How to eat well at work eventsPosted 06/09/2016 by Chloe McGuire & filed under Career.If you attend a lot of events for work or professional development you’ll know how hard it is to resist platter after platter of canapes and alcohol. While it’s very hard to turn down a free drink or a cheese board, all of this grazing can quickly add up to a high calorie, nutritionally empty meal. Follow these tips for healthy eating at your next event.1. Call the venueIf you have any intolerances or allergies, call the venue and ask if they can cater for you. Even though I don’t eat a lot of foods, when I went to AAT’s Annual Conference last year I was served the most delicious meal that wasn’t just salad; a novelty at big events. They even gave me a gorgeous spread of fruit for dessert. They knew all of this because of a quick phone call. It’s 100% worth calling ahead to get this sorted before you arrive; they were more than helpful when I rang. It’ll reduce the stress on the evening and it is one less thing to think and worry about while you’re there.2. Bring healthy snacksBuy or make in advance healthy snacks to carry around with you to nibble on throughout the event. Unfortunately, when we’re really hungry, we want food quickly and go to eat the first thing we see. Most of the time it’s fast food or unhealthy snacks such as crisps. Plan ahead by having a selection of snacks on you to reach for when the hunger growls arrive. I suggest a bag of mixed nuts or trail mix, energy bars such as Nakd bars (in most supermarkets) or The Primal Pantry bars, medjool dates or a banana. Steer clear of dried fruit as this has a lot of sugar in and while it may give you a short term energy boost by boosting your sugar levels, unfortunately what goes up must come down; cue an energy crash. I also recommend taking a vitamin B12 supplement every day for a month or six weeks leading up to the conference to help boost your memory and battle brain fog.3. SleepIf you’ve got an all day event get a really good night’s sleep. When we’re well rested, our brain performance is high and we take in what’s around us. When we are lacking in sleep, our body naturally goes into ‘survival mode’ meaning it uses up all the remaining energy just to keep vital organs going. Our brain doesn’t take in information as well, meaning our performance is low and we find it difficult to remember things. So grab an early night beforehand to be focused and energetic when you arrive.4. Make sure you eatRunning on an empty stomach will do you no favours. Our bodies needs to be fed often (think of a fire – no logs, kindling or newspaper = no fire) otherwise we burn out. I recommend eggs for breakfast – healthy fats will help brain function. Skipping breakfast will only result in binge eating, lack of concentration and an irritable mood. At lunch and dinners get as many colours on your plate – the more colours, the more nutrients.5. Stay hydratedDrink lots of water for energy. It’s natural when we’re concentrating for long periods of time to feel more tired than normal. But while we may automatically reach for the coffee, pause and really consider whether that second or third cup is really necessary. I carried round with me a big bottle of water that I sipped on throughout the day. I felt so much more energetic being properly hydrated that I didn’t think about coffee after my usual mid-morning cup. Drinking water removes toxins from the body and allows our brain to function better. By not drinking enough water and having too much caffeine (caffeine is a dehydrator), dehydration can rapidly occur. This causes brain fog, tiredness and lack of energy.6. Pace yourselfIf you’re partial to a glass or three of wine during dinner, aim for two glasses of water for every glass of wine to reduce the foggy head. Better yet, stick to one glass of wine and then stay on the water or soft drinks. While it may be tempting to relax and unwind with alcohol, it will reduce your brain power the next day while your body focuses on removing unwanted toxins and it’s also sabotaging all the great healthy things you did for yourself on Day 1 such as eating a good breakfast and lunch, and drinking lots of water. Why ruin that!
Euro 2016: AAT predict the potential winnerPosted 06/09/2016 by Rob Alder & filed under News.Ahead of the start of the Euro 2016 tournament, AAT calculated the value of all the national team squads taking part to see whether squad values could be used to predict the tournament’s winner.AAT used the market values of the 23 players of each national team squad to find each squad’s total value. The results show that the five teams with the shortest odds on winning the tournament, Germany, Spain, Belgium, England and France have the most expensive squads – with England’s squad the fourth most valuable, meaning Roy Hodgson’s men should expect a semi-final spot. Smaller nations such as Northern Ireland and Hungary, who are outsiders to get to the later stages of the tournament, have squads which are a fraction of the value of the bigger national teams.However, the smaller national teams may take heart from the performance of Leicester City in the recently finished Premier League season. Manchester City, who finished fourth in the Premier League, have a squad value of £375.75m, which is only less than Germany and Spain. Leicester, in contrast, have a squad value £91.89 which is less than that of Austria.Having a world class player can push a national team’s value up higher, with Cristiano Ronaldo’s £82.5 million value pushing up Portugal’s squad, and Gareth Bale’s £60 million value being worth nearly 50% of the rest of the Wales squad put together.Player values generally play a large part in football, with the most expensive teams usually the favourites to win tournaments. Whatever happens this summer, it will be exciting to watch and see whether any of the smaller teams can follow Leicester’s lead in shocking some of the more expensively-assembled sides. Ultimately, when they are out on the pitch, values mean little and it’s simply 11 v 11.
