Conal O Connor’s Post

🤔 What do you think are the biggest challenges facing accounting in the coming years? I'd love to hear your thoughts and insights on how we can address these challenges and drive innovation in our industry! As technology continues to evolve rapidly, staying ahead of the curve in terms of digital transformation is a significant challenge for the accounting industry. Automation and artificial intelligence are reshaping traditional processes, emphasizing the need for upskilling in data analytics and technology proficiency to redefine the roles of accountants. Cybersecurity threats present a substantial risk to financial data and client confidentiality, necessitating robust cybersecurity measures and risk management strategies to mitigate potential breaches. Navigating complex and ever-changing compliance requirements remains a key challenge for accounting professionals on the regulatory front. The increasing globalization of business operations and the introduction of new regulatory frameworks like GDPR and IFRS standards add to the complexity. To drive innovation, collaboration and continuous learning are crucial. Embracing technological advancements, leveraging digital tools, and investing in ongoing education will enhance efficiency, accuracy, and client service delivery. Adapting to evolving industry trends and regulatory landscapes is essential for future success. Share your thoughts on the future of accounting and how we can tackle these challenges. Let's engage in a fruitful discussion! 💬 #AccountingTrends #InnovationInAccounting

📊 Did you know that 67% of Swiss companies are planning to upgrade or implement new ERP systems within the next three years? PwC’s Assurance Transformation Study 2024 takes a deep dive into how emerging technologies are revolutionising finance and audit processes. Among the top findings: -91% of companies say that upskilling employees is essential. - 90% see potential efficiency gains in management accounting. - 59% believe that AI will significantly impact future audit practices. - The future is bright, but challenges – such as cybersecurity and ethical AI use – need careful attention. Are you prepared for this digital evolution?📥 Get the full report here: https://lnkd.in/g3i4k_ji #DigitalAudit #FinanceTransformation #PwC

📊 Did you know that 67% of Swiss companies are planning to upgrade or implement new ERP systems within the next three years? PwC’s Assurance Transformation Study 2024 takes a deep dive into how emerging technologies are revolutionising finance and audit processes. Among the top findings: -91% of companies say that upskilling employees is essential. - 90% see potential efficiency gains in management accounting. - 59% believe that AI will significantly impact future audit practices. - The future is bright, but challenges – such as cybersecurity and ethical AI use – need careful attention. Are you prepared for this digital evolution?📥 Get the full report here: https://lnkd.in/e2NWx7YU #DigitalAudit #FinanceTransformation #PwC

Running a one-person operation might seem vastly different from a global enterprise. But the rules are the same because if personal data falls into the wrong hands, it makes no difference where the error came from. What matters is that people could be harmed. You may receive a letter or email from us to remind you to check if your business needs to pay the fee under the Data Protection Regulations 2018. If you’re exempt you may still need to let us know. Data protection law (Data Protection (Charges and Information) Regulations 2018) applies to most types of workplaces, business ventures, societies, groups, clubs and enterprises of any type. It includes sole traders and the self-employed, if a business only employs a handful of staff or even no staff at all. But not everyone pays the same amount. For a small business it’s usually £40 or £60 per year. And if you pay by direct debit, you can reduce the cost by £5. The Department for Science, Innovation and Technology, which sets the level of the fee (unchanged since 2018), recently consulted on possible changes that could see it increase in 2025. You can use our online self-assessment tool to see if you need to pay the fee: https://lnkd.in/gtG4nJP If you are required to pay the fee, you should complete a new registration: https://lnkd.in/e2GNVmF2 If you are exempt you may need to submit an exemption form: https://lnkd.in/eyxbdNEs

Is your company ready for the new upcoming data privacy regulations? Here’s what you need to know and why it matters: Key Changes: 1. Data Protection and Digital Information (DPDI) Bill: This bill introduces significant reforms to UK data protection laws. It balances responsible data use with robust personal data protection, allowing businesses to process data more flexibly while ensuring compliance. 2. UK-US Data Bridge: Introduced in October 2023, this new framework facilitates lawful personal data transfers from the UK to the US, simplifying compliance for international operations. 3. International Data Transfers: This new guidance from the ICO helps businesses manage data transfers more efficiently between the UK and the EU. Why It Matters For You: - Enhanced Compliance: The DPDI Bill helps you navigate data protection effectively, reducing legal risks and potential fines. Ensuring compliance is essential for maintaining trust with clients and stakeholders. - Smooth Global Operations: The UK-US Data Bridge and updated international transfer guidelines simplify data handling across borders, making your processes more efficient and compliant. - Competitive Edge: Staying up-to-date with these changes builds trust with clients, enhancing your reputation as a reliable and forward-thinking company. Action Steps: - Review and Update Policies: Ensure your data protection policies align with the new regulations. - Train Your Team: Educate your project management team on the latest compliance requirements. - Leverage Technology: Utilise tools that simplify data management and compliance tracking. By taking these steps, you’ll ensure your company runs smoothly, securely, and fully complies with the latest laws. Ready to stay compliant and lead the way in project management? DM me “Transform to discuss #DataPrivacy2024 #Regulation #Compliance #BusinessGrowth

