdam encourages accountants to focus on spotting the telltale signs. The term 'financial abuse' can feel confronting, so it's often more effective to gently explore what clients know, what they can access, and how their partner behaves around financial matters.


Accountants aren’t expected to become an expert in dealing with financial abuse, but there are existing support services they can rely on.


“I wouldn't suggest that you have concerns and ask a client outright, ‘are you experiencing financial abuse’? Chances are it won't be safe for them to disclose that to you, and you might actually put them at greater risk. My first suggestion would be to always offer appropriate referrals.”


Government advice on tackling financial abuse recommends contacting the <a href="https://survivingeconomicabuse.org/financial-support-line/" target="_blank" rel="noreferrer noopener">Financial Support Line and Casework Service for Victims of Domestic Abuse</a> if you suspect clients of being victims.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s Ethics Short Course <a href="https://bit.ly/3Sbt1JP" target="_blank" rel="noreferrer noopener">here</a>.
]]></content:encoded>
<wfw:commentRss>https://financialaccountant.co.uk/features/financial-abuse-business/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>5 digital note-takers every accountant should know</title>
<link>https://financialaccountant.co.uk/features/digital-note-taking/</link>
<comments>https://financialaccountant.co.uk/features/digital-note-taking/#respond</comments>
<dc:creator><![CDATA[Caroline Voaden]]></dc:creator>
<pubDate>Tue, 06 May 2025 06:36:54 +0000</pubDate>
<category><![CDATA[Features]]></category>
<category><![CDATA[innovation]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Support and advice]]></category>
<category><![CDATA[Technology]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43849</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/digital-notetaking-man-593333_1280.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/digital-notetaking-man-593333_1280.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/digital-notetaking-man-593333_1280-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />



<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


At a glance


<ul class="wp-block-list">
<li>Digital note-taking tools help accountants create "second brains" to manage information overload. </li>


<li>From Notion's powerful databases to Apple Notes' simplicity, there are options for practices of all sizes. </li>


<li>Well organised knowledge systems save time and create a competitive advantage. </li>
</ul>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





When was the last time you <a href="https://financialaccountant.co.uk/features/stoicism-modern-work/" target="_blank" rel="noreferrer noopener">frantically searched through client emails</a>, trying to recall a specific tax detail? Or spent hours digging through notes from last year's planning meeting? Despite meticulous record-keeping efforts, it’s easy for valuable information to slip through the cracks. 


Poor information management isn't just frustrating for accountants; it's costly. Juggling complex client histories, <a href="https://financialaccountant.co.uk/features/accounting-predictions-2025/" target="_blank" rel="noreferrer noopener">evolving regulatory frameworks</a> and intricate practice processes with the need to maintain the mental clarity needed for strategic advice can lead to notes being lost in the process. 


Dr Amantha Imber, founder of behaviour change consultancy Inventium and host of the How I Work podcast, says knowledge capture is increasingly challenging.  





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignleft size-large is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/Amantha_Imber-web-portrait-scaled-1-723x1024.jpg" alt="Headshot of Dr Amantha Imber" class="wp-image-43853" style="width:215px;height:auto"/><figcaption class="wp-element-caption">Dr Amantha Imber, Founder of Inventium, Podcast host of How I Work</figcaption></figure>
</div>


<div class="wp-block-column" style="flex-basis:66.66%">
"Every day we're putting so much information into our heads. We're having so much stimulus and news and social media thrown at us – it's too overwhelming for our brains to hold on to all the information, especially the information that is actually useful," she says. 
</div>
</div>


The impact of good knowledge management is significant: one survey found that<a href="https://bloomfire.com/blog/value-company-wide-knowledge-management/" target="_blank" rel="noreferrer noopener"> 80% of professionals saved at least one hour weekly</a> through knowledge management technology. This is why a growing number of accounting professionals, from solo practitioners to global firms, are adopting<a href="https://fortelabs.com/blog/basboverview/" target="_blank" rel="noreferrer noopener"> "second brain"</a> note-taking tools to manage information overload and capture, organise and retrieve critical knowledge.


<h2 class="wp-block-heading">What is the second brain? </h2>


A second brain isn't just another filing system; it's a personalised external knowledge base that works as an extension of your thinking. For accountants, second brain technology is a central hub where information is stored and connected in ways that mirror how you work with clients. 


Imber says the technology helps capture, organise and retrieve any information that might be useful, whether it’s notes, ideas or quotes from books “so that you can think more clearly and create new things more effectively”. 


The benefits extend far beyond simple organisation. Some firms use note-taking tools to develop compliance trackers that handle everything from BAS schedules to tax workflows. Others use their second brain to document client conversations, manage regulatory updates, standardise practice processes and facilitate knowledge sharing in hybrid work environments.  


As a firm’s collective knowledge grows over time, it becomes increasingly valuable and creates a genuine competitive advantage through better client service and reduced compliance risk. 


<h2 class="wp-block-heading">5 note-taking tools for your practice </h2>


<h3 class="wp-block-heading">1. Notion </h3>


This all-in-one workspace combines notes, databases and project management in a highly flexible interface. Its standout feature for accountants is the ability to create custom databases that track client information, deadlines and project status in one connected workspace. Database templates can be tailored to different client types or service lines, making it particularly valuable for those with diverse client portfolios. 


Morgan Wilson, founder and director of creditte, says Notion has become his firm’s single source of truth. 





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:66.66%">
"We use Notion to build client-specific playbooks that centralise everything—from onboarding checklists to ongoing advisory notes—giving our team and clients a shared, structured workspace,” he says. 
</div>


<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignright size-full is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/morgan-wilson-web.jpg" alt="Headshot of Morgan Wilson" class="wp-image-43856" style="width:216px;height:auto"/><figcaption class="wp-element-caption">Morgan Wilson, Founder and Director of creditte</figcaption></figure>
</div>
</div>


“This dynamic setup makes delegation easier, reduces onboarding time for new team members, and ensures clients receive a consistent, high-quality experience.” 


<h3 class="wp-block-heading">2. Obsidian </h3>


Obsidian is a knowledge management app that stores and links notes as interconnected text files. Its backlink and graph features can help accountants record and spot relationships between tax rules, client situations and regulations – particularly helpful for complex advisory work. Obsidian stores notes as local markdown files, giving privacy-conscious firms the security of keeping client information on their own systems rather than in the cloud. 


<h3 class="wp-block-heading">3. Microsoft OneNote </h3>


This popular note-taking app integrates with the Office suite many accounting firms already use. OneNote organises notes into notebooks, sections and pages, making it intuitive for categorising information by client or service line. Its standout feature for accountants is the connection with Outlook, Excel and Teams – you can send emails directly to notebooks, embed spreadsheets that update automatically and access notes during client video calls. If you’re already using Microsoft, OneNote provides a familiar interface with minimal additional licensing costs.


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Making knowledge capture and knowledge retrieval easy is often the difference between a productive workforce and a confused and chaotic one."<cite>Dr Amantha Imber, Founder of Inventium, Podcast host of How I Work</cite></blockquote></figure>


<h3 class="wp-block-heading">4. Evernote </h3>


The veteran of digital note-taking, Evernote combines simplicity with powerful search capabilities. Its web clipper lets you save important web pages, guidance or technical articles directly into your notebook. Evernote excels at document management – you can save client meeting notes, receipts and handwritten documents, and they will become fully searchable archives.  


<h3 class="wp-block-heading">5. Apple Notes/Google Keep </h3>


Not every practice needs complex knowledge management – the built-in note apps on popular devices offer a surprisingly effective solution for many. Apple Notes (for Mac/iOS users) and Google Keep (for Android/Google Workspace users) provide straightforward capture tools with robust search and basic organisation features. Though simple, their folder systems allow for effective organisation of client information, regulatory notes and practice processes, and their greatest advantage is accessibility – notes sync automatically across devices, require no additional subscription and have virtually no learning curve.


Whether you opt for sophisticated technology like Notion or a simpler solution like Apple Notes, focus on what best suits your practice's needs rather than getting lost in features. As Imber says: "Making knowledge capture and knowledge retrieval easy is often the difference between a productive workforce and a confused and chaotic one." 


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


Join the 2025 IFA Conference at the Royal College of Physicians building in Regent's Park, London on 26 June 2025. Registration details <a href="https://bit.ly/3RCbREQ" target="_blank" rel="noreferrer noopener">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/digital-notetaking-man-593333_1280.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/digital-notetaking-man-593333_1280.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/digital-notetaking-man-593333_1280-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />



<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>


At a glance


<ul class="wp-block-list">
<li>Digital note-taking tools help accountants create "second brains" to manage information overload. </li>


<li>From Notion's powerful databases to Apple Notes' simplicity, there are options for practices of all sizes. </li>


<li>Well organised knowledge systems save time and create a competitive advantage. </li>
</ul>


<hr class="wp-block-separator has-alpha-channel-opacity is-style-wide"/>





When was the last time you <a href="https://financialaccountant.co.uk/features/stoicism-modern-work/" target="_blank" rel="noreferrer noopener">frantically searched through client emails</a>, trying to recall a specific tax detail? Or spent hours digging through notes from last year's planning meeting? Despite meticulous record-keeping efforts, it’s easy for valuable information to slip through the cracks. 


Poor information management isn't just frustrating for accountants; it's costly. Juggling complex client histories, <a href="https://financialaccountant.co.uk/features/accounting-predictions-2025/" target="_blank" rel="noreferrer noopener">evolving regulatory frameworks</a> and intricate practice processes with the need to maintain the mental clarity needed for strategic advice can lead to notes being lost in the process. 


Dr Amantha Imber, founder of behaviour change consultancy Inventium and host of the How I Work podcast, says knowledge capture is increasingly challenging.  





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignleft size-large is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/Amantha_Imber-web-portrait-scaled-1-723x1024.jpg" alt="Headshot of Dr Amantha Imber" class="wp-image-43853" style="width:215px;height:auto"/><figcaption class="wp-element-caption">Dr Amantha Imber, Founder of Inventium, Podcast host of How I Work</figcaption></figure>
</div>


<div class="wp-block-column" style="flex-basis:66.66%">
"Every day we're putting so much information into our heads. We're having so much stimulus and news and social media thrown at us – it's too overwhelming for our brains to hold on to all the information, especially the information that is actually useful," she says. 
</div>
</div>


The impact of good knowledge management is significant: one survey found that<a href="https://bloomfire.com/blog/value-company-wide-knowledge-management/" target="_blank" rel="noreferrer noopener"> 80% of professionals saved at least one hour weekly</a> through knowledge management technology. This is why a growing number of accounting professionals, from solo practitioners to global firms, are adopting<a href="https://fortelabs.com/blog/basboverview/" target="_blank" rel="noreferrer noopener"> "second brain"</a> note-taking tools to manage information overload and capture, organise and retrieve critical knowledge.


<h2 class="wp-block-heading">What is the second brain? </h2>


A second brain isn't just another filing system; it's a personalised external knowledge base that works as an extension of your thinking. For accountants, second brain technology is a central hub where information is stored and connected in ways that mirror how you work with clients. 


Imber says the technology helps capture, organise and retrieve any information that might be useful, whether it’s notes, ideas or quotes from books “so that you can think more clearly and create new things more effectively”. 


The benefits extend far beyond simple organisation. Some firms use note-taking tools to develop compliance trackers that handle everything from BAS schedules to tax workflows. Others use their second brain to document client conversations, manage regulatory updates, standardise practice processes and facilitate knowledge sharing in hybrid work environments.  


As a firm’s collective knowledge grows over time, it becomes increasingly valuable and creates a genuine competitive advantage through better client service and reduced compliance risk. 