CPD: A necessary evil or an offer you can’t refuse?Posted 06/09/2016 by Adam Harwood & filed under Career.There is no getting away from continuing professional development for those in accountancy and the wider finance industry.Most professional bodies, the AAT included, make CPD a mandatory requirement for members. That will mean those coming into the sector for the first time either as a school or college leaver, or someone who is deciding to change their career, will get very used to putting in the time designed to help them maintain competence for the work that they do.But are all those hours worthwhile? And even if so, is it the hard but necessary part of the job that might ultimately need to be undertaken, but otherwise gets in the way of real client work? Are people being forced to keep learning at potentially great expense to their employer, or do the benefits for the workplace far outweigh the cost?CPD has become a more professional outfit over the years and undoubtedly does provide benefits in an ever changing world, where competency can only truly be proven by those that can demonstrate they are keeping on top of new rules and developments in their chosen field.Recent AAT research suggests that while employers are hesitant over the benefits that extra training can provide, it is generally seen as of great benefit for an individual within their job, far from being ‘a necessary evil’. While one in five managers told us that they worry training programmes will only help staff develop their careers rather than specifically their current role – and more than a quarter of managers think training is good in principle but disruptive in practice – in contrast just one in 10 employees reported that they seek any kind of training to help them move jobs. Accredited training through CPD is critical for the workforce to improve their skills and abilities, therefore providing the finance industry with higher quality employees who can therefore produce greater client outcomes.In terms of expense, there’s little reason for an individual or firm to worry. There are a host of CPD events which are held free for members of professional bodies and touch every corner of the UK, covering a variety of topics from tax updates through to core personal development skills, such as putting together a CV. The internet and social media can provide much information as to the CPD events that are nearest and most relevant to you.In addition, tax reliefs are available on expenses incurred in respect of an employee’s training, with deductions allowed if ‘the employee is obliged to incur and pay the expenses as holder of the employment’, and ‘if the amount is incurred wholly, exclusively and necessarily in the performance of the duties of the employment’. Any such training undertaken by self-employed people can also usually be allowed as a trade expense and therefore qualifies for tax reliefs.The pace of change is at an all-time high and CPD allows employees to keep up with any changes affecting accountancy, whether these be technology or legislative. CPD will only add value and increase employability, and should be seen as a positive, consolidating any previous qualifications.Photo: Charles Aidoo, was working as an administrative assistant for a dental practice when he began studying for an AAT qualification. “It’s a journey that I am very glad I set off… other than gaining the qualifications, it has also helped me develop skills that are required in day-to-day roles.”
Leading when you’re not the bossPosted 06/08/2016 by Mark Blayney Stuart & filed under Career.Developing leadership qualities is vital for anyone who wants to create a successful and enjoyable career.It’s a myth that leaders are born not made; leadership skills can be learnt. Nor is it essential to be in a position of authority to influence people positively. Leadership is about mobilising others towards a common purpose, and in fact it can be easier to practise good leadership skills when you’re not in charge because you’re not weighed down with the responsibility of direct reports.So for the aspiring leader who wants to be influential both in the office and in the wider world, what key things can you do from whichever starting position you find yourself in?Take on projects“No one started out as the boss – all good leaders have learned how to get where they are today,” says Paul Stevenson, MD of advertising agency Wall to Wall Sunshine. “Make yourself the kind of person who offers to take on schemes, projects and events. There’s always something happening that perhaps more senior members of staff don’t want to do. If you say yes to this kind of thing, you can build a reputation and get leadership examples on your CV.”Understand the culture“Familiarise yourself with your company’s management styles,” says trainer and practice assessor Fi McDonald. “If they are visual people who express things in terms of imagery, you can adopt this. Some people are more auditory, or technical. Build rapport by mirroring that and using the language types they use.” This advice is also useful when your improving leadership skills get you an interview for a new job or a promotion. “Research the organisation and you’ll often see key words that get used frequently. Using those words too will show that you fit with the culture.”Know where your strengths lie“What makes a good leader?” asks Charlotte Whitehead, a careers consultant for PhD students and qualified professionals. “They all recognise what their strengths and weaknesses are. An ability to be objective about yourself is highly useful; it means leaders can identify the right people to work with, to complement their own strengths.” Recognising that you can’t be good at everything is a trait of strong leaders. “People need four things from a leader: trust, compassion, stability and hope. Those who transmit these qualities make good leaders.”Manage relationships effectivelyIt’s the manager’s job to pull the team together, listen to them and make decisions that result in the right outcomes; but you can influence this if you have effective dialogue with colleagues and the boss. To achieve this, work on your negotiation skills. If you’re concerned about demonstrating leadership skills with older colleagues, remember that negotiation “enables the team to work