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APRIL 2022 BUSINESSPLUS SURVEY
APRIL 2022 SURVEY
BusinessPlus.ie
ACCOUNTANCY &
BUSINESS ADVISORY
Managing Partners in Ireland’s top Accountancy & Business
Advisory firms discuss their service lines, client concerns,
staffing challenges and the new workplace
SEAMUS HAND KPMG Ireland p60 FRANK WALSH Walsh O’Brien Harnett p76
HARRY GODDARD Deloitte Ireland p61 NED MURPHY Moore Ireland p77
MICHAEL McATEER Grant Thornton p62 ALAN FARRELLY UHY Farrelly Dawe White p78
DAVID GLEESON RBK p63 DYLAN BYRNE OSK p79
TOM O’BRIEN Mazars p64 NAOISE COSGROVE Crowe p80
JOHN GLENNON RSM Ireland p66 DONAL O’LEARY PKF O’Connor Leddy & Holmes p81
FRANK O’KEEFFE EY Ireland p68 JIM STAFFORD Friel Stafford p82
MICHAEL COSTELLO BDO Ireland p69 PJ LYNCH PJ Lynch & Co p83
JOHN DONOGHUE ifac p70 JOHN GLEESON Saffery Champness Ireland p84
MARK BUTLER HLB Sheehan Quinn p72 CIARA FITZGERALD BKRM Nexus p84
JOHN O’CALLAGHAN Smith & Williamson p72 OWEN SHEEHY McInerney Saunders p85
PAUL DORAN DBASS p74
BUSINESS PLUS | APRIL 2022 55
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After The Pandemic
Covid lockdown restrictions have been abolished but after all the free money,
now comes the hard part. Emily Styles canvassed leading accountants and
business advisors about what the year ahead holds for SMEs
Paul Doran, DBASS The SME
sector is still fairly fragile. While
wage supports worked well, they
also camouflaged underlying
issues. Very few of our clients
have warehoused large amounts
of tax debt, but the ones that
have are likely to face struggles
going forward.
The effects of the war in the
Ukraine are likely to have an
even longer lasting impact
than the pandemic. Many
agricultural, transport and
manufacturing businesses will
be unable to pass on increased
input costs. As the war drags on,
inflation is likely to be a factor
that will impact the hospitality
sector, as people revert to
pandemic routines of ordering
takeaway food and drinking at
home. A litre of heating oil that
cost 37 cent in April 2021 now
costs €1.50. With these kinds of
price increases, people will be
forced to cut their discretionary
spending substantially.
Michael Costello, BDO Some business models will no see transactional activity pick up as some owners look to
longer be viable as we emerge from the pandemic. However, exit now that a recovery is underway. Vulnerable sectors
for businesses that have been able to adapt, such as ramping include smaller city-centre retailers, who have been
up their e-commerce or finding new international streams of devastated by the absence of passing trade and the move
revenue, they are in a good position to recover. to online.
Any business experiencing financial difficulties as
Naoise Cosgrove, Crowe In addition to the primary Covid supports are withdrawn should seek expert
humanitarian issue, the terrible situation in Ukraine creates independent help. The input of an objective expert can be
economic uncertainty. At this stage we haven’t seen the invaluable in devising an appropriate restructuring plan or,
war directly impact investment decisions, but it is a volatile in some cases, counsel difficult decisions that owners are
situation and may change quickly. At a macro level, we are reluctant to make.
very optimistic for the Irish economy. By and large, with the
support of government, most businesses have come through
the pandemic in a solid financial position. Clients in sectors ‘With Covid supports being
that thrived during Covid and are actively looking to expand
through acquisition. withdrawn, we expect business
However, as Ireland’s leading advisory to the hotel,
tourism and leisure sector, we have witnessed the severe
failure to increase’
impact of the pandemic for many SMEs. We expect to
56 BUSINESS PLUS | APRIL 2022
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Alan Farrelly, UHY Farrelly Dawe White Businesses are
still facing challenging times, with inflation now taking hold,
logistical issues globally, uncertainty across Europe, the exit
from Covid supports, and debt warehousing with Revenue,
all of which could have a real impact on SME cashflow over
the coming year. These are issues that require careful and
sustainable management decisions.
