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Articles about Accounting

Tech Data: UK accounting errors cost us $27m

Tech Data (TD) has turned to "external experts" to beef up fraud detection measures after it emerged that righting accounting wrongs at its UK sub had wiped $27m (£16.55m) off net profits for the last three years. The restatement equates to three per cent of income made during fiscal '11, '12 and '13, the periods that forensic …
Paul Kunert, 05 Feb 2014
HP Autonomy homepage screen

US Air Force turns up dubious Autonomy accounting in reseller contracts probe

An investigation by the US Air Force into alleged accounting irregularities at Micro Technologies has unexpectedly dragged all that nasty business between HP and Autonomy back into the limelight. The USAF has been looking into MicroTech, which does a lot of business with government agencies – and, crucially, resells Autonomy …

Tech Data to close lid on accounting nightmare TOMORROW

Tech Data is about to wake up from the restatement nightmare that has troubled senior execs for nearly 11 months when it reports delayed fiscal '13 numbers tomorrow. The world's second largest tech wholesaler revealed in March that it discovered errors in vendor accounting which could wipe up to $33m off its bottom line for …
Paul Kunert, 04 Feb 2014
The Register breaking news

UK fraud office hauls Olympus into court over accounting scandal

Japanese camera firm Olympus will be prosecuted by the UK's Serious Fraud Office along with its British subsidiary Gyrus Group following a £1bn accounting scandal at the company. The SFO has been investigating both companies after three of Olympus' former execs admitted to falsifying financial statements, overstating net assets …
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Danwood axes 200 after discovering 'accounting weaknesses'

Top brass at print consultancy the Danwood Group axed 200 staff as part of an operational review following the discovery of systemic accounting errors relating to services contracts. The details of the job cuts were laid bare in a Companies House filing today for the Lincoln-based HP, Xerox and Canon sales biz, covering results …
Paul Kunert, 28 May 2013
The Register breaking news

US, UK probe HP claims of accounting mischief at Autonomy

The US Department of Justice is investigating Hewlett Packard's allegations that British software company Autonomy cooked its books before it was bought up by HP. Hewlett Packard claimed accounting irregularities and financial misrepresentation at Autonomy led to HP's $8.8bn loss in the fourth quarter of 2012. HP paid $11bn for …
Anna Leach, 31 Dec 2012
Red pen

Phoenix IT Group fesses up to 'accounting irregularities'

Phoenix IT Group has suspended a business manager amid a probe into accounting irregularities that the firm reckons will result in £14m being wiped from net assets. The listed IT services group revealed in a statement to the London Stock Exchange this morning that it has named PwC and Nabarro LLP to "carry out independent …
Paul Kunert, 03 Sep 2012

Phoenix IT Group injects fresh blood, hopes to heal from accounting boo-boos

Troubled Northampton-based player Phoenix IT Services has quietly introduced new blood to the organisation. The IT services specialist recently posted numbers for the halfway (30 September) point in fiscal 2013, with sales diving £7m to £124m and operating profits falling to £9.9m from £14m (restated) in the previous year. This …
Paul Kunert, 11 Dec 2012
iMoney iOS app icon

iMoney Accounting

It must be a sign of the times, but I’m definitely seeing more personal finance apps coming my way recently. Of course, there’s already no shortage of apps for keeping track of your daily spending, but iMoney Accounting caught my eye as it’s free and also has an online reporting function that could be useful for people who need …
Cliff Joseph, 13 Oct 2011
management regulation1

Banks slap Olympus with £160 MEEELLION lawsuit

Just when it thought the dark days were behind it, camera purveyor Olympus has been slapped with a ¥28 billion (£160m) lawsuit from six trust banks over a long running accounting scandal. In a brief note on the company’s website, Olympus said it had received notice from the banks’ lawyers that they are seeking ¥27.9bn in …
Phil Muncaster, 10 Apr 2014

Tech Data: We need ethics, and we've found the right man

It comes to something when a corporation is forced to appoint a chief ethics and compliance officer but that is exactly what distributor Tech Data has done, weeks after completing its costly accounting investigation. Fourteen-year company veteran Jean-Paul Durand – who most recently served as TD's vice president, assistant …
Paul Kunert, 18 Feb 2014
One of New Zealand Post's commemorative Hobbit coins

Kiwi 'ccountancy cloud collects colossal cash casket

New Zealand software-as-a-service (SaaS) accounting software Xero has announced an injection of $NZD180m in funding, much of it it from US-based venture capitalists. The new fund raising is earmarked to “support continued global growth”. Xero's already growing quite nicely, thank you very much, having won more than 211,000 …
Simon Sharwood, 13 Oct 2013

