ICAEW offers tips to tide firms over holiday hell

News Article - 15 July 2008
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The Institute of Chartered Accountants in England and Wales (ICAEW) has stressed the need for good accounts management in firms while staff take their annual summer breaks.

Among the recommendations offered are making sure invoices are still paid on time to prevent incurring penalties and planning ahead to avoid payment delays from company clients.

Clive Lewis, head of small and medium-sized enterprise (SME) issues at the ICAEW, says: "This is the time of year when most staff will be taking their holidays. This year, with credit being stretched because of the credit crunch, it is essential for firms to examine their debt collection and bill paying procedures and ensure proper safeguards are in place."

This could mean installing accounting software and other electronic packages to facilitate finance tracking.

Other holiday business tips include making sure that staff use their email out-of-office reply and suggesting that employees book their next holiday soon after they get back to aid forward planning.

In related ICAEW news, the accounting body was recently picked by the Liberal Democrats to cast an eye over MP expenses as part of a better political auditing campaign.

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