<h2 class="wp-block-heading">5 note-taking tools for your practice </h2>


<h3 class="wp-block-heading">1. Notion </h3>


This all-in-one workspace combines notes, databases and project management in a highly flexible interface. Its standout feature for accountants is the ability to create custom databases that track client information, deadlines and project status in one connected workspace. Database templates can be tailored to different client types or service lines, making it particularly valuable for those with diverse client portfolios. 


Morgan Wilson, founder and director of creditte, says Notion has become his firm’s single source of truth. 





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"We use Notion to build client-specific playbooks that centralise everything—from onboarding checklists to ongoing advisory notes—giving our team and clients a shared, structured workspace,” he says. 
</div>


<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignright size-full is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/morgan-wilson-web.jpg" alt="Headshot of Morgan Wilson" class="wp-image-43856" style="width:216px;height:auto"/><figcaption class="wp-element-caption">Morgan Wilson, Founder and Director of creditte</figcaption></figure>
</div>
</div>


“This dynamic setup makes delegation easier, reduces onboarding time for new team members, and ensures clients receive a consistent, high-quality experience.” 


<h3 class="wp-block-heading">2. Obsidian </h3>


Obsidian is a knowledge management app that stores and links notes as interconnected text files. Its backlink and graph features can help accountants record and spot relationships between tax rules, client situations and regulations – particularly helpful for complex advisory work. Obsidian stores notes as local markdown files, giving privacy-conscious firms the security of keeping client information on their own systems rather than in the cloud. 


<h3 class="wp-block-heading">3. Microsoft OneNote </h3>


This popular note-taking app integrates with the Office suite many accounting firms already use. OneNote organises notes into notebooks, sections and pages, making it intuitive for categorising information by client or service line. Its standout feature for accountants is the connection with Outlook, Excel and Teams – you can send emails directly to notebooks, embed spreadsheets that update automatically and access notes during client video calls. If you’re already using Microsoft, OneNote provides a familiar interface with minimal additional licensing costs.


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Making knowledge capture and knowledge retrieval easy is often the difference between a productive workforce and a confused and chaotic one."<cite>Dr Amantha Imber, Founder of Inventium, Podcast host of How I Work</cite></blockquote></figure>


<h3 class="wp-block-heading">4. Evernote </h3>


The veteran of digital note-taking, Evernote combines simplicity with powerful search capabilities. Its web clipper lets you save important web pages, guidance or technical articles directly into your notebook. Evernote excels at document management – you can save client meeting notes, receipts and handwritten documents, and they will become fully searchable archives.  


<h3 class="wp-block-heading">5. Apple Notes/Google Keep </h3>


Not every practice needs complex knowledge management – the built-in note apps on popular devices offer a surprisingly effective solution for many. Apple Notes (for Mac/iOS users) and Google Keep (for Android/Google Workspace users) provide straightforward capture tools with robust search and basic organisation features. Though simple, their folder systems allow for effective organisation of client information, regulatory notes and practice processes, and their greatest advantage is accessibility – notes sync automatically across devices, require no additional subscription and have virtually no learning curve.


Whether you opt for sophisticated technology like Notion or a simpler solution like Apple Notes, focus on what best suits your practice's needs rather than getting lost in features. As Imber says: "Making knowledge capture and knowledge retrieval easy is often the difference between a productive workforce and a confused and chaotic one." 


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


Join the 2025 IFA Conference at the Royal College of Physicians building in Regent's Park, London on 26 June 2025. Registration details <a href="https://bit.ly/3RCbREQ" target="_blank" rel="noreferrer noopener">here</a>.
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<wfw:commentRss>https://financialaccountant.co.uk/features/digital-note-taking/feed/</wfw:commentRss>
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<title>Stuck in a creativity slump at work? Here are some surprising ways to get your spark back</title>
<link>https://financialaccountant.co.uk/news/creativity-slump-work/</link>
<dc:creator><![CDATA[Poornika Ananth]]></dc:creator>
<pubDate>Mon, 05 May 2025 04:31:29 +0000</pubDate>
<category><![CDATA[News]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Support and advice]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43876</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/creativity-firmbee-com-gcsNOsPEXfs-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/creativity-firmbee-com-gcsNOsPEXfs-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/creativity-firmbee-com-gcsNOsPEXfs-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
This raises an interesting and broader question about creativity at work. Most advice on this focuses on having one creative idea. But what does it take to stay creative over time? After all, creativity at work isn’t just about having great ideas – it’s about having them consistently. 


Yet over time, even the most innovative minds and organisations like the Marvel Cinematic Universe can hit a creative slump that they struggle to recover from.


Long-term creativity is often hindered by two broad factors. The first is the <a href="https://www.forbes.com/sites/mikemaddock/2018/07/28/the-expertise-trap/" target="_blank" rel="noreferrer noopener">“expertise trap”</a>. Expertise can initially be great for creativity. After all, as a person develops greater knowledge and skills, they can combine different elements of that knowledge to develop unique ideas and solutions to problems.


Over time however, expertise can actually limit flexibility and creativity. When people become exceptionally skilled or knowledgeable in a particular field, they tend to experience <a href="https://journals.aom.org/doi/abs/10.5465/amr.35.4.zok579?journalCode=amr" target="_blank" rel="noreferrer noopener">“cognitive entrenchment”</a>, a <a href="https://www.sciencedirect.com/science/article/abs/pii/S0142694X1930047X" target="_blank" rel="noreferrer noopener">fixation</a> where deeply ingrained knowledge of a topic leads to rigid ways of thinking.


This might work well in familiar situations, but it can also make it harder for people to see things in a new light.


The second factor is the “success trap”. <a href="https://pubsonline.informs.org/doi/abs/10.1287/mnsc.1060.0593?casa_token=GPugKhyxn2sAAAAA:60XT6aab6NF0Lgvz_G1HLEXgKCOo0EH8a2aPIWXqZwiwKh6NQYKt65jnZ90JMT1NvFT28f7FVm5F" target="_blank" rel="noreferrer noopener">Research</a> suggests that success – and receiving recognition for a creative idea or outcome – can affect creativity in unexpected ways.


Creative success can motivate people to come up with more ideas, increasing the quantity and pace of their output. But on the other hand, it can also encourage creators to focus on the things that worked well in the past. They often try to replicate or tweak them instead of coming up with something genuinely new.


Of course all is not lost. There are inspiring examples of people and organisations who break out of a creative slump. Taylor Swift faced being pigeonholed after her initial country-pop success, but came back even stronger with her <a href="https://time.com/6328790/taylor-swift-1989-2/" target="_blank" rel="noreferrer noopener">shift to synth-pop</a> in 2014.


And Danish firm LEGO, which was on the <a href="https://hrzone.com/lessons-from-lego-what-brought-them-back-from-the-brink/" target="_blank" rel="noreferrer noopener">brink of bankruptcy</a> in 2003, regained its supremacy in the toy sector by coming up with new ways of making their core products – LEGO bricks – popular again. This even included taking the creative leap into movies based on their bricks.


<h2 class="wp-block-heading">Get your creative spark back</h2>


<a href="https://journals.aom.org/doi/abs/10.5465/amr.35.4.zok579" target="_blank" rel="noreferrer noopener">Research</a> indicates that if you want to be consistently creative, it is important to break away from the things that helped you achieve creative success in the past.


This can mean moving away from familiar environments as your career advances. Or it could be adding to your knowledge sources so that you are not merely reliant on the depth of your knowledge but also on the breadth. You may also benefit from collaborating with people who already have that additional knowledge so you can combine your brainpower.


Second, if you have had a recent success this can often come with expectations to replicate it and chase more opportunities. While this may have some short-term benefits, in the long run <a href="https://journals.sagepub.com/doi/pdf/10.1177/00018392221136158" target="_blank" rel="noreferrer noopener">insulating yourself</a> from those expectations – and the rapid increase in opportunities – can give you the time and space to come up with new ideas instead of retreading old ground.


<a href="https://journals.sagepub.com/doi/full/10.1177/00018392231154909" target="_blank" rel="noreferrer noopener">My own research</a> suggests that sustaining creativity over time is not just about generating ideas repeatedly, it is also about managing a portfolio of developing ideas. This is a better approach than merely focusing on one central idea.


It involves putting aside (or stockpiling) ideas that have limited use or value right now and turning your attention to other ideas in the portfolio. Stockpiled ideas can exist and develop in the background, but you can return to them in the future and use them flexibly to learn from, seek inspiration or develop new projects.


For people who work in the knowledge economy, ideas can be their primary currency. But beyond that, creativity can also improve <a href="https://whatworkswellbeing.org/blog/how-and-why-does-creativity-support-wellbeing-new-learnings/" target="_blank" rel="noreferrer noopener">wellbeing</a> and so is a fundamental part of being human. By following these tips to reignite your creative spark, you can reap those benefits of continued creativity over a long period of time.<img width="1" height="1" referrerpolicy="no-referrer-when-downgrade" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important" src="https://counter.theconversation.com/content/253888/count.gif?distributor=republish-lightbox-basic" alt="The Conversation">


<a href="https://theconversation.com/profiles/poornika-ananth-1416657" target="_blank" rel="noreferrer noopener">Poornika Ananth</a>, Assistant Professor in Strategy and Organisations, School of Management, <a href="https://theconversation.com/institutions/university-of-bath-1325" target="_blank" rel="noreferrer noopener">University of Bath</a>


This article is republished from <a href="https://theconversation.com" target="_blank" rel="noreferrer noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/stuck-in-a-creativity-slump-at-work-here-are-some-surprising-ways-to-get-your-spark-back-253888" target="_blank" rel="noreferrer noopener">original article</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/creativity-firmbee-com-gcsNOsPEXfs-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/creativity-firmbee-com-gcsNOsPEXfs-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/05/creativity-firmbee-com-gcsNOsPEXfs-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
This raises an interesting and broader question about creativity at work. Most advice on this focuses on having one creative idea. But what does it take to stay creative over time? After all, creativity at work isn’t just about having great ideas – it’s about having them consistently. 


Yet over time, even the most innovative minds and organisations like the Marvel Cinematic Universe can hit a creative slump that they struggle to recover from.


Long-term creativity is often hindered by two broad factors. The first is the <a href="https://www.forbes.com/sites/mikemaddock/2018/07/28/the-expertise-trap/" target="_blank" rel="noreferrer noopener">“expertise trap”</a>. Expertise can initially be great for creativity. After all, as a person develops greater knowledge and skills, they can combine different elements of that knowledge to develop unique ideas and solutions to problems.


Over time however, expertise can actually limit flexibility and creativity. When people become exceptionally skilled or knowledgeable in a particular field, they tend to experience <a href="https://journals.aom.org/doi/abs/10.5465/amr.35.4.zok579?journalCode=amr" target="_blank" rel="noreferrer noopener">“cognitive entrenchment”</a>, a <a href="https://www.sciencedirect.com/science/article/abs/pii/S0142694X1930047X" target="_blank" rel="noreferrer noopener">fixation</a> where deeply ingrained knowledge of a topic leads to rigid ways of thinking.


This might work well in familiar situations, but it can also make it harder for people to see things in a new light.


The second factor is the “success trap”. <a href="https://pubsonline.informs.org/doi/abs/10.1287/mnsc.1060.0593?casa_token=GPugKhyxn2sAAAAA:60XT6aab6NF0Lgvz_G1HLEXgKCOo0EH8a2aPIWXqZwiwKh6NQYKt65jnZ90JMT1NvFT28f7FVm5F" target="_blank" rel="noreferrer noopener">Research</a> suggests that success – and receiving recognition for a creative idea or outcome – can affect creativity in unexpected ways.