📊 Did you know that 67% of Swiss companies are planning to upgrade or implement new ERP systems within the next three years? PwC’s Assurance Transformation Study 2024 takes a deep dive into how emerging technologies are revolutionising finance and audit processes. Among the top findings: -91% of companies say that upskilling employees is essential. - 90% see potential efficiency gains in management accounting. - 59% believe that AI will significantly impact future audit practices. - The future is bright, but challenges – such as cybersecurity and ethical AI use – need careful attention. Are you prepared for this digital evolution?📥 Get the full report here: https://lnkd.in/gsYHhYHF #DigitalAudit #FinanceTransformation #PwC

In the ever-evolving financial landscape, compliance is key ✅ With new regulations emerging, recruitment agencies must adapt swiftly to protect their clients and candidates alike. Here's how: Firstly, staying informed is crucial. Financial regulations such as GDPR, AML directives, and IR35 in the UK require constant vigilance. Agencies should invest in ongoing training to ensure their teams are up-to-date with the latest compliance requirements. Streamlining data management processes is also essential. By leveraging robust CRM systems, agencies can secure personal data and ensure accuracy, thereby maintaining compliance and building trust. Moreover, embracing technology can simplify compliance. Fintech solutions and regtech innovations provide automated compliance checks and real-time monitoring, reducing the risk of human error and keeping agencies one step ahead. Transparency is non-negotiable. Both clients and candidates deserve to know how their information is used. Clear communication and accessible privacy policies not only comply with regulations but also fortify credibility. Additionally, agencies need to work closely with compliance experts. By collaborating with legal advisors familiar with financial legislation, agencies can navigate the complex regulatory framework effectively. Remember, it's a shared responsibility. Regular auditing of internal processes and partnering with clients and candidates to ensure mutual compliance will create a culture of conscientious practice. In conclusion, as agencies forge ahead in this regulated realm, by injecting diligence, technology, and transparency into their practices, they ensure a safe harbour not just for themselves, but for all who sail with them. ⚖️🛡️ #FinancialCompliance #Recruitment #RegulationReady

Hi All, Here is a something of note for business article is focusing on consultants but can a general business make in modernization: 17 Mistakes Businesses Make

📊 Did you know that 67% of Swiss companies are planning to upgrade or implement new ERP systems within the next three years? PwC’s Assurance Transformation Study 2024 takes a deep dive into how emerging technologies are revolutionising finance and audit processes. Among the top findings: -91% of companies say that upskilling employees is essential. - 90% see potential efficiency gains in management accounting. - 59% believe that AI will significantly impact future audit practices. - The future is bright, but challenges – such as cybersecurity and ethical AI use – need careful attention. Are you prepared for this digital evolution?📥 Get the full report here: https://lnkd.in/ejPQkp38 #DigitalAudit #FinanceTransformation #PwC

As a Compliance Officer, you need to be ready to answer questions about your data and the technology behind your compliance program. In today's fast-paced business environment, staying compliant with regulations is crucial. Navigating the complex web of laws and guidelines requires diligence, attention to detail, and a proactive approach. Anti-fraud controls are an important first step, but a comprehensive, integrity-driven approach is essential for long-term protection and trust. This approach includes leveraging stronger data analytics and advanced technology to enhance the effectiveness of compliance programs. Here's why it's essential: 1.     Protect Your Business: Compliance creates a secure foundation for your business to thrive. By adhering to regulations, you minimize risks and ensure smooth operations. 2.     Preserve Your Reputation: Regulatory breaches can damage your brand. Diligent compliance maintains your integrity and credibility in the market. 3.     Stay Ahead of the Curve: Regulations are constantly evolving. Staying informed and adapting changes ensures your business remains competitive. 4.     Build Strong Relationships: Compliance fosters trust with stakeholders and demonstrates ethical practices. 5.     Enhance Operational Efficiency: Robust compliance processes streamline operations, reduce errors and improve efficiency. Embracing digital compliance tools – such as data analytics, AI insights, and automated controls – helps detect risks early and respond with agility, providing an integrated view of compliance activities. With #EYVirtual, you gain these insights through a modular platform that helps legal and compliance teams move at the speed of business, optimizing your compliance programs. Leveraging digital solutions is key to navigating regulations with diligence and ensuring your business remains compliant and resilient. #EYForensics #FraudAwarenessWeek #Regulations #AntiFraud