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, from developing Environmental, Social and Governance (ESG) values and digital solutions, to embracing operational and cost efficiencies enhanced by technology.
The AAB Group has taken every opportunity to assess, evaluate and plan for the future. It is in the firm’s DNA to embrace change and to strive to stay abreast of challenges and developments.
Most importantly, its priority is to support clients with tech-enabled business critical services in finance and HR.
Systems and processes designed in regimes where costs did not need to be as closely monitored as today may not be easy to adapt to provide the new information needed.
To remain lean and cost aware, it is essential for businesses to access data in real-time so that they can react quickly and efficiently.
The ability to report and analyse costs in real-time, and tracking granular data in a simple and practical format, means that business leaders and key decision-makers can be informed of any potential issues swiftly and easily.
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.
It enables key stakeholders to make informed decisions based on accurate and timely information.
The requirements for real-time, visible data and cost-efficiencies are driving a growing demand AAB Group is experiencing for its services in the dynamic, changing and fast-moving energy sector, including:
Virtual Finance Function
AAB’s Virtual Finance Function (VFF) is a bespoke solution designed precisely to meet corporate requirements.
It is a technology-based solution that ensures that processes and procedures are automated, limiting paper-based and manual intervention processes.
VFF enables businesses in the energy sector to concentrate on growing their business, knowing that all operational, finance and compliance needs are met.
AAB deploys a specialist team dedicated to each client’s businesses, giving them peace of mind that AAB is their finance team – virtually, remotely and, above all, efficiently.
Global Mobility Function
As businesses emerge from the main pandemic restrictions and we start to travel more, there will be a greater emphasis on compliance processes and tax planning opportunities.
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 Research & Development (R&D) tax 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 R&D work in the field of science or technology, attempting to achieve a scientific or technological advance.
AAB’s multi-disciplinary R&D relief team consists of experts in tax, accounting and engineering. Their in-depth knowledge results in tax relief claims that are technically and financially robust which reduces the risk for the customer.
Alasdair Green is a Director and Energy Team Lead at Anderson Anderson & Brown (AAB)