effectively together and helps establish your respective roles,” says Whitehead.Work on your people skills“Have a sense of humour,” Fi McDonald says. “Be able to get on with people easily. Don’t take everything too seriously, but don’t be flippant either. Find ways of avoiding conflict. Try to find points of common ground with fellow employees.” Team players invariably succeed more than lone wolves, because we instinctively work better with people we like. If you’re naturally shy or reticent, you can develop these skills; don’t feel that you can’t change things.Look at the people you admireModel yourself on the people you admire. Read about people you might learn from, suggests McDonald. “Study how your own leadership models conduct themselves and how they communicate. In difficult situations, think about how your leadership models might react, and try to do the same.”Have an X FactorWhat makes you special? What’s your USP (Unique Selling Point?) Try to identify qualities in yourself that set you apart from your peers, that you can showcase in your work. That might be the ability to stay calm in stressful situations, for example, or being recognised as someone who can think creatively out of the box.Be positive“Go to your boss with solutions, not problems,” says McDonald. “A positive outlook will invariably help advance your career – say yes to things.” The caveat is to know, however, when to say no. “Don’t say yes blindly; be authentic.” Learn how to handle the external environment – this involves managing stress and managing time. Good leaders recognise that there are few inherently stressful situations – it’s how we react to them. Be someone who considers situations carefully, thinks through the impact of decisions and avoids kneejerk reactions.Be persistentBeing in a junior position doesn’t mean you’re unable to influence those around you. “If you think you’re too small to make a difference, try sleeping with a mosquito in the room,” says Paul Stevenson, quoting a line often attributed to the Dalai Lama. Whilst you will want to make positive changes, and not be an irritant like the mosquito, the analogy is helpful – as is Winston Churchill’s line: “I might be a worm, but I try to be a glow-worm.”Present yourself wellA good leader always looks like a good leader. “Think about your body language when you’re around the people you want to influence,” McDonald says. “Focus on how you hold yourself, how you stand. We do lots of things when we’re nervous, so work on limiting these: hunching shoulders, for example, or ‘umming’ in your conversation.” You can train yourself out of verbal or physical tics. If they’re a problem, book yourself onto a public speaking course. Your company might pay for this – they’ll see you as someone willing to go on training, which enhances your prospects in the office. “And dress smartly. People judge you on first impressions – get your appearance right, and you won’t fall at this easy first hurdle.”Finally, be prepared to work hard. “If you want an easy life, you’re probably not leadership material,” says Paul Stevenson. “You’ve got to be competitive and ambitious. But if you have those qualities, in combination with a strong work ethic and an ability to get on well with people – you’ll do well.”Photo: AAT student Yalda Nabi is a trainee accountant at Cyber Duck, an award-winning digital agency, overseeing the company cash flow, payroll and helping forecast company expenditure.
Ramadan and the workplacePosted 06/07/2016 by Nicola Smith & filed under Run your business.The working week can be gruelling enough, but imagine if you could not reach for that cup of coffee to perk you up or, deprived of sleep, you had to miss lunch every day for several weeks.The majority of the world’s 1.6 billion Muslims are facing this challenge over the next month as Ramadan, a 30 day period of reflection, prayer and fasting, begins. From today, Muslims, including most of the three million followers of Islam in the UK, will abstain from food and drink between sunrise and sunset. The breaking of their fast late at night, along with additional evening prayers, can also disrupt sleeping patterns.While working as a journalist in Afghanistan with Muslim colleagues, I experienced the toll of fasting during work hours. I chose not to eat or drink in front of those observing the fast. Often by mid-afternoon I had a searing headache, flagging energy levels and could no longer think clearly.While the northern hemisphere does not have the soaring temperatures of the Middle East, this year European Muslims face the most challenging Ramadan in three decades as it coincides with the summer equinox. Many will be fasting for 18 to 20 hours a day.In traditionally Muslim countries, working hours are often curtailed during Ramadan. But what can Western employers do to sensitively respond to their Muslim staff’s needs during one of the holiest times in the Islamic calendar?In the UK, legally employers are not allowed to treat employees less favourably because of their religion. An employer is, however, permitted to refuse requests connected to Ramadan if there is a clear and identifiable business reason which is not because of the employee’s faith. “In practice, and for the majority of employers, ensuring a harmonious and lawful approach to Ramadan in the workplace will be mostly a question of common sense and fair treatment,” says London-based Equalities and Labour lawyer Schona Jolly.Both employers and Muslim staff agree that it is important to have an open discussion ahead of the fast. Asif Sadiq, who heads up the Equality and Inclusion department for the City of London Police, said the priority was to balance requirements as a business against the needs of staff members. “The key thing is having conversations with your staff members rather than to have the assumption that everyone’s going to have the same needs,” he said.Sadiq tries to assist Muslim team members through flexibility with shift patterns that start or finish at more convenient times, or by granting shorter lunch breaks in exchange for leaving earlier when possible. As an associate for Inclusive Employers – a body for employers dedicated to inclusive workplaces, he is inundated with requests for Ramadan training sessions.