Accounting News

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• Government plans to boost pension scheme protection
  The government has unveiled new plans to boost protection for pension scheme members in Britain.
  
  Under the new changes to the Pensions Regulator from the Department for Work and Pensions, powers requiring employers to provide contributions to a pension scheme if their actions could threaten the security of members' pensions will be strengthened.
  
  The Pensions Regulator will be able to use the stronger powers to reduce the risk to members' interests by changes to schemes or corporate transactions.
  
  Mike O'Brien, minister for pensions reform, stated: "We need to ensure members' interests are protected. I want to guard against pension schemes simply being treated as a commodity to be bought or sold."
  
  The minister added that it was important for the powers of the Pensions Regulator to "keep pace with developments in the pensions market", with the planned changes aimed primarily at risky situations in a bid to avoid new costs being placed on the Pension Protection Fund.
  
  Most pension schemes will not be affected by the changes, but businesses are advised that payroll and accounting software can help them to keep track of their pension contributions and responsibilities more effectively.
  
  The pension system reforms will apply to all employers and their associates, including any investors in the employer who might seek to profit from the scheme. An eight week consultation will be held on the proposed changes before they are instituted.
  
  
• Freddie Mac Accounting Cuts Losses By $2.6 Billion (Update2) (Bloomberg.com)
  May 14 (Bloomberg) -- Freddie Mac , the second-largest U.S. mortgage-finance company, reported a smaller loss than analysts estimated after accounting changes reduced charges by at least $2.6 billion.
  
  
• Boosting IT efficiency 'could deliver £5bn savings for government'
  Enhancing IT department and back office efficiencies could save the British government £5 billion, estimates indicate.
  
  According to Computerworld, a new efficiency plan will see IT costs reduced dramatically and ministers are keen to work with the private sector to achieve results.
  
  "After consultation with the private sector, there is the suggestion that between ten and 50 percent could be cut from IT procurement costs," a spokesperson explained.
  
  The government currently spends around £7 billion on IT provision and treasury secretary Yvette Cooper is planning to unveil a new efficiency plan this month that will focus on IT spending.
  
  A recent study by the British Computer Society examined the success of IT projects and named a car share scheme created by the Environment Agency and designed to reduce carbon emissions as one of its top-rated sites.
  
  Companies looking to make savings can use accounting software to provide them with an accurate picture of their spending.
  
  
• Businesses 'embracing carbon offsetting'
  Businesses and consumers are increasingly offsetting carbon emissions when they travel overseas, experts claim.
  
  According to Carbon Footprint, the practice has become popular among small businesses who feel "a bit guilty" when flying abroad and some see flying as "a bit of a luxury".
  
  Smaller firms are becoming more aware of green issues and the importance of reducing their impact on the environment, with many using carbon accounting software to identify areas where savings could be made.
  
  John Buckley, who founded Carbon Footprint, explained: "Tree planting is still very popular. I think people understand the mechanisms of how trees grow and take carbon dioxide out of the atmosphere."
  
  He claims that his company has received a growing number of enquiries from small businesses about ways that they can reduce their carbon emissions.
  
  Government department Defra states on its website: "Government acknowledges that carbon offsetting is not a cure for climate change but it can help raise awareness and reduce the impact of our actions. The most appropriate action to take is to reduce emissions."
  
  
• Warning issued over business continuity
  Firms in Britain are being warned that many employees are not aware about the importance of business continuity.
  
  A new study by BT discovered that three-quarters of staff do not know whether their company has a business continuity plan in place or what such a plan would involve.
  
  The report reveals that almost one in four employees do not think that losing their mobile phone would be a disaster and 38 per cent of workers who had lost a mobile device admitted that it had not been secured.
  
  According to the research, companies must do more to educate staff about potential risks facing their business and the importance of protecting corporate data.
  
  Ray Stanton, BT global head of business continuity, security and governance practice, said: "As the profile of information security has increased in recent years, so businesses have become more adept at addressing strategic issues like risk management, outsourcing and security auditing. The worry is that at the same time they have been forgetting about the fundamentals."
  
  San Disk recently carried out a survey that found employees are placing companies at risk by bringing personal flash drives into the office with them.
  
  Business accounting software can help businesses keep data secure and maintain continuity in the event of an emergency.
  
  
• New RSS Link from AccountingWEB
  Please update your link with this one: http://www.accountingweb.com/rss/feeds/news.xml
  
  
• Accounting standard convergence to go on (Express India)
  The government said that the process of converging Indian accounting standards with those used globally would continue.
  
  
• Online selling 'can boost revenues'
  Selling products online can be a cost-effective way for businesses to raise their revenue.
  
  According to John de Groot, managing director of StartupCo, having a strong web presence can increase a business's customer base and increase sales "without taking up too much of the owners' time".
  
  The small business expert suggests that e-tailing can offer business owners a "low investment growth opportunity" with potentially high returns.
  
  "The absolute key is the ability to generate enough traffic to the website to get the best sales end result," Mr De Groot added.
  
  Accounting software can help businesses to keep track of both online and offline sales, accurately tracking revenue and spending.
  
  Despite cuts in consumer spending in the US this year, online sales are still expected to grow by 17 per cent, figures from Forrester Research reveal.
  
  The latest IMRG Capgemini e-Retail Sales Index reveals that UK online sales recorded growth over the first quarter of 2008, rising by 50 per cent compared with 2006 to £13 billion.
  
  
• National Grid unveils carbon accounting plans
  National Grid of London has announced that it is planning to boost its attempts to reduce its carbon footprint by introducing new carbon budgets.
  
  The energy company will adopt carbon budgets across its UK and US electricity and gas units from April next year, helping National Grid to meet a target to cut greenhouse gas emissions substantially over the coming decades.
  
  National Grid of London has implemented a company-wide plan to reduce its impact on the environment and plans to increase greenhouse gas emissions cuts from 60 per cent to 80 per cent by 2050.
  
  The carbon budgets will be in place from April 2009 and will be integrated into the day-to-day business operations of National Grid of London.
  
  Steve Holliday, National Grid of London chief executive, said: "Minimising our impact on the environment while delivering safe, secure, and economic supplies of energy to customers is not an option, it is a must… We have already reduced our greenhouse gas emissions by 35 per cent, but we need to do more."
  
  Tesco has announced this week that it is trialling new carbon labels across 20 of its products, detailing greenhouse gas emissions throughout the production and supply chain.
  
  Firms keen to reduce their impact on the environment and improve their carbon footprints can invest in carbon accounting software in order to meet goals.
  
  
• Stone Energy Chief Accounting Officer Kent J. Pierret exercises options for 15,200 shares (Canadian Business)
  NEW YORK (AP) - The senior vice president, chief accounting officer and treasurer of oil and gas company Stone Energy Corp. exercised options for and then sold 15,200 shares of common stock, according to a Securities and Exchange Commission filing Tuesday.
  
  
• Minister calls for greater focus on 'environmental talent'
  The UK's environment secretary has stated that Britain needs to make the most of its environmental talent in order to "remain at the forefront of the green industrial revolution".
  
  Hilary Benn claims that building on environmental innovation and skills will create jobs and help to fuel economic growth.
  
  The Department for Environment, Food and Rural Affairs (Defra) has published new plans to work with British businesses to create a strong low carbon economy and make the UK an ideal place to develop and introduce low carbon, resource efficient products and services.
  
  Building a Low Carbon Economy: Unlocking Environmental Innovation and Skills is a response to the conclusions of the Commission on Environmental Markets and Economic Performance (CEMEP), which reported in late 2007.
  
  According to Mr Benn, environmental talent is key to economic growth over the coming years and the government is committed to policies that positively support innovation, help to develop the right skills and foster partnerships between government, trade unions, higher education bodies and others.
  
  "The government is committed to building a low carbon economy, here and around the world," he stated. "That means a complete change in the way we live and an economic transformation that will put Britain at the forefront of a technological revolution in the way we use and source our energy."
  
  Green issues are playing an increasingly important role in business operations and carbon accounting software can help firms to cut costs and reduce their carbon footprints.
  
