< Previous30 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk BUSINESS SERVICES Technology may be wielded to automate simple manual tasks, so employees can turn their attention to high-value work, be utilised to enhance visibility into client analytics to improve services, be used to facilitate greater client reach and maintain interaction quality through a widening variety of communication platforms, be employed for the establishment of digital products, or to simply remove businesses’ reliance on specific locations and boost agility. Those embracing digital tools and services, more capable of offering continuity of services to clients and remaining in operation in the pandemic, are in a better position to succeed in comparison to those who are low-tech, with a number of paper based processes meaning their service is reliant on a physical location and resources. With the closure of offices, and the value of remote working technology now clearer, cloud has been recognised for making the shift to home working seamless for business services. For those not utilising cloud the benefits of virtual desktops have come into play, allowing access to a desktop PC from outside the office to view its screen. Prior to the pandemic, just thirty-four per cent of SME companies in the business services sector had a remote working policy in place, while forty-eight per cent were required to create one because of the pandemic. With IT in the spotlight, thanks to COVID- 19, digital transformation will be a key priority. However with business services firms frequently dealing with a client’s business and financial information and confidential data, leveraging digital technology also comes with increased risk of cyberattacks and heightened impact if there is an attack. A hasty digital transformation will add to potential cybersecurity issues. Ahead of the virus it was already clear that business services, decision makers especially, needed to become more tech literate and that the sector was facing change ready to alter business models, practices, jobs and functions. Back office functions are being replaced by technology and AI, and data technology © Shutterstock /Natee Meepian 28-31.qxp_Layout 1 05/08/2020 11:39 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 31 BUSINESS SERVICES and process technology are changing service models and income opportunities, while making a sector already involving highly skilled individuals require these more so, causing subsequent recruitment and retention issues with a growing need for digital skills. On a more positive note, coronavirus has seen a rise in altruism with many business services firms offering free services to help companies ‘bounce back’. For example thousands of professional and business services advisers have signed up to offer free online advice to small businesses through the Recovery Advice for Business scheme. Supported by the government and hosted online by Enterprise Nation, advice includes bespoke, specialist assistance from accountancy, legal, and advertising to marketing, recruitment and digital to help businesses adapt. Importance of security in a crisis Webeye, a Mansfield-based security specialist, explores the importance of robust, reliable securing during the coronavirus crisis and what measures businesses can take. Construction sites, empty properties and remote locations are under threat. You need to be confident your assets are safe and, if intruders do break in, you need to know ASAP. Security becomes ever more important in times like these and technology can play its part in keeping everyone involved safe. Governments are encouraging staff to stay at home, but how can you check your business premises are protected and your security provision is working properly or at all? This is where effective alarm delivery is crucial to maintain a credible security programme. If you’re monitoring sites, you need to make sure you can receive alarm notifications directly to your home computer, tablet or mobile device. But by their nature, home devices are not as robust as professional security systems. Webeye has developed a cloud technology that is robust platform and app that have thought through the pitfalls and have put checks and balances in place to make sure you receive credible alarm notifications. You also have to think about guarding and security staff. If you have no physical security staff on site you’ll need effective systems to be your eye-and-ears on the ground. Advances in wireless and battery technology means there are systems on the market such as the Videofied Visual Verification system or Webeye’s own webeyeOCULi that can effectively monitor sites where there is no main power. They trigger upon intrusion and send video clips directly to your home device via the webeyeCMS cloud receiving platform that can act as your automated central monitoring station. To find out more, visit www.webeyecms.com, email sales@webeyecms.com, or call 01157 149990. 28-31.qxp_Layout 1 05/08/2020 11:39 Page 432 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk BLUEPRINT INTERIORS Q&A As workplace consultants, what is the most important aspect of planning the design? For us, the ultimate aim is to create a workspace that benefits your business and your employees. This requires a workplace strategy which involves studying what your people need to work at their best. A well-designed workplace helps to empower your team to be happy, healthy and motivated at work. This strategic approach helps to improve productivity, reduce absenteeism, attract the best talent, and will also help to impress visitors by providing a visual representation of your success, culture and values. As the coronavirus crisis continues, employee wellbeing has never been more important. How can Blueprint Interiors help? I think there will be at least one positive legacy that will result from the coronavirus pandemic – and that is the realisation that if provided with the technology and a choice of options of where to work, employees are an even greater asset because they are healthier and more motivated. Our passion to provide agile office spaces meant that like us, many of our clients found the physical and psychological challenges of setting their team up to work remotely, was far less of an issue. We didn’t t have to change anything about our own office to allow our team to safely return from lockdown and neither did many of our clients. All because agile working was already fully integral to the culture. Many businesses are now reviewing their workplace needs and want to adopt a wellbeing best practice such as the WELL standard. We’re delighted to be playing a key role in making space work by defining, designing, project managing and fitting-out people centric workplaces. There’s no denying that workplaces are evolving, but what