“Of course we have to look at demand and what sort of implication it will have on the rest of the team,” he said. “What I’ve found from personal experience is that it might mean we’d meet halfway.” One major step has been to provide rooms for traditional Ramadan prayers. “We book out one of our meeting rooms for the month during prayer times,” he said, adding that a clean white sheet served as a prayer mat.The NHS, one of the biggest employers of Muslims in the UK, also has multi-faith prayer rooms in many of its trusts and allows flexibility with shifts. “The NHS provides a wide range of adjustments for Muslims and other staff,” said a spokesman. This follows a general trend where larger organisations want to make life “more comfortable” for Muslim staff, argued Sadiq.As an associate for Inclusive Employers – a body for employers dedicated to inclusive workplaces – he is inundated with requests for Ramadan training sessions. These growing efforts are appreciated by Muslim employees like Visaal Hussain, who is facing his second working Ramadan at a Teeside law firm. He advocates talking openly about the challenges of Ramadan with employers.“Just having the conversation would be a morale-booster, and I personally have experienced that even small amounts of kindness do go a long way, especially when fasting,” he said. “Personally I believe that sleep deprivation is the greatest challenge in regard to the workplace as it can affect productivity,” he said. “The business I work for have kindly altered my hours of work so that I start work at a later time, and then work remotely in the evening to make up for the hours I have missed.”Saema Mohammad, a Human Resources consultant at the Nottingham Community and Volunteer Service, said that some employees may wish to have a “cat nap” during their lunch hour. As a mother of two, Saema’s Ramadan routine typically starts at 2.30 am, when she prepares the suhoor, or pre-dawn meal, followed by prayer, and sleep. She rises again at 7.30 am to take her sons to school, then heads to the office. Saema breaks her fast around 9.30 pm, prays for 1-2 hours more and goes to bed at midnight.“In terms of work, I’m not going to lie, it is very difficult, especially in the afternoon when you hit that slump,” she said. “Personally I try to do work that requires a lot of brain power in the morning, when I’m fresh.” From an HR viewpoint, Saema recommends scheduling important meetings for Muslim staff in the morning, when concentration levels are higher, and to avoid inviting them to appointments where “food is going to be the main focal point.”She also suggests “creating a team spirit” through Muslim and non-Muslim colleagues sharing an ‘iftar’ meal together, the breaking of the fast. In the US, companies like Cisco Systems, Google, Apple and Oracle have all held iftars.Alex Davda, a workplace psychologist at Ashridge Executive Education, Dubai, believes sensitivity can go a long way during Ramadan. “If your colleagues are fasting, just be considerate. Don’t talk about what you’re going to have for lunch,” he said.More understanding between both employers and staff is a win-win. “If you give flexibility over a very important month to people, I’m sure they will be more committed and engaged in the organisation longer term,” said Davda.
Labour and material variances – Level 4 study tipsPosted 06/06/2016 by Mathew Pickering & filed under Professional Diploma, Students, Study tips.LabourThe Labour Rate Variance (LRV) compares how much the actual hours worked in a time period actually cost with how much they would have cost using the standard cost per labour hour. As with all variances at this level, the LRV will be given a numerical value and a descriptor. The descriptor is either adverse or favourable.Adverse: The actual cost for hours worked was more than standard cost for actual hoursFavourable: The actual cost for hours worked was less than standard cost for actual hoursThe table below gives some suggested causes for Labour Rate Variances. The causes in the table are generic and designed to give an overall understanding, they may not be applicable to a given scenario or real world situation. Students should only apply possible causes for variances if they are relevant to any given scenario.Labour Efficiency Variance (LEV)The LEV compares how long the actual output produced took, compared to the standard duration (actual output x standard hours per unit). As with all variances at this level the LEV will be given a numerical value and a descriptor. The descriptor is either adverse or favourable.Adverse: The actual production took longer than standardFavourable: The actual production took less time than standardThe table below gives some suggested causes for LEV.Total labour variance and how the sub variances can be connected.The total labour variance for a period is caused by a combination of the LRV and the LEV. The LRV and LEV can be connected; examples of this include but are not limited to:– A more efficient workforce (Favourable LEV) may in turn cost more per hour in wages (Adverse LRV)– A less efficient workforce (Adverse LEV) may be on a lower wage than budgeted (Favourable LRV)– Lower grade staff could be introduced to the workforce alongside a new, easier production process which improves efficiency (Favourable LRV and LEV)Staff could receive a pay increase but also struggle to get to grips with a new production process (Adverse LRD and LEV)All variances would be analysed and investigated where necessary. You may find that one of the sub-variances (LRV or LEV) has a greater impact on the overall labour variance than the other.Material Price Variance (MPV)The MPV compares how much the actual materials used in a time period actually cost with how much they would have cost using the standard cost per unit of material (can be metres/litres/tonnes etc). As with all variances at this level the MPV will be given a numerical value and a descriptor. The descriptor is either adverse or favourable.Adverse: The actual cost for materials used was more than standard cost for the actual usageFavourable: The actual cost for materials used was less than standard cost for the actual usageThe table below gives some suggested causes for Material Price Variance.Material Usage Variance (MUV)The MUV compares how much material was used making the actual output compared to