Creative success can motivate people to come up with more ideas, increasing the quantity and pace of their output. But on the other hand, it can also encourage creators to focus on the things that worked well in the past. They often try to replicate or tweak them instead of coming up with something genuinely new.


Of course all is not lost. There are inspiring examples of people and organisations who break out of a creative slump. Taylor Swift faced being pigeonholed after her initial country-pop success, but came back even stronger with her <a href="https://time.com/6328790/taylor-swift-1989-2/" target="_blank" rel="noreferrer noopener">shift to synth-pop</a> in 2014.


And Danish firm LEGO, which was on the <a href="https://hrzone.com/lessons-from-lego-what-brought-them-back-from-the-brink/" target="_blank" rel="noreferrer noopener">brink of bankruptcy</a> in 2003, regained its supremacy in the toy sector by coming up with new ways of making their core products – LEGO bricks – popular again. This even included taking the creative leap into movies based on their bricks.


<h2 class="wp-block-heading">Get your creative spark back</h2>


<a href="https://journals.aom.org/doi/abs/10.5465/amr.35.4.zok579" target="_blank" rel="noreferrer noopener">Research</a> indicates that if you want to be consistently creative, it is important to break away from the things that helped you achieve creative success in the past.


This can mean moving away from familiar environments as your career advances. Or it could be adding to your knowledge sources so that you are not merely reliant on the depth of your knowledge but also on the breadth. You may also benefit from collaborating with people who already have that additional knowledge so you can combine your brainpower.


Second, if you have had a recent success this can often come with expectations to replicate it and chase more opportunities. While this may have some short-term benefits, in the long run <a href="https://journals.sagepub.com/doi/pdf/10.1177/00018392221136158" target="_blank" rel="noreferrer noopener">insulating yourself</a> from those expectations – and the rapid increase in opportunities – can give you the time and space to come up with new ideas instead of retreading old ground.


<a href="https://journals.sagepub.com/doi/full/10.1177/00018392231154909" target="_blank" rel="noreferrer noopener">My own research</a> suggests that sustaining creativity over time is not just about generating ideas repeatedly, it is also about managing a portfolio of developing ideas. This is a better approach than merely focusing on one central idea.


It involves putting aside (or stockpiling) ideas that have limited use or value right now and turning your attention to other ideas in the portfolio. Stockpiled ideas can exist and develop in the background, but you can return to them in the future and use them flexibly to learn from, seek inspiration or develop new projects.


For people who work in the knowledge economy, ideas can be their primary currency. But beyond that, creativity can also improve <a href="https://whatworkswellbeing.org/blog/how-and-why-does-creativity-support-wellbeing-new-learnings/" target="_blank" rel="noreferrer noopener">wellbeing</a> and so is a fundamental part of being human. By following these tips to reignite your creative spark, you can reap those benefits of continued creativity over a long period of time.<img width="1" height="1" referrerpolicy="no-referrer-when-downgrade" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important" src="https://counter.theconversation.com/content/253888/count.gif?distributor=republish-lightbox-basic" alt="The Conversation">


<a href="https://theconversation.com/profiles/poornika-ananth-1416657" target="_blank" rel="noreferrer noopener">Poornika Ananth</a>, Assistant Professor in Strategy and Organisations, School of Management, <a href="https://theconversation.com/institutions/university-of-bath-1325" target="_blank" rel="noreferrer noopener">University of Bath</a>


This article is republished from <a href="https://theconversation.com" target="_blank" rel="noreferrer noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/stuck-in-a-creativity-slump-at-work-here-are-some-surprising-ways-to-get-your-spark-back-253888" target="_blank" rel="noreferrer noopener">original article</a>.
]]></content:encoded>
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<item>
<title>Top 5 compliance blunders for accountants to avoid</title>
<link>https://financialaccountant.co.uk/features/compliance-bunders-avoid/</link>
<comments>https://financialaccountant.co.uk/features/compliance-bunders-avoid/#respond</comments>
<dc:creator><![CDATA[Annie Lawson]]></dc:creator>
<pubDate>Thu, 01 May 2025 05:35:00 +0000</pubDate>
<category><![CDATA[Features]]></category>
<category><![CDATA[Regulatory development]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Strategy]]></category>
<category><![CDATA[Support and advice]]></category>
<category><![CDATA[Tax]]></category>
<category><![CDATA[taxation]]></category>
<category><![CDATA[Technology]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43826</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/non-compliance-seo-galaxy-dJpBpPUevSA-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/non-compliance-seo-galaxy-dJpBpPUevSA-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/non-compliance-seo-galaxy-dJpBpPUevSA-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Pinkney cautions many practitioners are leaving themselves exposed to significant risks unless they uphold strong ethical standards and heed the many <a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">compliance requirements</a>. Non-compliance can lead to financial penalties, membership removal or severe reputational damage hampering their ability to operate. 





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignleft size-full is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/02/Tim-Pinkney-IFA-Head-of-Practice-Standards-head-shot.png" alt="Headshot of Tim Pinkney" class="wp-image-43016" style="width:217px;height:auto"/><figcaption class="wp-element-caption">Tim Pinkney, Director of Professional Standards, IFA</figcaption></figure>
</div>


<div class="wp-block-column" style="flex-basis:66.66%">
"Clients want to see that you're engaged in a professional capacity," says Pinkney. 
</div>
</div>


"It can't be underestimated, because professional ethics is a cornerstone to having a platform to spot non-compliance, as well as develop practices that help you foster better relationships and better working practices."


Here are the top five compliance areas where accountants are most likely to slip up:


<h2 class="wp-block-heading">1. AML obligations</h2>


Professional body AML supervisors continue to witness some firms not embracing the regulations and their obligations properly. Despite years of regulatory focus, Pinkney reveals that AML compliance remains a significant issue. 


He says some firms continue to  grapple with their AML requirements. “We still come across firms with years of experience in public practice that appear to be oblivious to AML requirements,” he says. 


<h2 class="wp-block-heading">2. Personal tax compliance</h2>


Professional bodies continue to receive referrals about members who haven't kept their own tax affairs in order.


"HMRC can refer directly to professional bodies,” he says. “It's going to have a real damaging effect on you if you've been alleged that you can't keep your own tax affairs in order.”


HMRC is currently consulting on behavioural issues surrounding non-payment of tax, including potentially tougher penalties. "Be aware of it, not just for yourself, but for your clients," Pinkney says.


<h2 class="wp-block-heading">3. Corporate reform changes</h2>


With significant corporate reform on the horizon—including changing thresholds for entities and new accounting report requirements—staying ahead of these changes is crucial.


"Clients are looking to accountants as trusted advisers, assuming that they have the right knowledge to actually help them through this," says Pinkney. "There's going to be lots of changes coming forward in the next year or so."


The consequences of falling behind include not just complaints, but potentially losing clients altogether. "I think clients will just vote with their feet," he says. "Companies that can provide this advice and really embrace all these changes will be the ones that will be successful in retaining and adding to their client base."


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Not engaging with CPD will leave you exposed to not having the knowledge that the accountant down the road has.”<cite>Tim Pinkney, Director of Professional Standards, IFA</cite></blockquote></figure>


<h2 class="wp-block-heading">4. Professional conduct and ethics</h2>


With changing IT systems and increasing pressures on practitioners, adhering to the professional code of ethics is increasingly important.


"You've got to be completely mindful and aware of the Code of Ethics," Pinkney says. "Engage with the IFA and professional bodies to actually ensure that you're up to speed with all these areas."


Failure to do so can result in complaints, financial penalties and even removal from membership, all of which can erode a firm's brand and reputation. "You don't want to be that accountant that's listed in the magazine as falling foul, going to the committee and being removed from membership," Pinkney says.


<h2 class="wp-block-heading">5. Continuing Professional Development (CPD)</h2>


Underlying all these compliance areas is the fundamental requirement for continuous learning and development. Yet some practitioners are failing to engage with CPD programmes, leaving themselves vulnerable and potentially losing a competitive edge.


"Not engaging with CPD will leave you exposed to not having the knowledge that the accountant down the road has," says Pinkney. "Where will the clients ultimately go?"


Beyond client retention, CPD is a core requirement of professional membership. "If you don't demonstrate and provide evidence that you've completed the required CPD, that's a disciplinary outcome anyway,” he says. 


Pinkney advises practitioners to keep an eye on several developing areas, including the Treasury's response to the future of AML supervision in the UK (expected soon after a delay), potential mandating of professional body membership by HMRC and evolving ESG (environment, social, governance) requirements.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s range of continuing professional development (CPD) <a href="https://bit.ly/3VmSD8l" target="_blank" rel="noreferrer noopener">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/non-compliance-seo-galaxy-dJpBpPUevSA-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/non-compliance-seo-galaxy-dJpBpPUevSA-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/non-compliance-seo-galaxy-dJpBpPUevSA-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Pinkney cautions many practitioners are leaving themselves exposed to significant risks unless they uphold strong ethical standards and heed the many <a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">compliance requirements</a>. Non-compliance can lead to financial penalties, membership removal or severe reputational damage hampering their ability to operate. 





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignleft size-full is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/02/Tim-Pinkney-IFA-Head-of-Practice-Standards-head-shot.png" alt="Headshot of Tim Pinkney" class="wp-image-43016" style="width:217px;height:auto"/><figcaption class="wp-element-caption">Tim Pinkney, Director of Professional Standards, IFA</figcaption></figure>
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<div class="wp-block-column" style="flex-basis:66.66%">
"Clients want to see that you're engaged in a professional capacity," says Pinkney. 
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</div>


"It can't be underestimated, because professional ethics is a cornerstone to having a platform to spot non-compliance, as well as develop practices that help you foster better relationships and better working practices."


Here are the top five compliance areas where accountants are most likely to slip up:


<h2 class="wp-block-heading">1. AML obligations</h2>


Professional body AML supervisors continue to witness some firms not embracing the regulations and their obligations properly. Despite years of regulatory focus, Pinkney reveals that AML compliance remains a significant issue. 


He says some firms continue to  grapple with their AML requirements. “We still come across firms with years of experience in public practice that appear to be oblivious to AML requirements,” he says. 


<h2 class="wp-block-heading">2. Personal tax compliance</h2>


Professional bodies continue to receive referrals about members who haven't kept their own tax affairs in order.


"HMRC can refer directly to professional bodies,” he says. “It's going to have a real damaging effect on you if you've been alleged that you can't keep your own tax affairs in order.”


HMRC is currently consulting on behavioural issues surrounding non-payment of tax, including potentially tougher penalties. "Be aware of it, not just for yourself, but for your clients," Pinkney says.


<h2 class="wp-block-heading">3. Corporate reform changes</h2>


With significant corporate reform on the horizon—including changing thresholds for entities and new accounting report requirements—staying ahead of these changes is crucial.


"Clients are looking to accountants as trusted advisers, assuming that they have the right knowledge to actually help them through this," says Pinkney. "There's going to be lots of changes coming forward in the next year or so."


The consequences of falling behind include not just complaints, but potentially losing clients altogether. "I think clients will just vote with their feet," he says. "Companies that can provide this advice and really embrace all these changes will be the ones that will be successful in retaining and adding to their client base."


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Not engaging with CPD will leave you exposed to not having the knowledge that the accountant down the road has.”<cite>Tim Pinkney, Director of Professional Standards, IFA</cite></blockquote></figure>


<h2 class="wp-block-heading">4. Professional conduct and ethics</h2>


With changing IT systems and increasing pressures on practitioners, adhering to the professional code of ethics is increasingly important.


"You've got to be completely mindful and aware of the Code of Ethics," Pinkney says. "Engage with the IFA and professional bodies to actually ensure that you're up to speed with all these areas."