  However, a recent poll by Opinium indicated that over seven out of ten voters in Britain would be unwilling to pay higher taxes in order to fund measures aimed at tackling climate change.
  
  
• SMEs advised to invest in risk management
  Small businesses in Britain are being urged to invest in risk management advice and training.
  
  According to the Institute of Risk Management (IRM), many smaller firms are not sure about how to deal with risk management.
  
  Ian Fraser, IRM marketing manager, advises bosses of small and medium-sized enterprises (SMEs) to seek advice on risk management from "people such as their insurance broker, bank manager, Business Link and chamber of commerce".
  
  "A simple guide to managing risk, the Risk Management Standard, is available to download from the IRM website (www.theirm.org)," he stated.
  
  Businesses are advised to prepare for risks such as the loss of key suppliers or customers by appointing a dedicated risk manager and putting formal procedures in place.
  
  Recent research by Experian Business Strategies and Harris Interactive indicated that just 26 per cent of British businesses have a formal procedure in place to deal with a potential reputation or media crisis, compared with 35 per cent of firms worldwide.
  
  Effective accounting software can help small businesses to manage risk more effectively and keep accurate financial records.
  
  
• Government launches enhanced business support
  The government has appointed an expert to the position of chair of the transition management board for the Business Support Simplification Programme (BSSP).
  
  Martin Temple, current chair of the manufacturers' organisation EEF, will assume his new role this week, overseeing attempts by the government to simplify the current system of support for businesses.
  
  The BSSP aims to reduce the number of government-funded support schemes for businesses from 3,000 to less than 100 by 2010 under a series of measures delivered through Business Link.
  
  Ministers claim that reducing the number of government-backed business support schemes will enhance their effectiveness, control costs and produce more impact with the same resources.
  
  Announcing the appointment, UK business minister Shriti Vadera said: "This is an important appointment to ensure delivery of our commitment to simplify and ease the access of our support for growing businesses. I am confident Martin's long experience and perspective from businesses using business support will be invaluable."
  
  Business secretary John Hutton has insisted in a speech to the Confederation of British Industry that the government supports business and will be implementing a range of measures aimed at helping small firms to weather the credit crunch, including an extra £60 million for the Small Firms Loan Guarantee scheme this year.
  
  Small businesses trying to make the most of their resources and funding should invest in accounting software in order to manage their operations more effectively and enhance business productivity.
  
  
• Businesses 'more aware of green concerns'
  Businesses in Britain are increasingly concerned with green issues and are adjusting workplace practices in order to reduce their impact on the environment, according to an expert.
  
  Smaller firms are attempting to reduce their impact on the environment to control costs and improve their green credentials, with more people adopting homeworking strategies in order to do so.
  
  Phil Flaxton, chief executive of non-profit initiative Work Wise UK, suggests that many employees are embracing homeworking and are choosing to work remotely one or two days a week.
  
  Mr Flaxton claims that green concerns are changing the ways in which people work, as awareness increases.
  
  He explained: "Increasingly the green agenda continues to become part of our everyday lives in terms of its media coverage and the importance of it and the cost of fuel and travelling continues to rise, be it on a train or in a car."
  
  A recent study by the Department for Business, Enterprise & Regulatory Reform into flexible working practices found that just 52 per cent of UK employees are aware of the right to request flexible working hours since legislation was introduced in 2003.
  
  Small businesses can reduce their carbon footprint by adopting carbon accounting software.
  
  
• Start-ups 'shunning traditional offices'
  A number of new business start-ups are doing so without the use of a traditional office, making the most of technology to run their venture, according to the National Federation of Enterprise Agencies (NFEA).
  
  The organisation has said that many of the new businesses it sees starting can be run using a mobile phone and email, suggesting the need for such traditional premises is not apparent. However, this is not just restricted to new firms, the NFEA suggests.
  
  "It should also be said that working away from a traditional office is not just an option limited to start-up businesses; many established and successful businesses are operating in this way," George Derbyshire, chief executive of the NFEA, said.
  
  Mr Derbyshire also pointed to the trend that has seen a number of firms making the most of virtualised offices, technology that can "provide the appearance of a much larger organisation".
  
