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Articles about Accounting

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NHS supplier Trustmarque seeks backers after accounting change

The future of major NHS supplier Trustmarque looks less certain after private equity backer Dunedin confirmed that a change in the way revenue is recognised has created a “funding gap”. The venture capitalist was the vital cog in the £43m management buy-out at York-headquartered Trustmarque, a top table Microsoft partner that …
Paul Kunert, 02 Sep 2014

Trustmarque: £2m profits evaporated after accounting change

A change in revenue recognition wiped £2m off Trustmarque’s profits according to the firm’s strategic and financial report, which also provides more details on its near-collapse and subsequent sale to Liberata. As revealed, the York-based enterprise software licensing biz ran into cash flow difficulties last month after changing …
Paul Kunert, 09 Oct 2014

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

Welcome the world's new Most Phished Country: Australia

Move over Brazil: Australia has become the most phished country on Earth, accounting for a quarter of all targeted malicious emails sent globally. Down Under has worked hard at the title, according to Kasperksy, more than doubling its share of phishing attacks received. This despite that a mere 23 million people inhabit the …
Darren Pauli, 26 Sep 2014
PCS with a red X in front of them

Swiping your card at local greengrocers? Miscreants will swipe YOU in a minute

More than a thousand point-of-sale, grocery management and accounting systems worldwide have been compromised by a new strain of malware, results of a March 2014 probe have revealed. During a survey of compromised POS terminals, accounting systems and grocery management platforms, the Nemanja botnet was fingered as one of the …
John Leyden, 27 May 2014
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
Prison window

Ha ha, fooled you! Shares tumble over G4S fake website profit warning

False rumours of a profit alert and executive dismissals put the skids under G4S shares on Wednesday. A bogus statement was emailed to journalists falsely stating that the security service firm had discovered accounting errors. The false warning (suggesting G4S profits would be restated) was sent out in an email containing a …
John Leyden, 13 Nov 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
Maybe it won't look like this

Move over, Apple Pay: Tesco trials PayQwiq phone-flash pay app

Supermarket, virtual mobile network and bank that is very bad at accounting Tesco has new way for you to pay for your box of Celebrations: a digital wallet called PayQwiq. The service, which uses QR codes, is being trialled in Farringdon, the nearest branch to Vulture Central and 15 other Express stores in London as well as 26 …
Simon Rockman, 24 Sep 2014

Autonomy's ex-chief beancounter tries to kill HP investor settlement

Autonomy's former chief financial officer has sought to block HP from settling three shareholder lawsuits over its botched acquisition of the British software company. The former exec claims HP will use the settlements to "forever bury" its supposed culpability in the calamitous buy. Sushovan Hussain, who served as Autonomy's …
Jack Clark, 21 Jul 2014
Cthulu springs from desktop printer

BOFH: WHERE did this 'fax-enabled' printer UPGRADE come from?

Cthulu springs from desktop printer "This is exactly what I'm talking about!" I snap at the PFY. "Specifications created by people with absolutely no knowledge of what they need so they specify the absolute top-end kit just in case!" "What's that, then?" the PFY asks, looking up from his game disinterestedly. "The bloody …
Simon Travaglia, 22 Nov 2014

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
xfinity wifi

Strange tale of an angry bean counter, Comcast and a shock 'firing'

A Comcast customer who complained about being overcharged and crap service alleges someone at the ISP got him fired as a result. The punter, described by The Consumerist as an "experienced accountant at one of the nation’s most prestigious firms," signed up with America's largest ISP in 2013 at an introductory rate, but said …
Iain Thomson, 08 Oct 2014

Mouse-slinger Logitech: Gloves are off, number probe over

Human-computer interface slinger Logitech’s three month self-examination into suspected financial blunders has concluded and the outcome could have been worse, much worse. The keyboard, mouse and pointer slinger said in May that it, along with the SEC, was conducting a probe into previous financial restatements regarding …
Paul Kunert, 04 Sep 2014
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Strategy-flinging No 10 civil servant Stephen Kelly turns Sage CEO

A top government civil servant is trading control of the nation’s IT for leadership of Sage Group, the giant accounting software firm that turns over £1.32bn a year. Stephen Kelly is stepping down as UK government chief operating officer to become chief executive of the accounting software firm in November. Kelly will succeed …
Gavin Clarke, 06 Aug 2014
Gun and dollars

Ex-Autonomy execs: HP's latest wad blows apart fraud allegations

Another week, another round in the ongoing bunfight between HP and the former management team of Autonomy. This time, the ex-Autonomy bods have claimed that new court documents filed by HP prove the latter has misrepresented the reasons why it had to write down $8.8bn in its botched acquisition of Autonomy in 2011. In a lengthy …
Neil McAllister, 12 Sep 2014
A garden gnome depicted stretched out across picnic table... with a pipe in one hand while the other props him up. Has a confrontational look in his eye...