does the future of offices look like? Nobody really knows! And those who are claiming that they have got it sorted are not tuned into the reality of the situation we all face. At the moment Q&A Mike Mckeown, Client Services Director, Blueprint Interiors As businesses begin to emerge from lockdown, we interview Mike Mckeown, who recently joined workplace consultancy and interior fit out specialists Blueprint Interiors as Client Services Director. We asked him why some businesses found it easier than others to adapt to remote working. Mike Mckeown, Client Services Director, Blueprint Interiors 32-33.qxp_Layout 1 05/08/2020 11:40 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 33 BLUEPRINT INTERIORS Q&A people continue to work from home, and talk is that some may not return until early 2021, but this ignores a basic human need - social interaction! People say they’ve enjoyed the freedom of not going into an office and the lack of commute has improved their work life balance. Some companies report that productivity has improved, which is probably unsurprising given that people have been undistracted and may have sat at a computer all day! However, I do think the time will come when the need for face to face interaction will define how much office space is needed. Whilst COVID-19 has shaped our lives for the last four months, we’re creatures of habit and our brains won’t be rewired over such a short period of time. The office of the future will be more about behavioural shifts. It’ll become more of a cultural hub, a place to gather, share ideas and meet up with like- minded people. Companies are now assessing the impact on the productivity of people working from home. We may also see employees develop their desire to get back together, but for all the right reasons. This may mean that some businesses will be forced to rethink the function of their offices. Company bosses may recognise the need to move on from rows of desks and more towards creating environments that support their employees’ desire to collaborate and spend time face to face. It certainly won’t be to sit at a desk doing computer focused single task jobs! Offices of the future will do a far better job of reflecting company values and demonstrating their respect for their most value asset – their employees. Finch Consulting New HQ - The Nest - Workplaces that empower teams to be happy, healthy and motivated Creation of environments that support collaboration To find out more, visit www.blueprintinteriors.com email hello@blueprintinteriors.com or call 01530 223111. You recently joined the team as Client Services Director as you continue to focus on workplace design consultancy. What unique industry experience do you bring? The art of good consultancy is to focus on the genuine needs of the client, to understand them and to deliver real value that gets the results they really want. I was trained in consultative selling and have applied this experience to all my previous roles. I also work with really talented people who can take a blank sheet of paper and create something that inspires, wows and pushes emotive buttons at all stages of the design and build process. I see myself as the ‘conductor’ who makes sure everybody knows the piece they’re playing and where to come in to deliver the perfect symphony! 32-33.qxp_Layout 1 05/08/2020 11:40 Page 234 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk ACCOUNTANCY REVIEW The accountancy sector contributes tens of billions of pounds to the UK GDP and employs getting on for a quarter of a million people in the UK. The sector didn’t get to achieve figures such as these by shirking developments in technology. One of the latest to impact the profession is cloud accounting which, according to a report from Sage, sixty- seven per cent of accountants say makes their job easier. It’s particularly widespread among larger companies and, at present, twenty-eight per cent of UK accountancy firms have nearly all their clients online. The profession has always been early adopters of technology, a trend echoed by the wider financial sector. Indeed, no accountant in this day and age would still use a manual ledger to prepare a financial statement. Sometimes, older technologies are still employed in the workplace to avoid the expenditure of an upgrade, but when it comes to financial statements, a manual ledger is simply an inefficient process. Even the most basic accountancy practice will at least use a simple spreadsheet to keep and maintain account books from which a financial statement will be extracted. But advances in technology has made this process as simple as imputing data and then clicking a single button. Compared with the time- consuming tedium of a manual ledger, it just makes sound business sense to move with the times. It isn’t just a matter of more efficient processes to consider, but greater security, transparency and flexibility. Yet as technology has progressed, so too have the demands placed on accountants by their clients increased. Now accountants aren’t just expected to provide financial services and bookkeeping, but also serve as business advisers turning them into a one-stop shop for clients. Considering how many clients a practice might have – all of them with increasing demands – you can imagine that an accountant wouldn’t be able to keep up with it all. Unless, of course, they utilise digital communications and financial solutions. For example, features in online accounting software allows accountants to provide remote access to clients. Thanks to video conferencing technology and apps such as FaceTime and, more recently in the COVID-19 pandemic, Zoom, they can also hold quick meetings and updates with clients without the client needing to take time out of their schedule to pop down the office. And with the myriad of messaging apps available at one’s fingertips, it’s a simple matter to field questions and queries on- the-go. Moving with the times has been a mantra for the accountancy sector these last few years as a number of shakeups have been introduced to streamline and simplify matters and bring the sector and its clients into the digitally-focussed SMEs Safeguarding In these uncertain times, a company will need their accountant now more than ever, as we explore. 