Failure to do so can result in complaints, financial penalties and even removal from membership, all of which can erode a firm's brand and reputation. "You don't want to be that accountant that's listed in the magazine as falling foul, going to the committee and being removed from membership," Pinkney says.


<h2 class="wp-block-heading">5. Continuing Professional Development (CPD)</h2>


Underlying all these compliance areas is the fundamental requirement for continuous learning and development. Yet some practitioners are failing to engage with CPD programmes, leaving themselves vulnerable and potentially losing a competitive edge.


"Not engaging with CPD will leave you exposed to not having the knowledge that the accountant down the road has," says Pinkney. "Where will the clients ultimately go?"


Beyond client retention, CPD is a core requirement of professional membership. "If you don't demonstrate and provide evidence that you've completed the required CPD, that's a disciplinary outcome anyway,” he says. 


Pinkney advises practitioners to keep an eye on several developing areas, including the Treasury's response to the future of AML supervision in the UK (expected soon after a delay), potential mandating of professional body membership by HMRC and evolving ESG (environment, social, governance) requirements.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information on IFA’s range of continuing professional development (CPD) <a href="https://bit.ly/3VmSD8l" target="_blank" rel="noreferrer noopener">here</a>.
]]></content:encoded>
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<slash:comments>0</slash:comments>
</item>
<item>
<title>Bridging the SME data gap: how accountants can help clients navigate uncertainty in 2025</title>
<link>https://financialaccountant.co.uk/features/clients-navigate-uncertainty/</link>
<comments>https://financialaccountant.co.uk/features/clients-navigate-uncertainty/#respond</comments>
<dc:creator><![CDATA[Phoebe Armstrong]]></dc:creator>
<pubDate>Wed, 30 Apr 2025 04:41:10 +0000</pubDate>
<category><![CDATA[Features]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Strategy]]></category>
<category><![CDATA[Support and advice]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43821</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/sme-data-blur-1853262_1280.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/sme-data-blur-1853262_1280.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/sme-data-blur-1853262_1280-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Despite operating in one of the most <a href="https://financialaccountant.co.uk/features/business-health-graphs/" target="_blank" rel="noreferrer noopener">unpredictable economic climates</a> in recent memory, a growing number of UK SMEs are pursuing major financial moves in the coming year, according to a <a href="https://k3advantage.com/insights/k3a-survey-poor-quality-performance-data-hinders-sme-sales-and-refinancing/" target="_blank" rel="noreferrer noopener">recent report</a> from strategic advisory firm K3 Advantage.


According to its findings, 41% of SMEs are more likely to consider a sale, exit or refinancing in the next 12 months compared to the previous 12 months, reflecting current market dynamics such as rising costs, supply chain disruptions and <a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">regulatory burdens</a>.


However, despite the scale of these decisions, K3’s findings show the majority of SMEs continue to rely on fragmented or outdated financial processes. Key performance indicators are often unavailable, forecasting is often inconsistent and, in many cases, business leaders are making decisions based as much on instinct as on evidence.


“Too few business leaders think ahead and plan in advance to get the right data and specific reporting in place that’s needed to support these significant events in their journey,” said Alexander Wyndham, Managing Director of Sun Capital Group (investors in K3 Advantage).


“The impact of this is that valuations can be lower or financing is harder to come by. Business leaders must plan ahead to enhance the range of options open to them in the future.”


For accountants, this presents an opportunity to use data expertise to provide meaningful support to SMEs as they reassess their position in a volatile climate. 


With the right systems and support, accountants can help clients change their approach to data from reactive to strategic, improving financial clarity, strengthening decision-making and protecting long-term business value.


<h2 class="wp-block-heading">A disconnect between data and insight</h2>


K3’s data reveals a gap between SME leaders’ confidence and their operational visibility. 


While 79% of SME owners say they have three years of management accounts on hand, only 42% trust their financial data enough to base decisions on it. Alarmingly, 40% say their ‘gut feeling’ about business performance often contradicts what the numbers show.


“Businesses are leaving themselves open to colossal risk in believing they have all the data they need – when in reality, they’re not even close,” said Sam Phillips, Founding Managing Director of K3 Advantage.


Many of the challenges faced by SMEs in leveraging data stem from underinvestment in basic financial infrastructure. For example, 64% of SME owners surveyed by K3 do not use financial software, and 85% lack a centralised system for financial data. 


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Businesses are leaving themselves open to colossal risk in believing they have all the data they need – when in reality, they’re not even close."<cite>Sam Phillips, Founding Managing Director, K3 Advantage</cite></blockquote></figure>


What’s more, most SMEs also lack access to the operational data needed to manage performance proactively. Only 22% have a KPI report management system, and 70% can’t produce performance reports on demand. 


This lack of real-time insight means business leaders are often reacting to problems rather than proactively anticipating them.


“Improving data visibility and quality is integral to optimising business performance, and planning ahead can never start too early,” says Phillips.


<h2 class="wp-block-heading">How can accountants help?</h2>


Accountants servicing SMEs play a crucial role in shifting business leaders’ mindset from intuition to analysis. 


By introducing or reinforcing measures like structured reporting cycles and visibility around current financial trends, accountants can help clients build trust in their financial data and leverage it more effectively in decision-making.


Another key area is accurate performance reporting. Many SMEs struggle to identify which metrics matter most to their operations. Accountants can work with clients to define relevant KPIs and implement systems that provide regular visibility over financial and operational performance.


Even if a sale or refinancing isn’t immediately on the horizon, ensuring these datasets are consistently maintained and easily retrievable can make a big difference when opportunities arise.


When an SME is preparing for a potential sale, exit or refinancing, accountants can also help them understand how to present their financial story to lenders or investors in a compelling way. This support might include reconciling discrepancies and anticipating questions that may arise during the process. 


In a market defined by uncertainty, the value of a trusted advisor on matters like this cannot be overstated. The right support will not only boost efficiency, but could also influence sale terms and improve leverage in negotiations.


To thrive in this climate, SMEs need more than gut feelings. They need trusted advisors who can turn raw data into meaningful insight. For accountants, that means stepping beyond compliance and influencing the strategic decisions that shape a business’s future.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information about the IFA’s Regional Network Meetings across the seven regions can be found <a href="https://bit.ly/3RQTHz2" target="_blank" rel="noreferrer noopener">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/sme-data-blur-1853262_1280.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/sme-data-blur-1853262_1280.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/sme-data-blur-1853262_1280-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Despite operating in one of the most <a href="https://financialaccountant.co.uk/features/business-health-graphs/" target="_blank" rel="noreferrer noopener">unpredictable economic climates</a> in recent memory, a growing number of UK SMEs are pursuing major financial moves in the coming year, according to a <a href="https://k3advantage.com/insights/k3a-survey-poor-quality-performance-data-hinders-sme-sales-and-refinancing/" target="_blank" rel="noreferrer noopener">recent report</a> from strategic advisory firm K3 Advantage.


According to its findings, 41% of SMEs are more likely to consider a sale, exit or refinancing in the next 12 months compared to the previous 12 months, reflecting current market dynamics such as rising costs, supply chain disruptions and <a href="https://financialaccountant.co.uk/features/compliance-challenges-2025/" target="_blank" rel="noreferrer noopener">regulatory burdens</a>.


However, despite the scale of these decisions, K3’s findings show the majority of SMEs continue to rely on fragmented or outdated financial processes. Key performance indicators are often unavailable, forecasting is often inconsistent and, in many cases, business leaders are making decisions based as much on instinct as on evidence.


“Too few business leaders think ahead and plan in advance to get the right data and specific reporting in place that’s needed to support these significant events in their journey,” said Alexander Wyndham, Managing Director of Sun Capital Group (investors in K3 Advantage).


“The impact of this is that valuations can be lower or financing is harder to come by. Business leaders must plan ahead to enhance the range of options open to them in the future.”


For accountants, this presents an opportunity to use data expertise to provide meaningful support to SMEs as they reassess their position in a volatile climate. 


With the right systems and support, accountants can help clients change their approach to data from reactive to strategic, improving financial clarity, strengthening decision-making and protecting long-term business value.


<h2 class="wp-block-heading">A disconnect between data and insight</h2>


K3’s data reveals a gap between SME leaders’ confidence and their operational visibility. 


While 79% of SME owners say they have three years of management accounts on hand, only 42% trust their financial data enough to base decisions on it. Alarmingly, 40% say their ‘gut feeling’ about business performance often contradicts what the numbers show.


“Businesses are leaving themselves open to colossal risk in believing they have all the data they need – when in reality, they’re not even close,” said Sam Phillips, Founding Managing Director of K3 Advantage.


Many of the challenges faced by SMEs in leveraging data stem from underinvestment in basic financial infrastructure. For example, 64% of SME owners surveyed by K3 do not use financial software, and 85% lack a centralised system for financial data. 


<figure class="wp-block-pullquote" style="font-size:15px"><blockquote>"Businesses are leaving themselves open to colossal risk in believing they have all the data they need – when in reality, they’re not even close."<cite>Sam Phillips, Founding Managing Director, K3 Advantage</cite></blockquote></figure>


What’s more, most SMEs also lack access to the operational data needed to manage performance proactively. Only 22% have a KPI report management system, and 70% can’t produce performance reports on demand. 


This lack of real-time insight means business leaders are often reacting to problems rather than proactively anticipating them.


“Improving data visibility and quality is integral to optimising business performance, and planning ahead can never start too early,” says Phillips.


<h2 class="wp-block-heading">How can accountants help?</h2>


Accountants servicing SMEs play a crucial role in shifting business leaders’ mindset from intuition to analysis. 


By introducing or reinforcing measures like structured reporting cycles and visibility around current financial trends, accountants can help clients build trust in their financial data and leverage it more effectively in decision-making.


Another key area is accurate performance reporting. Many SMEs struggle to identify which metrics matter most to their operations. Accountants can work with clients to define relevant KPIs and implement systems that provide regular visibility over financial and operational performance.


Even if a sale or refinancing isn’t immediately on the horizon, ensuring these datasets are consistently maintained and easily retrievable can make a big difference when opportunities arise.


When an SME is preparing for a potential sale, exit or refinancing, accountants can also help them understand how to present their financial story to lenders or investors in a compelling way. This support might include reconciling discrepancies and anticipating questions that may arise during the process. 


In a market defined by uncertainty, the value of a trusted advisor on matters like this cannot be overstated. The right support will not only boost efficiency, but could also influence sale terms and improve leverage in negotiations.


To thrive in this climate, SMEs need more than gut feelings. They need trusted advisors who can turn raw data into meaningful insight. For accountants, that means stepping beyond compliance and influencing the strategic decisions that shape a business’s future.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


More information about the IFA’s Regional Network Meetings across the seven regions can be found <a href="https://bit.ly/3RQTHz2" target="_blank" rel="noreferrer noopener">here</a>.
]]></content:encoded>
<wfw:commentRss>https://financialaccountant.co.uk/features/clients-navigate-uncertainty/feed/</wfw:commentRss>
<slash:comments>0</slash:comments>
</item>
<item>
<title>Who’s thriving, who’s struggling and who’s stuck at the kitchen table: how working lives are changing in the UK</title>
<link>https://financialaccountant.co.uk/news/working-lives-employees/</link>
<comments>https://financialaccountant.co.uk/news/working-lives-employees/#respond</comments>
<dc:creator><![CDATA[Alan Felstead]]></dc:creator>
<pubDate>Tue, 29 Apr 2025 05:17:00 +0000</pubDate>
<category><![CDATA[News]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Support and advice]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43814</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/working-lives-charlesdeluvio-wt3iFNxMSE0-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/working-lives-charlesdeluvio-wt3iFNxMSE0-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/working-lives-charlesdeluvio-wt3iFNxMSE0-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
A new national survey — organised and managed by my colleagues and I — paints a mixed picture of UK working life. What makes the <a href="https://wiserd.ac.uk/project/ses/ses2024/" target="_blank" rel="noreferrer noopener">Skills and Employment Survey 2024</a> unique is that it the eighth in of a series that stretches back to the mid-1980s.


