A Bradford-based accountancy firm is applying the latest technology to help people manage their finances.

Clough and Company, with offices in Cleckheaton and Keighley, has developed a software package providing in-depth lifetime personal cash flow information.

Its PlanWiser product analyses all areas of a person’s finances, including their aspirations, and tests how robust their plans are and provides a detailed overview of the future outlook.

The move follows findings by insurer Axa Life showing more than three-quarters of people did not know what their pension fund was investing with 43 per cent believing they would spend most of their income on holidays and leisure activities after they reach 75.

The research also found that 30 per cent of retired people do not have enough money for the things they enjoy. Rob Mulhall, Clough & Company project manager, said: “PlanWiser considers everything from pensions, investments and business valuations to day to day expenditure and current living expenses. It even takes into account future expenses such as how often a person wants to change their car or costs they could face when their children go to university or need a helping hand onto the property ladder.

“The software can also look at various scenarios, such as ups and downs in the property market or other investments, which makes it easy for a person to identify any potential problems that could arise in the future and decide what action to take to safeguard against these.”

The firm has also launched the freely available CloughCalcs iPhone and iPad app which offers calculators to work out mortgage and loan payments with various interest rates, stamp duty, pay slip calculations, fuel costs and tax payments on company cars. Practice chairman Steven Gash said: “We’re continually investing in technology and we currently offer all these calculators on our website which are hugely popular so it made sense to develop them into an app so people can have permanent access to them.

“PlanWiser is another exciting development because while most people have an exit strategy and plan for their business, they might not in life. This tool shows the bigger picture and offers an unrivalled insight into future finances and it’s already proving to be extremely valuable to clients.”

Meanwhile, Bradford management accountants are being consulted over moves to bring consistency to the profession’s global practices .

The Chartered Institute of Management Accountants and the American Institute of CPAs are consulting members in 177 countries on a new professional framework to help organisations make smarter, faster decisions amidst growing complexity.

In 2012 the two bodies joined forces to launch the Chartered Global Management Accountant designation and are collaborating to highlight the importance of management accounting in today’s economic climate. They have drawn up draft Principles representing best global practice management accounting .

The consultation runs until May 10. Visit cimaglobal.com/principles.