34-36.qxp_Layout 1 05/08/2020 11:41 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 35 ACCOUNTANCY REVIEW modern world. General Data Protection Regulation (known better as GDPR), which came into effect on 25 May 2018, is a legal framework that sets out guidelines of collection and processing of personal information from individuals that live in the European Union. Basically, it sought to modernise the practices of handling client data in the digital age, something that most business need to be cognizant of, but one which profoundly affected the accountancy sector. There was also Making Tax Digital (MTD), the government’s initiative to streamline the tax return process for businesses that came into effect this year. Since it was first announced in the Spring 2015 budget, there has been much said and written about the downsides, but the initiative does bring several advantages for accountants, by creating a new standard for record keeping and driving fundamental change in how accountancy works across all business sectors. Embracing MTD means that firms are futureproofing their clients’ businesses by providing real-time analysis reports as well as being able to review a business’ © Shutterstock /NicoElNino 36 Á 34-36.qxp_Layout 1 05/08/2020 11:42 Page 236 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk ACCOUNTANCY REVIEW funding options and implement accurate forecasting. Say this of MTD, it’s in line with what modern businesses require, whether they admit it or not. More recently, one of the biggest accountancy challenges to overcome has been related to coronavirus. Any business owner will already be aware of the necessity and importance of financial statements. These financial statements are used by banks and financial lenders, regulators, investors and credit bureaus and ratings agencies, and these statements inform the financing decisions that can literally make or break a company. However, with the pandemic having seriously impacted many companies’ revenues, assets, expenses and contracts in one-way shape or form, businesses have bene left in a precious position where financial statements are concerned. The issue is that, given a global pandemic took the global economy by surprise, there is a dearth of official advice and guidance regarding the financial reporting of the pandemic’s impact on a company. The issue is in how companies can report their financial statements to correctly and clearly convey the impact of coronavirus on their business. That’s a concern for the present but future statements will need to show true growth in revenue and profitability rather than just a recovery from a year in which the pandemic struck. These are major obstacles that businesses have been forced to contend with. Unfortunately, there’s no one source a company can turn to that has all the answers. The good news, however, is that while your accountant won’t have every answer, they will still be able to provide vital guidance and support. They will also be able to help a company make some key adjustments to the way they’re reporting operations this year. As always, an accountant is an invaluable source to your business. As they continue to adopt new ever more innovative technology and respond to the global pandemic, they will help to navigate companies through the mire. © Shutterstock /This Is Me 34-36.qxp_Layout 1 05/08/2020 11:42 Page 3Subscribe now and receive Business Link every month, delivered to your door Delivery Details Name: ............................................................................................ Position: ......................................................................................... Company: ...................................................................................... 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Minimum term of 12 months / 1 Year 2 Years 3 Years Please charge my: 37.qxp_Layout 1 05/08/2020 11:42 Page 138 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk GETTING BACK ON TRACK Of course, the presiding concern for companies throughout the pandemic has been self-preservation. Not only have business owners looked to safeguard their own interests, but those of staff and their customers and clients. After all, when a business is forced to cease trading, it’s not only one company that suffers. Nevertheless, companies across all sectors in our region have joined the fight against coronavirus over the last four months, supporting the NHS and reminding all of us that we’re in this together. Even before lockdown, it was clear the NHS was overwhelmed – understaffed, underfunded and seriously lacking in equipment to adequately handle a pandemic. It therefore put out a rallying cry calling on manufacturers to produce vital parts such as visors and ventilators, as well as PPE and antibacterial gels. Within days, companies had switched production, either partially or in full, to produce these much needed parts and solutions. Antibacterial hand gel has become indispensable as part of our collective efforts to stamp out the coronavirus. When it became clear that COVID-19 was more than just a passing flu-like virus, demand for these hand gels massively spiked with manufacturers rapidly running out of stock. To help, alcohol producers across our region switched production to produce their own hand gels to meet the deficit and keep people safe. If the demand for hand gel spiked, it was nothing compared to the increased need for PPE – especially where the NHS was concerned. As above, some companies have been manufacturing parts for visors, but other companies have taken other measures. Some bosses had to take the difficult decision to furlough staff, while others have been put out of a job entirely as their businesses shutters for good. However, some companies have switched their workers from their usual tasks to sew scrubs for the NHS instead. Not every company produces a Navigating the new normal There’s no denying that the continuing coronavirus crisis has taken a toll on the economy. Although this has dented many company’s growth prospects and future plans, businesses across our region are adapting and evolving to not only weather the current crisis but to flourish against an uncertain backdrop. 38-41.qxp_Layout 1 05/08/2020 11:44 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link 39 GETTING BACK ON TRACK tangible product, but there have been numerous other ways to support the NHS. This has included raising funds, whether donating to existing fundraising efforts, or from company bosses starting their own. Companies that already counted the NHS as clients, meanwhile, have ramped up their output to keep up with the increase in demand. This includes bed makers and manufacturers of ventilators and other vital medical equipment. Some firms have even been working around the clock to ensure the service has all it requires to continue its efforts. Many companies have been provided their services or products entirely free of charge to NHS workers, giving frontline staff one less thing to worry about. This includes cars, accommodation, mobile data and so on. All of this is evidence of how companies have helped support the government, the NHS and the general public during the pandemic, but how have businesses themselves been supported? One of the most important financial 40 Á © Shutterstock /Halfpoint 38-41.qxp_Layout 1 05/08/2020 11:44 Page 2Next >