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Business News Wales
4 days ago
- Business
- Business News Wales
ACCA Calls on UK Government to Move with Caution on E-Invoicing
Adopting electronic invoicing should be voluntary for both UK businesses and the public sector, according to leading global accountancy body ACCA (the Association of Chartered Certified Accountants). Responding to a HMRC consultation – Electronic invoicing: promoting e-invoicing across UK businesses and the public sector – ACCA is clear that while the implementation of e-invoicing could bring a number of key benefits for business, such a move must be demand led and must not divert focus away from existing priorities such as Making Tax Digital (MTD). Glenn Collins, head of policy, technical and strategic engagement at ACCA, said: 'With so much investment already having been made by software providers, taxpayers and all key stakeholders in Making Tax Digital (MTD), we would be concerned that the implementation of e-invoicing could potentially dilute already finite resources and lead to delays.' Lloyd Powell, head of ACCA Cymru/Wales, said: 'We would encourage a cautious approach when considering the capacity HMRC would have to implement new developments such as e-invoicing while HMRC reforms and areas such as MTD are at the early stages of phased implementation. In other words: concentrate on making MTD a success.' In its response ACCA suggests that any e-invoicing system should adopt a decentralised 'four-corner model' giving independence and flexibility and would not require users to be locked into a central platform. Joe Fitzsimons, regional lead, policy & insights, ACCA, said: 'A voluntary system of e-invoicing designed to encourage business adoption to realise key business benefits is the most productive approach. Cost benefit analysis will remain crucial as well as considering how e-invoicing can best work for business in practice. 'We also call on the Government to look at existing standards in countries which already use e-invoicing and take a phased approach to ensure capacity and capability can be built and crucially lessons learned.'
Business News Wales
14-05-2025
- Business
- Business News Wales
Almost Two Thirds of UK Gen Z Accountants Reveal Entrepreneurial Ambitions
Entrepreneurial aspirations are high amongst the newest generation of accountants, as revealed by new data from leading global accountancy body ACCA (Association of Chartered Certified Accountants). The 2025 edition of its Global Talent Trends survey surveyed over 1,300 accountants in the UK, and more than 10,000 worldwide, making it the largest survey looking at talent in the financial sector. 61% of UK Gen Z accountants have long-term goals to be their own bosses, double the sentiment of the rest of the UK (31%). This could also be good news for employers and for the employability of finance professionals – there's a growing need for accountants to use their entrepreneurial mindsets in many finance and business job roles where skills such as commerciality and innovation are prized attributes. Most UK respondents to the survey indicated they were drawn to roles that focused on environmental issues. This was echoed in the reasons behind a second job or 'side hustle', with 41% wanting to take on this type of work to give something back or do something meaningful with their work. AI skills, a theme identified in the 2024 survey, remained high on the agenda for 2025. Almost half (46%) of UK finance professionals believe AI proficiency is the most valuable skill to learn for the future of work. However, less than a quarter (23%) said they were provided with AI training opportunities at work, despite seven out of ten (71%) feeling confident in their ability to learn new AI skills. While 30% reported feeling concerned about how AI could impact their roles, this was down 12% from 2024, showing that there is increased knowledge and understanding of AI and less worry amongst professionals. Mental health and wellbeing also emerged as a key trend, with 57% of respondents saying their employer considers mental health a top priority. Given that half of UK financial professionals in the survey said their mental health suffers because of work pressures, and almost a third (30%) have considered resigning due to wellbeing issues, the feedback that mental health is being taken more seriously by employers will be welcomed. In terms of workplace practicalities, Wales is the leader among the UK nations for hybrid working, with three quarters (75%) reporting this as their working set up. Wales-based respondents also rated flexible working benefits as the most desirable benefit for work life balance at 32% – above hybrid working at 20%. UK respondents were also more satisfied with their pay (55%) than the global average (41%). Jamie Lyon FCCA, global head of skills, sectors, technology at ACCA, said: 'It's an exciting time to be a young accountant in the industry, with so many aiming for the goal of being an entrepreneur. With almost three quarters also keen and confident to learn new AI skills, and more employers looking to prioritise mental health and wellbeing, our survey data shows a profession that is striving to do better for everyone.' Lloyd Powell, head of ACCA Cymru/Wales, said: 'Seeing UK Gen Z accountants leading the way in their entrepreneurial ambitions is fantastic. Our survey demonstrates that the UK offers some of the best working conditions for the profession, with Wales leading the way on offering hybrid working arrangements. The UK also has high pay satisfaction and good learning and development opportunities – all of which are crucial to ensuring the profession remains attractive to talent in Wales.'
Business News Wales
30-04-2025
- Business
- Business News Wales
ACCA Presses Audit Regulator to Drive Proportionate SME Audit Requirements
ACCA (the Association of Chartered Certified Accountants) is calling on the UK regulator to ensure that audit requirements for SMEs are proportionate, aligning with prevailing international standards. Responding to a consultation from the UK corporate governance regulator the Financial Reporting Council (FRC) Small and medium-sized enterprises market study , ACCA said the focus of the rules should be on the complexity of an entity rather than on size. While commending the FRC for addressing the challenges faced by SME auditors, Mike Suffield, director of policy and insights, ACCA, and formerly head of FRC's Audit Quality Review team, said: 'ACCA is a strong proponent of globally consistent standards with regard to both corporate reporting and audit and assurance. We believe that it would be valuable and in the public interest for the FRC, as part of its focus on SMEs and audit, to set out clearly the basis for its decision not to adopt the IAASB's International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). 'The FRC should set out its proposed alternative arrangements and allow stakeholders to provide their feedback once it has developed firm proposals.' ACCA's response was informed by a roundtable with members and the FRC where auditors and users of audited accounts were able to express their views and discuss the challenges of SME audits. Lloyd Powell, head of ACCA Cymru/Wales, said: 'The focus of standards should be on complexity rather than size given that an entity may be large in size but still be less complex. By focusing on complexity rather than just size, any initiatives by the FRC to address the scalability issues with the UK ISAs will be likely to help a much larger number of firms and practitioners.' ACCA called on the FRC to take multiple actions to improve SME audits including: Ensuring stakeholders understand the purpose of SME audits in a bid to reduce the expectation gap; Working with others, including ACCA, to communicate the benefits of SME audits; Ensuring standards are scalable and fit for purpose Undertaking further work to see how SMEs can be clear that the benefit of an audit outweighs its cost. Read the ACCA submission here . More Stories from Food & Drink Wales:
