UK SMEs need to report their gender pay gaps
The Bank of England urges the UK government to make small companies report their gender pay gaps. It appears that only 40% of the private sector would be covered by such an obligation.
The chief economist Andy Haldane also recalled that there was no obligation to report on ethnicity pay gap, even if the government has consulted on doing so. Today, the gender pay gap in England is close to 10%. Read more
Irish SMEs struggle with rising costs
Irish SMEs are more likely to struggle with cashflow than their international competitors, according to the last Bibby Financial Services Survey. Though rising costs are described as a great challenge for all SMEs, 49% of Irish SMEs report this as the major obstacle.
42% cited difficulties collecting payment from customers on time. Debts and availability of finance also remain key concerns. SMEs must look beyond the major banks to consider a wide range of financing options, explains the Managing Director of Bibby. Read more
Danish SMEs can choose new auditing standards
In 2013, Denmark introduced new auditing standards, called Extended Review, for SMEs to be able to choose an extended review of the financial statements instead of an audit. Today 250.000 SMEs have this option. Audit remains the most requested service, but other services from the accounting industry emerge rapidly.
This initiative came after a survey ran in 2010 in which more than half of SMEs responded they would ask commercial partners for another form of review of their account by the auditor if they opted out of auditing. The Danish law fixes the audit exemption threshold at DKK 89 million turnover. Read more
A digital currency for SMEs in Wales
A new project called Celyn could boost SMEs across Wales. This government initiative will be a medium of payment for the exchange of surplus goods and services. It would avoid the use of any other currencies.
The idea comes from a non-blockchain based electronic system in Italy, spreading across various regions since 2008. The Welsh initiative will be the first replication outside Italy. Read more