  Firms embracing the latest technology in this way will no doubt want to ensure that they have the relevant accounting software in place, to ensure their home-based operation works successfully.
  
  According to the website Flexibility, the number of homeworkers in the UK increased by 11 per cent in 2005, following growth of nine per cent and ten per cent in 1997 and 2001 respectively.
  
  
• Firms urged to do more to combat climate change
  The head of unified communications specialist Nortel has stated that concentrating on environmentally sound practices is good for business.
  
  According to Mike Zafirovski, energy efficient and green technologies provide companies with a "competitive advantage" and "the integration of environmental responsibility into corporate business models is not only the right thing to do but a necessity for business success".
  
  Delivering a speech in Pasadena, California, he told delegates that it is important for firms to realise that environmentally sound behaviour can co-exist with good business practice.
  
  Addressing the first-ever Fortune Brainstorm: Green Conference, the Nortel president and CEO explained: "Nortel and its partners are leveraging innovation to deliver solutions that can provide tangible benefits to the environment, reduce energy consumption and provide real business benefits to our customers. It's the right thing to do for the planet and for the business."
  
  Nortel products and services can help businesses to improve energy efficiency and reduce their carbon footprints. Elements of the company's portfolio have been acknowledged by the Tolly Group as some of the greenest in the industry, reducing energy consumption by up to 50 per cent.
  
  A number of major global technology companies have announced plans recently to improve their green credentials, including Apple, which has launched a 'Green Apple' initiative, and Microsoft.
  
  As businesses increasingly look for ways to reduce the environmental impact of their IT and communications systems many are adopting carbon accounting software to calculate their carbon footprint.
  
  
• Bank of England prepares plan to boost banking system
  The Bank of England is reported to be preparing a new plan that would enable UK banks to swap risky mortgage debts for government bonds.
  
  In a bid to boost struggling UK lending markets, the bank is planning to provide £50 billion worth of secure bonds to the banking industry to enable them to continue to lend money to customers.
  
  The unprecedented move by the usually conservative Bank of England is also expected to be followed by further help for struggling banks if it is required in the future.
  
  Details of the central bank plans will be announced today and economists predict that the scheme could be in place by the end of this week.
  
  Loans provided to banks will have to be paid back, but the scheme will leave UK taxpayers exposed to potentially risky debt, while banks will keep any profits they make.
  
  Chancellor Alistair Darling warned over the weekend that the current economic downturn looks set to continue, while the Royal Bank of Scotland announced last week that it is seeking cash from shareholders in order to improve its capital base.
  
  Vince Cable, Liberal Democrat Treasury spokesman, wants lenders to provide the Bank of England with guarantees in return for help during the credit crunch.
  
  Businesses are advised to invest in accounting software in order to track their finances more effectively during the current uncertain economic conditions.
  
  
• House Halts Proliferation of Accounting Bodies (This Day)
  The House of Representa-tives yesterday threw out a Bill seeking to establish the Chartered Institute of Management Accountants of Nigeria (CIMA), saying it could lead to the proliferation of accounting bodies in the country.
  
  
• Accounting changes help Freddie Mac 1Q beat views (AP via Yahoo! News)
  Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust.
  
  
• Microsoft chief accounting officer sells shares (AP via Yahoo! Finance)
  The chief accounting officer for Microsoft Corp., which is the world's largest software company, sold 10,000 shares of common stock, according to a Securities and Exchange Commission filing Tuesday.
  
  
• FSB: Numerous reasons for London business closures
  The Federation of Small Businesses (FSB) has said that there are a number of reasons why London has the highest rate of business closures of any area in the UK.
  
  Nick Winch, London policy manager for the FSB, said that the city makes a number of things "difficult for itself" when it comes to running a business in the capital.
  
  "Housing, transport [and] premises costs are all high. The cost of labour is also high compared to other parts of the country. There is a shortage of affordable commercial premises," Mr Winch said.
  
  He added that "access to finance is not easy", suggesting that the credit crunch will make this more difficult, something that could make accounting software even more useful and important for small firms.
  
