Anderson Anderson & Brown (AAB), the tech-enabled business critical services group, has announced six new appointments to its Virtual Finance Function (VFF), following a period of substantial growth.

VFF is a transformational approach to traditional outsourcing, where a businesses’ financial information is taken out of their office but is still managed under one (virtual) roof. The fully bespoke service offering, differs from traditional cloud accounting solutions because the team are also on hand to provide specialist advice and expertise  to ensure the bigger picture is considered– not simply assisting with processing.

Arlene Cumming has re-joined AAB as a Senior Manager in the VFF team. Arlene started her career at AAB before moving to industry where she worked with international and local businesses, predominantly in the energy sector, and gained extensive experience in monthly reporting, budgeting/forecasting, cash flow management and revenue assurance.

Alex Wheelan has also joined the team as a Manager. She specialises in IFRS and renewable energy, specifically working on specialist projects, assessing the impact of new standards and how that impacts financial reporting. Alina Burns and Keri Innes join as Assistant Managers and Sarah Drummond is the team’s first graduate trainee.

These appointments follow a substantial increase in client demand for the VFF service. In the last 12 months, client numbers have increased by 50%, with fee income increasing by 60% during the same period. Due to the nature of the VFF service, clients range from SMEs to listed companies across all sectors.  Around half of the recent wins have come from businesses within the energy sector with the other half from the business services, technology and public & not for profit sectors.

Lauren McIlroy, VFF Director at AAB commented “I am delighted to welcome so many new members to the VFF team. All of these appointments bring additional expertise and experience which will benefit our clients and further enhance our service delivery.

The increase in client demand is a result of many different factors. Some clients are growing, others are downscaling, some have completed mergers or acquisitions and we are also supporting a few start-ups who have secured their first round of funding and need to put key functions in place. However, the majority of our new, and existing, clients are businesses who are embracing virtual finance functions as an alternative to recruiting in-house finance teams.

It is a very exciting time for our team, and we look forward to continuing to work with such progressive businesses across the globe.”

 

From left to right: Lauren McIlroy, Alex Wheelan, Arlene Cumming

Anderson Anderson & Brown (AAB), the tech enabled business critical services group, has announced 30 new trainees have joined the business, following a period of significant growth.  AAB has consistently recruited more than 20 trainees each year, but this is the second consecutive year that AAB has recruited more than 30 trainees.

From this year’s cohort, trainees will be based at the Aberdeen, Edinburgh and Glasgow AAB offices.

AAB’s investment in grassroots and “growing their own” talent has always been a core element of AAB’s recruitment strategy, and this has not wavered despite the COVID-19 pandemic. With the AAB Group continuing to grow significantly, recently announcing their merger with Glasgow-based Hardie Caldwell and acquisition of Edinburgh-based Purpose HR, the importance of developing new talent is paramount.

Each entry-level position provides an opportunity for students looking to begin a career in business services to gain valuable hands-on experience with the benefit of learning from specialists across the firm’s wide-ranging services. In return, AAB gains new ideas, a fresh approach to different initiatives and the opportunity to develop potential leaders of the future.

A number of AAB’s current leadership team and directors joined the business as graduates, with some beginning their careers on placement.

Karen Stewart, Chief Human Resources Officer at AAB commented “It is vital to the recovery of the economy that businesses continue with their grassroots programmes despite the pandemic, to ensure that people have a route into their chosen professional career paths.  We are delighted to welcome so many talented individuals to AAB to begin their careers with us, and it is great that we’re continuing to increase our trainee recruitment year on year.”

“This year is a particularly significant year with the trainees joining AAB in what continues to be an exciting year of growth, change and opportunity. With a fully hybrid approach to working adopted, our trainees are going to have such a varied experience, full of opportunities that will be hugely beneficial to their development both now and in the future. As a firm we recognise the value that young people bring to our business and know it is essential to continue to attract and develop bright minds to our profession.”