Michael McAteer, Grant Thornton From speaking with
SME clients, and from the firm’s business surveys, it is clear
that similar pain points are being felt by all sectors. These
include difficulties accessing a skilled workforce, and the red
tape encountered when processing a non-resident employee.
Over half of businesses surveyed at the end of 2021 reported
work visas are one of the biggest hurdles they face currently.
Paul Wyse, Smith & Williamson From our work over the
past year, we have found that owner-managed and family
businesses are now reviewing the costs of the pandemic.
This includes looking at repayments of warehoused tax debt
and getting everything back on track with doing business.
Thankfully, clients have been much more resilient than
expected, and the much talked about deluge of insolvencies
hasn’t happened.
Government supports were critical throughout the
pandemic, and we remain vigilant as these supports start
to unwind and creditors look to potentially enforce on
debts. The stress points we are seeing are very much sector
dependent. The key challenges seen in SMEs are staff
retention and recruitment. The government can help to
support the attraction of talent from overseas with more
generous visa arrangements.
Ciara FitzGerald, BKRM Nexus Some additional wage
subsidy should apply until hospitality and retail businesses
return to some normality. In addition, some measure should
be adopted by government to protect these businesses
against aggressive legal tactics by landlords.
Mark Butler, HLB Sheehan Quinn There is significant
risk in running any SME irrespective of the economy,
albeit a buoyant economy helps reduce some of these
risks. With Covid supports being withdrawn, we expect
business failure to increase. Although there is substantial
warehoused tax debt, once there is a sensible approach to
the realistic repayment requirements to suit the needs of
the business, I don’t see this as being a reason for wholesale
business failure.
David Gleeson, RBK Unfortunately, there will be winners
and losers as a result of the pandemic, and I expect to see an
increase in restructuring activity in 2022. Some businesses
will struggle when the wage and other supports are removed,
as some of these companies have very marginal margins. In
addition there is an estimated current debt overhang of at
least €10bn among SMEs in Ireland. The war in Ukraine
with the welcome introduction of sanctions will also have a
significant effect on the economy, with the increase in energy
costs etc.
continued on page 58
BUSINESS PLUS | APRIL 2022 57
BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
John Donoghue, ifac We are seeing a significant return
to growth in the SME sector. The pandemic supports ‘Many businesses used the
enabled businesses to survive and retain much of their
financial strength. Access to people is the big challenge. The Revenue tax debt warehousing
global economy overheating, inflation, and the outrageous
situation in Ukraine, are the biggest threats to our SMEs at
scheme as the lender of last resort’
the moment.
Ned Murphy, Moore Ireland There is no doubt but uncertainty from the conflict in Ukraine. One would
that government supports played a key role in enabling expect that interest rates will increase over the next
businesses to survive during the pandemic. Notwithstanding 12 months, adding further pressure to businesses and
predictions of increases in insolvency, we are seeing strong households.
performances across our client base, which indicates that
the overwhelming majority of clients will survive without Dylan Byrne, OSK The post-pandemic landscape,
these supports. For those that are facing challenges, the particularly throughout 2023, will be a challenging period
Small Company Administration Rescue Process (SCARP) for Ireland’s SME sector. There have clearly been winners
may very well prove to be a vital means of survival and and losers arising from the Covid crisis, and it has been well
should be closely examined by those facing solvency flagged by insolvency specialists that many businesses won’t
challenges. pull through. I welcome Revenue’s recent statement that
they will work with SMEs to address the warehoused tax
Tom O’Brien, Mazars The condition of the SME sector debt repayment on a case-by-case basis.
varies by industry. Those businesses reliant on hospitality On a positive, the pandemic has also highlighted SME
and tourism have been badly impacted by the pandemic, resilience and innovation. Many clients were forced to
albeit the significant government supports helped ease adopt transformative measures in their business models,
lockdown impacts. Staffing is now a significant challenge for and these changes will make these firms more successful in
these businesses. Other businesses used the pandemic as an future years.
