Tech-enabled finance and HR solutions in demand in the Energy Sector
For many, the COVID pandemic has been a catalyst to press re-set on everything from our social values to health, well-being and sustainability. It has given us the opportunity to assess and evaluate our personal lives. It has been no... Read more
Blog18th Jan 2022
For many, the COVID pandemic has been a catalyst to press re-set on everything from our social values to health, well-being and sustainability. It has given us the opportunity to assess and evaluate our personal lives. It has been no different for businesses.
For many organisations this has translated to a variety of new ideas, plans and strategies, such as developing ESG values and digital solutions, to embracing operational and cost efficiencies enhanced through the use of technology.
In the AAB Group, the company has embraced every opportunity to assess, evaluate and plan for their future. It is in their DNA to embrace change and to strive to stay abreast of challenges and developments. Most importantly, their priority is to support their clients in these areas with their tech-enabled business critical services in finance and HR.
Systems and processes designed within regimes where costs did not need to be as closely monitored as today may not be easily adapted to provide the new information needed. To remain lean and cost aware, it is essential to businesses that data is available in real time so that it can be reacted to quickly and efficiently.
The ability to report and analyse costs in real-time with the ability to track granular data in a simple and practical format, means that business leaders and key decision-makers can be informed swiftly and easily of any potential issues.
Cashflow forecasting is an area which has always been difficult for businesses to perform efficiently and effectively in any sector. The use of real-time information coupled with intelligent automation takes away some of the pain. This enables key stakeholders to make informed decisions based on accurate and timely information.
The following summarises three areas where AAB Group is experiencing growing demand for its services in the dynamic, changing and fast-moving Energy Sector:
Virtual Finance Function
AAB’s Virtual Finance Function (VFF) is a bespoke solution designed precisely for these corporate requirements. It is a technology-based solution that ensures that processes and procedures are automated, limiting paper-based and manual intervention processes. VFF ensures that businesses in the energy sector are able to concentrate on growing their business, knowing that all operational, finance and compliance needs are met. AAB deploys a specialist team who are dedicated to their client’s businesses, meaning that they have peace of mind that AAB are the finance team, virtually, remotely but above all, efficiently
Global Mobility Function
As businesses emerge from the main pandemic restrictions and we start to travel more, a greater emphasis on compliance processes and tax planning opportunities will be needed. There are mechanisms to alleviate some of the complexities and administrative burdens on both the employer and individual. AAB’s Global Mobility Function takes a proactive approach and can help mitigate the chances of tax authorities issuing interest and penalty notices for failure to comply and can also reduce the likelihood of additional audits being imposed.
As the Energy Sector changes, adapts and diversifies at a greater rate of acceleration than possibly ever before, companies are constantly innovating and developing new techniques and technologies. The UK’s R&D (Research & Development) relief scheme is designed so companies that carry out qualifying R&D, related to their trade, can claim an extra tax deduction on qualifying expenditure. To qualify, companies must be carrying out research and development work in the field of science or technology, attempting to achieve a scientific or technological advance. AAB’s R&D Relief team consists of multi-discipline expertise in tax, accounting and engineering, giving them the ability to prepare robust claims on both technical and financial aspects, with a reduced risk for the customer.
If you would like further information or require assistance regarding tech-enabled finance or HR solutions, please contact Lead of Energy at AAB Alasdair Green or your usual AAB advisor.