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
management regulation1

HP's shareholder settlement deal over Autonomy merger DENIED – again

A US district judge has thrown out a proposed settlement deal of a sueball lobbed at HP by some of the company's shareholders, after it bought Blighty software outfit Autonomy for $10.7bn in 2011. "The shareholders appear to be relinquishing a whole universe of potential claims regarding HP governance and practices with no …
Kelly Fiveash, 20 Dec 2014
SEC

US tech titan CSC slapped with $190m penalty

IT giant CSC has been slapped with a $190m (£122m) penalty by US regulator the Securities and Exchange Commission following a probe into the firm's accounting practices. The investigation was opened in 2011, mainly into the firm's European outsourcing unit - including revenue from its troubled NHS contract negotiations between …
Kat Hall, 30 Dec 2014
Kim Jong-un

Sony blames NORK The Interview cyber strike for delayed Q3 report

Sony plans to delay its third-quarter financial results and has blamed North Korea’s crippling cyber attack on Sony Pictures Entertainment’s business systems. The media giant has asked Japan’s Financial Services Agency to extend its deadline by a month so it can compile the period’s results. Sony needs the extension so its film …
Gavin Clarke, 23 Jan 2015

Ailing AMD battered by goodwill, inventory charges

AMD emerged from a bloody fourth quarter of its fiscal 2014 on Tuesday, reporting revenues down and profits sapped by painful one-time accounting charges. The chipmaker's total revenues for the three months ending on December 27, 2014 were US$1.24bn, a 22 per cent year-on-year decline. And the figure for the full year was better …
Neil McAllister, 21 Jan 2015
iMoney iOS app icon

iMoney Accounting

iOS App of the Week 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
Flytrap

Outbreak! Fake Amazon voucher offer seeds mobile malware attack

Spoofed Amazon vouchers are being used to spearhead a campaign to contaminate Android mobiles with malware, messaging security firm AdaptiveMobile warns. The attack, dubbed "Gazon", sends messages to victims’ mobile phone contacts linking to supposed offers for (non-existent) Amazon vouchers fictitiously promising a gift of $200 …
John Leyden, 04 Mar 2015
Oliver Twist

Not in the Budget: Spooks beg UK.gov for £111m brown envelope

Blighty's intelligence agencies have held out the begging bowl to Parliament for a handout of £111m before April. In a written ministerial statement today Cabinet Office minister and Paymaster General Francis Maude sought Parliamentary approval for the additional funds. He said the money reflects a number of "in-year budgetary …
Kat Hall, 18 Mar 2015
TalkTalk YouView set top box launch

TalkTalk eyes up Blinkbox for advanced FOURPLAY – report

Budget telco TalkTalk is reportedly pursuing a buyout of video-streaming service Blinkbox from Tesco. In the manoeuvrings to provide mobile, internet, TV and fixed phone services, Blinkbox had looked to be a good move for Britain's biggest supermarket, but while Tesco Mobile has been successful for the retail giant, BlinkBox …
Simon Rockman, 30 Dec 2014

Facebook's mobile ad bonanza brought it record returns in 2014

Facebook finished the best quarter and the best year of its history on December 31, with its latest earnings report showing record annual revenues of $12.47bn for its fiscal 2014, up 58 per cent from 2013's haul. Revenues for the fourth quarter were $3.85bn, a 49 per cent increase over the same period a year ago. That figure …
Neil McAllister, 29 Jan 2015
management strategy2

Former Misco exec rocks up at Tech Data

Vendor vet Gary Withington has landed at distribuor Tech Data months after he was let go by tin peddler Misco as part of a cost purge. The man spent the best part of two decades at Sun Microsystems and Dell in various roles before rocking up as Misco UK MD, a job that lasted for two and a half years until October ’14. He was …
Paul Kunert, 24 Mar 2015
Openstack log

Fujitsu: We're flinging all our internal gumble onto OpenStack

Fujitsu is going to migrate its internal IT to an OpenStack cloud platform to save 35 billion yen and get world-leading creds for OpenStack expertise and commitment. The new group-wide cloud platform will involve about 640 large-scale and complex systems across 13,000 servers globally. The staged transition starts this month and …
Chris Mellor, 18 Feb 2015

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

BPO playa Liberata stitches together its resellers' hit squads

Liberata has lobbed together its Microsoft licensing arm Trustmarque and cloudy biz Trinity, with the latter’s brand name set to disappear from view. The business process outsourcing firm added to its technology portfolio last summer with the speedy buy of Trustmarque, which changed accounting practises and then found itself …
Paul Kunert, 13 Jan 2015
Cartoon of fist clutching dollars smashing out of smartphone

Microsoft & Paypal link hands, turn round and slap Apple Pay

Microsoft will start supporting PayPal’s "PayPal Here" hardware, so people can buy things with their mobile phones. The partnership, which is only for the US initially, will allow retailers to use a Lumia or Surface to take payments through PayPal. The idea is that they will then want to use Microsoft products rather than …
Simon Rockman, 16 Jan 2015
bug on keyboard

FreeBSD developers VANQUISH Demon bug

Developers have quashed a potentially nasty security bug in FreeBSD. Security researchers at Norse discovered that a programming error creating a buffer overflow in the stdio (standard I/O) library's __sflush( ) function. The bug created a possible mechanism to inject hostile code into vulnerable systems running the open source …
John Leyden, 11 Dec 2014