opportunity to innovate or implement new business models
that have brought efficiencies and a competitive edge to their Frank Walsh, Walsh O’Brien Harnett It would be naive
companies. to think that all businesses will survive once the Covid
There is little doubt that many businesses used the supports are withdrawn. However, the buoyant economy
Revenue tax debt warehousing scheme as the lender of will encourage more entrepreneurs and opportunities for
last resort, and it is likely that an amount of this warehoused new enterprise. Our SME clients have shown a great agility
debt will never be repaid. It will be interesting to see the and have pivoted to meet the changing markets they operate
extent to which the new SCARP restructuring tool will be within.
availed of by SMEs, and what the attitude of Revenue Obviously certain sectors within the SME sector will
will be to the tax debt compromise that will inevitably struggle, but that is a natural evolution of business. Wage
ensue in such cases. and other supports were generous during the pandemic, but
Whilst the economy is performing well, there are there is substantial warehoused tax debt too. Repayment
several headwinds, including the ongoing fallout from terms need to manageable for companies so that they can
Brexit, supply chain and inflationary pressures, and maintain employment.
58 BUSINESS PLUS | APRIL 2022
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‘Our clients have emerged from the
pandemic more resilient and confident’
Managing Partners in Ireland’s leading accountancy and business advisory firms
discuss their activity with Emily Styles and the issues top of mind with clients
SEAMUS HAND
Managing Partner
KPMG
ACTIVITY Our business has performed
strongly over the past year and we are
pleased to have grown across all our
service lines. Our clients have emerged
from the pandemic more resilient and
confident in their outlook. Organisations
are actively looking at growth strategies
and opportunities to help them get ahead
of the competition, such as cyber security
and supply chain challenges. We have been
investing heavily in growing our team to meet
this demand, adding over 1,000 employees
to our headcount in 2021 and increasing our
workforce to over 4,000 people.
CLIENTS SMEs are regularly described
by government as being the ‘backbone’ of
the Irish economy as they play a key role in
job creation. While progress had been made
in recent years in supporting the
development of SMEs, this section of the
economy has been disproportionately
impacted by Covid-19.
The general emphasis in Budget 2022 on
health, housing, environment and managing
the cost of living meant that some additional
measures which could have supported the
SME sector were not included. We would
like to see considerations to include CGT
Entrepreneur relief and EIIS to facilitate
investment in the sector, and extension of WORKPLACE While most employees are TAXATION Ultimately these are choices
SARP to indigenous businesses to allow them delighted to be back in the office, they are for government, but a degree of prudence
to compete for international talent. not looking to return full-time, and at KPMG is a key component of a stable business
INNOVATION There has been an we recognise the benefit of greater flexibility environment. High-value employment has
accelerated pace of digital transformation for our people and for our business as we helped transform Ireland and has lifted our
as organisations were forced to reimagine seek to attract and retain the best talent. Our living standards immeasurably. We need to
their business models as a result of the approach therefore is a hybrid model built on make sure personal tax policies don’t undo
pandemic. The last two years have also the principles of flexibility and trust. the work already done in attracting high-
prompted business leaders to think about To support this new operating model, value inward investment, and the significant
the vulnerability of our society to external we have made significant incremental number of high-value jobs it supports.
factors, and the need for companies to be run investments in new digital infrastructure and It’s also important to recognise that
in a manner that has purpose and is socially technology solutions to facilitate learning, employment taxes are a vital part of
responsible. Our Sustainable Futures team is collaboration and management in a hybrid the funding government requires for the
working closely to support our clients with world. We look forward to bringing this investment needed to help solve many of the
their ESG agenda. thinking into our new office we are designing. challenges we face.