the standard usage for the actual output. As with all variances at this level the MUV will be given a numerical value and a descriptor. The descriptor is either adverse or favourable.Adverse: The actual production used more material than standardFavourable: The actual production used less material than standardThe table below gives some suggested causes for MUV.Total material variance and how the sub variances can be connected. The total material variance for a period is caused by a combination of the MPV and the MUV (MPV + MUV = Total material variance).The MPV and MUV can be connected; examples of this include but are not limited to:– A more expensive material (Adverse MPV) may be superior and reduce wastage (Favourable MUV)– A cheaper material (Favourable MPV) may be inferior and increase wastage (Adverse MUV)– Raw material may be in shortage worldwide increasing prices, this raw material may in turn be inferior in quality and increase wastage (Adverse MPV and MUV)– A new supplier could be found offering a superior raw material (reducing waste) at a cheaper price (Favourable MPV and MUV)All variances would be analysed and investigated where necessary. You may find that one of the sub-variances (MPV or MUV) has a greater impact on the overall material variance than the other.What happens next?The labour and material variances can now be added and used to reconcile the budgeted costs of production with the actual costs. A management accountant may be required to report on the variance analysis findings. The recipient of said report could be internal within an organisation (the management) or external (to a client). The report could give suggestions as to the most significant variances, the causes of these variances and how to proceed and improve on the current figures.A theoretical situation could be that a client is facing a massive adverse labour variance but a favourable material variance. Investigation indicates that the workforce is a higher grade than initially budgeted for but the workforce is more skilled and is using up less material. It would be the management accountant who would analyse this and communicate the findings to the client/management.To access your eLearning tools click the image below and login
27 Twitter accounts to help you land your dream jobPosted 06/03/2016 by Tamarah Alrayes & filed under Career, Job hunting.To impress potential employers you need to keep up to date with industry trends, research your preferred sector and keep an eye on key influencers in the profession. Twitter is a fantastic, free way to stay connected with the world of business and finance, and is so quick and easy that you won’t even notice you’re swotting up. We’ve listed 27 useful accounts to follow that will help build your commercial awareness and industry knowledge and alert you to new job opportunities.Spot your dream job before anyone elseKeeping an eye on the Twitter feeds of organisations you’d like to work for is a great way to spot opportunities before anybody else. Most companies have dedicated career accounts where they’ll promote vacancies and go behind the scenes with current employees to give a peek into company life.For example if you dreamed of working at IBM, you could follow @IBMUKCareers for their latest roles and @IBM_News for updates on their research and recent projects which you can confidently discuss in an interview.Follow job and apprentice site feeds like @Milkround_jobs, @notgoingtouni, @Apprenticeships and @CIMA_my_jobs for career news and advice about the industry.The Big FourIf your heart’s set on the ‘Big Four’ accounting firms – Deloitte, KPMG, Ernst & Young and PwC – you can follow them at @DeloitteJobsUK, @KPMGRecruitment, @EY_CareersUK and @PwC_UK_Careers.Industry newsFollow the Twitter accounts of leading magazines in the business and accounting world such as @TheEconomist, @MoneyWeek, @BusinessWeek, @FortuneMagazine for industry highlights. You’ll need an online subscription to read full articles from The Financial Times, but follow their feed, @FinancialTimes, for the headlines soon after the stories are published.Upskill for the job you wantDiversifying your skill set and maintaining your CPD demonstrates your engagement with your career and the industry – impressive to both employers and clients. From time management to coding, these skills will make you a unique candidate.@FutureLearn offers free online courses across a huge range of subjects like big data, digital leadership and starting a business. The Department for Business, Innovation and Skills tweet career advice and upskilling opportunities from @bisgovuk, and Barclays’ @YourLifeSkills is aimed at helping young people build confidence and prepare for the future by strengthening their existing skills and learning new ones.Learn from thought leadersGet insight into key industry issues and discussion by following the experts. A great way to start is to follow some of the keynote speakers at AAT’s 2016 Annual Conference, like founder of Finance Training Academy @AndiLonnen, former AAT president @birchcoopher, head of social housing at Grant Thornton @jemblewren, technical director of IT consultancy Gardner Systems @techstringy and director at Churchill Taxation Limited (with 22 years of Big Four experience) @ChurchillSteph. Don’t forget to follow @YourAAT for the latest AAT news and advice.Master the software, once and for allIf Excel is getting you down, keep experts like @ExcelEverest and @TheExcelClub on your radar for daily tips and tricks, as well as the official @MSExcel feed.Find out more about qualifying as a CGMAIf you’re thinking of progressing from AAT to CIMA, follow our accounts for the inside track. @CIMA_UK_News tweets CIMA news, job ads and details of upcoming events, while @CIMA_UGC is the official account for CIMA’s free Undergraduate Club where you’ll get study support and careers advice. You can follow top CIMA staff for industry insight and news too: @CIMATanya is head of ethics, @CIMASandra is head of sustainability research and @CIMAGillian is director of governance and risk research. Explore the CGMA designation and where it can take you by following @CGMA.If you’d like to find out more about taking the next step to CIMA and boosting your career prospects even further, register as a CIMA student today.
