As the year draws to a close, finance teams face increasing pressure to meet year-end obligations. For UK businesses, year-end accounting is more than just a routine task; it ensures compliance with HMRC and Companies House while offering valuable insights into the company’s financial health.
Nearly half of UK businesses operate under either a calendar year-end (24.34%) or a tax year-end (24.48%), making meticulous planning and the right team essential. Evolving regulations and the introduction of ARGA add further complexity, highlighting the need for teams to be well-prepared for year-end demands. This blog explores how to identify gaps within your team, the key skills needed and the importance of proactive hiring strategies to stay ahead of regulatory changes.
Regulatory changes: From FRC to ARGA
The transition from the Financial Reporting Council (FRC) to the Audit, Reporting and Governance Authority (ARGA) began in April 2024, following its proposal in 2021. ARGA was created in response to high-profile corporate failures like Carillion in 2018, aiming to tighten the UK’s audit regulatory framework. This new body will consolidate the roles of several organisations, including the FRC and the National Audit Office (NAO), to promote stronger governance and greater transparency in corporate reporting.
Sir Jon Thompson, CEO of the FRC, called these reforms a “once-in-a-generation opportunity” to enhance business governance and audit oversight. ARGA will have broader powers to enforce stricter standards and hold the UK’s largest audit firms accountable. By streamlining the regulatory process, ARGA aims to increase responsiveness and reduce the likelihood of future corporate scandals.
What does this mean for businesses? In short, finance and accounting teams will face increased scrutiny as ARGA enforces stricter compliance standards. To meet these new regulations, companies must strengthen their internal controls, audits and governance frameworks.
Growing need for specialist finance roles
As ARGA’s tighter requirements take effect, scrutiny in key areas such as tax compliance, internal audits and financial reporting has intensified. This has created a surge in demand for specialist finance roles. Companies are increasingly looking for tax experts to navigate evolving regulations and the need for internal auditors has grown to meet the higher transparency and accountability standards.
Distinct’s hiring data reveals that technical and specialist finance roles have risen from 2% of job postings in 2022 to 10% in 2024, underscoring the growing demand for expertise in these vital areas.
Key considerations for year-end readiness
With evolving regulations and the introduction of ARGA finance teams to be fully prepared for year-end. To assess readiness, it’s important to evaluate both the capacity and skill set of your team.
Capacity considerations
If your team is already stretched, introducing interim, temporary or contract hires can provide the essential support needed to maintain accuracy during this demanding period. Flexible staffing solutions can enable teams to meet year-end obligations without overwhelming existing staff. If your business is less familiar with temporary hiring, Distinct has years of experience supporting businesses through this process and this article addresses some of the most commonly asked questions.
Skills assessment
With impending changes on the horizon, it’s vital to evaluate where your team may require additional expertise:
- Auditing: Does your team have sufficient in-house auditing capability to meet the more stringent requirements?
- Tax compliance: Are your tax specialists able to navigate the changing landscape effectively?
- Corporate governance: Do you have professionals who can reinforce governance frameworks to meet new regulatory expectations?
Proactively identifying skill gaps is crucial for securing top talent. By taking a forward-thinking approach to hiring strategies, companies can significantly increase their chances of finding the right candidate – and ensuring they are onboarded prior to year-end.
We’re seeing a growing demand for several key roles, with this trend expected to rise:
- Financial analysts: To enhance reporting accuracy, assess financial risks and support sustainability and ESG reporting, as well as evaluate potential mergers
- In-house audit and tax specialists: As ARGA introduces stricter auditing standards, there’s a rising demand for these specialists to ensure internal readiness and compliance
- Financial accountants: Essential for ensuring compliance with regulations, managing financial risks and providing valuable insights into a company’s financial performance.
By acting early, businesses can stay ahead of these evolving needs and ensure their teams are fully prepared for regulatory changes and year-end demands.
Working with Distinct
Whether you’re looking to hire or searching for your next role, Distinct’s finance recruitment team is here to support you. We specialise in placing top finance talent in permanent, temporary, interim and contract roles across the Midlands. Our team is ready to offer expert advice and insights tailored to your needs, get in touch today.
