Join us at Accountex 2013 this June

 

 

This June thousands of accountants across private practice, business and the public sector will be flocking to Accountex 2013 at the ExCeL in London. Accountex 2012 received an overwhelmingly positive reaction and 2013 is expected to be even bigger. 

 

Accountex is the UK’s leading event for Accountants and Financial Directors where you will have access to over 45 leading speakers, 120 free educational seminars, and 100 exhibitors. It’s free to attend and you can also gain CPD points for attending. 

 

              

 

GAAPweb will be exhibiting on stand A305 and it would be great to see you there. For more information please visit Accountex.

 

Register here for your complimentary tickets today.

Pension myths debunked

Pension myths

Automatic enrolment into a workplace pension will make it easier for people to start saving for their retirement.  All employers will be required to enrol their eligible workers into a workplace pension scheme if they are not already in one.

We know there is a lot of confusion surrounding pensions and saving.  These pension myths can make people feel confused about what they need to do to fund their retirement. We’ve explained some common pension myths below.

 

It’s not worth saving into a pension. 

FALSE Most people can expect to get back more in retirement than they put in their pension. Most people saving in a workplace pension also benefit from contributions from their employer and the government in the form of tax relief*. 

 

My house will be my pension pot.

BE CAREFUL Property doesn't allow you to spread your money across a range of different investments like a pension does, and doesn't have the same tax advantages.

 

My partner will be my pension pot / I’ll inherit money from my parents.

BE CAREFUL Inheritances can be uncertain, so it is important to make individual pension provision. Increasing numbers of people are surviving into their 90s and longer, so your parents may still be alive when you retire. You might also find yourself in a difficult situation in the case of divorce.

 

I can only pay in a small amount so it isn't worth it. 

FALSE Your contribution to your workplace pension will be a percentage of your salary. You’re also likely to benefit from a contribution from your employer and tax relief* from the government too. Even if you end up with a small overall pension pot, you might be able to take your pension as a cash lump sum as long as your pension savings are no more than a certain amount (currently £18,000).

 

I’ll save when I get old / I'm too old to start saving. 

FALSE It is better to start early – usually, the younger you start to save, the bigger your pension will be, as your money has more time to grow.  And unless your retirement is a few months away, there’s still time for you to build up some money.

 

If my company shuts down I lose everything. 

FALSE There was a problem with people losing their pensions when their company shut down in the past. But this is no longer the case.  With most schemes your pension is looked after by the pension provider, so if your employer goes bust you won’t lose your pension pot. 

If your pension scheme is run by your employer and they go bust, your pension pot might be smaller than it would have been. This is because, if your employer has been paying the pension scheme administration costs, they will no longer be doing so. These costs would now come from the scheme member’s pots.

 

My grandma only lived to be 70 so surely I won’t live much longer, why bother saving? 

BE CAREFUL People tend to underestimate how long they’re likely to live and life expectancy across the generations is changing fast.  On average, you’re likely to spend 20 years in retirement, so you will need to plan for that.

 

The State Pension will be enough. 

BE CAREFUL The State Pension is a foundation, but for many people, relying on this alone could mean a fall in income at retirement. Saving into a workplace pension means people will have more money to help continue enjoying the things they like when they retire.

 

(*Tax relief means some of your money that would have gone to the government as income tax, goes into your workplace pension instead.)

 

 

To find out more about what enrolment into a workplace pension means for you, and the benefits of staying enrolled, visit  www.gov.uk/workplacepensions

 

 

 

If you're looking for a new opportunity in Accountancy and Finance, search and apply here

Bonuses for finance professionals - in perspective

By Dan Jones, Head of Interim Finance Management 

Dan manages the Accountancy Interim and Management Division at Alexander Lloyd and has almost a decade of experience and expertise in the accountancy recruitment industry. The division specialises in providing senior level interim solutions across a wide variety of finance positions, who provide valuable additional resource for businesses in the short and medium term.

A report released in March suggested that satisfaction with bonuses has seen a very slight increase over the past year, demonstrating that perception could be seen as better than reality. 