Do you need to develop a personal brand at work?Posted 06/03/2016 by Jen Smith & filed under Career.“Personal brand is what people say about you when you leave the room” – Jeff Bezos, founder of Amazon.comHave you ever wondered why some business owners and leaders inspire you, whilst other’s leave you cold? Why you really like some people in your industry and admire what they do, what they stand for and what they say? And why other’s you come across professionally just get your back up and make you wonder how anyone could ever want to work with them?It’s not necessarily that one leader is a better person than the other, or is better at their job than the other. It’s that their personal brand resonates so much more with you, your values and what you believe in.After all, your personal brand is your reputation, and it precedes you in all areas of your life, including the workplace. The way you appear, speak and act defines your personal brand at work. Which is why I believe it’s vital to develop your personal brand at work to establish a reputation and reach your career goals.But I’m not for the ‘fake it till you make it’ approach to personal branding. I’m not a fan of those who advocate crafting a glossy personal brand that isn’t true to who you really are.I’m for developing a personal brand that is authentic to you, flaws and all.You don’t need to pretend to be something you’re not to get ahead. In fact, in this day and age we’re craving professionals who are real. Who share both sides of the coin and are relatable.So how do you develop a personal brand at work that’s real, but positions you for success?Let’s start by breaking it down into three key areas:The way you behaveThe things you sayThe way you come acrossBehaviourThe way you act speaks volumes about your ethics, values and morals. To develop this and really understand how people perceive your behaviour, ask yourself:What do I want to be known for?Why do I deserve respect?What do I stand for?What can I bring to the table?And, most importantly:How can I demonstrate all of that through my actions?It’s then about behaving in a way that is congruent to your personal brand. That supports all the things you wrote down and demonstrates it fully. For example, if one of the things you stand for is gender equality, you speak up when a female colleague is being unfairly treated based on her gender.CommunicationWhat you say, and how you say it speaks volumes about your professional values and also positions you as an expert. If you can demonstrate through the words you use and how you describe yourself, the value that you add to a business you’ll be indispensable.A lot of it comes down to communicating with confidence and assertiveness.One of the most effective ways of doing this is switching the way you describe things, from negative, uncommitted words to positive, more assertive words.For example; instead of saying “I’ll try and see if we can get that sorted this week”, using more assertive language like “I’ll get that solved this week and ensure the team know what they need to do”Personal styleYou don’t need to be in a designer suit or wear the latest trends to have a personal style that helps you stand out in the workplace. Again, it’s about communicating confidence through your style.It’s handy to have something that you’re known for… a personal style quirk that helps you be memorable or stand out. It should be something you already like wearing, or doing with your personal appearance, that you can emphasise a little more.Ask yourself:What clothes and shoes do I feel most confident in at work?What do people point out about my personal style that I can do or wear more often?What items of clothing or accessories do people really comment on?It’s not about being contrived, and you’ll need to adapt this to your specific workplace. Some are more casual and relaxed, and you can really express yourself creatively through style. Some workplaces are more professional and strict in dresscode, so you’ll have to navigate this depending on your situation.One last thing to rememberPersonal branding will only work if you do. By that I mean, you have to put in the hard work and effort to reach your career goals and move up the ladder. Having a strong personal brand at work will help you but only if you’ve the integrity and work ethic to back it up.Photo: Lisa Bentman, MAAT, is an English and Drama graduate and an avid knitter – all great assets of her personal brand.
FRS 105: Assessing the suitabilityPosted 06/02/2016 by Steve Collings & filed under Accountancy resources, Financial accounting and reporting.FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime is a new standard issued by the Financial Reporting Council (FRC) in July 2015. The scope of the standard is quite restrictive and only incorporated entities can apply the framework (i.e. limited companies and limited liability partnerships). The standard itself is based around the legal framework on which FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland is based; however, FRS 105 contains significant simplifications and disclosure reductions.FRS 105 is mandatory for accounting periods which start on or after 1 January 2016, although early adoption is permissible.AAT Licensed Accountants should ensure that they consider the suitability of FRS 105 to their micro-entity clients on a case-by-case basis. This is because while the standard may be appropriate for some micro-entities, it will not be appropriate for them all. This article considers some of the main issues which practitioners and AAT Licensed Accountants working for micro-entities need to consider when establishing whether, or not, FRS 105 is appropriate.One of the most notable features of FRS 105 are the ‘deeming provisions’. The micro-entities’ legislation has been drafted to say that if a micro-entity prepares its financial statements in accordance with the basic legal requirements, then those financial statements are presumed in law to give a true and fair view.This means that the directors of the micro-entity need not consider any additional disclosures that may be needed in order to achieve a true and fair view, which was not the same approach a micro-entity could take under the outgoing Financial Reporting Standard for Smaller Entities (the FRSSE). This does not, however, mean that the micro-entity cannot make additional disclosures voluntarily if it wishes; although where the micro-entity chooses to make additional voluntary disclosures it must do so in accordance with FRS 102, Section 1A Small Entities.Eligibility criteriaMicro-entities are defined as being a ‘subset of the small companies’ regime’ in FRS 105. As mentioned in the introductory section of this article, despite the term ‘micro-entities’ only incorporated entities