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
HP

HP lifts lid on Autonomy lawsuit claims, but Lynch cries BOLLOCKS

On Tuesday, HP made public the details of the lawsuit it has filed against former Autonomy executives Mike Lynch and Sushovan Hussain in the UK, in what is just the latest round in litigation that is only likely to get uglier as the suit progresses. "HP confirmed today that Particulars of Claim against Lynch and Hussain were …
Neil McAllister, 06 May 2015

Sage boosts profit but that means NOTHING without the CLOUD

Sales rose 6.5 per cent to £699m during accounts-ware biz Sage's half-year results, despite the company's poor cloudy progress. Pre-tax profits increased 4.9 per cent to £173m, compared with the first half of its previous financial year. Stephen Kelly, chief executive officer, said the company is in the process of overhauling …
Kat Hall, 06 May 2015
Apple iPhone 6 and 6 Plus

MONSTROUS iPhone sales are CANNIBALIZING iPads, gabbles Apple CEO

Apple countered soaring iPhone and Mac sales with yet another doleful quarter for the iPad in its second quarter of fiscal year 2015. The Cupertino giant logged Q2 revenues of US$58bn (£38bn, AU$73.9bn), up 27 per cent over US$45.6bn in the same period last year. Earnings per share (non-GAAP diluted) of US$2.33 beat analyst …
Shaun Nichols, 27 Apr 2015
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

Metasploit maker Rapid7 gobbles web app security testing firm

Metasploit firm Rapid7 has snapped up web and mobile application security testing company NT OBJECTives (NTO). Financial terms of the deal, announced Monday, were undisclosed. Rapid7 has folded NTO’s application security testing product, renamed as Rapid7 AppSpider, into its security data and analytics platform to give customers …
John Leyden, 05 May 2015
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
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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
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Toshiba shares go over a cliff after probe into hidden losses

Toshiba's shares have dived 22 per cent in a week after the company commenced a probe into accounting irregularities, rescinded previous profit guidance and cancelled a planned dividend payment. Toshiba's Notice Regarding Establishment of Independent Investigation Comittee (PDF) explains that some projects went pear-shaped, but …
Simon Sharwood, 12 May 2015
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

Exertis parent DCC swallows Computers Unlimited for £24m

DCC Technology has acquired consumer tech distie Computers Unlimited for £24m, the Ireland-headquartered group confirmed today. The buy adds roughly 2,000 trading accounts, offices in London, Paris and Barcelona that employ roughly 200 staff and hardware/software from 70 vendors including Adobe, Epson and WD. CU operates four …
Paul Kunert, 19 May 2015
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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
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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
ISE componentry

X-IO X-CFO X-Forwarded-For more time with her family

Sealed-box-of-storage-tricks supplier X-IO has lost its chief accounting financial officer. Carole Gottlieb has decided to resign after being head bean-counter since Ed Welsh went in June 2014. X-IO spokesperson Bill Miller told us: "Carole will be leaving X-IO. She has invested an exemplary level of effort and commitment to …
Chris Mellor, 08 Apr 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
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Post Office denies IT blunders led to criminal charges against posties

The Post Office has refuted a report which concluded that its Horizon IT system was responsible for accounting cockups that led to sub-postmasters being prosecuted for stealing from their tills. Forensic accountancy group Second Sight was appointed in 2012 by the Post Office — at the request of MPs — to conduct an independent …

Choc Factory finds 84,000 ad injectors targeting Chrome

Google spam abuse researcher Kurt Thomas says some 84,000 injectors and apps are targeting its Chrome web browser with dodgy advertising. Thomas says the apps include 50,000 browser extensions and 34,000 applications which target Chrome to display revenue-generating ads within the sites that victims browse. About a third of …
Darren Pauli, 07 May 2015

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

Light-fingered Satyam founder Ramalinga Raju jailed for seven years

The former chairman of Indian outsourcing firm Satyam Computer Services has been jailed for seven years for his part in a $1.4bn (£953m) accountancy fraud scandal. The Special Central Bureau of Investigations Court in Hyderabad sentenced B. Ramalinga Raju and eight others - including auditors Subramani Gopalakrishnan and Talluri …
Kat Hall, 10 Apr 2015
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Ryanair stung after $5m Shanghai'd from online fuel account

Budget airline Ryanair has fallen victim to a $5m hacking scam. Crooks siphoned off money from an account earmarked for the payment of fuel bills via an electronic transfer to a bank in China last week. The transfer was subsequently blocked, but the funds – earmarked to pay for aviation fuel for Ryanair's 400-plus Boeing 737-800 …
John Leyden, 30 Apr 2015

Yahoo! sees! profit! and! shares! fall! as! earnings! missed! - save! us! Japan!

A first quarter earnings report from Yahoo! revealed the company had missed its revenue forecast again, prompting a share price fall for the once great tech company, and increased talk of stake sales. Results for the quarter ended 31 March 2015 showed an “encouraging revenue growth of eight per cent, with display revenue growing …
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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
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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
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

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
Shenzhen downtown

Apple storms to top spot in stagnant Chinese phones market

Apple is now the top smartphone seller in China, topping foreign and domestic competitors alike in the Middle Kingdom, but overall Chinese handset sales fell for the first time in six years. A report from IDC citing sales in the first quarter of 2015 found that the Cupertino idiot tax operation has taken over the top spot on the …
Shaun Nichols, 11 May 2015
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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
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

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
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 …
A large hand flicks an icon of a little red man. Image via shutterstock (Lasse Kristensen)

CSC picks up the axe yet again, eyes 800 staffers' quivering necks

Exclusive CSC is preparing to axe almost 800 staff in the UK and Ireland in what it is calling a "Get Fit" phase, with current proposals to transfer some of these positions to near-shore and offshore centres. Bloodletting is a seemingly annual custom for the scandal-hit ailing integrator. It is just over a year since CSC put 750 workers …

Daisy Group offers to gobble Phoenix IT Group for £133m

Acquisitive B2B tech and comms player Daisy Group has bid 160 pence per share for AIM-listed Phoenix IT Group valuing the services operation at around £133m. Talk of a deal has rumbled along for more than a year but with Phoenix in the middle of a three-year turnaround plan under the latest CEO and no longer reporting steep …
Paul Kunert, 21 May 2015
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