Microsoft and Oracle are 'not your trusted friends', public sector bods

Software providers such as Microsoft and Oracle are aggressively targeting public sector customers with licence "audit reviews" in a bid to plug falling subscription revenue, according to research. Over one-third of the 436 councils surveyed across the UK have been subject to at least one software licence review in the last 20 …
Kat Hall, 27 Mar 2015
hands waving dollar bills in the air

One third of servers, storage and switches are sold to clouds

Analyst firm IDC reckons that cloud operations – private and public - now account for “almost a third” of the world's spending on servers, storage and ethernet switches. The overall cloud market, the firm says, is about US$6.5bn a quarter, with public clouds accounting for about half of that. IDC's definition for public clouds …
Simon Sharwood, 22 Dec 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

Sales slip at fine-hit CSC after firm escapes from the NHS

Sales at US computer giant CSC dropped 8.7 per cent to $2.95bn (£1.9bn) for its third quarter - around $150m (£98.6m) below what the company had hoped. The company also recorded an income loss of $313m (£206m) for the third quarter, which was affected by pre-tax pension-related charges of $462m (£303m) and a $195m (£128m) charge …
Kat Hall, 10 Feb 2015

Microsoft: Even cheapo Lumias to get slimmed down Windows 10

The “next chapter” in Windows is coming to Microsoft's cheapo, mass-market Lumia phones. Microsoft is working to get Windows 10 working on devices with just 512MB RAM, including the Lumia 520. The news was tweeted by Microsoft operating systems group vice president Joe Belfiore on Sunday. Just one catch: small memory means …
Gavin Clarke, 09 Feb 2015
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
Red Hat

Wall Street tips fedora to Red Hat: Sales up, profit flat, everybody dance

Red Hat's shares are on the up after the Linux distro maker beat Wall Street's expectations in its fourth financial quarter, ended February 28. The North Carolina biz reported revenues up 16 per cent during the three-month period, compared to the same period the year before, and up 17 per cent for the whole year, even accounting …
Iain Thomson, 26 Mar 2015
Yahoo!'s Q4 2014 earnings conference call

Yahoo's! Mayer!: We'll! spin! off! $40bn! Alibaba! stake! and! pay! ZERO! tax! on! it! Ha!

Yahoo! has announced plans to sell off all of its remaining stake in Chinese online giant Alibaba, even as its latest earnings report shows a company struggling to pull in revenue on its own. The Purple Palace said on Tuesday that it will spin off all of its remaining holdings in Alibaba – some 384 million shares worth an …
Neil McAllister, 28 Jan 2015

Satyam Computing Services founder jailed over $1.4 BILLION fraud

The founder of former Indian outsourcing biz Satyam Computer Services has been jailed for six months for cooking the company's books to the tune of $1.4bn. The case has been rumbling on since Ramalinga Raju intially admitted the fraud in 2009 – a scandal that has been described as "India's biggest corporate fraud case", …
Kat Hall, 10 Dec 2014

IBM System x biz sales: The numbers are out... and they're not pretty

The extent of the slide in System x sales in Blighty during the final year under IBM ownership was laid bare today, and the eye-watering declines were bad: bad meaning bad, not bad meaning good. The UK server market didn't exactly enjoy a vintage fourth quarter; spending declined 5.3 per cent to $503m and unit shipments went …
Paul Kunert, 05 Mar 2015
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
The Register breaking news

Accounting software gets better at languages

Workshop 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 blasts $5.1bn sueball at ex-Autonomy execs, Lynch preps return fire

As it has long threatened to do, HP has sued two former Autonomy executives, accusing them of impropriety related to the two companies' financially disastrous 2011 merger. The Palo Alto, California firm filed suit against Autonomy cofounder Mike Lynch and former CFO Sushovan Hussain at the High Court in the UK on Monday, over …
Neil McAllister, 31 Mar 2015

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

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
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
Cthulu springs from desktop printer

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

Episode 13 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

Forget the accountancy scandal, our biz is back: Tech Data

If companies operate as intended then sales growth should be a given, and with its accountancy scandal pretty much behind it Tech Data reported business as usual for the fiscal third quarter that ended last month. The world’s second largest tech distributor reported a 6.1 per cent hike in sales to $6.76bn, largely aided by …
Paul Kunert, 27 Nov 2014
Air traffic control at NATS

US air traffic control 'vulnerable to hackers' says watchdog

US air traffic control systems are potentially vulnerable to hackers, according to an audit by the American government. A report [46 pages, PDF] by the Government Accounting Office (GAO) faults the Federal Aviation Administration (FAA) for failing to meet compliance with the relevant government standards, specifically the …
John Leyden, 09 Mar 2015
Bank vault

Intuit halts TurboTax filings after states spot mass tax fraud scheme

Accounting software maker Intuit has temporarily suspended the ability of its TurboTax software to electronically file US state income tax returns following reports of widespread suspicious activity. "During this tax season, Intuit and some states have seen an increase in suspicious filings and attempts by criminals to use …
Neil McAllister, 07 Feb 2015
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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

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
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