6 minute read
focus on the future
MIKE DAY
The rocky road to business recovery
Recovery is now front of mind and the role that accountants and bookkeepers play will be vital. Xero has put together this pack of resources which I hope you find useful (tinyurl.com/y3efwkkg), whether you are working in practice or in a finance team.
There is information on the Government’s Winter Economic Plan including furlough, self-employed income support scheme, grants, VAT changes and access to finance (BBL and CBILS, etc).
And the double whammy of all disruptive whammies... at the time of writing Brexit is 23 days away. You should be aware of this by now but if you are in the very (very) last minute camp then there are resources available on citizenship, taxes, trade rules and cross-border interactions.
If you are based in practice then content on future-proofing in this Covid-19 world, the upcoming changes to VAT submissions and value-based pricing is for you.
And, finally, although we are all being asked to eat the biggest **** sandwich I have seen in my 40-year career at the moment, we are seeing many inspirational cases of both businesses pivoting and thriving and also fantastic stories of collaboration between accountants and small businesses, so there are examples of this in the resource pack too to lighten the mood.
As a PQ accountant you need to be aware of all of the above, so grab a coffee or something stronger, put on some soothing music and away you go. Mike Day, Director, UK Education Sector, Xero
Tech briefs
Pap PayPal approves bitcoin
PayPal decision to allow bitcoin payments is being seen as a significant step towards the mainstream adoption of digital currencies. The announcement sent the price of bitcoin up 6%, to its highest level since the summer of 2019. PayPal explained that the pandemic has accelerated the migration towards digital currencies. Moving forward, customers can now buy, sell and hold bitcoin, bitcoin cash, ether and Litecoin in digital wallets on
Rise and rise of the robots
Large swaths of businesses have used the Covid-19 pandemic to ‘bring in the robots’. New research from Deloitte on robotic and intelligent automation found twothirds (68%) of business leaders worldwide used automation to respond to the impact of the pandemic.
The Big 4 firm’s survey of 441 executives from 29 countries shows how the lockdown has forced many organisations to rethink how work is done. Around three in four (73%) are now using automation technologies (such as robotics, machine learning and natural language processing), up from 58% in 2019.
Meanwhile, the number of organisations deploying automation ‘at scale’ has tripled in the space of two years. Some 13% of leaders say their organisation has implemented over 50 automations, Sage has announced more partnerships that it hopes will help small businesses and their accountants stay in control of their business. As a result, five new and innovative apps will become fully integrated with Sage Accounting via its Marketplace. The new partnerdeveloped apps include: A new digital watchdog is being set up to prevent the tech giants exploiting small businesses and consumers.
A Digital Markets Unit (DMU) will be established within the Competition and Markets Authority (CMA), with the aim of enforcing PayPal. However, the ability to pay for goods and services via the payment provider will not be introduced until early next year.
Pap Huawei ban two years away
Telecom companies will be barred from installing new Huawei 5G equipment as soon as 2022 under tough new laws being outlined by the government. Legislation will give Ofcom the power to issue fines of £100,000 a day or 10% of a telecom company’s turnover if up from 8% in 2019 and 4% in 2018.
Justin Watson, partner and leader of Deloitte’s robotic and cognitive automation practice, said: “Automation has been a lifeline for businesses during the pandemic – allowing for rapid increases in
Sage adds to app range
processing capacity, new processes • Tradify: An all-in-one job management solution for trade and service-based businesses that offers a smart scheduler, realtime tracking with GPS and quick quoting. • A2X: Fully automated e-commerce accounting for Shopify. A2X streamlines backa new code of conduct. The DMU will co-ordinate with regulators such as Ofcom and the Information Commissioner’s Office.
The government wants tech companies to be more transparent about how they use consumer data and restrictions that make it hard to they do no follow rules designed to prevent cyber threats. The Telecommunications Security Bill will enshrine in law the UK government’s announcement this summer that it was banning equipment made by the Chinese firm Huawei from the most sensitive parts of the telecoms network. The equipment from Huawei must be removed out of all 5G equipment by 2027. to support the response, increasing productivity and accuracy, while also improving the experience of customers and employees.
“As organisations scrambled to support home working en-masse and provide Covid-secure work sites, automation took the strain to ensure business continuity.”
office processes and unlocks new opportunities in e-commerce. • Joiin: A simple and powerful app that enables the creation of consolidated financial, sales and KPI reports. • simPro: Complete field service management software designed for service, projects and maintenance. • AccountancyManager: A timesaving accountant practice
New pro-competition unit established
management software. use rival platforms.
CMA’s CEO Andrea Coscelli said: “Only through a new procompetition regulatory regime can we tackle the market power of tech giants like Facebook and Google and ensure that businesses and
consumers are protected.” is proposing new curbs on its internet giants. Beijing seems to share European and US authorities’ growing fears about the power of these large companies. Alibaba, Ant Group, Tencent and Meituan will now come under the microscope. The new rules are set out in a 22-page draft defining anti-competitive behaviour. Among these rules is a ban on companies sharing sensitive consumer data, joining forces to squeeze rivals, or using ‘loss leading’ prices to eliminate competition.
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