Catrina Simmers, Employment Taxes Trainee at AAB added “Since joining AAB earlier this year everyone has been so welcoming, supportive and on-hand to offer advice to help us all settle into working life, introduce us to all areas of the business, prepare us for the day job, our studies and help us get to know the team in a more relaxed and informal way too. Despite beginning my career from home the team at AAB have made it as ‘normal’ as possible.

It is great to be part of such a large cohort of trainees in AAB, and it’s been really exciting to be here during the recent merger and acquisition. Following on from lockdown easing, I’m looking forward to taking full advantage of our hybrid working policy to spend more time in the office with my team and clients. There is a real excitement regarding what could come next and how we can all play our part. I’m proud to be part of a firm who are clearly investing in the future.”

In addition to its training programmes, AAB engages with schools and universities to inform students about the many different career paths the firm offers. AAB will continue to onboard trainees through its various training programmes throughout 2021.

Anderson Anderson & Brown (AAB), the tech-enabled business critical services group, has announced that it has acquired a majority stake in Edinburgh-based Purpose HR.

Purpose HR provides human resources (HR) advice and support to early stage and high growth investor-backed businesses through tailored consultancy and ‘HR as a service’ outsourcing. It was founded in 2014 by Lisa Thomson, a former Saltire Fellow who worked at Wolfson Microelectronics post-IPO and prior to its acquisition by Cirrus Logic in 2014. Lisa is also a former Scotland Director for Startup Grind and an Ambassador for Women’s Enterprise Scotland. The company was among the first cohort of businesses on the Scottish Enterprise-backed ‘Unlocking Ambition’ programme.

Purpose HR is a strategic fit with AAB group, complementing the group’s high growth areas including payroll and virtual finance. The acquisition, which is for an undisclosed sum, follows AAB announcing its ambitious growth plans to become a £50 million revenue group by 2025 and its recent merger with Glasgow-based accountants Hardie Caldwell.

The deal with Purpose HR not only adds a new dimension to the group’s growing central belt presence but provides exciting growth opportunities across the UK and internationally. The acquisition will also accelerate Purpose HR’s growth aspirations, with the business continuing to operate under the Purpose HR brand and Thomson running the business as CEO and shareholder.

Purpose HR’s client base is currently focused on the tech and life science sectors, and includes Cyan Forensics, Blackford Analysis, Modulr Finance and Topolytics. The combined group will actively target further growth in the tech sector across the UK. In addition, AAB is seeking to broaden Purpose HR’s offering into other key growth sectors such as energy, food and drink and business services. As a result, Purpose HR is actively looking to grow its headcount with a significant recruitment campaign kicking off immediately following the transaction. There are to be no job losses at Purpose HR or AAB as a result of the deal.

AAB group now has a combined headcount of over 340 staff across its Edinburgh, Glasgow, London and Aberdeen offices, 10 of those coming from Purpose HR, and a turnover of over £30 million.

Graeme Allan, Chief Executive at AAB, commented: “As a business critical services group, we are focused on providing solutions for our clients across the key areas of finance and HR. Purpose HR being part of the AAB group enables us to continue to build our capabilities in the HR space and extend our payroll and HR offering to clients.

“We are delighted to welcome Purpose HR to the group and our growing team in the Central Belt, and look forward to exploring the ways in which we can enhance our service offering to existing and new clients across the UK and internationally.”

Lisa Thomson added: “We have known AAB for a number of years and already have several mutual clients. The deal has come together at a great time for us as we look to accelerate our next stage of growth. It has been an exciting journey for the team and I to grow Purpose HR to this stage and having the chance to support so many amazing and innovative clients. Despite the challenges of the last year our client base has been actively growing and companies are increasingly recognising the value of investing in HR support and their people. By becoming an AAB group company we will have access to the wider group resources and infrastructure, enabling us to increase the range of services we can offer to clients and to expand our team – we will be hiring across Edinburgh, Aberdeen, Glasgow and London.”

Anderson Anderson & Brown LLP, the tech-enabled business critical services group, and sponsors of the Robert Gordon University Best Final Year Student in Accounting and Finance BA (Hons), has awarded the 2021 prize to Lauren Bremner.

