Wolters Kluwer blog

 

The latest news and opinion from Wolters Kluwer experts for tax, accounting, audit and small business professionals

The 7 principles of GDPR: how they affect accountancy practices and their clients

By Wolters Kluwer News on 10-May-2018 16:19:40

In a little over two weeks, GDPR will take effect across the EU.  It applies to any organisation, regardless of its size, inside or outside Europe, which holds or uses the personal data of EU citizens.

In previous blog articles and downloadable guides, we’ve gone into some detail about how your accountancy practice can meet its obligations under GDPR.  This close to 25 May – the date of implementation – we’re taking a step back to look at the core principles that underpin GDPR.

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Does my accountancy practice need a Data Protection Officer for GDPR?

By Wolters Kluwer News on 24-Apr-2018 09:23:03

As we count down to the General Data Protection Regulation (GDPR), which takes effect on 25 May, many accountancy practices still have unanswered questions.  One of the more pressing is “In order to become compliant, will my accountancy practice have to appoint a Data Protection Officer?”

That’s an important question, whether it’s one you’re asking for your own accountancy practice, or one you’re hearing from your clients.  A Data Protection Officer (DPO) has important powers and responsibilities so, before you rush off to appoint one, take a moment to read this article.

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GDPR is more than just a destination for accountancy practices

By Wolters Kluwer News on 09-Apr-2018 16:54:49

It’s becoming a cliché to point out that GDPR is a journey, not a destination.  But that doesn’t mean to say it’s not true.

With all the publicity surrounding 25 May, many accountancy practices are treating this date as a finishing line they have to sprint for, but it’s much more like the starting line of a marathon that businesses will have to get used to running.

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Ready for GDPR? What about your tax and accounting software?

By Greg Gillet on 13-Mar-2018 12:23:14

To get themselves ready for the introduction of the new EU-wide data and privacy law on 25 May, we know that many of our customers have been taking a long, hard look at their policies and internal procedures.  At the same time, we’ve been taking a long, hard look at the software that they rely on to prepare tax returns, produce accounts and run their accountancy practices.  We’re delighted with the results!

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Managing software change:  7 steps to success

By Greg Gillet on 21-Feb-2018 09:08:02

We have high expectations of technology. In their latest Tech Trends report, Deloitte reported that 67% of CIOs expect IT to deliver increased efficiency and reduced costs and 70% expect it to deliver business process improvements.1

To stand a chance of delivering on its full potential, the implementation of new software in your accountancy firm has to be the best it can be. This guide outlines seven best practices that will give your next technology or software project its greatest chance of success.

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Facing up to unavoidable change in your accountancy practice

By Greg Gillet on 14-Feb-2018 12:14:05

Many of us find change challenging. We rationalise our caution by quoting the popular saying, “If it ain’t broke, don’t fix it”, which makes a desire for change seem almost perverse.

But what happens when it is broke? Or broken enough to need fixing? Or due to break very soon? What happens when your competitors are less broken than you? Or when your customers think your offering is broken? In these circumstances, you can’t afford not to fix it.

This article looks at what drives change in a modern accountancy practice.

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Automating the audit process

By Greg Gillet on 13-Feb-2018 09:13:12

What do complex processes like performing an audit have in common with the nuts and bolts business of, say, assembling a car or manufacturing a mobile phone?  Perhaps more than you might imagine at first glance.  So if you haven’t yet considered the advantages of automating the audit process, maybe now’s the time to do so.

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Record fine for Carphone Warehouse: What it means for GDPR

By Greg Gillet on 16-Jan-2018 10:57:53

The Information Commissioner’s Office (ICO) recently fined Carphone Warehouse £400,000 for security breaches following a cyber-attack that the company suffered in 2015.

Although the fine, imposed under the current Data Protection Act, is among the highest issued by the ICO, it’s dwarfed by the potential fines available under GDPR, coming into force on 25 May 2018; these will be up to a maximum of €20 million or 4% of global turnover, whichever is higher.

So why was the penalty for Carphone Warehouse so high?  And what should organisations now do to protect themselves from action under GDPR?

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What GDPR means for your website

By Greg Gillet on 18-Dec-2017 13:19:30

The General Data Protection Regulation, which will come into effect across the EU on 25 May 2018, will have a profound effect on business systems, workflows and internal processes. 

For many practices, the firm’s website is one of the primary touchpoints with new and future clients.  It’s often the first point of contact, a place to introduce your team, explain your services and collect vital contact data from enquirers.  Which means your website is in the front line when it comes to GDPR compliance.

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GDPR survey:  How ready are accountants?

By Paul Brace on 06-Dec-2017 12:39:31

With less than six months until the General Data Protection Regulation (GDPR) comes into force, how well prepared are accountants to deal with the impact of the new data protection laws?   We recently surveyed over 100 individuals from UK accountancy practices to find out.

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