  Research released last month by Barclays showed that over the past 20 years, an average of 393,000 businesses have started up each year, some 12 start-ups for every 1,000 members of the UK workforce.
  
  
• Freddie Mac Accounting Changes Reduce Losses By $2.6 Billion (Bloomberg.com)
  May 14 (Bloomberg) -- Freddie Mac , the second-largest U.S. mortgage-finance company, reported a smaller loss than analysts estimates after accounting changes reduced charges by at least $2.6 billion.
  
  
• Accounting practices ultimately affect global economy (PhysOrg)
  How much a particular hill of beans is worth may depend on who`s counting the beans. When it comes to accounting standards in the business world, every bean counts, but the quality of financial reporting differs from country to country. In a recent study, a University of Missouri researcher found that uniform and strict auditor enforcement may be more important than a country`s accounting ...
  
  
• PKF Texas Awarded Microsoft Gold Certified Partner Status for 3rd Year in Row
  

  Pannell Kerr Forster of Texas, P.C. , the only Houston-based accounting and technology consulting firm specializing in Microsoft Dynamics NAV, has attained Gold Certified Partner status for the third year in a ... via Earth Times

  
  
  
• Small businesses 'setting money aside for a rainy day'
  Some 45 per cent of small businesses have a so-called rainy day fund to ensure they are financially prepared for any eventuality.
  
  These statistics have been released by Alliance & Leicester, with 28 per cent of those surveyed claiming they would use the money to cover late payments and 27 per cent to fund business growth.
  
  Almost six in ten (57 per cent) would use the finances to cover any loss of business, something that could be monitored using SME accounting software.
  
  Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank, said it was good that such business owners are setting aside money to protect their firm in uncertain times.
  
  "From environmental disasters to an unexpected loss of business, a well-thought out contingency fund is an important business tool and can prove invaluable in helping a company to maintain control in a crisis," he added.
  
  Firms looking to ensure their finances are in place could make good use of SME accounting software.
  
  Alliance & Leicester Commercial Bank was formed in 2003 when Alliance & Leicester Business Banking, Sovereign Finance and Girobank all joined together under one name.
  
  
• Small businesses 'start to feel credit crunch'
  Small business owners and entrepreneurs in the UK are starting to feel the effects of the recent credit squeeze, according to a new report.
  
  A study by a social entrepreneur networking website indicates that almost 40 per cent of small business owners and social entrepreneurs have had problems with cash flow within the past few months as a result of the economic slowdown.
  
  The research from UnLtdWorld.com reveals that, as the UK's economic situation worsens, 68 per cent of small business owners applying for a business loan or credit card were being turned down.
  
  According to the figures, 34 per cent of business owners surveyed stated that they had turned to personal loans and credit cards to pay for expansion and start up costs.
  
  One in five of almost 1,000 people polled (21 per cent) said that the recent financial difficulties for Britain had badly affected their business.
  
  Alberto Nardelli, UnLtdWorld chief strategist, said: "To some extent, the outlook seems quite bleak for now. We had noticed an increase in discussions relating to financial difficulties across our social networking site and the research has presented us with a really clear picture of the extent of the issues."
  
  Figures from the British Bankers' Association (BBA) recently showed that small business sector borrowing rose ten per cent to almost £42 billion in 2007, despite the credit crunch and difficult economic conditions.
  
  Small businesses feeling the effects of the credit crunch could consider investing in accounting software in order to cut costs and manage finances more effectively.
  
  
• Sharp economic slowdown forecast for UK
  Britain's economy is likely to face a "rough ride" over the next two years, a new report claims.
  
  According to Ernst & Young's Item Club, the UK economy will witness a "rapid, painful adjustment" between now and 2010, with GDP growth falling from 3.1 per cent in 2007 to 1.8 per cent this year alone.
  
  The economic forecasting group predicts that economic growth will moderate, as the full effects of the global credit crunch are experienced, with growth dropping to 1.5 per cent in 2009 unless the government takes decisive action to prevent it.
  