This report, conducted with UK based financial professionals, found that despite satisfaction increasing average bonus pay-outs were actually down by 2%, with bank employees facing 4 times the average decrease with bonus pay-outs 9% down on average. There has been much hysteria in the media regarding banker’s bonuses but this report shows the figures are not necessarily supporting the claims, though there are still big variances depending on where people work and their role.

So how important is a bonus and a good benefits package to a prospective candidate? It is often a hot topic of conversation when discussing a new role, but from our experience the most important factor is to manage expectations, as bonuses are not often guaranteed and many benefits are not available as soon as a candidate starts, therefore some packages might be perceived as better than they actually are.

Ultimately bonuses and benefits are still an important factor but with bonuses in decline across the board candidates are realistic in their expectations, but for more senior positions companies will need to be flexible for the right candidate.

 

What are your thoughts? Feel free to share your comments and questions below

To find a new accountancy role, browse the latest opportunities from Alexander Lloyd

Accountancy contract pay rises in the North

 

Contract rates for accountants working in the North of the UK are up 5.2% year-on-year, according to results from the 2013 Robert Walters Salary Survey. This compares with increases of 0.5% across the UK as a whole, 0.4% in London and 0.0% in the Midlands. 

The majority of permanent salary levels remained relatively stable, with overall accountancy salaries down 0.1% across London and the UK as a whole and flat across the rest of the country. 

However, accounting professionals are more optimistic about 2013. The Robert Walters Pay and Compensation Survey (conducted in November 2012) reveals that 62% of finance professionals expect a pay rise this year (compared to 60% overall and 54% of HR, 57% of IT and 51% of banking operations professionals). A relatively high proportion of accountants working in the pharmaceuticals (86%), FMCG (81%), banking and financial services (74%), and retail (68%) sectors are predicting a salary increase. Similarly, the Pay and Compensation Survey also reveals that 50% are expecting a bonus in 2013 (compared to 46% of HR professionals, 45% of legal specialists and 38% of IT workers).

 

Andrew Setchell, Director of Accountancy Recruitment at Robert Walters, says:

“It will come as no shock to finance professionals that market conditions are challenging across the UK at the moment and, as a result, both pay rises and bonuses for accountants are scarce. Only individuals considered by businesses as top performers – specifically those capable of either assisting in generating new revenue or cutting costs by streamlining or implementing efficiencies – are receiving these types of financial benefits from their existing employers right now. However, we also continue to see uplifts of up to ten per cent for accountants moving jobs from one company to another. So there is still some flexibility among employers looking to secure the best talent available.”

 

Daniel O’Leary, Associate Director of Contract Recruitment in the North at Robert Walters, comments:

“The increase in overall salary levels for contractors in the North is reflective of the notable demand we are seeing in this area. Many employers are relocating from more expensive locations to the region and a number are seeking professionals on a short-term basis to ensure they complete business-critical projects and cover existing workloads.”

 

Looking for a new role? Search and apply for the latest accountancy and finance opportunities from Robert Walters on GAAPweb 

About the Robert Walters Salary Survey 2013

The Robert Walters Salary Survey 2013 is a review of recruitment and pay trends across each of the 23 countries that the firm operates in globally. The figures quoted are based on the difference between the average salary figures for each of the roles we have recruited for from January 2012 to January 2013.

  

About the Robert Walters Accountancy Pay and Compensation Survey

The accountancy and finance pay survey, conducted in November 2012, is based on the responses of 691 accounting professionals working across a variety of sectors to questions about the pay and bonuses they received and their compensation expectations for the future.

 

About Robert Walters

Robert Walters is one of the leading international recruitment consultancies, with a network of 53 offices spanning 24 countries, including the United Kingdom, Ireland, Continental Europe, the United States, Australia, New Zealand, Asia, South Africa and South America. 

Why Personal Tax could be your next step up the accountancy ladder

Richard Jennings, recruitment consultant at Marks Sattin 

Richard Jennings specialises in recruiting tax professionals into public practice and industry in the Greater London region. After gaining recruitment experience in Australia, Richard moved to Marks Sattin’s London office in August last year. He has developed some key accounts for Marks Sattin Tax across the practice field as well as making headways into the expansive and competitive industry market.