can use it (i.e. it is only available to limited companies and limited liability partnerships). The following types of entity are not eligible to use FRS 105:– charities– any companies excluded from the small companies’ regime– financial institutions– credit institutions– insurance institutions– small parent companies that choose to prepare group accounts (thus if a micro-entity’s financial statements are consolidated in with those of a parent, that micro-entity cannot apply (FRS 105); and– public companies.If the micro-entity is a type of business which is eligible to use the standard, the next issue to consider is the size thresholds. A micro-entity qualifies to use FRS 105 if it does not exceed two, or more, of the following criteria– Turnover of not more than £632,00– Balance sheet total (i.e. fixed assets plus current assets) of not more than £316,00– Not more than an average number of employeesIf the micro-entity has a short accounting period, then the turnover figure is pro-rata’d accordingly. For example, if a new start-up business has been trading for nine months of the year and wants to use FRS 105, then the turnover figure of £632,000 will be substituted for £474,000 (being £632,000 x 9/12).It is important to clarify that the term ‘balance sheet total’ is fixed assets plus current assets. The net assets figure must not be used because this is, of course, after the deduction of the micro-entity’s liabilities. The term ‘balance sheet total’ is also referred to as ‘gross assets’ and is a Companies Act requirement. Also, the employee headcount total is based on the average number of employees during the year; it is not the actual number of employees at the year-end. Again, the employee headcount criteria is a Companies Act requirement.Prohibition of the fair value and alternative accounting rulesThe micro-entities’ legislation does not recognise any of the fair value or alternative accounting rules provided in the Companies Act 2006. As a consequence, a micro-entity cannot carry any assets at fair value or at revaluation. Where assets have been carried at fair value, or at revaluation under, say, the FRSSE (effective January 2015), then the micro-entity must remove all fair value and revaluation amounts on transition and in the comparative year. There is a detailed article on AAT Comment which examines this issue in more detail in respect of investment properties that were carried at open market value under the FRSSE (effective January 2015).In addition, it is worth noting that previous revaluations for GAAP purposes cannot be used as a deemed cost because FRS 105 requires all assets to be stated under the historical cost model which means assets will be carried at cost, less accumulated depreciation and less any amounts recognised in respect of impairment.Lack of accounting policy optionsFRS 105 does not allow a micro-entity to have accounting policy options because the Corporate Reporting Council (previously known as the Accounting Council) of the FRC concluded that to allow a micro-entity the ability to apply different accounting policy options would confuse users. Therefore, the standard is very prescriptive and hence for a micro-entity that perhaps capitalised development costs as an accounting policy option under the FRSSE, they will not have this option under FRS 105 and all such development costs must be expensed to profit or loss.Significant disclosure reductionsThe disclosure reductions under the micro-entities’ regime are significant in comparison to outgoing UK GAAP. Section 6 Notes to the Financial Statements in FRS 105 outlines the legally required disclosures but there is also an Appendix to Section 6 which is considered to be an integral part of FRS 105 which ‘drills down’ in more detail as to what these disclosure requirements actually are. This is because the disclosure requirements in Section 6 cover different parts of the Companies Act 2006 and the disclosures relate to:– advances, credit and guarantees to directors and– financial commitments, guarantees and contingencies in respect of the company.The disclosures above are included at the foot of the balance sheet in the micro-entity’s financial statements rather than as a separate entity in the financial statements themselves.Production of non-statutory informationThe disclosure reductions above essentially mean that the scope for the preparer producing additional non-statutory information will be greater. This is an issue that should be considered by practitioners particularly because additional costs may be incurred in preparing non-statutory financial information to complement the financial statements or because lenders and/or creditors have requested such information.Rigidity of the financial statements formatThe first point to emphasise where the financial statements themselves are concerned is that a micro-entity can only prepare a Format 2 profit and loss account which classifies expenses by nature, rather than a Format 1 profit and loss account which classifies expenses by function (cost of sales, distribution costs, administrative expenses and so forth). The structure of a Format 2 profit and loss account for a micro-entity is as follows– Turnover– Other income– Cost of raw materials and consumable– Staff cost– Depreciation and other amounts written off asset– Other charges– Tax– Profit or lossIt is important to bear in mind that none of the item descriptors can be changed and hence if ‘other charges’ simply consisted of motor expenses, the line item descriptor must stay as ‘other charges’.A micro-entity can prepare a Format 1 or a Format 2 balance sheet, provided of course they are consistent from one reporting period to the next. However, a notable feature of FRS 105 is that there is no disaggregation of the balance sheet. For example, fixed assets are not split between intangible fixed assets, tangible fixed assets and investments with additional breakdowns of these figures in the notes to the financial statements – there is simply one line item on the face of the balance sheet as ‘Fixed assets’. Similarly, current assets are not split according to the order of liquidity (i.e. stocks and work in progress, debtors, bank and cash) – again there is simply one line item ‘Current assets’ on the face of the balance sheet (although prepayments and accrued income are shown separately). This is potentially where the micro-entity’s directors or other interested parties might ask for a breakdown as to what is in each category on the balance sheet.No deferred taxMicro-entities are prohibited from accounting for deferred tax. This is on the grounds that it would not be possible to distinguish deferred tax and current tax and hence the Corporate Reporting Council decided to prohibit micro-entities from accounting