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Articles by Jay Ashar
Mark Carney proposes a digital reserve currency
Make a Comment • Email Link • Send Letter to Editor News Link • Currencies 03-16-2025 • The Globad Treasurer Author Jay Ashar Date published August 29, 2019 Categories Blockchain Economy Payments Mark Carney, Bank of England governor, has proposed the creation of a global digital currency as a way of stabilising global financial systems and protecting the sector from trade and currency wars.
Meta Threads: Reimagine the future of customer experience
In the rapidly evolving digital world, businesses are on the lookout for innovative channels to engage with their customers. Introducing Meta Threads, the newest customer experience frontier that is redefining how businesses interact with their customers. Threads hit 2 million users within two hours of its launch on June 5th, 2023 – and 30 million by the next morning, making it the most rapidly downloaded app ever.
Research reveals increased demand in CPM solutions
Nucleus Research, a leading IT market research firm, delivered its annual report revealing the key trends and evaluating vendors in the corporate performance management (CPM) market. In this year’s CPM Value Matrix Report, the company has highlighted that demand for CPM solutions has reached fever pitch.
10 procure-to-pay trends you can’t ignore
In our new e-book Top 10 Procure-to-Pay Trends You Can’t Ignore: 2021 and Beyond, we highlight the top 10 procure-to-pay (P2P) trends business professionals should pay close attention to in 2021 and in the next years to come. Here’s a sneak preview of the trends and how they’ll impact organisations worldwide. 1. Digital strategy Over the past decade, digital transformation has become an integral to many organisations’ business plans.
IR35: Where are we now and what does the future hold?
Tax This article considers the reactions and trends as well as what end clients and agencies can do to make the best of the off payroll legislation. HMRC’s objectives and their potential effect on the labour supply market Allegedly a level playing field, where you couldn’t have two individuals working side-by-side doing the same job with one being taxed as an employee and one being treated as an independent contractor.
Value creation: the role of the CFO
Every decision that a business makes has financial implications, any decision which has a financial implication is in the remit of the finance department. Defined broadly, everything that a business does fits under the rubric of the finance department. And the finance department must drive all these decisions towards the creation of value.
Gaining agility in strategic, financial and operational planning
Current economic conditions are a stark reminder that organisations must be ready to respond to new market opportunities and threats more quickly than ever before. And while the increasing pace of change is putting more pressure on finance teams, many are taking steps to increase agility and improve decision making. How? By innovating beyond static budgeting cycles and focusing on the detailed business drivers and operational plans that directly impact financial performance.
Finance teams Brexit preparedness ‘alarming’
Finance teams Brexit preparedness ‘alarming’ Survey shows half of finance leaders are still in the dark over Brexit by Tom Lemmon - November 19, 2020
Buying guide: Finance leaders’ guide to compliance software
Compliance For finance departments, piecing together the patchwork of reporting and compliance obligations is challenging. In the UK, company law dictates how financial directors should make decisions – mainly in the interest of the company and to use due care, skill and diligence. For reporting, Companies Act 2006 requires firms to submit financial reports in either UK GAAP or IFRS formats.
Time for a deal - Financial Director
Brexit The clock is ticking loudly as we head towards the end of 2020. Not only are global markets contending with the economic impact of the pandemic, but international relationships remain up in the air as the UK and the European Union continue to negotiate a trade deal. With the transition period of Britain’s exit from the EU set to end on December 31, there is now a growing sense that a deal will be concluded in time – particularly following positive talks held in London last week.
40% chance of no deal Brexit, says Western Union strategist
Brexit Britain’s hopes of securing a free trade deal with the EU are still in the balance and there is about a 40 percent chance of a “no-deal” scenario, according to Western Union’s senior currency strategist Nawaz Ali. “UK-EU trade negotiations will likely run down to the wire yet again, and it’s still hard to judge the UK government’s true negotiating position,” he said.
FinCEN files: Poor legislation creates “defensive mentality”
Financial crime Technology Anti-money laundering (AML) legislation is creating a scenario where too many suspicious activity reports (SARs) are filed, hampering authorities’ attempts to crack down on criminal activity. That’s according to Andrew Northage, partner in the regulatory & compliance team and head of international trade at law firm, Walker Morris.
