How can compliance be made easier?

How can compliance be made easier?

In a recent blog, whilst complimenting the financial conduct authority (FCA) on a quality publication, the CEO of the ICM said how two recently issued compliance documents were 40 pages and 646 pages respectively. Philip King went on to add that he did not envy the job of a compliance manager on that basis.

So what about the companies that do not have a compliance manager? Where the financial controller or credit controller has to try and divulge this information whenever it should be drafted or arrive on email from the FCA? Philip’s blog, which can be read in full here: http://www.icm.org.uk/ceoblog/rule-thumb-blog-philip-king/ points out and pokes fun at the fact that one of these FCA documents has four pages set aside for abbreviations alone. Whilst the CEO of the ICM says how the writing style is good, plain English, easy to follow to read, the blog highlights that this was issued at the very end of February by the FCA. Guidelines within effective from the 1 April in the same year. Nearly 700 pages of information for a company to read, digest, implement strategies around to change policy and procedure to ensure compliance, in just one short month. No wonder Philipp says he doesn’t envy a compliance manager!

Using the right software can help. Safe Financials and Safe Credit Control software for instance is powered by Safe, kept abreast with the latest regulatory and best practice changes. Those using Safe software are updated with software updates, user manuals, and offered training courses. Having Safe software in your business could really help take the pressure out of financial regulatory compliance. To find out more visit www.safe-financials.co.uk or www.safe-creditcontrol.co.uk. You can also call 0844 583 2134 or email info@safecomputing.co.uk.

Green shoots of recovery for UK businesses and the economy

 

Green shoots of recovery for UK businesses and the economy

In a blog response to budget announcements, ICM CEO Philip King talks of the good news coming out of the UK government for business, and the green shoots of recovery for the UK economy. Philip states how he sees the controversial pension reforms as a positive change, and predicted statistics for the 2014 UK economy as very encouraging.

Quoting the creation of 1.5 million jobs in the next five years and grants for 100,000 more apprenticeships, Philip sounds quite positive about the direction of the economy. You can read his blog in full here: http://www.icm.org.uk/ceoblog/calm-seas-fair-wind-blog-philip-king/. It certainly seems to echo the thoughts of many that the UK economy is certainly recovering after a tricky few years. News reports such as this: http://www.bbc.co.uk/news/business-27047966 only the other day talked of the first signs that wages might finally be increasing disproportionally better than the costs of goods and services for the first time in many years. There seems, however, to be a difference of opinion over whether this is four or six years of history. Either way, essentially, soon the working man or woman, should start to find that impact of the positive echoes of the economy in how far their day to day pay packet stretches. A pay packet that the office of national statistics believes is currently increasing annually by two percent in the private sector. In the same report, the office  states how the figures for unemployment have fallen by 77,000 in the last three months. It certainly would seem to be the beginnings of a much needed boom period for UK businesses.

While growth is key, so is keeping on top of your finances while growing, especially if you’re nurturing the cash flow of an SME. Cash flow can be king, and over stretching funds outwards whilst not getting enough back in, can quickly see a business fall below the agreed overdraft line and into closure. Software tools such as Safe Financials and Safe Credit Control can help business keep the books in order, reduce debtor days, and keep payments processing through the business. To find out more about these products, visit www.safe-financials.co.uk and www.safe-creditcontrol.co.uk, email info@safecomputing.co.uk or call 0844 583 2134. 

 

 

 

Credit history, a help or hindrance to budding entrepreneurs?

Credit history, a help or hindrance to budding entrepreneurs?

In his most recent blog, ICM CEO Philip King pulls into question some of the government MP statements on credit history and entrepreneurship in the SME sector, making some valid points.

Philip’s blog can be read in full here: http://www.icm.org.uk/ceoblog/confused-thinking-blog-philip-king-2/. Crux of his argument seems to pull into question seemingly conflicting views voiced by George Osbourne and other MPs at a recent conference in Manchester. On one hand, a proven history of trying and failing in business, could indicate lessons learned and a safer bet for any funding for the future. Equally, some try and repeatedly fail, never attaining a successful enterprise, leaving creditors reeling in their wake.  Essentially the question brought about is should banks transfer history between them or is this counterproductive to business growth? 

It’s been argued that a Californian idea is that no transfer of information occurs. If a business has a bad credit history with one bank, they simply apply to another bank and are assessed afresh. That perhaps by comparison our credit history system in the UK is thus stalling our own country’s growth and entrepreneurship. Indeed as Philip states in his blog, numerous celebrity entrepreneurs did not succeed first time, many of which now have well documented life stories of how they learned from those past failures to become the success they now are. However the argument that we transfer information if good and bury if bad seems impractical logistically. Who decides how good or bad, and where to draw the line? The main question seems to be how reliable the history is for predicting the future. For which a conclusion might be that no one can truly foresee the future, so why not give business a chance? The reality is the risk of lost capital to investors, and the potential domino effect one unsuccessful enterprise may have on others invested in it, supplying to it, awaiting return from it.

Safe Credit Control is a software product that aims to minimise that risk by reducing debtor days with proactive customer relationship management with creditors. As a software solution, Safe Credit Control engages those who owe early for repayment, rather than awaiting the traditional 60 days before beginning the chasing process. Reducing debtor days can improve cash flow which can be make or break for SMEs. To find out more visit www.safe-creditcontrol.co.uk, email info@safecomputing.co.uk or call 0844 583 2134. 

Safe Computing on Twitter
Monthly Archives