60 BUSINESS PLUS | APRIL 2022
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‘Employees are
looking for a
workplace built
on trust’
HARRY GODDARD
CEO
Deloitte
ACTIVITY Digital Transformation services
have grown exponentially, with an explosion
in demand for cyber, cloud, data and analytics
services as businesses grapple with the move
to online. High levels of available capital have
fueled the highest levels of M&A activity we opportunities not only professionally but also shows that 68% of consumers in Ireland
have ever seen, with businesses using their personally. Our approach to the return to the are more willing to shop with brands that
acquisition strategy to adapt to the new office offers employees just that, with trust take actions to support their communities,
market requirements. at its heart giving people the flexibility and and 65% with brands that align with their
Increasingly what we’re seeing is clients choice in when, where and how they work. personal values. This demonstrates how
engaging us in working through the challenges There is no doubt that many people enjoy consumers are looking for brands to illustrate
they face, supporting them in the development the flexibility but want to know what days their purpose and values through the choices
of their strategy. Often our response will they should come into the office – provided they make and with whom they associate.
require skills and capabilities from across our those are the days and times that work for This has become even more stark arising
firm. This has forced us to strengthen how we them. Having said that, we trust our people from recent events. Businesses – spurred
respond to our clients’ requirements in a much to make the right choices for themselves on by their employees and customers – are
more integrated way while also leveraging the and their clients. From a management making values-based choices as they adapt
capability of our network and global platforms. perspective, connection is essential, and to the crisis in Ukraine. SMEs often start
WORKPLACE When it comes to as managers or mentors being attuned their business because of their purpose,
personnel, what we’ve experienced is the to the needs of our people in a hybrid whereas more mature organisations can find
‘great transition’, rather than the ‘great working model is more important than ever, it challenging to reconnect with their purpose
resignation’. Employees have a different particularly as the talent market evolves. after years of growth and transformation.
type of relationship with their employers PURPOSE Fulfilling purpose has seen Our role as advisors can be to help reconnect
than pre-pandemic. They are looking for a a huge awakening in recent years among the organisation with its core purpose –
workplace built on trust that provides growth businesses. Recent research from Deloitte answering the question why it exists.
BUSINESS PLUS | APRIL 2022 61
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Many are realising
they haven’t been
‘The pandemic was able to respond
a wake-up call adequately or
quickly enough, and
for many clients’ that their digital
capabilities limit
their ambition. We
are seeing clients
MICHAEL McATEER moving to address
Managing Partner this through setting
Grant Thornton new IT strategies
and operating
ACTIVITY 2021 was a busy year for the firm, models that reach
with revenue growth of 17%. We have seen our across the entire
client base expand, and a change in the nature business.
of the advice and services requested by our WORKPLACE We
clients. Our Advisory and Financial Services have implemented
Advisory departments have experienced a ‘future of work’
significant growth, both organically and also framework, which
by engaging more with our existing clients to allows us to offer
mitigate all facets of risk, ensure operational a flexible working
resilience and future-proof their workforces, model. This model
processes and technology. was designed to
It has been a very busy 12 months, and best serve the
in order to meet growing demand the firm development of our
announced our intention to hire 1,000 new people, to ensure
recruits across all levels of the organisation, that the high-quality service our clients receive it is a specialism in which we expect to see
over the next three years. We have already is not diminished in any way, and to help considerable growth in the near future.
recruited 489 new staff, so it is likely that we maintain our firm’s culture. As the framework is PURPOSE We have a dedicated People and
will surpass this figure. modeled on flexibility, it too can be agile, as and Change team within our Advisory department,
CLIENTS The pandemic was a big wake-up when business needs require it to be. and they have seen a significant increase in
call for many clients. Those who have been TECHNOLOGY For some time now, we client requests for advice in this regard — i.e.
able to bring technology to bear have done have been utilising a specifically-designed why purpose is so important, and how best to
so, accelerating planned initiatives on core software application to assist with auditing, incorporate their purpose and use it to drive
enterprise technology such as ERP, as well as which has been extremely beneficial to our their strategy to help with future growth,
innovating with complementary and client- clients and ourselves. We have also seen a people retention, and their success. We
facing digital technologies. demand in analytics and financial modelling have found this to have become particularly
The expectations of customers and across all industry sectors and will also important as employers transition to a hybrid
business leaders have been raised inexorably. continue to recruit and upskill in this area, as operating model.