Lauren, who enjoys keeping active and travelling in her spare time, recently explored Scotland and found a new appreciation for the country through hill-walking. Lauren joined the Private Client team at AAB as a placement student where she gained experience across a number of areas including international Private Client work. In summer 2021 Lauren re-joined AAB to continue working with the Private Client team and develop her experience even further into our other areas of PC including Employee Share Schemes, Property tax, Partnerships, Trust planning and Family Investment companies. Following graduation in July, Lauren will join a consulting firm in Edinburgh.

AAB’s Audit Partner Derek Mair commented “This is the 23^rd year we have sponsored the Best Final Year Student in Accounting and Finance BA (Hons) and since its introduction we have truly enjoyed building long-term relationships with students from RGU every single year. We continue to be impressed by the high standard of candidates graduating from this course and Lauren is no exception.”

 

Anderson Anderson & Brown (AAB), the tech-enabled business critical services group, has strengthened its plans for future growth by expanding the management team with 30 new posts in the last 12 months.

The latest investment in talent by AAB includes 8 new appointments and 22 internal promotions to both manager and senior manager positions, bringing the headcount of its management team to 90, across the London, Glasgow, Edinburgh and Aberdeen offices.

The significant expansion of AAB’s management team comes on the back of AAB announcing ambitious growth plans to become a £50 million revenue group by 2025.

Bolstering its management team strengthens AAB’s ability to deliver an awesome service to clients, evolve to meet clients’ changing needs, and meet increasing demand from a growing SME client base.  AAB currently employs around 330 people across the UK and has a turnover of c. £30 million.

Graeme Allan, Chief Executive at AAB said: “We are building real momentum in the pursuit of our growth plans, and this is reflected in these 30 new posts within our management team. I’m delighted that we continue to welcome new talent to the group alongside the continued development and progression of our outstanding team.

“This promotion round includes not only individuals from our four UK offices, but also those across all of our business units and our internal support teams. Everyone has an important role to play in enhancing our service delivery and contributing towards our ambitious growth plans for 2025 and beyond.”

Anderson Anderson & Brown (AAB), the tech-enabled business critical services group, has announced the promotion of Natalie Boyle to Audit Director within its Glasgow office.

This most recent appointment to the group’s leadership team follows the announcement of AAB and Hardie Caldwell’s merger earlier this month. The two businesses stated that the merger would accelerate AAB’s plans of becoming a leading Scottish regional player across the country’s three biggest cities, Glasgow, Edinburgh and Aberdeen and that they were “hugely excited” by the opportunities this would present for both staff and clients.

Natalie has extensive experience in leading audits and has a strong track record of delivering assignments for clients across multiple sectors with a particular focus on professional practices, renewables and not-for-profit. She is a qualified ICAEW member and was also recently approved by the Institute of Chartered Accountants of Scotland (ICAS) to become a Responsible Individual (RI) for audit purposes.

Angus McCuaig, Managing Partner – Glasgow commented “Natalie has made a significant contribution to the business since she joined us three years ago and we are delighted to announce her promotion which is richly deserved. I am confident that her drive and vision for client service will continue to not only positively impact our clients but will also contribute towards our Central Belt audit team playing their part in the ambitious growth plans across the AAB group.”

James Pirrie, Head of Audit added “Natalie’s promotion comes at an exciting time for our business and for our audit team. Whilst the audit landscape has undergone many changes recently, we have enjoyed significant growth and a noticeable increase in the volume of larger company audits. Changes to regulations will continue to present new challenges for businesses and we will continue to invest in our team to ensure that we are best placed to deliver for our clients.”

Anderson Anderson & Brown (AAB), the tech-enabled business critical services group and Glasgow-based accountants, Hardie Caldwell, have merged to accelerate AAB’s plans of becoming a leading Scottish regional player across the country’s three biggest cities, Glasgow, Edinburgh and Aberdeen.

AAB and Hardie Caldwell reported a combined turnover last financial year of £30 million with ambition to deliver £50 million group revenue by 2025 following the merger. As a result of the merger, AAB expects to strengthen its 330+ team with further recruitment later this year and can confirm no job losses from either firm as a result of the merger.

