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Mark Gold
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| Joined: | Mon Mar 23rd, 2009 |
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Posted: Mon Mar 23rd, 2009 18:34 |
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In any economy, creative industries - for example publishing and the music industry - are a valuable and vital economic asset. Understanding the distinct needs of businesses in this sector is critical, and will help strengthen their innovative and entrepreneurial potential for the benefit of us all. Yet it seems that little evidence-based support is available.
As ACCA's vice-president, as well as being closely linked with creative industries, I'm keen to develop our profession's experience in supporting this vital economic sector. As such, I was delighted to support and direct the recent ESRC/ACCA ideas forum and thank everyone for participation.
At the ideas forum, Sir George Cox chaired a highly engaging discussion to generate ideas for applied research. You can watch the debate at http://tv.accaglobal.com/ under public interest.
Given that the accountant has been shown to be the first choice advisor to business[1], ACCA is keen to address this and has hosted an ESRC Festival of Social Science ideas forum, addressing such issues as 'what support is available to those working in the creative sector?'; 'are greater networking and collaboration opportunities required, alongside professional advice from accountants?' and 'what practical solutions can help?'
ACCA is hosting this discussion board to encourage debate to help address these highly important quesitons, and I encourage you to contribute your views. Thank you.
Mark Gold, Vice-President, ACCA
[1] Mason, C. Carter, S. and Tagg, S. (2006) The Effect of the National Minimum Wage on the UK Small Business Sector: A Geographical Analysis Environment and Planning C: Government and Policy. Vol 24, pp.99-116.
Last edited on Wed Mar 25th, 2009 18:02 by Katherine Ng
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brand
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| Joined: | Wed Mar 25th, 2009 |
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Posted: Wed Mar 25th, 2009 17:47 |
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Understanding the ways in which these businesses create value is crucially important. This is a particular challenge given the sheer diversity of creative industries. In these times of economic uncertainty, helping to strengthen planning and training in these businesses, many of which already lead the way in terms of competitiveness, innovation and entrepreneurship, could be a key factor in helping the UK power its way out of the current downturn.
Helen Brand, Chief Executive, ACCA
Last edited on Wed Mar 25th, 2009 18:00 by Katherine Ng
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anac
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| Joined: | Thu May 7th, 2009 |
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Posted: Thu May 7th, 2009 19:54 |
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In my experience based on the implementation of accounting and business software systems for the last four years in SME sector, entrepreneurial efforts in creative sector do not place enough emphasis on accounting internally. Some of the commercial legalities such as royalties in the music business are very difficult to understand. There is not good quality vertical software available to account for the royalties and complex arrangements between artists involved. What is available and affordable is difficult to integrate with the majority of accounting systems.
In addition there is a shortage of professional firms providing specific business advice to creative business. During the last four years we have two of our clients in creative business in administration. On both occasions the problems were misunderstandings of responsibilities between professional firms and businesses - VAT reclaim, PAYEE and CT returns.
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Mahmood Reza
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| Joined: | Sun May 10th, 2009 |
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Posted: Sun May 10th, 2009 12:48 |
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I have been actively involved in the creative and not for profit sector for over 25 years, as a business adviser, trainer, writer and (voluntary) board member. In my view there is a misunderstanding of the cultural and operational nature of the sector, although there are some commonality of challenges, the sector has unique and varied characteristics. The sector is not a homogeneous group, and ranges in missions, values, form, size, client group, risks and constraints.
The reasons for a lack of professional firms will be driven by a misunderstanding of the sector and client, a lack of adaptability of accepted procedures and approaches, lower level of returns.
My practice has a significant number of "for profit" clients and can appreciate the challenges for advisor's.
In my limited time I have seen the sector develop, adapt business practices and gone through a "cultural" revolution of its own. There has not necessarily been the proportionate reaction from us accountants.
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