62 BUSINESS PLUS | APRIL 2022
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DAVID GLEESON INNOVATION We have seen
countless examples of our clients
Managing Partner
adapting very quickly to change,
RBK such as finding new markets
for their products and supplies
Making simple things complex is
ACTIVITY We have been because of Brexit. Professional
extremely busy over the services firms, including easy.
past year, achieving growth ourselves, adapted very quickly
in excess of 15%. We have to the use of video conferencing
Making complex things simple takes
seen a significant increase and remote working in the skill.
in transactions, M&A, delivery of services to clients
reorganisations etc., with during the pandemic. I am very
resulting increase in demand for much heartened by the resilience
our taxation, corporate finance shown by Irish businesses.
and business advisory services. STAFFING Supply difficulties
It was also a very good year for the industry can be traced
for our audit and assurance to second-level colleges, where
business, with a number of the accounting profession
significant new assignments won is currently seen as not
during the year. attractive. The industry and
CLIENTS The shortage of professional bodies must work
labour and increased costs are together on a plan to increase
the major stress points for our the number of students coming
SME clients. Whilst the economy into the accountancy funnel.
is currently buoyant, the war This will remain an issue for the
in Ukraine and its resulting next number of years, though
economic effects is deeply I am confident that it will be
worryingly. I welcome the resolved.
recent introduction of the small USP One of our main growth
company administrative rescue
process (SCARP) which should
sectors is family business, where
we help families grow the value
consultant
help some businesses agree new of their business and with their
terms with the lenders and trade long-term exit or succession [noun: person who provides
suppliers. By so doing, they will planning options. We have an
expert advice in a professional
repair their balance sheets and experienced business advisory
restructure their operations, team and offer our clients a manner]
which should help them survive. coordinated full suite of services.
Moore: consultants by
definition
Dublin
Diarmuid O’Connell
Moore, Ulysses House
Foley Street
Dublin 1
T +353 (0)1 888 1004
diarmuid.oconnell@mooreireland.ie
Cork
Ned Murphy
Moore
83 South Mall
Cork
T +353 (0)21 427 5176
ned.murphy@mooreireland.ie
David Gleeson (left) with Joe Cleary, who takes on the
www.mooreireland.ie
Managing Partner role at RBK from July
BUSINESS PLUS | APRIL 2022 63
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‘Purpose can
provide a real
impetus for
growth’
blockchain, robotic process automation,
cloud, artificial intelligence, and other
technologies are already driving significant
changes in the accounting profession, such as
how we deliver our services and the depth of
analysis we can perform.
Our Group Head of Innovation actively
seeks technology-based ideas from around
the international firm, whilst our Head of
Artificial Intelligence in Ireland focuses
on examining our processes and better
supporting our clients.
PURPOSE Many organisations have been
TOM O’BRIEN Europe, thereby limiting the scope to raise striving to build purpose into what they do
additional revenues from this area. It is also for a long time, but usually it’s talked about
Managing Partner
expected that our corporation tax take will as an add-on and not necessarily a core part
Mazars be negatively impacted by global tax reform. of strategy. However, when leaders, staff,
As such, spending decisions will need to customers and other stakeholders connect
ACTIVITY The firm has enjoyed double- come more into focus, as simply increasing with purpose, it can provide a real impetus
digit growth over the past year. We see our national debt will become much less for growth.
strong demand for our services right across attractive as we move into a period of rising More and more companies are spending
the business, with areas such as financial interest rates. Sustaining and further growing time integrating purpose with strategy.
services, regulatory consulting and corporate the economy and underlying employment We have done so in Mazars by defining our
finance particularly busy. The past year base will be critical to effective budgetary purpose as ‘aspiring to build the economic
has also seen market demand increase for policy in the future. foundations of a fair and prosperous world’.
emerging service lines such as sustainability TECHNOLOGY Technology has shifted our This now drives so many of the strategic
advisory, as ESG becomes an ever-increasing role as advisors away from purely technical decisions we make. We advise clients through
priority for many boards. accounting matters and more towards our business advisory and consulting teams
TAXATION Ireland’s marginal personal broader client issues such as protecting on integrating purpose with the strategy on
tax rates are amongst the highest in and growing their business. Data analytics, an ongoing basis.