  Peter Spencer, Ernst & Young economic adviser, said: "With no solution for the credit market crisis in sight, the UK is in line for two years of sub-trend growth. Consumption growth will now throttle back in response to the fall in house prices, while export growth will perk up in response to the fall in sterling."
  
  Chancellor Alistair Darling announced this week that he is providing a £50 billion rescue package for the banking industry in a bid to prevent a sharp economic downturn.
  
  Effective accounting software is more important than ever during a period of economic slowdown, allowing companies to effectively and accurately monitor their operations.
  
  
• MYOB Launches Web Hosting Services
  

  "Customers are going to expect this capability of every business - big and small. MYOB aims to enable micro, small and medium businesses to offer these same capabilities at a more affordable price."

  Australian accounting and small business software tools provider MYOB announced on Monday it will be offering domain registration, email hosting and website hosting services. via TheWHIR.com

  
  
  
• Accounting changes help Freddie Mac 1Q beat views (San Francisco Chronicle)
  Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust. Changes in accounting practices helped McLean, Va.-based Freddie Mac achieve better-than-...
  
  
• MPs launch inquiry into carbon emissions
  A new inquiry has been launched by an influential committee of MPs into carbon emissions from businesses in the UK.
  
  The inquiry by MPs will examine ways of reducing greenhouse gas emissions from offices, factories and shops in Britain.
  
  Britain currently has no targets in place to limit CO2 emissions from commercial buildings and concerns have been raised that more needs to be done by companies to improve their carbon footprints, though incentives are in place to encourage firms to embrace environmentally-friendly policies.
  
  The All Party Urban Development Group is calling for submissions from stakeholders and will be ready to report to government by the summer, according to the BBC.
  
  Labour MP Clive Betts, chairman of the group, stated that the inquiry would help look at the way that "cities can work with property owners and their occupiers to help 'green' commercial buildings".
  
  All commercial buildings in England and Wales will be required to have an Energy Performance Certificate and display it prominently from October this year.
  
  Companies looking to cut their carbon emissions in order to control costs and boost their green credentials should invest in carbon accounting software.
  
  
• Tax 'should be main focus of next government'
  A recent poll by the British Chambers of Commerce (BCC) has found that 34 per cent of businesses in the UK believe the issue of tax should be the number one priority for the next government.
  
  The poll also found 85 per cent of businesses believe the government does not understand the needs of businesses and only 19 per cent feel that the government would prioritise these needs.
  
  David Frost, director general of the BCC, said: "If we are to remain competitive then the government must cut taxes for both large and small firms and look at reducing other damaging taxes such as fuel duty."
  
  More than a quarter of businesses (26 per cent) said the credit crunch has affected their business' ability to access fresh funds, something that could be monitored using accounting software.
  
  The BCC has 55 local Chambers of Commerce around the UK and provides advice and support to businesses both in Britain and overseas.
  
  
• Credit crisis starts to affect small businesses
  Small business cashflows are being affected by the recent credit crunch and experts suggest that the problem is worsening.
  
  According to both the British Chambers of Commerce (BCC) and the Federation of Small Businesses, the credit crisis is spreading and "late payments are becoming a growing problem" for members.
  
  "Larger companies have a responsibility in a slowing economy to pay suppliers promptly," a statement from the BCC said. "Smaller firms need to know when they will be paid and should not be mucked around by having payment schedules arbitrarily changed."
  
  Small business leaders are due to meet with government officials to look at ways of tackling the growing problem of late payment, with many smaller firms crippled by customers failing to pay on time.
  
  The Forum of Private Business has placed the issue on the agenda for its next meeting on May 9th 2008 and small businesses are advised that SME accounting software can ensure they monitor late payments closely.
  
  A recent report from Ernst & Young revealed that a total of 114 profit warnings have been issued by British companies during the first quarter of this year, the Times reports.
  
  
• UK economy weakens in first quarter
  The British economy slowed over the first quarter of 2008 to just 0.4 per cent compared with the previous three months.
  
  Slowing between January and March to its weakest rate in the past three years, economic growth fell from 0.6 per cent the previous quarter.
  
  Data from the Office for National Statistics (ONS) suggests that total production fell by 0.1 per cent during the first quarter of the year, down from growth of 0.2 per cent in the fourth quarter of 2007.
  
