Sally's Blog

Five reasons why it pays to outsource your financial copywriting

We all know that daunting feeling of staring at a blank page. There is so much to say and yet it seems impossible to know where to start. But if writers find this difficult, then it can be truly terrifying for finance professionals. Words have a way of baffling even the brightest financial minds.

Fortunately, a good financial copywriter could be the answer to all your writing woes. Here are five reasons why:

1. Finance is your forte

If you’re a finance professional, finance is what you live and breathe. You earn money because you are good with money. So why waste valuable fee-earning time labouring over words when you can get someone else to do that for you instead? A copywriter will do it quicker and better than you can, freeing you up to get back to your figures.

2. You can’t write

The statistics speak for themselves. According to research by automated proofreader Grammarly, finance and management professionals make around 19.2 errors for every 100 words that they write. Writing is a job for the experts, so leave it to them.

3. You’re too busy

It takes time to master the art of writing. Professional writers have honed their craft by churning out thousands of words of copy over years, if not decades. Do you have that amount of time to invest in becoming a writer? Probably not, so why bother trying?

4. You’re susceptible to jargon

The financial sector loves jargon. Unfortunately readers don’t. But when you live and breathe a subject, it’s easy to assume that your readers share your knowledge and passion. They don’t and you will lose their attention if you believe that they do. A professional writer can help you to avoid falling into the jargon trap.

5. You need some new ideas

A fresh perspective is a powerful force. You might be surprised by how a financial copywriter can unlock the gems of knowledge that are lurking in the depths of your mind. They can help to bring out the insight that will impress your clients and may result in new business leads.

 

Why finance professionals need the services of a good writer

The thing about writing is that pretty much anyone can do it. Or, at least, anyone in the developed world can. But can they do it well? That, surely, is the question.

While most of us can write, comparatively few of us can write well. But the good news is that those of us who do write for a living tend to make fewer mistakes when we write than those who work in other professions.

According to research by automated proofreader Grammarly (grammarly.com/grammar-check), writers make around 10.1 errors for every 100 words that they write. In contrast, finance and management professionals make 19.2 errors per 100 words on average.

The research was based on a review of 448 freelance professionals’ profiles in eight categories on online staffing platform Elance.

Unsurprisingly, the very best writers (those who make the fewest errors, according to Grammarly) tend to earn the most, particularly in the fields of engineering and manufacturing, finance and management, legal, and sales and marketing.

Well, who would have guessed?

Click on the infographic (below right) for more…

writing_skills_matter

The UK’s next economic shock could be just around the corner

On Friday 7 November, new business radio station Share Radio interviewed me on the topics of interest rates, the problems in the eurozone and the broader business environment.

Presenter Sandra Kilhof asked lots of challenging questions about the economic outlook for both the UK and the wider global economy.

I explained that while the UK economy has performed strongly in 2014, there are signs that the economy is slowing as we reach the end of the year. This is particularly evident in the services and construction sectors. Wages have also been growing slowly and there are  concerns that the UK’s employment situation is not quite as healthy as the figures suggest. Furthermore, inflation is falling, which is good in one way because it makes our goods and services cheaper, but potentially hazardous because we don’t want to be on the verge of deflation in the way that the eurozone is.

In addition, the wider global outlook is very uncertain. The eurozone, which is our main trading partner, appears to be on the edge of a triple-dip recession. Growth is slowing in China and attempts to stimulate the Japanese economy don’t seem to have come to much. There is also a lot of political uncertainty, for example, in the Middle East and Ukraine.

The fact that the Bank of England is so reluctant to lift interest rates, despite predicting that our growth rate will be around 3.5% this year, shows that it is not confident that our economic recovery is on a sustained footing.

And it is right to think this – there is too much uncertainty within the world’s major markets and there are also clear indicators of asset bubbles within the housing markets and stock markets.

So it is very important that we are not fooled into thinking that the UK economy is home and dry right now. We need to be very cautious about the recovery and make sure that we don’t take it for granted. Who knows, the next economic shock could be just around the corner.

 

Five reasons why treasury is a great career

It’s that time of year when school students, university graduates and newly qualified accountants will be thinking about their futures. Many will already have a clear idea about what they want to do. For others, the options will seem limitless and bewildering.

But if you want to work in finance, and you don’t know which niche to specialise in, why not think about a career in treasury?

Here are five reasons why treasury is a great career (as a treasury journalist, I think I am well placed to comment!):

1. Treasury is fun. 

Don’t snigger – it’s certainly the most fun that you’re going to get in finance in any case. You will play a crucial role in any mergers or acquisitions that your company undertakes and you may get to carry out eye-wateringly large foreign exchange deals. Not only that, but you’ll get the indescribable joy of being able to log in to your company’s online bank accounts every day and (hopefully) see a long row of numbers staring back at you. What more could you ask for in a job?