64 BUSINESS PLUS | APRIL 2022S TAT U S Q U O R E M I N I S C E S .
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grantthornton.ie
© 2022 Grant Thornton Ireland. All rights reserved. Authorised by Chartered Accountants Ireland (CAI) to carry on investment business. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and
advisory services to their clients and/or refers to one or more member firms, as the context requires. ‘GTIL’ refers to Grant Thornton International Ltd (GTIL).BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY JOHN GLENNON Managing Partner RSM Ireland ACTIVITY I truly believe there has never been a more exciting time in our business. Our globally owned client base has grown dramatically over the past year. Our audit practice grew by 30%, our strongest year ever, and the firm’s tax business experienced growth too, particularly in the design of bespoke tax solutions for our globally active clients. Our consulting business has also experienced exponential growth in recent years, with the public sector now making up 50% of our consulting work. We also continued to work closely with FDI companies based in Ireland, including implementing outsourced technology such as Global Compliance and Reporting Services, which can manage all aspects of multi- jurisdiction compliance. CLIENTS The past year provided an opportunity for our clients to turn challenge into opportunity and embrace change, and we have been supporting them in transforming
BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
their operations for a new post-pandemic decision-making and reduce risk and cost.
business age. As more and more companies Our data analytics consulting service helps
embrace digital-driven solutions and flexible ‘There has never clients to leverage their data by turning it
working practices, specialist consulting into an organisational asset, and providing
and problem solving has never been more been a more insights needed to reimagine how their
important.
I believe the pandemic brought about a exciting time in business will look in the future.
RSM also uses financial modelling and
once-in-a-generation reconfiguration of how
professional work can be performed. At RSM
our business’ analyses, in all their forms, to help clients
to resolve complex business challenges,
Ireland we have transformed our working providing strategic planning and analytical
arrangements and are now committed to insight. In turn, this enables clients to make
long-term hybrid working. For me, the last While companies have had very positive confident and effective business decisions
couple of years have proved that the RSM experiences in Ireland, making the country based on reliable and robust insights.
values and culture are reflected in our a great place for talent to live and work is PURPOSE In our role as business advisors,
behaviours and our work regardless of where just as important as tax when it comes to we have an opportunity to inspire meaningful
we are located. attracting and retaining FDI. change with our clients. This can involve
With this transformation, we have embraced Our tax regime needs reform to address ensuring that purpose is truly effective in
the opportunity to become more sustainable the current high tax burden and the innovation, aligned with business goals and
as a firm. We have become entirely paperless marginal rate of income tax, with the driving decision-making.
and reduced our footprint. We have moved aim of decreasing the cost of employment While forging a more purpose-driven
our Portlaoise office to a smaller space in for businesses and employees alike. More sustainable path can make an impact that
the town to support our hybrid working and needs to be done to provide affordable matters, it benefits business too. A collective
sustainability ambitions. We have witnessed housing and boost Ireland’s attractiveness sense of meaningful purpose can engage and
similar pivots across our client base as for investment. enrich the workforce behind it. Ultimately,
businesses transform for the future. TECHNOLOGY As the world becomes people do a far better job when they believe
TAXATION There are too many obstacles increasingly digitalised, we are seeing a in what they are doing and the difference it
challenging the growth of FDI in Ireland. rise in businesses seeking data to support can make.