for deferred tax. Therefore, on transition to FRS 105, a micro-entity will remove all deferred tax provisions and take the corresponding entry to profit and loss reserves (retained earnings). The entity must then remove deferred tax in the prior year and ignore deferred going forward whilst reporting under FRS 105.Filing requirements at Companies HouseMicro-entity financial statements must still be lodged with the Registrar of Companies within nine months of the financial year; there are no special concessions in respect of the filing requirements where micro-entities are concerned. As a minimum, the micro-entity must file the balance sheet with the related balance sheet notes at the foot of the balance sheet. Micro-entities need not file the Format 2 profit and loss account if they do not wish. In addition, the directors’ report for a micro-entity is no longer needed for accounting periods starting on or after 1 January 2016 and hence this will not be filed as micro-entities will not be preparing such a directors’ report.Pace of growth of the micro-entityIf a new start-up business is expected to grow at a rapid rate, it might not be advisable to use FRS 105 as the financial reporting framework because this may mean undertaking a transition to FRS 102, Section 1A as a minimum in a relatively short period of time if the micro-entity outgrows FRS 105. To reduce the scope for additional costs being incurred by the client or the practitioner, in such situations it might be advisable to bypass FRS 105 and report under FRS 102, Section 1A.The FRC are keen to emphasise that FRS 105 is an optional standard and a micro-entity can choose to apply a more comprehensive framework in the preparation of their financial statements if they so wish. The standard itself will be appropriate for some micro-entities but not necessarily for others and hence some of the factors that should be considered are:– the lack of accounting policy options– prohibition of carrying assets at fair value or under the revaluation model– the scope for producing non-statutory information– pace of growth of the micro-entity– the client’s wishes and– the views of banks or other lenders and creditors who may need additional information (this links into the production of non-statutory information).Where a micro-entity has got assets carried at revaluation, it is important that the adviser carries out an impact assessment and advises the client as soon as possible as to the likely impact of applying FRS 105 because the client may wish to continue measuring assets at fair value or revaluation and hence in this situation the only possible means of doing this is by applying FRS 102, Section 1A as a minimum.For more articles on financial accounting, reporting and more, visit our CPD resources by clicking the image below
How to shine whilst working your notice periodPosted 06/01/2016 by Georgina Fuller & filed under Career.Working your notice period is never easy. The chances are, once you have made the decision to look for another job and subsequently been offered that job, you’ll want to gallop off to the sunset, yelling out ‘hasta la vista’ to all your former colleagues. But working your notice period could actually be a perfect opportunity to leave a dazzling, lasting impression on your employers, because you never know when you might come across them again.Paul Tooth, CEO and co-founder of BrightHR consultancy says last impressions count just as much as first impressions. “The old adage of ‘don’t burn your bridges’ absolutely holds true. It’s essential that you keep your standards high during your notice period for a number of reasons. Not least because there may be an option to return to your position should the new role not work out, and you’re existing employer will probably be called upon for a reference.”Michael Moran, chief executive and founder at 10Eighty consultancy says it’s largely to do with managing your own ‘brand. “Remember what comes around, goes around. Today’s former employer can become tomorrow’s boss. Even if you were a star employee, your reputation can go downhill very quickly if you disappoint during your notice period. In my experience if you behave reasonably so will your employer.”Suzy Dale, a chartered occupational psychologist and co-founder of Next Leap Career Transition coaching consultancy, says it’s essential to keep your momentum going right till the end. “Besides the feel-good factor of leaving your role in tip-top condition, you’ll be able to rely on your former colleagues should you need to in the future: whether this is for social support, a recommendation, or even if you want to return to work with them in the future,” she notes.‘Switching off’ is not advisable and could actually be somewhat risky, warns Dale. “If you’ve been unhappy in your existing role, you may be feeling ‘gate-happy’ and it would be tempting to switch off from your existing role until your leaving date,” she comments. “Disengaging like this, however, carries a risk that you will end up leaving under a cloud. Be considerate to colleagues by continuing to perform your role to the best of your ability until you leave.”Ensuring that your handover goes as smoothly as possible is also important. “If a handover period has been organised, this could mean starting to delegate your work on an increasing basis, or coaching your successor on how to perform your role well,” says Dale. “It’s a good idea to document key information as part of handover and make sure you give a copy to both your successor and your line manager.”One of the things you might find difficult in your last few weeks at work is the changing social dynamics as people begin to detach themselves from you and stop inviting you to after work drinks and events. Colleagues may also start to leave you out of decision making and important meetings. “Unless you’re part of a redundancy situation, you could be the only one leaving your team on a particular date. This can be a lonely scenario, and the time when any anxiety about the new role is most likely to kick in,” says Dale.You can help counteract this by remaining friendly and professional. “If you’re planning a leaving party, make sure you’ve invited all of your key contacts,” Dale advises. “On your last day make a point of saying goodbye to as many people as you can in person. Where you feel it appropriate to do so, provide your ongoing contact details.”Try and communicate how you feel with your existing employer and, above all, stay positive, says Tooth. “During the transitionary period it’s important to stay positive about your current workplace and be sensitive when speaking to colleagues about your reasons for moving on. Your leaving might have significant implications on the team and the overall culture of the business.”