Leadership key to effective digital transformation
Leadership & Management The impact of coronavirus has created an imminent opportunity for CFOs and FDs to push for a true digital transformation within the function. “There’s an expectation that it comes from IT and the back office, but actually, more often than not, the ‘champion’ is finance,” says Rachel Seymour, head of product, medium segment at Sage. According to Sage’s CFO 3.0 report, 70 percent of CFOs hold full responsibility for their organisation’s digital transformation.
Automation key to support post-pandemic finance
Technology A year ago, finance departments were urged to digitise; today, market participants have been forced to embrace the essential. CFOs and financial directors have led their organisations through a difficult financial landscape, but stronger technology is essential for businesses to survive and thrive. However, Christoph Dubies, chief strategy and transformation officer at Serrala, explained that many departments are still working with fragmented, disconnected systems.
How finance can use AI strategically
Fintech AI is often broken down into three families of applications: (1) machine learning, (2) natural language processing and (3) robotics. They all derive their “intelligence” from advanced statistics technics. What AI can do intelligently as compared to a human being is extremely limited. It does not have a conscience, it cannot understand a text to summarise it, it cannot hold a conversation (the Turing test). As such, AI is not really “intelligent”.
Webinar | Accounts Payable legal update: tackling ongoing challenges with automation
Uncategorized » Banking » Fintech » Webinar | Accounts Payable legal update: tackling ongoing challenges with automation European and UK-based regulations are encouraging finance teams to embrace digital processes, including Making Tax Digital (MTD), Duty to report, IR35, and CIS on payment, – particularly as HMRC’s ambition is to become the most digitally advanced tax administrations.
5 steps to unleashing the true value of finance
Financial Reporting Systems & Software Technology It’s time for CFOs to live in the moment. Why? Because we know the past. Like a fine swiss-watch keeping time, finance teams have religiously closed the books, reported to stakeholders and complied with regulatory requirements. After all, this hyper-focus on business process vs. business value was the focus of the previous finance generation. But now modern finance is here. What does that mean?
Understanding risk with remuneration data
It’s never been more essential for financial directors to take the lead in reviewing remuneration data frequently and identifying reputational risks within their organisations – especially when it comes to equality. In a climate where employees are more switched on about gender pay disparity and equal pay, organisations must start to understand the risks; otherwise, we’ll see more equal pay issues continuing to arise over the next few years.
Avast CFO battles to keep anti-virus giant on track
Big Data Leadership & Management Days before coronavirus became an existential threat to the global economic system, Avast Software received a dramatic jolt that led to a fight for its future. Until the last days of January, the world’s biggest provider of anti-virus software with around 450 million users had been a darling of the FTSE-250 since its IPO in September 2018, that valued it at £3bn after a series of major acquisitions.
Data-driven agility key to survival
Technology The finance function of today is about much more than just balance sheets. Technology available to finance leaders allows for real-time data about all incomings and out-goings, enabling businesses to become agile. This puts the finance function in a position to lead the business with informed and controlled decision making when reacting to change and growing the business. However, legacy technology, particularly in banking, is holding finance teams back.
Automation to raise bar for entry-level positions
The proliferation of technology has given way for businesses to automate a lot of the tasks that would typically be carried out by someone in an entry-level role; reporting, completion of manual spreadsheets, and data collection. This is particularly pertinent in the accounting and finance professions, where according to McKinsey Global Institute’s automation research existing technologies could fully automate 42 percent of finance activities.
The data you didn’t know you were missing out on
Big Data Many finance departments are neglecting and even ignoring one of their most critical streams of data: the money leaving the business. This data can yield insights about what is holding the business back and what needs to be done to take it to the next level, yet many companies remain overly fixated on the money coming into the business. In large part, this is due to the persistence of legacy finance and accounting systems.
Acquisition doesn’t have to be taxing
With more foreign investors looking for a stake in innovative UK businesses, it is especially important that those attracting such interest are ready for any post-acquisition tax and HR-related implications, which could get in the way of a smooth integration process.
What is compliance software
Compliance Two of the most significant developments in the financial industry over the last few decades have been the advances of new technology and compliance functions. Business entities across the globe must follow and maintain government and professional standards, while the regulations and standards enforced on every organisation make compliance an ongoing headache Compliance has always been and will always be one of the top priorities and concerns of CFOs and financial directors.