The Hardie Caldwell business in Glasgow shall be re-branded as AAB with immediate effect. The two businesses will seamlessly join together having worked in partnership with each other as part of the UK-wide Accelerate association of accounting firms for the last three decades. Both AAB and Hardie Caldwell clients shall benefit from gaining access to a group with broader resources and enhanced service capability, particularly across the Central Belt of Scotland where AAB will now have an 80+ strong team.

The three Hardie Caldwell partners, Angus McCuaig, Douglas Emery and Pauline McGarry, all become AAB partners as a result of the merger, with Angus McCuaig, current Managing Partner of Hardie Caldwell, assuming the role of AAB’s Managing Partner in Glasgow, having been appointed to the AAB Board.

Graeme Allan, Chief Executive at AAB commented, “This is a fantastic development for both businesses with a shared vision of providing an awesome client experience and supporting our clients’ diverse needs across sectors and geographies. The merger provides AAB with a greater geographical footprint and gives us a key presence in Glasgow which will help us realise our growth strategy to 2025 and beyond. This is an extremely important milestone for the group.”

Angus McCuaig added, “We have a long history of working in partnership with AAB and look forward to moving this on to the next level through the merger of the two firms. We are hugely excited by the opportunities this creates for both our staff and clients as we embark on exciting growth plans to create a much larger AAB business in Glasgow and across the wider Central Belt.”

AAB has been working in conjunction with the Association of Practicing Accountants (APA), a network of 17 professional service firms who collaborate on industry issues enabling better representation and support to the owner managed business sector.

The research among 435 owner managed businesses across the UK was carried out between April and May by the APA, a network of 17 leading business advisory firms who represent over 14,000 of these businesses.

Owner managed businesses coming out of the third lockdown are still struggling with the impact of Covid-19 and an uncertain economic outlook:

• 11% reported that it is likely they will have to make redundancies in the next 3-6 months putting a potential 1.85 million jobs at risk across the UK
• 24% reported a negative or very negative impact on their business since the UK left the EU
• 53% of respondents identified uncertain trading conditions as their biggest single challenge
• 15% cited Brexit supply chain issues as their single biggest challenge

Nonetheless:

• 84% of respondents reported that they were either confident or somewhat confident that they would be able to access the finance that they needed over the next 6 months with anecdotal evidence suggesting that the major banks were continuing to lend
• Longer term 54% were more positive about their economic prospects outside the EU while 46% were less positive

Commenting on the findings APA Chairman Martin Muirhead said:

“What is clear from our research is that a significant minority of owner managed businesses who have managed to pull through the last 12 months are still in survival mode with uncertain trading conditions being the biggest concern to a majority.

“Nonetheless there is also evidence to suggest that those businesses that have managed to weather the impact of Covid-19 are now more resilient and that existing and proposed Government support measures have generally been well received.

“Over the coming months it is vital that Government maintains a flexible and targeted approach to business support focusing resource on those sectors where there is the greatest need. Owner managed businesses form the backbone of the UK economy and need continued, targeted support as we emerge from this third lockdown.”

The research was carried out among 435 owner managed businesses between 12th April and 14th May.

Family firms are the engine room of the Scottish economy and they continue to contribute significantly to employment, economic output and the creation of wealth, on top of making a real impact on the communities in which they are located.

Family Business United published the Top 100 Scottish Family Firms 2020 report this month. The report looks at businesses with a turnover in excess of £20million annually and is based on the most recent accounts filed at Companies House. Although many of which were filed prior to the onset of the pandemic, the results stand for themselves.

The 100 large businesses which are the focus of the report showed record figures since the first report was produced back in 2017 and this research proves that family firms are major employers, revenue generators and contributors. Not only do the leading family firms in Scotland provide a large number of jobs, they are investing in their staff. Over the four years this report has been compiled, the total employed by the Top 100 Scottish family firms has increased by 22,820 (25.8%). Despite the prevailing uncertainty at the time of many of the firms reporting their results, the Top 100 have remained profitable, generating £1.4 billion, which is a return of 6.2% on total turnover, demonstrating their importance, especially as they will undoubtedly be a key driver of Scotland’s recovery from the pandemic.

