As part of Menzies commitment to sharing #BrighterThinking our teams of accounting and business advisors have been providing their opinions on some of the leading hot topics raised within some of the UK’s leading national, regional and specialist press titles.
Here follows a summary of Menzies in the Media for March 2019.
Management Scaling up
Generate Entrepreneur – 4th March 2019
Menzies People Solutions Director Ed Hussey explains how and why fast-growing startup businesses need to consider redrawing their management lines in order to succeed and effectively grow their business.
“There comes a point in any growing business when old ways of doing things are holding the business back. There is an urgent need to do things differently and lines of responsibility at management level may need to be re-drawn. “
Read Ed’s commentary via Generate Entrepreneur.
Investing in sustainability
CLH News – 12th March 2019
Menzies Partner and H&L specialist Dave Gosling explains how hospitality and leisure businesses can unlock the value of their business through sustainability and the R&D tax credit system.
“There is a common misconception that R&D tax credits are only available for work done in highly-technical industries, such as pharmaceuticals or engineering. This might be why claims made by businesses in the ‘accommodation and food’ sectors are so low – less than 1% of all that HMRC receives.”
Read Dave’s feature via CLH News.
No-deal cash flow
Engineering Capacity – 12th March 2019
Menzies Turnaround Director Paul Davies explains how businesses can protect and sustain cash flow during the Brexit uncertainty thanks to a combination of longer lead times on imported goods, increased red tape and additional costs incurred due to increased stock holdings.
“Taking a proactive approach to forecasting their cash position, based on a number of Brexit scenarios, can help manufacturers to maintain a healthy cash-flow and avoid potential business disruption. Three-way forecasting, which involves combining financial data for a business’ cash-flow, profit and loss, and balance sheet, effectively allows manufacturers to predict the impact of future trading conditions.”
Read Paul’s analysis via Engineering Capacity.
Retail Gazette – 15th March 2019
Menzies Business Recovery Partner Simon Underwood evaluates what went wrong for LK Bennett following the decision of the high-street retailer to enter administration.
“At a time of rapidly-changing consumer behaviour, the retailer’s sales are likely to have been impacted by a failure to update its original branding to stand out in an over-saturated market. Meanwhile, it could be argued that LK Bennett had too many stores, leading to high rent costs amid decreasing footfall.”
Read Simon’s comments via Retail Gazette .
Various – 15th March 2019
Following his widely ciruclated comments after the Carillion collapse, Menzies Business Recovery Partner Simon Underwood again provides his assessment of how and why another major UK employer was heading into administration.
““Ultimately, Interserve’s expected failure is another powerful reminder of the need for Government to learn from its mistakes by adopting a stringent, ongoing approach to monitoring the performance of strategic suppliers.”
Effective credit management
Finance Monthly – 21st March 2019
Menzies Insolvency Partner Beth Evans explains how business can protect themselves from insolvency through effective credit management.
“One of the most common reasons that businesses become insolvent is poor cash-flow management, which means that while their profit and loss accounts may seem positive, they may struggle to make payments when they are due.”
Read Beth’s feature via the Finance Monthly.
Gig worker agreements
Employee benefits – 26th March 2019
Menzies employer tax specialist Andrew Brookes evaluates the impact of the recent deal struck between Hermes and the GMB Union with regards to employment status and worker rights.
“The agreement, guaranteeing minimum wages and holiday pay for self-employed couriers, could yet unravel if HM Revenue and Customs (HMRC) decides that it tips the balance in favour of employment for tax purposes.”
Read Andrew’s analysis via the Employee Benefits.
ACCOUNTANCY | FINANCE | BUSINESS
Menzies LLP is an accountancy firm delivering traditional accounting services combined with strategic commercial thinking. Our services include tax, audit, payroll, business recovery as well as a business and financial consultancy service proven to add value and help your business to grow.
Specialising in eight core UK and international business sectors, Menzies’ local accountancy and business advisory offices in London, Surrey, Hampshire and Cardiff, all offer our #BrighterThinking approach.