The survey focuses on people’s working lives: what skills they use, how and where they work, and what they think of their job. The data series consists of interviews with nearly 35,000 workers with around 5,500 taking part in 2024. 


Some people have good things to say about the way their working lives have changed. Other people’s work lives are not improving. For many of us, it’s a bit of both.


<h2 class="wp-block-heading">Good news</h2>


One piece of good news is that very few workers regard their jobs as having no value. Contrary to <a href="https://www.penguin.co.uk/books/295446/bullshit-jobs-by-graeber-david/9780141983479" target="_blank" rel="noreferrer noopener">estimates</a> by some scholars that around 40% of people “find themselves labouring at tasks which they consider pointless”, our survey suggests that only 5% of respondents think that their job is meaningless and has no value.


So-called <a href="https://wiserd.ac.uk/wp-content/uploads/4.-What-Makes-Work-Meaningful.pdf" target="_blank" rel="noreferrer noopener">“bullshit jobs”</a> are rare. Instead, nearly 70% reported their jobs gave them a sense of achievement either always or most of the time, while 76% said that their work was useful.


Work is becoming <a href="https://wiserd.ac.uk/wp-content/uploads/7.-Are-Skill-Requirements-on-the-Rise.pdf" target="_blank" rel="noreferrer noopener">more skilled</a> too. In 2024, 46% of workers reported that they would need a graduate level qualification if they were to apply for their current job today. This is up from 20% in 1986.


A further piece of good news is that the rate of over-qualification has declined. In 2024 35% of workers reported that they held qualifications that were higher than those currently required for their jobs compared to 39% in 2006.


The <a href="https://wiserd.ac.uk/wp-content/uploads/6.-Is-the-Job-Quality-Gender-Gap-Narrowing.pdf" target="_blank" rel="noreferrer noopener">job quality gender gap</a> is narrowing. The pay gap has fallen steadily, but the gap in the physical environment of work – in working time quality, and in job skills – has also narrowed. For example, the proportion of men who reported that their health or safety was at risk from their work declined from 38% in 2001 to 21% in 2024, while among women it has remained stable at 22%.


<h2 class="wp-block-heading">Bad news</h2>


However, all not is well in the world of work. <a href="https://wiserd.ac.uk/wp-content/uploads/1.-How-Common-is-Workplace-Abuse.pdf" target="_blank" rel="noreferrer noopener">Workplace abuse</a> is common – 14% of UK workers experienced bullying, violence or sexual harassment at work. The risk of abuse is much higher for women, LGBTQ+ workers, nurses, teachers and those who work at night.


One of the most striking findings of our survey is the large fall in the ability of <a href="https://wiserd.ac.uk/wp-content/uploads/2.-What-is-Happening-to-Participation-at-Work.pdf" target="_blank" rel="noreferrer noopener">employees to take decisions</a> about their immediate job tasks. In 2024, 34% of employees said they had “a great deal of influence” over which tasks they did, how they did them and how hard they worked. This is down from 44% in 2012 and 62% in 1992.


The mechanisms for greater worker control have grown over time, but this has not translated into greater control at an individual level.


<h2 class="wp-block-heading">Mixed news</h2>


Another striking, if not unsurprising, finding is the growth in the number of people <a href="https://wiserd.ac.uk/wp-content/uploads/8.-Is-the-Office-Dying.pdf" target="_blank" rel="noreferrer noopener">woking from home</a>. But the long-running nature of the shift may come as a surprise. The survey shows that the growth of hybrid working started back in 2006, well before the term became fashionable.


The survey also sheds light on where within the home people work. It shows that 45% can insulate themselves from others in the household by creating a home office. The rest must make do with the kitchen table, the sofa or the corner of a room.


After years of declining trade union membership, the survey shows that the tide may eventually <a href="https://wiserd.ac.uk/wp-content/uploads/3.-Has-the-Tide-Turned-for-Trade-Unions.pdf" target="_blank" rel="noreferrer noopener">have turned</a>. Membership levels have plateaued, and rates of union presence in the workplace and union influence over pay increased between 2017 and 2024.


A rising proportion of trade union members also say their union has a great or fair amount of influence over how work is organised – up from 42% in 2001 to 51% in 2024.


Technological change brings opportunities as well as benefits. The survey found that <a href="https://wiserd.ac.uk/wp-content/uploads/5.-What-Drives-AI-and-Robot-Adoption.pdf" target="_blank" rel="noreferrer noopener">digital technology</a> played a role in nearly all jobs, with 78% of workers considering computers “essential” or “very important” in their jobs, up from 45% in 1997.


The share of AI users surged during the period of data collection, indicating its rapid adoption. But there are few signs that it is displacing workers, at least for the time being.


Regular monitoring of all the issues raised here – and many besides – is only possible if regular and robust surveys such as the <a href="https://wiserd.ac.uk/ses/" target="_blank" rel="noreferrer noopener">Skills and Employment Survey</a> are carried out. These are invaluable components of our knowledge infrastructure which must be treasured, protected and supported if we are to accurately assess how the world of work is changing.<img width="1" height="1" referrerpolicy="no-referrer-when-downgrade" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important" src="https://counter.theconversation.com/content/254235/count.gif?distributor=republish-lightbox-basic" alt="The Conversation">


<a href="https://theconversation.com/profiles/alan-felstead-479431" target="_blank" rel="noreferrer noopener">Alan Felstead</a>, Emeritus Professor, <a href="https://theconversation.com/institutions/cardiff-university-1257" target="_blank" rel="noreferrer noopener">Cardiff University</a>


This article is republished from <a href="https://theconversation.com" target="_blank" rel="noreferrer noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/whos-thriving-whos-struggling-and-whos-stuck-at-the-kitchen-table-how-working-lives-are-changing-in-the-uk-254235" target="_blank" rel="noreferrer noopener">original article</a>.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


Join IFA regional ambassador, Abdul Shakor, to explore the transformative role of data analytics in the accounting profession with this comprehensive webinar series in May. More information <a href="https://bit.ly/4i9HFMa" target="_blank" rel="noreferrer noopener">here</a>. 


Also, join the 2025 IFA Conference at the Royal College of Physicians building in Regent's Park, London on 26 June 2025. Registration details <a href="https://bit.ly/3RCbREQ" target="_blank" rel="noreferrer noopener">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/working-lives-charlesdeluvio-wt3iFNxMSE0-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/working-lives-charlesdeluvio-wt3iFNxMSE0-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/working-lives-charlesdeluvio-wt3iFNxMSE0-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
A new national survey — organised and managed by my colleagues and I — paints a mixed picture of UK working life. What makes the <a href="https://wiserd.ac.uk/project/ses/ses2024/" target="_blank" rel="noreferrer noopener">Skills and Employment Survey 2024</a> unique is that it the eighth in of a series that stretches back to the mid-1980s.


The survey focuses on people’s working lives: what skills they use, how and where they work, and what they think of their job. The data series consists of interviews with nearly 35,000 workers with around 5,500 taking part in 2024. 


Some people have good things to say about the way their working lives have changed. Other people’s work lives are not improving. For many of us, it’s a bit of both.


<h2 class="wp-block-heading">Good news</h2>


One piece of good news is that very few workers regard their jobs as having no value. Contrary to <a href="https://www.penguin.co.uk/books/295446/bullshit-jobs-by-graeber-david/9780141983479" target="_blank" rel="noreferrer noopener">estimates</a> by some scholars that around 40% of people “find themselves labouring at tasks which they consider pointless”, our survey suggests that only 5% of respondents think that their job is meaningless and has no value.


So-called <a href="https://wiserd.ac.uk/wp-content/uploads/4.-What-Makes-Work-Meaningful.pdf" target="_blank" rel="noreferrer noopener">“bullshit jobs”</a> are rare. Instead, nearly 70% reported their jobs gave them a sense of achievement either always or most of the time, while 76% said that their work was useful.


Work is becoming <a href="https://wiserd.ac.uk/wp-content/uploads/7.-Are-Skill-Requirements-on-the-Rise.pdf" target="_blank" rel="noreferrer noopener">more skilled</a> too. In 2024, 46% of workers reported that they would need a graduate level qualification if they were to apply for their current job today. This is up from 20% in 1986.


A further piece of good news is that the rate of over-qualification has declined. In 2024 35% of workers reported that they held qualifications that were higher than those currently required for their jobs compared to 39% in 2006.


The <a href="https://wiserd.ac.uk/wp-content/uploads/6.-Is-the-Job-Quality-Gender-Gap-Narrowing.pdf" target="_blank" rel="noreferrer noopener">job quality gender gap</a> is narrowing. The pay gap has fallen steadily, but the gap in the physical environment of work – in working time quality, and in job skills – has also narrowed. For example, the proportion of men who reported that their health or safety was at risk from their work declined from 38% in 2001 to 21% in 2024, while among women it has remained stable at 22%.


<h2 class="wp-block-heading">Bad news</h2>


However, all not is well in the world of work. <a href="https://wiserd.ac.uk/wp-content/uploads/1.-How-Common-is-Workplace-Abuse.pdf" target="_blank" rel="noreferrer noopener">Workplace abuse</a> is common – 14% of UK workers experienced bullying, violence or sexual harassment at work. The risk of abuse is much higher for women, LGBTQ+ workers, nurses, teachers and those who work at night.


One of the most striking findings of our survey is the large fall in the ability of <a href="https://wiserd.ac.uk/wp-content/uploads/2.-What-is-Happening-to-Participation-at-Work.pdf" target="_blank" rel="noreferrer noopener">employees to take decisions</a> about their immediate job tasks. In 2024, 34% of employees said they had “a great deal of influence” over which tasks they did, how they did them and how hard they worked. This is down from 44% in 2012 and 62% in 1992.


The mechanisms for greater worker control have grown over time, but this has not translated into greater control at an individual level.


<h2 class="wp-block-heading">Mixed news</h2>


Another striking, if not unsurprising, finding is the growth in the number of people <a href="https://wiserd.ac.uk/wp-content/uploads/8.-Is-the-Office-Dying.pdf" target="_blank" rel="noreferrer noopener">woking from home</a>. But the long-running nature of the shift may come as a surprise. The survey shows that the growth of hybrid working started back in 2006, well before the term became fashionable.


The survey also sheds light on where within the home people work. It shows that 45% can insulate themselves from others in the household by creating a home office. The rest must make do with the kitchen table, the sofa or the corner of a room.


After years of declining trade union membership, the survey shows that the tide may eventually <a href="https://wiserd.ac.uk/wp-content/uploads/3.-Has-the-Tide-Turned-for-Trade-Unions.pdf" target="_blank" rel="noreferrer noopener">have turned</a>. Membership levels have plateaued, and rates of union presence in the workplace and union influence over pay increased between 2017 and 2024.


A rising proportion of trade union members also say their union has a great or fair amount of influence over how work is organised – up from 42% in 2001 to 51% in 2024.


Technological change brings opportunities as well as benefits. The survey found that <a href="https://wiserd.ac.uk/wp-content/uploads/5.-What-Drives-AI-and-Robot-Adoption.pdf" target="_blank" rel="noreferrer noopener">digital technology</a> played a role in nearly all jobs, with 78% of workers considering computers “essential” or “very important” in their jobs, up from 45% in 1997.