Some more of the key findings from the 2020 report include:

• Top 100 Scottish family firms generate £22.6 billion every year.
• Top 100 Scottish family firms employ over 111,000 people.
• The key family business employers are in the Food & Drink, Property & Construction and Motor Retail sectors
• There is a broad geographical spread of leading family firms but Lanarkshire, Stirlingshire, West Lothian, Mid Lothian and Banffshire account for over 77% turnover of the Top 100 Scottish family firms.

AAB is delighted to have been a key partner in this project, with Lyn Calder, Managing Partner – Edinburgh and Head of Family Business at AAB actively involved in helping pull the report together.

Paul Andrews, Founder and CEO of Family Business United said, “This research is important as it proves that family firms are truly the engine room of the Scottish economy and contribute significantly to the prosperity of the nation. There are clearly some large family businesses in Scotland that are significant employers and major contributors to the economy, locally, regionally and nationally and deserve to be recognised for their endeavours. Family businesses are integral to communities the length and breadth of Scotland and with the leading firms in a strong position before the onset of the pandemic they will undoubtedly have an important role to play in the recovery of the economy too.”

Lyn Calder, Managing Partner at AAB’s Edinburgh office shares, “We all know too well of the challenges businesses have had to face over the last 12-18 months, including family businesses. Not only from the pandemic but other factors such as Brexit and general economic uncertainty have also posed new challenges for family businesses. Despite this, the report reflects positivity in showing resilience, innovation and new ways of working.”

Visit their website to find out more about the latest research conducted by Family Business United.

Find out more about AAB’s Family Business team.

Anderson Anderson & Brown (AAB), the tech-enabled business critical services group, has reported an increase in new enquiries for support with HM Revenue & Customs (HMRC) investigations and disclosures, for both companies and individuals residing in the UK since the start of the year.

AAB has experienced a significant increase in new enquiries across the multiple areas and in particular business tax investigation enquiries have increased by 50 per cent in the last six months.

AAB’S specialist tax investigations team believe this is in part due to evidence of HMRC’s renewed focus on tax investigations, in particular overseas income and gains, UK property income and gains, large multi-taxes investigations into businesses, and fraud investigations into company directors and the self-employed, following a pause on this activity during the height of the pandemic.

This trend of increasing tax investigation activity is expected to continue with Chancellor Rishi Sunak also announcing the launch of a COVID fraud team within HMRC. HMRC estimates that up to 10 per cent of furlough cash may have been claimed fraudulently, a sum now equal to more than £5 billion.

Alongside these relatively ‘new’ types of investigations HMRC routinely open hundreds of Employer Compliance reviews each year across a vast array of business sizes and types, and now these could include questions around any furlough claims made by employers.

Stuart Petrie, Director and Head of Tax Investigations at AAB commented: “The last year has been exceptionally challenging, and whilst the various COVID support measures introduced by the Government have been welcomed, the changes, extensions and volume of different measures may have resulted in errors which could lead to potential investigations. There are steps which can be taken to correct these errors if employers and individuals act now.

“HMRC has wide-ranging powers which enables it to enquire into the tax affairs of any business and, due to the increasing volume of third-party data they are able to obtain, more and more investigations are being opened. Investigations can be complex, and we expect this to increase, particularly with HMRC’s COVID fraud team being introduced.”

The rise in tax investigations is hitting individuals as well as businesses. Lynn Gracie, Private Client Director at AAB, added: “Individuals with assets overseas need to be aware that since the advent of international tax transparency, HMRC now has visibility of data across more than 100 jurisdictions and is processing unprecedented amounts of data provided to them by overseas countries.

“With the complexities associated with some overseas sources, innocent errors can easily be made and penalties are severe – up to 200 per cent of any revised tax due plus interest for late payment – so it pays to ensure your tax affairs are correct.”

From left: Lynn Gracie, Stuart Petrie