Knowledge Hub

When hiring accountants for SMEs, employers should consider sector-specific skills, the ability to handle diverse roles, and the company's growth expectations. They should also prioritise digital literacy, strategic insights, and familiarity with modern accounting technologies to ensure effective financial management and attract top talent.

Discover how fintech revolutionises payments with trends like contactless transactions, blockchain, biometric authentication, embedded finance, and AI. These innovations redefine financial interactions, promising convenience, security, and accessibility for businesses and consumers alike.

Young talent in accounting firms is declining interest in climbing the corporate ladder. Many now prioritise work-life balance over long hours and high pay. This shift leads to succession issues and firm mergers. Retiring partners face challenges finding successors, emphasising the need for early succession planning and enticing new candidates with the benefits of partnership.

The IASB issued IFRS 19, simplifying financial reporting for subsidiaries by reducing disclosures, effective from 2027. It allows subsidiaries to use IFRS with fewer disclosures, cutting costs and streamlining reporting. Chair Andreas Barckow highlights cost reduction and meeting users' needs.

Payroll administration involves accurately processing wages and taxes for employees. Key tasks include collecting employee information, recording attendance, using payroll software, and ensuring compliance with tax and employment regulations. Responsibility for payroll can vary based on business size, with options to outsource or manage in-house.

The Bank of England maintains interest rates at 5.25% for the sixth consecutive meeting amid inflation concerns, with only 1 to 2 rate cuts anticipated in 2024. Andrew Bailey remains cautious, emphasising vigilance to meet inflation targets. Savers may see declining interest rates, while borrowers remain unaffected.