HP: Autonomy overstated 2010 profits, cuts them by 81 PER CENT

HP has filed at the UK's Companies House the results of an audit of the 2010 financial results of two of Autonomy's eight divisions, which says that the UK software firm's revenues were actually just 54 per cent of its initially stated figure, and that their profit figure for the year needs to be cut by a whopping 81 per cent. " …
Iain Thomson, 04 Feb 2014

HP 'KNEW' about Autonomy's hardware sales BEFORE the whistle blew: report

HP knew about Autonomy's hardware and reseller sales long before a whistleblower pointed them out and the company wrote down its acquisition by $8.8bn, the Financial Times has claimed (paywall), citing emails and Deloitte audit reports. HP has accused Autonomy of "accounting improprieties, misrepresentations and disclosure …
management strategy4

Return of the king: Gass anointed Tech Data UK boss again

A little over two years after ending his second stint as Tech Data's UK and Ireland head honcho, Andy Gass is set to recline into his old MD chair again, with current incumbent Peter Hubbard to take over at the local Mobile sub. Company veteran Gass only moved upstairs to be senior veep of south and west Europe at the start of …
Paul Kunert, 19 Feb 2014

Tech Data goes for big gun credit man amid accounts probe

Tech Data UK has opted for a big hitter to head up its credit function amid the continued probe into accounting irregularities. Blighty's largest distributor has hauled in former Sun Microsystems global credit manager Kevin Corcoran as director of credit services and after sales management. The second element to the title is …
Paul Kunert, 27 Nov 2013

Olympus trio escape jail but firm fined £4.6 MEEELION

Three former Olympus execs have been found guilty of massive accounting fraud and the camera-maker fined ¥700m (£4.6m), although the disgraced trio escaped prison sentences. Tokyo District Court on Wednesday sentenced former chairman Tsuyoshi Kikukawa, auditor Hideo Yamada, and ex-VP Hisashi Mori to suspended prison terms after …
Phil Muncaster, 04 Jul 2013
The Register breaking news

Accounting software gets better at languages

Businesses have become accustomed to software products like MS Office which can be switched between languages (although Word's US English can be stickier than a handful of superglue when you want to select another language). But when it comes to the financials modules in enterprise resource planning (ERP), the multi-lingual …

Sage 50 activation blackout: Shops sent back to paper age

New and existing retail customers of the Sage 50 online accounting service were left in the lurch following a “massive” server outage last week. Shops installing new versions of the Sage 50 accounts software or upgrading their existing accounts were unable to register their serial numbers or activation keys for the new systems …
Gavin Clarke, 02 Sep 2013
SAP

UTS Business School bakes SAP into courses

The University of Technology Sydney (UTS) is poised to offer courses in SAP. The courses will be offered as either standalone subjects or as part of a Master of Business in Accounting. Bean-counting is the focus on the new courses, two of which are “foundation” level affairs consisting of a “Certificate 1 in Accounting with SAP …
Simon Sharwood, 20 May 2013

Distie giant Tech Data's profits collapse amid beancounter probe

Fresh from restating P&L accounts for fiscal 11', '12 and '13, box-flinging demon distie Tech Data has released some delayed numbers for the nine months to 31 October and they make for happy reading… if you are a rival. The world's second largest tech wholesaler earlier this month published a report on the embarrassing …
Paul Kunert, 25 Feb 2014

Ex-Autonomy boss Mike Lynch goes nuclear: Claims HP 'misleads' its own shareholders

Mike Lynch, former chief of HP-owned Autonomy, tossed an explosive shareholder letter onto the internet today – just hours before HP's annual investors' meeting in Santa Clara, California. The scathing missive alleges Hewlett-Packard has been "misleading" its shareholders about the reasons behind the computer giant's $8.8bn …
Jack Clark, 19 Mar 2014

Netflix, YouTube video killed the BitTorrent star? Duo gobble web traffic

Streaming video now makes up more than half of internet traffic in North America as more and more internet users shun filesharing sites. Netflix and YouTube now account for the lion's share of all online traffic, according to the Global Internet Phenomena Report by Sandvine (PDF - you need to register). Netflix is top, with 31. …
Jasper Hamill, 11 Nov 2013

Blundering Tech Data faces NASDAQ boot over Computer 2000 accounts

Tech Data is facing a delisting from the NASDAQ unless it can bring its financial house in order, the distributor has confirmed. The world's second largest tech wholesaler had until 26 September to file its fiscal 2013 Form 10-K - an annual report required by the SEC - and numbers for first half of this current financial year. …
Paul Kunert, 04 Oct 2013
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Arrow Electronics engulfs hefty data centre player in €230m gobble

Serial swallower Arrow Electronics has wolfed down security and network distie Computerlinks (C'links) in a deal valued at €230m (£198m). Word on the street was that US-based giant Arrow had been locked in buyout talks with the privately-owned, Germany-based player earlier in the summer, but the deal was only confirmed late last …
Paul Kunert, 28 Aug 2013
The Register breaking news