  Growth slowed particularly in the production and service industries and the business services and finance sector. However, growth strengthened in the manufacturing industry and construction sector.
  
  Britain's economic growth is now below trend and pressure is growing on the Bank of England to continue to reduce interest rates.
  
  Slowing economic growth makes it more important than ever for firms to keep track of their finances and accounting software can help to make this possible.
  
  
• Accounting practices ultimately affect global economy (EurekAlert!)
  COLUMBIA, Mo. – How much a particular hill of beans is worth may depend on who’s counting the beans. When it comes to accounting standards in the business world, every bean counts, but the quality of financial reporting differs from country to country.
  
  
• Technology 'aids remote working'
  Wireless technology is increasingly helping to facilitate remote working, enabling entrepreneurs and workers to do business outside the office.
  
  According to an article in Business Zone, the growing trend for mobile devices allows business executives to communicate and access information on the move.
  
  When implementing mobile or remote technologies, companies are advised to consider cost and security, choose providers carefully and ensure that critical or confidential issues are not discussed in public.
  
  Ian McGurk, head of security consulting at IT firm Plan-Net, stated: "Awareness starts with common sense. It's easy to do, doesn't cost much and can be a very effective way of controlling things."
  
  Accounting software tools can be used to control costs and analyse spending on technology such as unified communications or Wi-Fi capabilities.
  
  New EU laws will allow passengers on flights within Europe to use mobile phones and IP technology in the air, making remote working easier for executives who have to travel widely.
  
  Online accounting software can enable companies to institute more flexible working arrangements by providing remote access to data at all times. Good enterprise resource planning and efficient systems can significantly enhance business operations.
  
  
• Government publishes personal carbon trading study
  The government has published the results of a new study into personal carbon trading that explores new ways of encouraging individuals to take action to tackle global warming.
  
  According to the evaluation, personal carbon trading "has potential to engage individuals in taking action to combat climate change".
  
  However, the Department for Environment, Food and Rural Affairs (Defra) reports that the scheme is "essentially ahead of its time", with high expected costs for implementation.
  
  The government states that it remains committed to the concept of personal carbon trading and will monitor research being carried out in the field.
  
  Personal carbon trading may be introduced by Defra if the value of carbon savings and cost implications change, with individuals issued with a number of carbon credits, which can then be traded with others.
  
  Reducing carbon footprints is becoming increasingly important to British businesses and carbon accounting software can help firms to assess and reduce their impact on the environment.
  
  Retail giant Tesco recently launched new carbon labelling for 20 of its products as part of scheme to give consumers more choice and information about the environmental impact of the items they purchase.
  
  
• Tesco trials carbon footprint labels
  Tesco has launched a new trial of carbon labels on 20 of its products that demonstrates to consumers the environmental cost of items.
  
  Providing detailed information about the carbon footprint of grocery products from the seed to the shelves, the labels enable shoppers to compare the greenhouse gas emissions created by individual items.
  
  Initially debuting on a series of Tesco own-brand items, the labels are supported by the Carbon Trust and could be rolled out across more products if they prove successful.
  
  Initially carried on a range of goods, including potatoes, orange juice and light bulbs, the labels will be trialled for two years and chart the carbon footprint of goods from manufacture to disposal.
  
  According to Tesco, the decision to introduce the labels was a response to consumer demand. A number of other companies in the UK have also introduced carbon emissions labeling, including Innocent Drinks, Boots and Walkers Crisps.
  
  Each label will feature a footprint logo, endorsed by the Carbon Trust, which can only be used by companies that have committed to reducing their carbon dioxide emissions over a two-year period.
  
  Consumers and clients are increasingly demanding greener products and services and carbon accounting software can help companies to reduce their impact on the environment.
  
  
• Soaring energy costs 'hit IT industry'
  The soaring price of electricity in Britain is having a negative effect on the IT sector, a new report states.
  
  Research conducted by Tariff Consultancy indicates that rising energy bills and a shortage of attractive data centre space are in increasing costs for IT managers.
  