The share of AI users surged during the period of data collection, indicating its rapid adoption. But there are few signs that it is displacing workers, at least for the time being.


Regular monitoring of all the issues raised here – and many besides – is only possible if regular and robust surveys such as the <a href="https://wiserd.ac.uk/ses/" target="_blank" rel="noreferrer noopener">Skills and Employment Survey</a> are carried out. These are invaluable components of our knowledge infrastructure which must be treasured, protected and supported if we are to accurately assess how the world of work is changing.<img width="1" height="1" referrerpolicy="no-referrer-when-downgrade" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important" src="https://counter.theconversation.com/content/254235/count.gif?distributor=republish-lightbox-basic" alt="The Conversation">


<a href="https://theconversation.com/profiles/alan-felstead-479431" target="_blank" rel="noreferrer noopener">Alan Felstead</a>, Emeritus Professor, <a href="https://theconversation.com/institutions/cardiff-university-1257" target="_blank" rel="noreferrer noopener">Cardiff University</a>


This article is republished from <a href="https://theconversation.com" target="_blank" rel="noreferrer noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/whos-thriving-whos-struggling-and-whos-stuck-at-the-kitchen-table-how-working-lives-are-changing-in-the-uk-254235" target="_blank" rel="noreferrer noopener">original article</a>.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


Join IFA regional ambassador, Abdul Shakor, to explore the transformative role of data analytics in the accounting profession with this comprehensive webinar series in May. More information <a href="https://bit.ly/4i9HFMa" target="_blank" rel="noreferrer noopener">here</a>. 


Also, join the 2025 IFA Conference at the Royal College of Physicians building in Regent's Park, London on 26 June 2025. Registration details <a href="https://bit.ly/3RCbREQ" target="_blank" rel="noreferrer noopener">here</a>.
]]></content:encoded>
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</item>
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<title>AI is inherently ageist. That’s not just unethical – it can be costly for workers and businesses</title>
<link>https://financialaccountant.co.uk/news/ai-ageism/</link>
<comments>https://financialaccountant.co.uk/news/ai-ageism/#respond</comments>
<dc:creator><![CDATA[Sajia Ferdous]]></dc:creator>
<pubDate>Mon, 28 Apr 2025 07:13:37 +0000</pubDate>
<category><![CDATA[News]]></category>
<category><![CDATA[Regulatory development]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Technology]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43801</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/ai-ageism-ewan-buck-9B6jkQl-1lc-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/ai-ageism-ewan-buck-9B6jkQl-1lc-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/ai-ageism-ewan-buck-9B6jkQl-1lc-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
By 2030, more than half of the labour force in <a href="https://www.ilo.org/resource/news/europes-ageing-population-comes-silver-lining" target="_blank" rel="noreferrer noopener">many EU countries</a> will be aged 50 or above. Similar trends are emerging across <a href="https://cepar.edu.au/resources-videos/research-briefs/australia-ageing-workforce-research-insights" target="_blank" rel="noreferrer noopener">Australia</a>, <a href="https://www.pewresearch.org/social-trends/2023/12/14/the-growth-of-the-older-workforce/#:%7E:text=Older%20adults%20are%20projected%20to,up%20from%2019%25%20in%202022." target="_blank" rel="noreferrer noopener">the US</a> and other developed and <a href="https://www.pbs.org/newshour/world/china-is-raising-its-retirement-age-in-response-to-aging-workforce-and-declining-population#:%7E:text=By%20the%20end%20of%202023,of%20money%20by%20that%20year." target="_blank" rel="noreferrer noopener">developing economies</a>.


Far from being a burden or representing a crisis, the ageing workforce is a valuable resource – offering a so-called <a href="https://www.adb.org/sites/default/files/publication/864241/ewp-678-population-aging-silver-dividend-economic-growth.pdf" target="_blank" rel="noreferrer noopener">“silver dividend”</a>. Older workers often offer experience, stability and institutional memory. Yet, in the rush to embrace artificial intelligence (AI), older workers can be <a href="https://www.weforum.org/stories/2025/03/how-age-proofing-ai-in-workplace-can-foster-inclusivity/#:%7E:text=For%20example%2C%20AI%20systems%20can,workforce%2C%20exacerbating%20existing%20social%20inequalities." target="_blank" rel="noreferrer noopener">left behind</a>.


One common misconception is that older people are <a href="https://www.ons.gov.uk/businessindustryandtrade/itandinternetindustry/articles/publicawarenessopinionsandexpectationsaboutartificialintelligence/julytooctober2023" target="_blank" rel="noreferrer noopener">reluctant</a> to adopt technology or cannot catch up. But this is far from the truth. It oversimplifies the complexity of their abilities, participation and interests in the digital environments.


There are much deeper issues and structural barriers at play. These include access and opportunity – including a <a href="https://www.forbes.com/sites/torconstantino/2024/10/31/re-wirement-vs-retirement---51-of-older-workers-demand-ai-training/" target="_blank" rel="noreferrer noopener">lack of targeted training</a>. Right now, AI training tends to be targeted at early or mid-career workers.


There are also confidence gaps among older people stemming from workplace cultures that can feel <a href="https://www.pewresearch.org/social-trends/2025/02/25/workers-views-of-ai-use-in-the-workplace/" target="_blank" rel="noreferrer noopener">exclusionary</a>. <a href="https://www.pewresearch.org/short-reads/2023/05/24/a-majority-of-americans-have-heard-of-chatgpt-but-few-have-tried-it-themselves/" target="_blank" rel="noreferrer noopener">Data</a> shows that older professionals are more hesitant to use AI – possibly due to fast-paced work environments that reward speed over judgment or experience.


There can also be issues with the design of tech systems. They are built primarily by and for younger users. <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC7840274/" target="_blank" rel="noreferrer noopener">Voice assistants</a> often fail to recognise older voices, and <a href="https://www.theguardian.com/money/2022/nov/26/britons-digital-banking-shopping-parking" target="_blank" rel="noreferrer noopener">fintech apps</a> assume users are comfortable linking multiple accounts or navigating complex menus. This can alienate workers with legitimate security concerns or cognitive challenges.


And all these issues are exacerbated by <a href="https://www.ageing.ox.ac.uk/blog/Are-Older-Workers-Ready-for-an-AI-Takeover-at-Work" target="_blank" rel="noreferrer noopener">socio-demographic factors</a>. Older people living alone or in rural areas, with lower education levels or who are employed in manual labour, are significantly less likely to use AI.


Ageism has long shaped hiring, promotion and career development. Although age has become a <a href="https://www.equalityhumanrights.com/equality/equality-act-2010/protected-characteristics" target="_blank" rel="noreferrer noopener">protected characteristic</a> in UK law, ageist norms and practices persist in many not-so-subtle forms.


Ageism can affect both young and old, but when it comes to technology, the impact is overwhelmingly skewed against older people. 


So-called <a href="https://www.ageing.ox.ac.uk/blog/Are-Older-Workers-Ready-for-an-AI-Takeover-at-Work" target="_blank" rel="noreferrer noopener">algorithmic ageism</a> in AI systems – exclusion based on automation rather than human decision-making – often exacerbates ageist biases.


<a href="https://www.ifow.org/publications/artificial-intelligence-in-hiring-assessing-impacts-on-equality" target="_blank" rel="noreferrer noopener">Hiring algorithms</a> often end up favouring younger employees. And digital interfaces that assume tech fluency are another example of exclusionary designs. Graduation dates, employment gaps, and even the language used in CVs can become proxies for age and filter out experienced candidates without any human review.


Tech industry workers are <a href="https://www.linkedin.com/news/story/big-tech-is-hiring-the-under-25-set-6277049/" target="_blank" rel="noreferrer noopener">overwhelmingly young</a>. Homogenous thinking breeds blind spots, so products work brilliantly for younger people. But they can end up alienating other age groups.


This creates an artificial <a href="https://pubmed.ncbi.nlm.nih.gov/35471138/" target="_blank" rel="noreferrer noopener">“grey digital divide”</a>, shaped less by ability and more by gaps in support, training and inclusion. If older workers are not integrated into the AI revolution, there is a risk of creating a divided workforce. One part will be confident with tech, data-driven and AI-enabled, while the other will remain isolated, underutilised and potentially displaced.


<h2 class="wp-block-heading">An ‘age-neutral’ approach</h2>


It’s vital to move beyond the idea of being “age-inclusive”, which frames older people as “others” who need special adjustments. Instead, the goal should be age-neutral designs.


AI designers should recognise that while age is relevant in specific contexts – such as restricted content like pornography – it should not be used as a proxy in training data, where it can lead to bias in the algorithm. In this way, design would be age-neutral rather than ageless. 


Designers should also ensure that platforms are accessible for users of all ages.


The stakes are high. It is also not just about economics, but fairness, sustainability and wellbeing.


At the policy level in the UK, there is still a huge void. Last year, <a href="https://committees.parliament.uk/publications/46686/documents/239426/default/" target="_blank" rel="noreferrer noopener">House of Commons research</a> highlighted that workforce strategies rarely distinguish the specific digital and technological training needs of older workers. This underscores how ageing people are treated as an afterthought.


A few <a href="https://oats.org/grant-announcemnt-microsoft-and-open-ai/" target="_blank" rel="noreferrer noopener">forward-thinking companies</a> have backed mid- and late-career training programmes. In Singapore, the government’s <a href="https://www.skillsfuture.gov.sg/initiatives/mid-career/credit#:%7E:text=SkillsFuture%20Career%20Transition%20Programme%20Supports,40%20years%20old%20and%20above." target="_blank" rel="noreferrer noopener">Skillsfuture programme</a> has adopted a more agile, age-flexible approach. However, these are still isolated examples.


Retraining cannot be generic. Beyond basic digital literacy courses, older people need targeted, job-specific advanced training. The psychological framing of retraining is also critical. Older people need to retrain or reskill not for just career or personal growth but also to be able to participate more fully in the workforce.


It’s also key for reducing pressure on social welfare systems and mitigating skill shortages. What’s more, involving older workers in this way supports the transfer of knowledge between generations, which should benefit everyone in the economy. 


Yet, currently, the onus is on the older workers and not organisations and governments.


AI, particularly the generative models that can create text, images and other media, is known for producing outputs that appear plausible but are sometimes <a href="https://mitsloanedtech.mit.edu/ai/basics/addressing-ai-hallucinations-and-bias/" target="_blank" rel="noreferrer noopener">incorrect or misleading</a>. The people best placed to identify these errors are those with deep domain knowledge – something that is built over decades of experience.


This is not a counterargument to digital transformation or adoption of AI. Rather, it highlights that integrating older people into digital designs, training and access should be a strategic imperative. AI cannot replace human judgment yet – it should be designed to <a href="https://hbr.org/2023/10/navigating-generative-ai-as-an-older-worker" target="_blank" rel="noreferrer noopener">augment it</a>.


If companies, policies and societies exclude older workers from AI transformation processes, they are essentially removing the critical layer of human oversight that keeps AI outputs reliable, ethical and safe to use. An age-neutral approach will be key to addressing this.