Dell pays $100m to settle accounting fraud charges

Dell has agreed to pay $100 million to settle US Security and Exchange Commission charges that it failed to disclose information to investors and used fraudulent accounting practices to give the false impression it was meeting Wall Street earnings targets. Separately, Michael Dell – the company's founder, chairman, and CEO – …
Cade Metz, 22 Jul 2010
management regulation2

Judge rules investors can sue Meg Whitman and HP over Autonomy

HP and its chief Meg Whitman will have to face claims from a shareholder class action lawsuit alleging the exec and her firm knew statements from Autonomy's management were misleading before the acquisition. US District Judge Charles Breyer ruled that investors can go ahead with claims against the company and Whitman, saying …
Samsung logo

Say CHEESE: Samsung files patent for transparent camera

Korean electronics giant Samsung appears to be upping its efforts to crack the digital camera market after a patent filing emerged detailing designs for a compact camera with a completely transparent display. The filing with the Korean Intellectual Property Rights Service (KIPRS), seen by the Wall Street Journal, describes the …
Phil Muncaster, 20 Mar 2014
Motoroheadphones Motorizer

IPO? Don't know what you're talking about, says Spotify as it seeks IPO report guru

Spotify has advertised for a new "external reporting specialist", fueling rumors that the online music streaming biz is getting ready for a stock-market debut. In a job ad on its website, Spotify said it was looking for someone who could "prepare the company for international financial standards". The new recruit should act as …
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Coda wafts accounting software onto Salesforce.com's cloud

Veteran accounting software outfit Coda has made a jump into the cloud by pooling its online offering with Salesforce.com. The companies become joint owners of Financialforce.com. This will have headquarters in Silicon Valley and Yorkshire, and will encompass the existing Coda 2go operation, running on Salesforce.com's force.com …
Joe Fay, 30 Sep 2009
Red pen

Ex-state attorney general probes Tech Data CEO's sale of $2m shares

A firm of legal eagles is investigating whether distie giant Tech Data violated state or federal laws by making accounting errors that will wipe millions off its bottom line from recent years. Kahn Swick & Foti (KSF) is also probing CEO Bob Dutkvsky's offloading of $2m in his firm's shares earlier this month The US logistics …
Paul Kunert, 22 Mar 2013
management management1

HP clinches six week extension on whether to join shareholders' suit against Autonomy

HP has said that it has made decisions about how to proceed with a case brought by its shareholders over the $8.8bn writedown for the acquisition of Autonomy – but it wants six more weeks to mull them over. The company was given until last Friday to think about recommendations by a committee of independent directors over the …
OCZ Vertex 4 256GB Sata 3 SSD

OCZ balances books, files results following 4-year omnishambles

SSD supplier OCZ Technology Group has finally filed its fiscal 2013 year results after having to correct the four previous years' results, showing how inadequate financial controls nearly caused the company to collapse. As it is, the consumer and enterprise SSD supplier has been facing a Nasdaq delisting and severe financing …
Chris Mellor, 09 Oct 2013
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WHOMP: Mega UK services player Phoenix IT falls back into the ashes

There was no sound of popping champagne corks at Phoenix IT Group this morning – just anguished cries coming from the boardroom as execs warned trading results are getting worse. The LSE-listed IT services player pushed out an interim Q1 2014 statement covering 1 April to 30 June, saying it "continues to be cautious" about its …
Paul Kunert, 01 Aug 2013
Tech Data

Tech Data: Computer 2000 brand taken out back and shot...today

The Computer 2000 brand is to be retired from today as the UK arm of Tech Data adopts its parent's name tag. The timing is interesting, given that C2000 – or the company formerly known as C2000 – is the subject of an ongoing investigation into vendor accounting improprieties. In a letter sent to vendor customers, seen by El …
Paul Kunert, 07 Oct 2013

Mega-distie Ingram Micro cops to plans to axe jobs, padlock offices

Ingram Micro has confirmed that the "delayering" exercise that it was cagey about a fortnight ago will indeed involve redundancies across European ops as it centralises back-office functions. The beefy tech wholesaler revealed earlier this month that it is trying to figure out ways to slash annual overheads by $100m, speed up …
Paul Kunert, 27 Feb 2014
cloud

Sage moves into cloud with online SMB accounting package

Business software company Sage launched a new web-based accounting product today targeted at individuals and SMBs. The Newcastle-based FTSE 100-listed firm developed the software, which was built on the Ruby-on-Rails open source web application framework, as part of Sage's effort to focus on what its North European boss Paul …
Kelly Fiveash, 18 Jan 2011