2. Treasury has a great sense of community.

Corporate treasurers are a close-knit community, numbering a few thousand in the UK. As a result, they are very well networked and keen to share best practice with each other. They are also a pretty personable bunch of people who like to get out and about. You can find out more about the treasury community from the Association of Corporate Treasurers at: www.treasurers.org

3. Your banker will love you.

We all know what it’s like to be the customer of a retail bank. You never hear from them unless you’ve exceeded your overdraft limit or they want to sell you home insurance. But if you’re a corporate treasurer, you will find out what it is truly like to bask in a banker’s adoration (providing your company is in a healthy financial state, of course). Expect to be wined and dined and to be a name, not just a number. It’s treatment that the rest of us can only dream of, so enjoy it on our behalves…

4. Treasury has a certain mystique.

A lot of people don’t know what corporate treasurers do. A lot of people who work in finance don’t even know what corporate treasurers do. So you will be able to exude a satisfying air of mystery to all your friends, acquaintances and the hot guy or girl who lives down the road when they ask you what you do for a living. Just lift your eyebrow like James Bond and say: “I’m in treasury, corporate treasury.” You will have them swooning, I promise.

5. Treasury is well paid.

I left this point to last since money should not be the only reason that you embark on a certain career. But if you are looking for interesting work, which is also well paid, then treasury is just the ticket. According to Hays’ Accountancy & Finance Market Overview & Salary Guide 2014, treasury analysts in Greater London start at £35,000 with group treasurers of large listed companies potentially earning up to £200,000.

Thus concludes my five reasons as to why treasury is a great career. So what are you waiting for?

You need to work harder at diversity, KPMG

Yesterday, KPMG announced that it would be appointing 52 new partners in October and a third of these are women. The firm has been pilloried in the press over the fact that just 15% of its partners overall are female – and this is indeed a cause for concern – but it deserves some credit for how far it’s come over the past five years.

Back in 2009, I wrote an article on gender diversity within the partnerships of the Big Four while I was editor of Accountancy magazine. That year, 15% of PwC’s new partners were female, 15% of EY’s new partners were female, 11% of Deloitte’s new partners were female and KPMG (which was apparently having a particularly bad year in 2009) reported that just 10% of its new partners were women.

So KPMG really has made some progress since then.

Nevertheless, the fact remains that women are a significant minority within the partnerships of the Big Four firms. They do not make up more than 20% of partners in any of them.

This is shocking for two main reasons:

  • Approximately 50% of the world’s population is female; and
  • Approximately 50% of new entrants to the accountancy profession are female.

Furthermore, the accountancy profession is – quite rightly – very vocal in its support of encouraging more women to land board positions in industry. KPMG itself is a member of the UK 30% Club, which was launched in 2010 with the aim of getting 30% women onto FTSE 100 boards by the end of 2015. Currently that figure stands at 22.2%, according to the 30% Club.

But diversity is gathering momentum within business, particularly thanks to European proposals for a 40% quota for female executives on the boards of large companies by 2020.

So the risk for the Big Four firms is that they could soon find that their clients are making far more progress than they are in terms of helping women to reach senior leadership roles. This, in turn, could lead to some awkward questions about governance and equality of opportunity when they bid for work.

Well done, KMPG, for appointing a partnership cohort where a third of new partners are women. There’s plenty more work to be done yet, however, to boost the number of women in your partnership overall.

Eight jokes about accountants

Earlier this year, I asked my Twitter followers to share their best jokes about accountants. So here goes…

1. What’s the definition of an actuary? A person who found accountancy too exciting! @DerekBoughton 

My verdict: Well worn, but still prompts a giggle when you haven’t heard it for a while.

2. Accountants don’t die – they just lose their balance. @jwgn

My verdict: This one is dry and I rather like it.

3. How many accountants does it take to change a light bulb? Well, the management accountant is needed to work out the cost/profit ratio. The financial accountant needs to agree the purchase order. The procurement accountant surveys the market for the cheapest offer. The treasury accountant takes money off deposit to procure the bulb. The bought ledger accountant remits payment to the supplier. And the internal auditor checks that there has been no fraud or bribery. But none of the above changes the light bulb because they have not been trained to. The chief operating officer does it instead. ‏‪@VatDaddy

My verdict: It’s a long joke but it’s definitely worth it when you get to the end.

4. How do you spot an extrovert accountant? She’s staring at your shoes, not hers. @jwgn

My verdict: Yes, it’s a cliché but is there some truth in it somewhere?

5. “It was like riding a tiger, not knowing how to get off without being eaten.” Quote from Ramalinga Raju, former chairman of Indian IT company Satyam, where an accounting scandal erupted in 2009. @MichaelJRWhite

My verdict: OK, so it’s not a joke exactly but it’s amusing nevertheless.

6. Why did the auditor cross the road? Because he did it last year. @WayneT_Derby

My verdict: Simple, but effective.

7. The Eiffel Tower is the Empire State Building after taxes. @jwgn

 My verdict: That’s one way of putting it.

8. I say, I say, I say: what’s a Big Four partner’s favourite wine?

In a whiny voice: “We don’t all get average profit per partner, you know.” @TruenFairview 

My verdict: Oh, don’t we know it!

Contact

To contact Sally or to request further examples of her work:

Tel: +44 (0) 7917 063752

Email: Sally@sallypercy.co.uk

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