European finance firms urged to embrace automation to manage IFRS 16 compliance

The European finance sector is approaching the end of its first full reporting cycle under legislation set out in IFRS 16, but few companies are using automation to reduce administration and remain compliant, according to new research. A survey of more than 100 accountants across Europe by lease accounting software solution provider LeaseAccelerator found that one-in-five have implemented an automated system.

European finance firms urged to embrace automation to manage IFRS 16 compliance

Dec 04, 2019

The European finance sector is approaching the end of its first full reporting cycle under legislation set out in IFRS 16, but few companies are using automation to reduce administration and remain compliant, according to new research. A survey of more than 100 accountants across Europe by lease accounting software solution provider LeaseAccelerator found that one-in-five have implemented an automated system.

Business owners lose £3.74 billion in potential interest through poor bank account choices

Thousands of business owners are undermining their profits by leaving money in bank accounts that pay barely any interest, experts warn. Overall in the UK, £382 billion could be held in business bank accounts earning just 0.02% interest, compared to a current inflation rate of 2.4%. Executives at specialist bank Aldermore say many business owners are simply not aware of the impact of leaving surplus cash in business current accounts or the benefits of using a tailored business saving account.

Business owners lose £3.74 billion in potential interest through poor bank account choices

Dec 03, 2019

Thousands of business owners are undermining their profits by leaving money in bank accounts that pay barely any interest, experts warn. Overall in the UK, £382 billion could be held in business bank accounts earning just 0.02% interest, compared to a current inflation rate of 2.4%. Executives at specialist bank Aldermore say many business owners are simply not aware of the impact of leaving surplus cash in business current accounts or the benefits of using a tailored business saving account.

Sharp rise in small companies blaming lack of growth on uncertainty

The number of small companies in the UK saying market uncertainty is holding back their business has jumped more than one quarter in the past six months, according to new research. Hitachi Capital Business Finance reports a 26% rise in the number of small businesses saying they have been affected, as the country struggles to escape from shadow of Brexit. Hitachi Capital’s Business Barometer asked more than 1,200 small business owners which external factors were holding their business back.

Sharp rise in small companies blaming lack of growth on uncertainty

Nov 29, 2019

The number of small companies in the UK saying market uncertainty is holding back their business has jumped more than one quarter in the past six months, according to new research. Hitachi Capital Business Finance reports a 26% rise in the number of small businesses saying they have been affected, as the country struggles to escape from shadow of Brexit. Hitachi Capital’s Business Barometer asked more than 1,200 small business owners which external factors were holding their business back.

EMEA

JCB Finance urges companies to make the most of temporary tax relief as deadline looms

Nov 29, 2019

JCB Finance is urging customers to make the most of a temporary increase in the UK’s Annual Investment Allowance before tax relief is withdrawn. The government announced an increase in 2018, increasing tax relief to £1 million a year until the end of 2020 to help support British business investment and growth by accelerating the relief that would normally be applied over several years.

Americas

Three new appointments at Wells Fargo Equipment Finance

Oct 07, 2019

Wells Fargo Equipment Finance, a division of Wells Fargo Commercial Capital (WFCC), has named three new leaders in its specialty industries business unit. National sales executive John Crum (pictured above) is to head up the commercial vehicle group, a provider of loan and lease financing options to the commercial vehicle industry, which includes trucks, semi-trailers, specialty vehicles, buses and motor coaches, as well as dealer finance programs.

Asia Pacific

Identifying growth opportunities in Islamic finance

Feb 08, 2019

Islamic finance is available in 56 countries through 1,389 sharia-compliant companies that have total assets under management (AUM) of $2.4 trillion, according to a 2018 study from Thomson Reuters. In 2017, the market grew 11% and while recent expansion has been slower in core markets, such as the Gulf and south-east Asia, future trends are significantly rosier.