Piecemeal efforts and slow responses could cause the irreversible loss of a generation of experience, talent and expertise. What workers and businesses need now are systems, policies and tools that are, from the outset, usable and accessible for people of all ages.<img src="https://counter.theconversation.com/content/254220/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important" referrerpolicy="no-referrer-when-downgrade">


<a href="https://theconversation.com/profiles/sajia-ferdous-484154" target="_blank" rel="noreferrer noopener">Sajia Ferdous</a>, Lecturer in Organisational Behaviour, Queen's Business School, <a href="https://theconversation.com/institutions/queens-university-belfast-687" target="_blank" rel="noreferrer noopener">Queen's University Belfast</a>


This article is republished from <a href="https://theconversation.com" target="_blank" rel="noreferrer noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/ai-is-inherently-ageist-thats-not-just-unethical-it-can-be-costly-for-workers-and-businesses-254220" target="_blank" rel="noreferrer noopener">original article</a>.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


Join IFA regional ambassador, Abdul Shakor, to explore the transformative role of data analytics in the accounting profession with this comprehensive webinar series in May. More information <a href="https://bit.ly/4i9HFMa" target="_blank" rel="noreferrer noopener">here</a>. 


Also, join the 2025 IFA Conference at the Royal College of Physicians building in Regent's Park, London on 26 June 2025. Registration details <a href="https://bit.ly/3RCbREQ" target="_blank" rel="noreferrer noopener">here</a>.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/ai-ageism-ewan-buck-9B6jkQl-1lc-unsplash.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/ai-ageism-ewan-buck-9B6jkQl-1lc-unsplash.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/ai-ageism-ewan-buck-9B6jkQl-1lc-unsplash-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
By 2030, more than half of the labour force in <a href="https://www.ilo.org/resource/news/europes-ageing-population-comes-silver-lining" target="_blank" rel="noreferrer noopener">many EU countries</a> will be aged 50 or above. Similar trends are emerging across <a href="https://cepar.edu.au/resources-videos/research-briefs/australia-ageing-workforce-research-insights" target="_blank" rel="noreferrer noopener">Australia</a>, <a href="https://www.pewresearch.org/social-trends/2023/12/14/the-growth-of-the-older-workforce/#:%7E:text=Older%20adults%20are%20projected%20to,up%20from%2019%25%20in%202022." target="_blank" rel="noreferrer noopener">the US</a> and other developed and <a href="https://www.pbs.org/newshour/world/china-is-raising-its-retirement-age-in-response-to-aging-workforce-and-declining-population#:%7E:text=By%20the%20end%20of%202023,of%20money%20by%20that%20year." target="_blank" rel="noreferrer noopener">developing economies</a>.


Far from being a burden or representing a crisis, the ageing workforce is a valuable resource – offering a so-called <a href="https://www.adb.org/sites/default/files/publication/864241/ewp-678-population-aging-silver-dividend-economic-growth.pdf" target="_blank" rel="noreferrer noopener">“silver dividend”</a>. Older workers often offer experience, stability and institutional memory. Yet, in the rush to embrace artificial intelligence (AI), older workers can be <a href="https://www.weforum.org/stories/2025/03/how-age-proofing-ai-in-workplace-can-foster-inclusivity/#:%7E:text=For%20example%2C%20AI%20systems%20can,workforce%2C%20exacerbating%20existing%20social%20inequalities." target="_blank" rel="noreferrer noopener">left behind</a>.


One common misconception is that older people are <a href="https://www.ons.gov.uk/businessindustryandtrade/itandinternetindustry/articles/publicawarenessopinionsandexpectationsaboutartificialintelligence/julytooctober2023" target="_blank" rel="noreferrer noopener">reluctant</a> to adopt technology or cannot catch up. But this is far from the truth. It oversimplifies the complexity of their abilities, participation and interests in the digital environments.


There are much deeper issues and structural barriers at play. These include access and opportunity – including a <a href="https://www.forbes.com/sites/torconstantino/2024/10/31/re-wirement-vs-retirement---51-of-older-workers-demand-ai-training/" target="_blank" rel="noreferrer noopener">lack of targeted training</a>. Right now, AI training tends to be targeted at early or mid-career workers.


There are also confidence gaps among older people stemming from workplace cultures that can feel <a href="https://www.pewresearch.org/social-trends/2025/02/25/workers-views-of-ai-use-in-the-workplace/" target="_blank" rel="noreferrer noopener">exclusionary</a>. <a href="https://www.pewresearch.org/short-reads/2023/05/24/a-majority-of-americans-have-heard-of-chatgpt-but-few-have-tried-it-themselves/" target="_blank" rel="noreferrer noopener">Data</a> shows that older professionals are more hesitant to use AI – possibly due to fast-paced work environments that reward speed over judgment or experience.


There can also be issues with the design of tech systems. They are built primarily by and for younger users. <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC7840274/" target="_blank" rel="noreferrer noopener">Voice assistants</a> often fail to recognise older voices, and <a href="https://www.theguardian.com/money/2022/nov/26/britons-digital-banking-shopping-parking" target="_blank" rel="noreferrer noopener">fintech apps</a> assume users are comfortable linking multiple accounts or navigating complex menus. This can alienate workers with legitimate security concerns or cognitive challenges.


And all these issues are exacerbated by <a href="https://www.ageing.ox.ac.uk/blog/Are-Older-Workers-Ready-for-an-AI-Takeover-at-Work" target="_blank" rel="noreferrer noopener">socio-demographic factors</a>. Older people living alone or in rural areas, with lower education levels or who are employed in manual labour, are significantly less likely to use AI.


Ageism has long shaped hiring, promotion and career development. Although age has become a <a href="https://www.equalityhumanrights.com/equality/equality-act-2010/protected-characteristics" target="_blank" rel="noreferrer noopener">protected characteristic</a> in UK law, ageist norms and practices persist in many not-so-subtle forms.


Ageism can affect both young and old, but when it comes to technology, the impact is overwhelmingly skewed against older people. 


So-called <a href="https://www.ageing.ox.ac.uk/blog/Are-Older-Workers-Ready-for-an-AI-Takeover-at-Work" target="_blank" rel="noreferrer noopener">algorithmic ageism</a> in AI systems – exclusion based on automation rather than human decision-making – often exacerbates ageist biases.


<a href="https://www.ifow.org/publications/artificial-intelligence-in-hiring-assessing-impacts-on-equality" target="_blank" rel="noreferrer noopener">Hiring algorithms</a> often end up favouring younger employees. And digital interfaces that assume tech fluency are another example of exclusionary designs. Graduation dates, employment gaps, and even the language used in CVs can become proxies for age and filter out experienced candidates without any human review.


Tech industry workers are <a href="https://www.linkedin.com/news/story/big-tech-is-hiring-the-under-25-set-6277049/" target="_blank" rel="noreferrer noopener">overwhelmingly young</a>. Homogenous thinking breeds blind spots, so products work brilliantly for younger people. But they can end up alienating other age groups.


This creates an artificial <a href="https://pubmed.ncbi.nlm.nih.gov/35471138/" target="_blank" rel="noreferrer noopener">“grey digital divide”</a>, shaped less by ability and more by gaps in support, training and inclusion. If older workers are not integrated into the AI revolution, there is a risk of creating a divided workforce. One part will be confident with tech, data-driven and AI-enabled, while the other will remain isolated, underutilised and potentially displaced.


<h2 class="wp-block-heading">An ‘age-neutral’ approach</h2>


It’s vital to move beyond the idea of being “age-inclusive”, which frames older people as “others” who need special adjustments. Instead, the goal should be age-neutral designs.


AI designers should recognise that while age is relevant in specific contexts – such as restricted content like pornography – it should not be used as a proxy in training data, where it can lead to bias in the algorithm. In this way, design would be age-neutral rather than ageless. 


Designers should also ensure that platforms are accessible for users of all ages.


The stakes are high. It is also not just about economics, but fairness, sustainability and wellbeing.


At the policy level in the UK, there is still a huge void. Last year, <a href="https://committees.parliament.uk/publications/46686/documents/239426/default/" target="_blank" rel="noreferrer noopener">House of Commons research</a> highlighted that workforce strategies rarely distinguish the specific digital and technological training needs of older workers. This underscores how ageing people are treated as an afterthought.


A few <a href="https://oats.org/grant-announcemnt-microsoft-and-open-ai/" target="_blank" rel="noreferrer noopener">forward-thinking companies</a> have backed mid- and late-career training programmes. In Singapore, the government’s <a href="https://www.skillsfuture.gov.sg/initiatives/mid-career/credit#:%7E:text=SkillsFuture%20Career%20Transition%20Programme%20Supports,40%20years%20old%20and%20above." target="_blank" rel="noreferrer noopener">Skillsfuture programme</a> has adopted a more agile, age-flexible approach. However, these are still isolated examples.


Retraining cannot be generic. Beyond basic digital literacy courses, older people need targeted, job-specific advanced training. The psychological framing of retraining is also critical. Older people need to retrain or reskill not for just career or personal growth but also to be able to participate more fully in the workforce.


It’s also key for reducing pressure on social welfare systems and mitigating skill shortages. What’s more, involving older workers in this way supports the transfer of knowledge between generations, which should benefit everyone in the economy. 


Yet, currently, the onus is on the older workers and not organisations and governments.


AI, particularly the generative models that can create text, images and other media, is known for producing outputs that appear plausible but are sometimes <a href="https://mitsloanedtech.mit.edu/ai/basics/addressing-ai-hallucinations-and-bias/" target="_blank" rel="noreferrer noopener">incorrect or misleading</a>. The people best placed to identify these errors are those with deep domain knowledge – something that is built over decades of experience.


This is not a counterargument to digital transformation or adoption of AI. Rather, it highlights that integrating older people into digital designs, training and access should be a strategic imperative. AI cannot replace human judgment yet – it should be designed to <a href="https://hbr.org/2023/10/navigating-generative-ai-as-an-older-worker" target="_blank" rel="noreferrer noopener">augment it</a>.


If companies, policies and societies exclude older workers from AI transformation processes, they are essentially removing the critical layer of human oversight that keeps AI outputs reliable, ethical and safe to use. An age-neutral approach will be key to addressing this.


Piecemeal efforts and slow responses could cause the irreversible loss of a generation of experience, talent and expertise. What workers and businesses need now are systems, policies and tools that are, from the outset, usable and accessible for people of all ages.<img src="https://counter.theconversation.com/content/254220/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important" referrerpolicy="no-referrer-when-downgrade">


<a href="https://theconversation.com/profiles/sajia-ferdous-484154" target="_blank" rel="noreferrer noopener">Sajia Ferdous</a>, Lecturer in Organisational Behaviour, Queen's Business School, <a href="https://theconversation.com/institutions/queens-university-belfast-687" target="_blank" rel="noreferrer noopener">Queen's University Belfast</a>


This article is republished from <a href="https://theconversation.com" target="_blank" rel="noreferrer noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/ai-is-inherently-ageist-thats-not-just-unethical-it-can-be-costly-for-workers-and-businesses-254220" target="_blank" rel="noreferrer noopener">original article</a>.


<hr class="wp-block-separator has-alpha-channel-opacity is-style-dots"/>


Join IFA regional ambassador, Abdul Shakor, to explore the transformative role of data analytics in the accounting profession with this comprehensive webinar series in May. More information <a href="https://bit.ly/4i9HFMa" target="_blank" rel="noreferrer noopener">here</a>. 


Also, join the 2025 IFA Conference at the Royal College of Physicians building in Regent's Park, London on 26 June 2025. Registration details <a href="https://bit.ly/3RCbREQ" target="_blank" rel="noreferrer noopener">here</a>.
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</item>
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<title>One conversation could prevent insolvency</title>
<link>https://financialaccountant.co.uk/sponsored-content/insolvency-sme/</link>
<comments>https://financialaccountant.co.uk/sponsored-content/insolvency-sme/#respond</comments>
<dc:creator><![CDATA[Marco Piacquadio, Director – Head of FTS Recovery]]></dc:creator>
<pubDate>Mon, 28 Apr 2025 02:29:26 +0000</pubDate>
<category><![CDATA[Sponsored Content]]></category>
<category><![CDATA[SMEs]]></category>
<category><![CDATA[Support and advice]]></category>
<guid isPermaLink="false">https://financialaccountant.co.uk/?p=43794</guid>
<description><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/insolvency-pexels-lilartsy-2747710.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/insolvency-pexels-lilartsy-2747710.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/insolvency-pexels-lilartsy-2747710-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Supply chain instability and rising overheads have increased the strain on small businesses in particular. And while many directors are doing everything they can to stay afloat, the reality is that signs of distress often build gradually—and can go unnoticed.


