Kevin Reed, editor of Accountancy Age, on the issues affecting practices big or small
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SOCIAL MEDIA has always been something, for me, to approach logically and calmly.
Do I need to be on Facebook? No, if I really want to speak to my friends I'll call them up (call me old-fashioned).
LinkedIn? Yes, really useful - I can keep track of what other business and finance hacks are up to, and of course some of my key accounting contacts.
Twitter? Haven't been bothered, but decided to give it a whirl anyway.
My early thoughts are that it's a really impressive tool that allows real-time tracking of, well, whoever you want really.
But avoiding a scattergun approach, I've stuck with the strategy of linking up with contacts that will provide useful commentary and updates about the profession.
The aim of my "tweets" has been to, quite simply, interact with anyone else providing updates about the profession. The overall target is to improve my understanding of what's going on in the big wide world of accounting, and let everyone else know what I and Accountancy Age are up to. Of course there have been some more "relaxed" tweets along the way as well, sometimes just sharing a good joke.
For accountants and firms looking to take the leap into social media interaction, then there is plenty advice out there. Tax Advice Network founder Mark Lee has posted plenty of good advice and thoughts on the topic, while accounting PR experts Kelso have undertaken some interesting research that suggests practices need to step up to the social media plate.
My advice, for what it's worth, is that social media is too big to just ignore. Spending some time understanding its virtues, and its dangers, is time well spent. For some it will be incredibly valuable and open up great marketing and networking opportunities, while for others it will be a waste of time - or worse open their company up to reputational damage by making indiscreet statements in the public domain.
Make a decision - but don't put your head in the sand. Perhaps I will give Facebook a try after all...
Follow me on Twitter at @goonerreed
For more about the topic read Accountancy Age's social media feature.
Just when it seemed the battle for legal professional privilege was to be handed over to the accounting institutes, the Pru has applied to the Supreme Court for another round of "taxing" argument.
Good luck to them is all I can say.
Having lost in the High Court and Court of Appeal, where the ICAEW also made a representation on the Pru's behalf, it seemed as if the insurer would call it quits.
It was then expected that the ICAEW would put together a battle plan, potentially involving the CIoT, as to how to take the argument forward. This was likely to involve government lobbying to push for a change in the law.
Where the Pru's argument will go is unclear - maybe its QCs will push the "LPP is a fundamental human right" angle. If the Court decides to hear the case, of course.
And I'm sure the ICAEW will be preparing for the court NOT to hear the case, or that the Pru could well lose again if the hearing does happen.
Lobbying government still seems the most likely road to success. And another court hearing may end up as a sideshow that actually delays moving down that path.
THE BIG FOUR can look after themselves, let's face it.
The question is, does the ICAEW know that?
A meeting takes place today at institute HQ Moorgate Place to discuss what form its practice-focused special interest group (SIG) should take.
The previous incarnation, the Practice Advisory Board didn't really work out. SPA chairman Peter Mitchell had bemoaned the big practice representation on the board.
Surely he's right. A practice SIG has to look after the interests of those that really need it - the SME practice.
If the Big Four, or even top twenty, firms need help from the ICAEW then they can ask them, I'm sure the institute will oblige.
Smaller firms need ongoing help, whether it be general practice management advice or legal advice. And for the institute to help it needs a sympathetically-elected representative group, preferably not headed up by Big Four partners.
Did you notice the appointment of Gordon Stein as the new CFO of Cadogan Petroleum?
It was interesting primarily for one reason - not because we have a picture of the company's Ukrainian treatment plant - but because Stein is CIPFA-qualified.
Rare to see a 'public sector accountant' take a top PLC role, although to be fair to Stein he's been doing it for years.
Wonder whether government cuts, such as the Audit Commission's imminent demise, will see more CIPFAs entering the sphere of business - or even practice?
07 Oct 2010
ICAEW council meetings can be dull. They can also crackle with tension.
Often they're a mixture of both.
Yesterday's meeting was more of the 'both' variety. The dull stuff I won't bore you with.
Crackling tension was delivered through a short but sharp discussion about the institute's grand strategy for international expansion. Or should I say lack of it.