  Britain now has some of the highest energy bills in Europe and the Tariff quarterly Data Centre Price Tracker reveals that the average per rack data centre price rose in Europe during April 2008 to almost 800 euros per rack per month, while prices in the UK reached almost 1,000 euros per rack per month.
  
  Margrit Sessions, managing director of Tariff Consultancy, said: "Industrial electricity prices are the clear and present danger to the data centre user and the IT community… Suppliers are taking advantage of rising space utilisation to raise their prices for new space, and boost their rate of return."
  
  Carbon accounting software can help businesses to assess their IT energy costs and make cutbacks where possible to generate savings and reduce the impact of their operations on the environment.
  
  Data centre customers are becoming increasingly concerned about green issues and are attracted to sites that can demonstrate that they are committed to reducing their impact on the environment or are carbon neutral.
  
  
• Business leaders issue economic warning
  The British Chambers of Commerce (BCC) has predicted that the current economic downturn could worsen before it starts to pick up.
  
  According to the business leaders' organisation, the current outlook for the UK economy is gloomy and immediate action is needed from the Bank of England to prevent further problems.
  
  The BCC is advising businesses in Britain to prepare for the worst in 2008, as the credit crunch continues to affect financial markets.
  
  Consumer spending could remain weak until the end of next year and undergo a "very sharp deceleration", the BCC quarterly economic forecast suggests.
  
  Many businesses will be put under intense pressure by the worsening economic climate and the BCC predicts that GDP growth will remain below trend until the end of 2009, at around 1.7 per cent this year and 1.6 per cent next year.
  
  David Kern, economic adviser to the BCC, stated: "British businesses are facing two difficult years. The monetary policy committee and the government must adopt pro-active policy measures aimed at countering the threats to growth."
  
  Accounting software can help companies to manage their finances more effectively during a period of slow economic growth.
  
  The decision by the Bank of England to maintain interest rates at five per cent rather than respond calls for a rate cut has come under fire from business leaders.
  
  
• More firms 'seeking bridging loans'
  A growing number of businesses in Britain are turning to bridging loans to overcome cash flow problems, an expert claims.
  
  The managing director of Bridging Finance suggests that companies are increasingly using bridging loans "to refinance their existing banking facilities or overcome glitches with their cash flow".
  
  According to Chris Baguley, fewer developers are looking to finance large deals and are concentrating instead on smaller, lower-risk agreements that are now "being completed in greater numbers".
  
  "I think that the various applications of bridging finance are shifting slightly in prominence," he explained.
  
  "As suggested above, fewer developers are looking to finance large deals, but we are seeing more businesses using bridging finance for purposes such as refinancing their existing banking facilities or overcoming glitches with their cash flow."
  
  Figures from Datamonitor indicate that bridging loans accounted for £1.2 billion in balances outstanding and £2.5 billion in gross advances during November 2006. The analyst predicts that gross advances will reach £5.6 billion by 2010.
  
  Companies concerned about their cash flow can adopt accounting software to provide them with accurate financial and management reports.
  
  
• Health club pledges to cut energy use
  Esporta has announced that it intends to dramatically cut the carbon dioxide emissions produced by its new Riverside Health and Racquets Club.
  
  The premium health club operator plans to cut greenhouse gas emissions by 20 per cent at the club in Chiswick by generating natural savings.
  
  Businesses are increasingly employing a carbon calculator or carbon accounting software in order to reduce their energy bills and boost their green credentials.
  
  Riverside Health and Racquets Club has installed a new Trigeneration Combined Heat and Power (CHP) unit and dual-fuelled heating boilers in order to cut its energy costs and reduce its carbon footprint.
  
  Glenn Timms of Esporta Health Clubs explained: "In addition, through a combination of negotiated price reductions and energy-saving initiatives being implemented across our 55 clubs, Esporta will be significantly reducing our energy costs this year, equivalent to over 3,000 tonnes of CO2 or the planting of approximately 4,000 trees."
  
  A recent report by the National Audit Office estimated that Britain emitted 733 million tonnes of CO2 in 2005 and must do more to reach carbon emissions targets set for 2012.
  
  

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