Groupon flees from army of angry GNOMES: Trademark bid for 'Gnome' tab scrapped

Groupon has given up its pursuit of the trademark "Gnome", intended for its sales register tablet, after being chased off by the open-source GNOME project. The upstart voucher flinger told The Register that it was no longer looking to trademark "Gnome" in the wake of outrage from folks at the Linux desktop software foundation of …
Shaun Nichols, 11 Nov 2014
E Fun Nextbook

Walmart's $99 crap-let will make people hate Windows 8.1 even more

Walmart, that well-known purveyor of the finest America has to offer, will flog a $99 Windows 8 tablet for this year's Black Friday. Youtube Video As you'd expect at that price, the E Fun Nextbook is an utter dog: it has a 1.8GHz Intel Atom processor with 1GB of RAM – the bare minimum for Windows 8.1 to function. The tablet …
Iain Thomson, 14 Nov 2014

Our system handles £130bn and it's BUST. Want the job of fixing it? Apply to UK.gov

The Department for Work and Pensions (DWP) has identified "technical and security vulnerabilities" in its £284.9m central benefits payment system - responsible for underpinning the much-maligned Universal Credit programme and processing 13 million payments each week, The Register can reveal. The Central Payments System's …
Kat Hall, 20 Nov 2014
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 …

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 …

Humanity now making about 41 mobes EACH SECOND

The world is now manufacturing just under 42 mobile phones a second thanks to an uptick in global production, IDC's presumably-very-tired handset-counters say. The firm's latest quarterly phone count found shipped 327 million mobiles in the year's third quarter. Do the math: there's 7,862,400 seconds in 91 days. Divide 327m by …
Darren Pauli, 30 Oct 2014

Did HP just tip its hand on Autonomy? Spoiler: It was a busted flush

Autonomy has come under fire for a software deal between itself, reseller MicroTechnologies, and the Vatican – but all is not as it seems. A report published by Reuters on Friday attempted to shed light on HP-owned Autonomy's strange deal to sell technology worth $11.55m to MicroTechnologies, which was bidding on a contract to …
Jack Clark, 18 Jul 2014

Sprint starting mass layoffs to 'improve operational efficiencies' in mobile network

Workers at third-ranked US mobile network Sprint will have a nervous month as large numbers of them are going to be getting the call to "Come into the HR office please, and bring your key card." On Friday, the company made a regulatory filing in which it said it would be setting aside $160m to cover the cost of the layoffs, …
Iain Thomson, 04 Oct 2014
Sky Anytime+

Sky's tech bets pay off: Pay TV firm unveils blazing growth for Q1

Sky posted record numbers as its tech bets continue to pay off. BskyB’s ARPU (average revenue per customer) reached £576, up £32 from two years ago, with triple-pay punters accounting for 37 per cent of its 15.5 million customer base. Just over 11.5 million of those are retail customers, and just over 4 million wholesale. The …
Andrew Orlowski, 16 Oct 2014
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
School kids

FCC OKs $5 BEEELLION Wi-Fi cash splash in schools, libraries

Five billion dollars will be used to fund Wi-Fi networks in US schools and libraries after the Federal Communications Commission (FCC) passed an overhaul of the E-rate program. The commission issued an order that will pour $2bn of additional funds into E-rate over the next two years for the purpose of installing and upgrading …
Shaun Nichols, 11 Jul 2014

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
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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
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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
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

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
Starship Enterprise

Beancounters tell NASA it's too poor to fly planned mega-rocket

The US Government Accounting Office (GAO) has told NASA it has a massive funding shortfall for its ambitious Space Launch System (SLS) rocket if the spacecraft has any chance of blasting off on schedule. "The agency’s current funding plan for SLS may be $US400 million short of what the program needs to launch by 2017," the …
Iain Thomson, 25 Jul 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

How much is Microsoft earning from its Android taxes again?

We’ve known for years that Microsoft makes more money from Google’s Android than Google does itself – but now we have a better idea of how much hidden “tax” is included in the price of an Android handset. That’s because Samsung and Microsoft have fallen out, and Redmond’s lawsuit sheds light on the secretive world of patent …
Andrew Orlowski, 07 Oct 2014

SEC: We won't slap IBM over its cloud revenue reporting

IBM has announced that it has avoided any regulatory action over the way it reports its revenues from cloud computing after the US Securities and Exchange Commission completed its investigation. The company said in a filing that it had been notified that the market authority wasn’t planning any action over its cloud business. “ …
Files

Twitter: Hey. Remember us? Hello, yes. Govts want to spy on us too!

Twitter has seen government requests for user information climb nearly 50 per cent over the last six months. The company said in its semi-annual transparency report that over the first half of 2014, governments from 54 countries made requests for account information. Eight of those countries were requesting data for the first …
Shaun Nichols, 01 Aug 2014
Mozilla Firefox

Mozilla re-negotiates Google multi-million dollar sugar-daddy deal

Mozilla is negotiating its multi-million-dollar sugar-daddy finance deal with Google to keep operating. The Firefox browser-maker is in talks with Google to extend an agreement that has funnelled millions of Mountain View dollars into the not-for-profit web idealist shop, The Reg has learned. Google is the default search …
Gavin Clarke, 12 Nov 2014
A sapphire gemstone

Sapphire glass maker's woes caused by Apple relationship 'breakdown'

Analysts have suggested the collapse of sapphire glass manufacturer GT Advanced Technologies may have been caused by a "breakdown" in relations with Apple. The iThing giant appeared to be determined to use the scratch-resistant wonder material in its new iPhones and the Apple Watch, but those plans were thrown into doubt on …
Jasper Hamill, 08 Oct 2014

Maplin Electronics sold for £85m to Rutland Partners

Electronics retail chain Maplin has been sold to a private equity firm for £85million - just a third of what it was acquired for a decade ago. Rutland Partners has snapped up Maplin and promised to use "change, restructuring and investment" in the pursuit of profitable growth. In a canned statement, Nick Morrill, managing …
Paul Kunert, 27 Jun 2014

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