Slow and steady won’t win the race
C-suite Communication As we enter the third decade of the 21st Century, the rate of technological change in the world of business continues at pace. Within this context, the CFO’s role is pivotal to their organisation’s success and ability to respond to – and thrive during – this change. As things stand, organisations are simply not acting fast enough to keep up with the rate of technology innovation or benefit from real-time information.
Goodbye BI, hello proper financial reporting
Financial Reporting If you need to share and visualise data in specific ways, Business Intelligence (BI) tools are a box-ticker. However, while BI tools work very well for other departments, they do not hit the mark for finance. If a finance team needs a real-time view of ERP data to ensure they are reporting on the right things, BI won’t cut it. Finance teams are really up against it when trying to fix the reporting gaps caused by BI implementations.
Dealing with the changing risk landscape
For organisations of all sizes in all sectors, risk is an increasingly complicated matter. Exacerbated by the current landscape of geopolitical change and disruption, technological innovation and evolving business models, the range of risks CFOs are having to deal with seem more complex than ever before. One organisation that is acutely aware of this changing risk environment is Riskonnect.
What are the main activities in corporate finance?
If you assume that corporate finance is a function unconnected to the real operations of a company, you’d better think twice. Every single decision made in a business has financial implications, and any decision that involves the use of money is a corporate financial decision. Corporate finance is how to best raise money and use it. Corporate finance involves managing the required finances and its sources.
What are the solutions for non performing loans (NPLs)?
Credit Management A non-performing loan (NPL) is a sum of borrowed money upon which the debtor has not made the scheduled payments four a specified period. Although the exact elements of non-performance status vary, depending on the specific loan’s terms, ‘no payment’ is usually defined as zero payments of either principal or interest. Alternatively, NPL topically means a loan that is quite a few months late or in arrears.
What are the different financial models?
Financial Reporting Financial modelling is interpreting numbers of features of a company’s operations. Financial modelling is the task of building an abstract representation, called financial models, of a real-world financial situation. It is a mathematical model constructed to denote a simplified version of the performance of a financial asset or portfolio of a business, project, or any other investment.
Commercial Property tax implications and how to get relief
Tax Commercial property makes a good target for taxation. Its location is static, its ownership documented, and the commercial property tax liability can be calculated with more certainty. Commercial property tax receipts have risen rapidly in past decade and a half, from £21bn to £29bn, beating both The Retail Price Index and gross domestic product.
Survey: How agile is your organisation?
Survey: How agile is your organisation? Effective transformation, including growth through new digital products and services, can only happen if one key ingredient is in place: organisational agility – but how agile is your organisation? Take our survey to find out. by Austin Clark - October 30, 2019
Real-time data visibility for CFOs
Systems & Software The CFO’s role is constantly evolving. They need to be strategic whilst delivering on traditional responsibilities. One way to achieve this is to embrace technology in financial planning. CFOs are yielding insights from continually enriched data sets and contemporary technologies like artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA).
Digital transformation: moving beyond the expectation gap to the cutting edge
Technology Robotic Process Automation (RPA). Artificial Intelligence (AI). Cognitive Processing. Advanced Analytics. These and other next-generation digital technologies are highly touted these days, with the promise of lower costs, fewer staff, improved effectiveness, smarter and more strategic business decision-making, and enhanced customer experience. Despite the hype, the potential is definitely real.
Longview: Transforming the office of the CFO through connected finance
C-suite Communication Systems & Software The role of CFOs has evolved dramatically over the years. They are expected to develop skills that were not traditionally associated with the accounting function, such as risk management, business planning, and strategic thinking. Today’s CFOs wear different hats as required to become strategic partners to CEOs, helping drive accurate and meaningful business decisions for positioning their organizations for growth opportunities.
The CFO is a storyteller
Financial Reporting Decades ago, the perception of the CFO was as the “head bookkeeper” and in many organisations their strategic impact was limited to simply “looking at and presenting the numbers” and recommending departmental improvements. But the role has expanded. The finance team is now made up of stewards, technologists, data scientists, strategists, and catalysts – to name but a few.
Top 10 anti money laundering software (AML) Software
Fraud Systems & Software According to the United Nations Office on Drugs and Crime (UNODC), the estimated amount of money laundered globally each year is 2 to 5% of global GDP, or $800 billion to $2 trillion in current US dollars. Anti-Money Laundering (AML) is a term common in the financial and legal industries to detail the legal checks that require financial institutions and other regulated entities to prevent, detect, and report money laundering activities.