That’s where one well-timed conversation can make all the difference.





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignleft size-large is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2024/09/Marco_Piacquadio-1-726x1024.jpg" alt="Headshot of Marco Piacquadio" class="wp-image-40224" style="width:199px;height:auto"/><figcaption class="wp-element-caption">Marco Piacquadio, Director of FTS Recovery, FA Simms and Beacon LIP</figcaption></figure>
</div>


<div class="wp-block-column" style="flex-basis:66.66%">
As an accountant, you’re often the first to spot the subtle signs that a business might be veering off course. You see the data others don’t. 
</div>
</div>


But insight only becomes impact when it’s acted upon. Early intervention isn’t about alarm bells or worst-case scenarios. It’s about giving directors the space to pause, reflect and make confident decisions, before that uneasy feeling turns into a crisis.


<h2 class="wp-block-heading">Why directors don’t always see it coming</h2>


Most business leaders are focused on keeping the wheels turning. When problems emerge slowly—an increase in aged debt here, a dip in margin there—they’re easily rationalised or overlooked. What begins as a temporary cash-flow issue can quietly become the start of something more serious.


You, however, are in a unique position. Your regular contact with the numbers allows you to see the patterns: a creeping reliance on director loans, extended customer payment terms, or a consistent delay in settling VAT. These are all signs that could be flagged—not as a warning, but as an opportunity to talk.


<h2 class="wp-block-heading">Making conversations routine, not reactive</h2>


Financial health shouldn’t be a taboo topic. By weaving short, strategic conversations into your regular contact with clients—whether monthly or quarterly—you make it easier to talk about potential concerns before they become critical.


It doesn’t require a major shift. A brief agenda point during a routine meeting can surface valuable insights. Many firms are already reviewing KPIs or running dashboards internally. The next step is simply bringing that insight into the conversation.


What matters is consistency. When directors know these check-ins are part of the rhythm, they’re more likely to share what’s really going on.


<h2 class="wp-block-heading">What can one conversation reveal</h2>


In many cases, the warning signs of insolvency are subtle. But when spotted early, they’re entirely manageable. We’ve seen this time and again through our work at FTS: a few small indicators,picked up at the right moment, can lead to vital conversations and meaningful change. Some of the most common challenges we see in our clients’ businesses include:


<ul class="wp-block-list">
<li>Erosion of cash reserves: Regular use of overdrafts or director funding, while common, can signal deeper cash-flow issues when they become the norm rather than the exception.</li>


<li>Margin compression: Costs creep, but prices don’t always keep up. When clients hesitate to review pricing, margins suffer. Even small adjustments can have a big impact—but often need a nudge to be considered.</li>


<li>Weakening credit control: A shift in payment terms or a growing dependency on a few large customers can lead to cash-flow instability. These trends are easier to address early, when options are still open.</li>


<li>Tax arrears and Time to Pay reliance: A missed VAT deadline isn’t always a red flag—but repeated deferrals or reliance on payment plans suggest strain. That’s the time to ask what’s behind the pattern.</li>


<li>Turning insight into action: Accountants don’t need to have all the answers. What you bring is clarity. By helping clients understand the implications of what they’re seeing, and exploring practical next steps, you give them the confidence to act early.</li>
</ul>


That might mean:


<ul class="wp-block-list">
<li>Modelling the impact of pricing adjustments</li>


<li>Reviewing customer payment terms</li>


<li>Introducing invoice finance options</li>


<li>Reassessing cost structures1</li>
</ul>


These steps can shift a business from survival mode back into stability. Many accountants tell us these are the most beneficial conversations they have. Not because they’re easy but because they often mark the moment a client moves from uncertainty to clarity. It’s not about having a script or a solution ready. It’s about helping business owners reconnect with what’s really happening in their business and giving them the confidence to do something different.


<h2 class="wp-block-heading">Escalation isn’t failure</h2>


In some cases, a director may already be close to the edge. If liabilities exceed assets, or debts can’t be paid when due, a licensed insolvency practitioner may need to be involved.


Raising that option early often leads to better outcomes. It opens the door to restructuring, negotiation with creditors, and in some cases, business rescue. Having a clear referral route ready makes that step easier—for you, and for your client.


Crucially, collaboration between accountant and insolvency practitioner means continuity for the client. You bring the financial context and the client history, and the insolvency practitioner brings technical expertise on insolvency processes, creditor negotiations, and compliance requirements.


By working in partnership, you provide a more rounded safety net for clients at risk—helping preserve value, protect jobs, and, in many cases, find a viable way forward. If you don’t currently have an insolvency partner in place, it’s worth building that connection. A quick call can save precious time down the line.


<h2 class="wp-block-heading">Final thoughts</h2>


Financial distress rarely appears overnight. It builds in silence—missed payments, tough choices, quiet stress. But you have the vantage point to see it coming.


You don’t need to overhaul your process to make a difference. One well-structured conversation at the right time can be the turning point. It can prompt action, reduce risk and, in some cases, prevent insolvency altogether.


If your client is struggling with any of these financial challenges, acting early is essential. Contact FA Simms' licensed insolvency practitioners by calling 01455 555 444 or emailing enquiries@fasimms.com to discuss how we can work together to guide your clients towards a brighter future.
]]></description>
<content:encoded><![CDATA[<img width="840" height="560" src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/insolvency-pexels-lilartsy-2747710.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/insolvency-pexels-lilartsy-2747710.png 840w, https://financialaccountant.co.uk/wp-content/uploads/sites/3/2025/04/insolvency-pexels-lilartsy-2747710-480x320.png 480w" sizes="(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw" />
Supply chain instability and rising overheads have increased the strain on small businesses in particular. And while many directors are doing everything they can to stay afloat, the reality is that signs of distress often build gradually—and can go unnoticed.


That’s where one well-timed conversation can make all the difference.





<div class="wp-block-columns">
<div class="wp-block-column" style="flex-basis:33.33%">
<figure class="wp-block-image alignleft size-large is-resized"><img src="https://financialaccountant.co.uk/wp-content/uploads/sites/3/2024/09/Marco_Piacquadio-1-726x1024.jpg" alt="Headshot of Marco Piacquadio" class="wp-image-40224" style="width:199px;height:auto"/><figcaption class="wp-element-caption">Marco Piacquadio, Director of FTS Recovery, FA Simms and Beacon LIP</figcaption></figure>
</div>


<div class="wp-block-column" style="flex-basis:66.66%">
As an accountant, you’re often the first to spot the subtle signs that a business might be veering off course. You see the data others don’t. 
</div>
</div>


But insight only becomes impact when it’s acted upon. Early intervention isn’t about alarm bells or worst-case scenarios. It’s about giving directors the space to pause, reflect and make confident decisions, before that uneasy feeling turns into a crisis.


<h2 class="wp-block-heading">Why directors don’t always see it coming</h2>


Most business leaders are focused on keeping the wheels turning. When problems emerge slowly—an increase in aged debt here, a dip in margin there—they’re easily rationalised or overlooked. What begins as a temporary cash-flow issue can quietly become the start of something more serious.


You, however, are in a unique position. Your regular contact with the numbers allows you to see the patterns: a creeping reliance on director loans, extended customer payment terms, or a consistent delay in settling VAT. These are all signs that could be flagged—not as a warning, but as an opportunity to talk.


<h2 class="wp-block-heading">Making conversations routine, not reactive</h2>


Financial health shouldn’t be a taboo topic. By weaving short, strategic conversations into your regular contact with clients—whether monthly or quarterly—you make it easier to talk about potential concerns before they become critical.


It doesn’t require a major shift. A brief agenda point during a routine meeting can surface valuable insights. Many firms are already reviewing KPIs or running dashboards internally. The next step is simply bringing that insight into the conversation.


What matters is consistency. When directors know these check-ins are part of the rhythm, they’re more likely to share what’s really going on.


<h2 class="wp-block-heading">What can one conversation reveal</h2>


In many cases, the warning signs of insolvency are subtle. But when spotted early, they’re entirely manageable. We’ve seen this time and again through our work at FTS: a few small indicators,picked up at the right moment, can lead to vital conversations and meaningful change. Some of the most common challenges we see in our clients’ businesses include:


<ul class="wp-block-list">
<li>Erosion of cash reserves: Regular use of overdrafts or director funding, while common, can signal deeper cash-flow issues when they become the norm rather than the exception.</li>


<li>Margin compression: Costs creep, but prices don’t always keep up. When clients hesitate to review pricing, margins suffer. Even small adjustments can have a big impact—but often need a nudge to be considered.</li>


<li>Weakening credit control: A shift in payment terms or a growing dependency on a few large customers can lead to cash-flow instability. These trends are easier to address early, when options are still open.</li>


<li>Tax arrears and Time to Pay reliance: A missed VAT deadline isn’t always a red flag—but repeated deferrals or reliance on payment plans suggest strain. That’s the time to ask what’s behind the pattern.</li>


<li>Turning insight into action: Accountants don’t need to have all the answers. What you bring is clarity. By helping clients understand the implications of what they’re seeing, and exploring practical next steps, you give them the confidence to act early.</li>
</ul>


That might mean:


<ul class="wp-block-list">
<li>Modelling the impact of pricing adjustments</li>


<li>Reviewing customer payment terms</li>


<li>Introducing invoice finance options</li>


<li>Reassessing cost structures1</li>
</ul>


These steps can shift a business from survival mode back into stability. Many accountants tell us these are the most beneficial conversations they have. Not because they’re easy but because they often mark the moment a client moves from uncertainty to clarity. It’s not about having a script or a solution ready. It’s about helping business owners reconnect with what’s really happening in their business and giving them the confidence to do something different.


<h2 class="wp-block-heading">Escalation isn’t failure</h2>


In some cases, a director may already be close to the edge. If liabilities exceed assets, or debts can’t be paid when due, a licensed insolvency practitioner may need to be involved.


Raising that option early often leads to better outcomes. It opens the door to restructuring, negotiation with creditors, and in some cases, business rescue. Having a clear referral route ready makes that step easier—for you, and for your client.


Crucially, collaboration between accountant and insolvency practitioner means continuity for the client. You bring the financial context and the client history, and the insolvency practitioner brings technical expertise on insolvency processes, creditor negotiations, and compliance requirements.


By working in partnership, you provide a more rounded safety net for clients at risk—helping preserve value, protect jobs, and, in many cases, find a viable way forward. If you don’t currently have an insolvency partner in place, it’s worth building that connection. A quick call can save precious time down the line.


<h2 class="wp-block-heading">Final thoughts</h2>


Financial distress rarely appears overnight. It builds in silence—missed payments, tough choices, quiet stress. But you have the vantage point to see it coming.


You don’t need to overhaul your process to make a difference. One well-structured conversation at the right time can be the turning point. It can prompt action, reduce risk and, in some cases, prevent insolvency altogether.


If your client is struggling with any of these financial challenges, acting early is essential. Contact FA Simms' licensed insolvency practitioners by calling 01455 555 444 or emailing enquiries@fasimms.com to discuss how we can work together to guide your clients towards a brighter future.
]]></content:encoded>
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