Indonesia becomes MOST DANGEROUS place on the internet

Indonesia has had the dubious honour of supplanting China as the number one source of attack traffic globally in the second quarter, according to the latest stats from content delivery and security firm Akamai. The vendor’s State of the Internet report for Q2 found Indonesia accounted for 38 per cent of the world’s attack …
Phil Muncaster, 17 Oct 2013
Great Wall of China

China's CERT blames US for a THIRD of all attacks on Middle Kingdom PCs

China’s Computer Emergency Response Team (CNCERT) has claimed in a new report that backdoor attacks on systems jumped by over 50 per cent over the past year, and once again fingered the US as the main culprit in 2013. The CERT announced the findings of its latest annual report on its website. It claimed that 15,000 "hosts" …
Phil Muncaster, 31 Mar 2014
management governance3

Clock ticking for IT distie Tech Data to end accounts probe

IT channel biz Tech Data has until September to get its house in order - because that's when it must file all its delayed financial reports to regain compliance with NASDAQ rules. The world's second largest tech distributor missed the deadline for filing its Q1 2013 results this month, some 45 days after the end of the quarter …
Paul Kunert, 20 Jun 2013
management regulation1

Google facing $5 BEEELLION antitrust fine in India

Google may be in the midst of securing a deal on its long-running search dispute with the European Union, but it’s still facing a possible $US5bn (£3bn) fine from the Competition Commission of India (CCI) over allegations it has abused its market leading position in the internet search space. Local laws state that the CCI can …
Phil Muncaster, 10 Mar 2014

Telstra flogs phone books to Platinum Equity

Mere days after Telstra was rumoured to be selling its Sensis directory division for “as much as $AU3 billion” the carrier has closed the deal for the fire-sale price of $AU450 million. The sale puts 70 per cent of Sensis in the hands of US private equity firm Platinum Equity – putting a total valuation on the division at around …

Lovers of Tor can now sprinkle Bitcoins on its developers as thanks

The folks behind web privacy tool Tor will now accept donations in Bitcoins. The project, which attempts to anonymize connections across the internet, will team up with payment biz Bitpay to allow users to donate using the crypto-currency; BTC contributions will be ultimately converted into dollars for the developers' coffers …
Shaun Nichols, 18 Dec 2013

'British Bill Gates' Lynch laments HP's Autonomy 'botch-up'

Mike Lynch, once billed as Britain’s Bill Gates, has lamented the handling of his former company Autonomy, saying Hewlett-Packard fumbled the acquisition. In a softball CNBC interview where he pushed his Invoke Capital venture fund, Lynch said Autonomy was the “next generation of software” until HP "dropped the ball". In …
Gavin Clarke, 16 Sep 2013
Kim Dotcom

Dotcom's Mega looks for a backdoor onto NZ stock exchange

Kim Dotcom’s cloud storage business Mega Ltd has announced plans to go public with a NZ$210 million (£109m) backdoor listing on the New Zealand stock exchange, which will open the firm up to a whole new level of scrutiny. Backdoor listings are usually enacted by smaller firms looking to go public without the cost and hassle of …
Phil Muncaster, 25 Mar 2014
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Singapore itching to hire new IT pros

Things are looking up for ex-pat IT pros on the hunt for jobs in Singapore, with confidence about growth levels in the city state’s technology sector through the roof, according to a new skills report. Recruiter Robert Half’s latest employment report for Singapore collected info from over 400 business leaders. It revealed that …
Phil Muncaster, 23 Jan 2014

Probe into Autonomy allegations could take years - report

The federal probe into the alleged book-cooking at Autonomy prior to its acquisition by HP could take years to play out, according to reports. This will not be music to the ears of Mike Lynch, former CEO of Cambridge-based Autonomy, who stands accused, along with his fellow directors, of deceptive accounting irregularities that …
Paul Kunert, 12 Jun 2013
Cellular basestation antenna

Mobile price competition stirs in Australia

Beleaguered Australian mobile users might be about to get some price relief, if research from Goldman Sachs proves accurate. Vodafone Australia and Optus sub-brand Virgin mobile are leading the charge, the price survey found, both announcing “double data” plans for a limited time. According to Australian telco newsletter …
The Register breaking news

Xero gets $NZ60m to account for

Kiwi tech entrepreneur Rod Drury’s accounting software company Xero has attracted a further $NZ60m from existing backers Matrix Capital and Peter Thiel’s Valar Ventures. The new cash is the third round of investment from the SaaS accounting outfit's US supporters and will go towards further expanding service, support and global …
Pierce Brosnan in Tomorrow Never Dies

Tape straightens its tie, speeds away from villain's lair: I think I'll die another day

Declines in the sales of tape media are decreasing and the death of tape has now been postponed - indefinitely. The Santa Clara Consulting Group tracks the tape market on a quarterly basis and its latest release describes what happened in the third 2013 quarter. Total backup tape cartridge sales were $141.73m with LTO format …
Chris Mellor, 03 Dec 2013