Initiated by council member Stephen Huyton, he bemoaned the lack of joined-up thinking about the institute's strategy abroad.
His comments came as the ICAEW looks to establish a Greater China region.
Gripes from him and other members touched on a lack of technical advice available to members abroad from its regional offices, and what is the grand plan behind setting up offices outside of the UK.
From where I was sitting chief executive Michael Izza seemed distinctly unimpressed by the discussion, and batted off suggestions that there was a lack of clarity in where the institute was headed.
"We had three regional directors at our conference [earlier in the year]," responded Izza.
He said that December's operational plan would provide more of an overview of how it was performing internationally.
But with council members such as Suwei Jiang and Ashish Dave expressing a keen interest in a tighter focus on international affairs from the ICAEW, it will be fascinating to see whether December's update proves satisfactory.
On an entirely different and sadder note, the deaths of two former council members were announced in the meeting.
Accountancy Age expresses its deep condolences to the families of both Don Heady and Doug Llambias.
Heady served as a council member between 1981 and 1997, representing the South Essex Society.
Llambias was a well-known contributor to the profession, and was involved in brokering the merger between Neville Russell and Mazars & Guerard.
22 Sep 2010
Fascinating times for RSM Tenon.
From struggling to make a profit through absorbing a host of different firms in the early days, it now has its house in order - proving to be a very successful business.
So much so that it has moved to the FTSE Small Cap index, which will introduce a whole host of investment funds to its offering.
Sentiment, and cold hard investment, are in Tenon's favour at the moment. Institutional investor Legal and General has upped its stake in the firm to 5.5%. Even investor sites have spoken well of the firm.
Chief executive Andy Raynor doesn't take this for granted, but neither is he too panicked about its move onto the radars of the prominent funds.
"It doesn't increase the pressure to grow...we've been under the spotlight," he told me earlier today.
There is still value to be gleaned from its Bentley Jennison and Vantis acquisitions, and this, he believes, will require a couple of years to flourish.
Any other attempts to grow the business by acquisitions will, by implication destroy the value to be gained from doing the deals in the first place.
So while it may appear that keeping the big daddy stakeholders happy will put huge pressure on the business to make some drastic moves in the market, Raynor seems content that RSM Tenon can keep them happy by squeezing out the goodness from the fruits of its labour.
16 Sep 2010
HM Revenue & Customs' staff survey has kept the headline writers busy in recent years, so when news reached us via accounting uber-blogger Ken Frost that another survey questionnaire had been sent out on Monday and had hit an IT hitch, well I had to find out the deal.
An HMRC spokeswoman told me there "was no IT problem" sending it out but instead a "technical problem" affecting the first batch of a thousand or so emails, which were resent on the day. Please don't ask me what that means.
Hopefully, with no more "technical problems" the survey results will be published in the not too distant future. Although HMRC might wish it to be far-flung.
13 Sep 2010
For anyone still holding a sliver of doubt that the big firms are eyeing up consulting to boost revenues, then look at the latest markets stats.
The papers regurgitated the Age's now weeks-old story that the firms are boosting their consulting departments through new recruits.
The reason? Pretty simple really. Revenues in other services lines are flat, and as the economy tentatively grows, the firms will provide businesses with strategic and change management advice. Even the UK public sector, which now has several more hoops to go through int terms of dishing out consulting deals, will require help to cut costs.
As the MCA's stats show, financial services is taking on consultants heavily to help them deal with masses of regulatory change.
Deloitte's global figures reveal that consulting was a big earner for the firm while struggling to hold onto their position in more traditonal service lines, which is less surprising when you consider it never ditched its consulting arm in the early noughties unlike the rest of the Big Four.
So let's be clear - consulting is a key battleground for the near to medium-term.
Jonathan Russell on Apocalypse Soon for practices
Mark Lee on Look outside for your practice's ruler
George Kirrin on Will audit reform bridge the perception gap?
Accountants in Kent on Will advisors rise to the SME challenge?
Jim Salkeld on Will advisors rise to the SME challenge?
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