This is an important time of year for newly qualified professionals working within the tax arena. Many have made New Year’s resolutions to make a career change for a more interesting role, a bigger company or even a change of specialism. It’s a big decision that can ultimately shape the future of a career. A common theme with newly qualified candidates is a desire to move into a corporate tax focused role and this is something that should take more consideration.

Many graduates gain exposure to a range of areas across personal and corporate tax after university, and so the question begs to be asked; why is corporate tax so appealing? It is an interesting area with many opportunities to work across a variety of sectors, but knowing the tax market as it is, it seems there is more on offer in personal tax than first meets the eye.

Many recruiters sell the corporate dream of making the first step into industry and a career will be laid out in front of you. It could be the chance to work on a huge merger, or the chance to name drop a couple of glamorous organisations on your CV, but if you look at the opportunities offered outside of corporate tax you may find that the grass isn’t always greener on the corporate side. The personal tax world is one where hard work is a given, but alongside hard work comes the advantage of working with High Net Worth Individuals (HNWI’s).

Celebrity tax avoidance has been a recurring topic as of late within the news, for example, Jimmy Carr and his personal tax advisor ‘finding ways’ of ‘saving money’. As a personal tax adviser you are trusted with a client’s finances and it must be noted that if you do a good job, you will be sure to reap the rewards.  

The importance of personal tax advisory to people in the entertainment industries sees organisations such as Saffrey Champness and Nyman Libson Paul specialising specifically in this sector. Tax advisory in the entertainment industries is not just a service; it is the opportunity to work in a much more personal environment, and ultimately something that may not be found when working with large corporate clients.

Could you imagine working with David and Victoria Beckham, or any other celebrity and their trust fund? It all sounds very intriguing.

To all of those looking toward the next step in their career; consider the options that are available to you within personal tax. In a market that is growing and developing all the time, career growth and progression is a certainty and you may even come across the odd perk or two along the way.

 

To find your next accountancy or finance opportunity, browse the latest opportunities from Marks Sattin on GAAPweb. 

Get your pension the easy way: from your employer

If you are of working age and you haven’t got round to starting a pension, now is the time to act. Pension enrolment doesn’t have to be hard. The government has introduced a new law designed to help people save more for their retirement. It now requires all employers to enrol their workers into a workplace pension scheme if they’re not already in one.

You can choose to opt out but the sooner you start saving for retirement the better because your pension pot builds up over time. What’s more, if you stay in, your employer will contribute to your pension as will the government through tax relief[1]. This means more money goes into your pension pot than just what you put in. 

 

         

 

To find out what pension enrolment means for you, and the benefits of staying enrolled, visit: www.gov.uk/workplacepension

Lack of time greatest barrier to CPD in accountancy and finance

Lack of time is the greatest barrier to Continuing Professional Development (CPD) amongst accounting and finance staff, according to a recent survey by AAT (Association of Accounting Technicians). 

In a survey of over 1500 members and full members of AAT, more than half of respondents identified a lack of time as the main factor hindering their professional development. 

The results also demonstrated that the majority of members take sole responsibility for planning their own learning and development (65 per cent), with 30 per cent of members planning jointly with their managers. 

Other key findings included: 

• Members prefer face to face learning, with hands on development being the most popular (63 per cent), closely followed by lectures and conferences (52 per cent) and discussions with colleagues (52 per cent). 

• A fifth of members spent nothing on their personal learning and development. However, 16 per cent spent between £100-£249 and 16 per cent spent between £250-£499. 

• In-house training organised by the employer (47 per cent) is the most popular method for training used by members in the last year, followed by AAT CPD (40 per cent). 

Benefits and Services Manager at AAT, James Price said the results are revealing: “We carried out the survey to identify the current learning activities and attitudes of our membership. By better understanding the barriers and obstacles they face, we aim to develop appropriate and relevant learning opportunities and products to suit their needs. 

“We all lead busy lives and unfortunately our professional development is often overlooked. Adopting a habit of lifelong learning is one of the best things we can do as professionals, as it allows us to update our skills and knowledge and offer a quality service to employers and clients alike.”