How to become a Chief Financial Officer?
C-suite Communication An accounting or finance professional aspiring to be a chief financial officer (CFO), must reflect a little to be certain they understand what it takes to become a CFO. CFO is generally the most sought-after job title to possess in anyone’s finance career. CFO is an executive-level professional financial professional who is in charge of the financial planning, record keeping and monetary health of an organisation, as well as managing the financial risk.
Financial sector leading the UK in use of AI
The financial sector is leading the UK in the use of artificial intelligence (AI), according to new research from Microsoft, which found nearly three-quarters (72%) of banks, insurance firms and other financial institutions are using such technologies. This represents a 7% increase over the last 12 months, and is 56% higher than the national average.
AI for Financial Directors and CFOs
C-suite Communication Fintech Forbes has confirmed that there have been over 154,000 artificial intelligence (AI) patents filed worldwide since 2010. And it’s no wonder there’s a race to deliver new AI-based technologies – CFOs and Financial Directors can expect to see a 22% cost reduction in operating expenses thanks to certain AI applications. As a result of this activity, there have been many detailed discussions on AI, especially around how it has created a buzz in financial services.
Mark Carney proposes a digital reserve currency
Mark Carney, Bank of England governor, has proposed the creation of a global digital currency as a way of stabilising global financial systems and protecting the sector from trade and currency wars.
Digitisation and technology upgrades are top treasury priorities
Digitization and technology upgrades are the top priorities for corporate treasurers in India – and digital prowess will separate the winners and losers in the corporate banking world, according to the results of a recent study.
Councils drive transformation with SaaS models
Redditch Borough & Bromsgrove District Councils are embracing the next generation, mobile-enabled technology, and SaaS solutions to transform its organisation. Both the councils are set to modernise and digitally transform their IT systems, signing a two-year Software as a Service (SaaS) deal with TechnologyOne.
Healthcare organisations fix application flaws faster
Author Jay Ashar Date published June 27, 2019 Categories Healthcare organisations are the fastest when it comes to addressing common vulnerabilities found in software, according to a report. Healthcare organisations took only six days to address a quarter of their vulnerabilities in code and just seven months (216 days) to remediate the majority (75%) of vulnerabilities, as revealed by State of Software Security report (SoSS).
The need for balance in digitising public services
A couple of years after the launch of the iPhone in 2007, Apple famously pronounced “there’s an app for that.” A decade later, and what was originally a marketing slogan has never been truer. Whether booking a cab, ordering a takeaway, or buying clothes, the smartphone has revolutionised the way in which services are consumed today. Public services are no exception.
Digital lags behind in healthcare: Deloitte report
More than one in three (35%) healthcare professionals believe it will take at least 10 years before their organisation is paperless and fully digital according to new research by the Centre for Health Solutions at Deloitte. Among senior healthcare leaders, the figure rises to two-thirds, who cite funding, leadership and interoperability as the three key challenges.
Delivering transformation for future generations
Technology professionals in the U.K. public sector are under more strain than ever before, facing budget cuts and increasing pressure for consistently delivering quality services to an ever-growing population. SolarWinds IT Trends Report 2019 has highlighted these employees’ need for more innovative technologies in their day-to-day work, as they focus on boosting their career development.
Loneliness-prevention device aids carers tackle isolation
Push to Talk, a loneliness-prevention device, is helping unpaid carers from Liverpool overcome social isolation. Push to talk, also known as press to transmit, is a method of having conversations or talking on half-duplex communication lines, including two-way radio, using a momentary button to switch from voice reception mode to transmit mode. It is a new technology that connects informal carers with one another, at the press of a button.
Discussing the future of healthcare – part 1 - GovTech Leaders
Earlier this month, Blenheim Chalcot, the UK’s leading venture builder, hosted an exclusive event in Manchester that brought together a collection of health technology leaders to discuss what the future of healthcare might look like.
Met Police bids to transform its digital capabilities
Microsoft 365 will be rolled out to all Metropolitan Police Service employees as it aims to reduce crime in London while reducing costs. Microsoft is supporting the Met Police’s drive to become a data-driven organisation, accelerating the police service’s digital transformation, creating a modern working environment across the force and enabling a digitally-supported approach to policing.
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