Is public trust in British business still dangerously low?

Is public trust in UK business still dangerously low?

Polling and Research Company research YouGov have just released their findings following their recent survey regarding public attitude towards business.

The results do not make for happy reading.

Some six years on from the financial crisis, trust in corporate Britain remains at worryingly low levels. Asked how much they trusted various sectors and professions, the public revealed the extent to which trust between business and customers has been eroded.

Whilst 81% trust teachers and 89% trust nurses, only 49% trust managers of small firms. Entrepreneurs are trusted by just 30% of the public.

What are your own experiences and thoughts? Is trust affecting your business?

In this new economy, a positive trust rating is highly prized by both buyer and seller. Transactions are humanised and social media allows experiences – good or bad – to be shared locally and around the globe.

Addressing the lack of trust in business should be a priority for government, policy makers and, of course, for business owners themselves.

The price for not addressing this will be the emergence of a society that risks turning permanently against its wealth creators, and a society that goes down that road will very soon face a number of serious challenges.

A new economic system based upon trust, transparency and accessibility is one we at Omni strongly believe in.

We would love to hear your thoughts on the matter. If you are a business owner, how do you build trust with your clients? Is the interactive way in which we all research our purchases and decisions a good or bad thing?

Tweet us @OmnitasTax and let us know your thoughts, or join in the conversation on Facebook – we are here to help and offer impartial free of charge advice to UK businesses, however big or small they may be. 

Why trusting your accountant is key

Is it possible that the big players can ever really take over the position of the “high street accountant” or the reliable online accountancy practice that is always happy to offer one-on-one advice?

Of course not – not in our opinion, anyway.

An accountant should be there for you to advise you on the best way to manage your business finances and tax affairs. Let’s face it; this is a huge responsibility and one that you should only ever hand over to a company that you 100% trust in.

For example, you may be looking for the best price, but do cheap prices always mean great value?

Save more than just your accountancy bills

At Omni Chartered Accountants, we do what we say on the tin. We are direct, honest, experienced and – like our title says – we are Chartered Accountants, so you can be sure you are getting a professional level of service at all times.

We offer our clients excellent value for money but at the same time, we don’t scrimp on client service. All of our customers are given an initial consultation and we are always on-hand to offer advice in all aspects of their accounting queries when they need us.

In short, we are in business to save our clients money – we don’t put our profits first.

Why trusting your accountant is key

If you are unhappy with the way in which your company affairs are being managed, or if you would like to review your current accountancy bills, why not contact us for a free review? We will be happy to speak to you over the telephone initially and put forward our ideas as to how we feel our services could benefit your business.

Call 01902 837408 today or request a free of charge back from our website – also, check out our pricing page now to see how competitive our fees actually are.

And that is before we have started helping you to make the most of your company finances and tax affairs! Call Omni today: you won’t look back.

PwC dropped by Sainsbury’s after 20 years of representation

After 20 years of being their auditor, PwC – one of “the Big Four” accountancy firms – have been dropped like a hot potato by Sainsbury’s, after facing an investigation into the £263m Tesco accounting outrage.

It has been confirmed that EY will now be appointed as auditors for Sainsbury’s from March 2015 following a formal tender process in 2014 and as stated in their accounts.

Sainsbury's decided to de-instruct PwC after recommendations by its audit committee and also as a result of increased audit rotation. A spokesman for the supermarket giant also stated that the company highlighted its intention to review its auditors last year and confirmed the decision was not related to events over at Tesco.

Chairman of Sainsbury's audit committee, Gary Hughes, said;

“We would like to thank PwC, and specifically the Sainsbury's audit partners, for their significant contribution as the company's auditors over many years. Going forward we expect an orderly transition and look forward to working with EY into the future.”

Tesco accounting scandal

In December, the FRC launched an investigation into Tesco's accounting ‘black hole’ and audit work that had been carried out by PwC - it is also being investigated separately by the SFO (Serious Fraud Office).

Going back further to September 2014, a team of Deloitte forensic accountants identified that the first half profit estimate that Tesco gave the City was falsely inflated.

Since this time, PwC has said that companies were changing auditors frequently as a result of new regulations and as a result, it had gained as well as lost clients.

What do you think about ‘the Big Four’ and the Tesco accounting scandal? Let us know your thoughts on Twitter and remember that we are here to provide honest, impartial advice for your company for whenever you need it.

Omni Chartered Accountants are here to save you money, time and hassle – call 01902 837408 today or click here to contact us by email. You can also request a call back by selecting the tab at the top of the page.

What are abbreviated accounts?

In accordance with UK Company Law (CA 2006), all companies (including dormant companies) and Limited Liability Partnerships (LLPs) are required to submit statutory accounts to Companies House. However, they do not necessarily need to be audited.

The statutory accounts must be in accordance with UK company law and appropriate GAAP (UK GAAP or IFRS – International Financial Reporting Standards).

Some small companies and LLPs don’t need to have their statutory accounts audited and are not required to appoint an auditor.

Do Abbreviated accounts & reduced disclosure apply to me?

Small companies and LLPs can benefit from relaxation of the general requirement to supply full statutory accounts to Companies House, allowing filing of abbreviated accounts and adoption of the Financial Reporting Standard for Smaller Entities (FRSSE).

Ø  Advantages of filing abbreviated accounts:

Ø  Reduced notes to the financial statements

Ø  Some information is kept secret from competitors

Ø  Protect commercial interests by not disclosing certain information such as margins

Ø  Directors details remains private

Ø  No Directors Report or Profit and Loss Account required.

So, if you are considering this approach or want advice or assistance give Omni Chartered Accountants a call now on 01902 837 408, request a call back at the top of the page, or contact us.