 

Search and apply for a new accountancy opportunity in your desired salary bracket and location on GAAPweb

Finding the right job in Accountancy and Finance

 

If you've decided it's time to move on, consider what you really want from your next role.

  

Self Evaluation

Self-evaluation is critical but often overlooked when you start thinking about finding a job. Take some time to assess what you've learnt in your last job, your strengths and weaknesses and what areas you need to develop. Think about the type of role that interests you and what type of organisation will be actively looking for your skill set. This will help you clearly articulate to recruitment consultancies and employers what you want to achieve from your next move.

Reflecting on your skill set will also help you market yourself and it's of utmost importance that you differentiate how your skills and achievements make you different from someone else with the same academic qualifications.

Research

Talk to recruitment consultancies about the current market, which sectors are recruiting and how long the recruitment process is currently taking. Ask for any market update and salary information and sign up for job alerts that match your chosen role criteria.

 

Search Job Boards

Research which online job boards cater specifically for the industry you are looking to work in. Once you have identified which job boards are appropriate use the search engines to locate roles that match your discipline, job type, salary and location. You could also create a user accounts to upload your CV (for companies to find) but this can be a risky strategy as you have no idea whose desk your CV may land on.

 

Networking

By being well-networked, you are not only enabling yourself to tap into the 'hidden' job market, but giving yourself a real advantage over other candidates. Your network should include anyone who can assist you with a job search or career move. It can include past and present co-workers, bosses, colleagues from business associations and friends. Use tools like Linked In to expand your network.

 

Read The Trade Press For Your Sector

Whatever sector you work in, it's critical to understand the issues affecting your profession or industry sector and in-depth insight will put you ahead of your fellow job seekers. You can also gain key information on who is moving roles to help you target your job search.

 

Choosing A Consultancy To Register With

Look for an established, specialist consultancy that has a good reputation in the marketplace. Although it is often worthwhile registering with more than one agency it is important not to register with more than two to three agencies to prevent your CV from being sent to the same organisation. Ask the consultancy about the benefits of registering exclusively with them - good consultancies will actively market your CV to their best clients and will also target organisations on your behalf.

Another factor to consider is whether the consultants are working on a commission basis - they may not always be objective when assisting with your job search. You should also choose a consultancy that gives every consultant in your specialism access to your CV, if not, you will only find out about the handful of roles that your consultant is dealing with.

 

Content Copyright (c) Robert Walters  

To find your next role, browse the latest opportunities from Robert Walters on GAAPweb. 

Find work as a Qualified or Part Qualified Accountant

By Adam Tachauer (ACA, ACCA, CIMA Jobs London)

Adam is the recruitment associate for the Part Qualified to Newly Qualified Accountants division of Circle Square Talent London. He has established a particular expertise within the London Commerce and Industry market supplying Part Qualified and Newly Qualified Accountants.

After reaching a certain level, part qualified accountants want to know what career options are available for them. Finding the right kind of work can be tough with the current state of the job market but fortunately there is a wide range of work available for those studying towards a qualification in various accounting fields. Whether you're aiming for commercial, managerial or financial areas of expertise you need to start somewhere.

(Read our tips on how to Advance Your Career in Accountancy & Finance with Personal Branding to find out more about how to remain competitive.)

It is also important to have the support of a recruitment agency. Recruitment agencies on GAAPweb such as Circle Square Talent London make your search easier and as a part qualified accountant you will also benefit from the career advice they offer. 

Coming out on top when redundancy strikes

By Paul Giuffredi

Paul Giuffredi is a Finance Director of entrepreneurial companies. He has been Finance Director of PE backed, family owned and AIM listed companies in a variety of business sectors. 

The news headlines have been awash with stories of companies laying off swathes of staff. With businesses struggling and business models being torn up by economic and technological change many will go through the redundancy process at least once during their career. In reality, far more people go through the redundancy process than are actually made redundant. This is because employers can’t cherry pick who they want to make redundant easily. A company may wish to trim their number of credit controllers from 10 to 6. Whilst only 4 jobs will be lost, all 10 people in that role will have to go through the redundancy process. The process can take some weeks before all those who are being made redundant are confirmed. A 30 day period is typical and staff morale tends to plummet during this time .