BUSINESS PLUS | APRIL 2022 67BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY ‘How we now use our offices is very different to the past’ FRANK O’KEEFFE Managing Partner EY Ireland ACTIVITY EY Ireland continues to perform strongly and we are pleased to have seen growth across each of our service lines over the past year thanks to strong client demand. The fundamental changes brought about by the pandemic, coupled with wider macroeconomic, regulatory and other challenges, have Frank O’Keeffe (right) with on aligning their purpose to their product created increased demand for services such Tánaiste Leo Varadkar and services, and their route to market. In as business transformation, cyber risk and addition, businesses are acutely aware of the preparedness, organisational and workforce recent rise in energy prices will continue increased requirements for communicating design, global tax planning, sustainability, and to have a significant impact on costs. While their sustainability footprint and related data analytics, to name just a few. funding will always be a key focus of SMEs, actions to all stakeholders. We seek the best talent to support clients particularly for those scaling, funding options WORKPLACE In 2021 we introduced a new on this journey, and we continue to actively have increased considerably in Ireland since hybrid working model that allows for at-home, recruit a diverse range of skillsets and the financial crisis, albeit the reduction in in-office and on-client site working as part of specialisms with the aim of significantly traditional banking providers is notable. our working week. Over the last six months, growing our headcount over the coming years INNOVATION The level of innovation we have worked hard to revamp our full across all our offices on the island of Ireland. witnessed across businesses large and small office network to allow even more space for CLIENTS The broad view for the future over the course of the last two years has collaborative working, because how we now remains positive among SMEs. However, rising been truly breath-taking. It has presented use our offices is very different to the past. costs and talent availability are key pressure in many guises, from the rapid adoption We have also installed exciting new points for growing businesses. Finding, of cutting-edge technologies, to talent technology in all of our offices that allows nurturing and retaining talent in a competitive attraction and new ways of working. for immersive hybrid meetings, and we have global market is critical, and it’s vital to the The pandemic has given organisations updated our people policies and supports to economy that policy makers and business the opportunity to deeply connect with reflect our new hybrid way of working. The leaders prioritise this and tackle it head on. their organisational purpose. The most response from our clients and our people to Ongoing geopolitical uncertainty and the successful firms have retained a sharp focus our new hybrid model has been very positive. 68 BUSINESS PLUS | APRIL 2022
BP SURVEY
Undertand
‘Our focus is on finding the
right person for the job’
my challenges,
MICHAEL m ake the
complex simple
model that offers flexibility,
COSTELLO but also accommodates the
Managing Partner way our clients do business.
It is important to regularly
BDO communicate so that we are all
ACTIVITY We have been very on the same page with regards
satisfied with the performance to expectations.
of our firm over the past year, STAFFING Attracting and
with strong growth in the areas retaining great talent has always
of audit, tax, advisory and been competitive in our industry,
consulting. This year we are and now more than ever we
looking forward to finding new understand how critical it is to
opportunities and strengthening be a desirable employer in this
our connections between market. Ultimately, our focus is
colleagues, clients, and the wider on finding the right person for
business community. the job and is a great fit with the
SME CLIENTS The rising team. We are confident in what
costs of energy and materials BDO has to offer and I believe
are a stress point, especially for we provide a different employee
businesses operating with smaller experience to the Big Four.
profit margins. The government USP We are a firm that is run
has a role to play in supporting by people with entrepreneurial
SMEs, and investing in them is vital backgrounds, and we work with
for ensuring they thrive in an ever- many business owners to assist
changing business landscape. them with their growth and
WORKPLACE We made a development. One of our USPs is
conscious decision to engage building solid relationships with
with our people and clients our clients built on mutual trust,
Our team of professional advisers have been providing
in order to understand what honest, and challenge. Partners integrated accountancy, tax, advisory and wealth
they needed and what works are more accessible for clients, management services for clients and for owner-managed
for them. Our plan is shaped so communication is more and family-owned businesses for over a century.
by their feedback, and we are efficient, and issues are resolved We have an unrivalled combination of financial strength,
implementing a hybrid working much faster. depth of expertise, and breadth of services.
Your business and personal financial needs may
seem complex and with direct access to our team of
professionals you can get the specialist advice you need to
grow your business and meet your financial challenges.
To find out more, please contact:.
Marc Lowry
Head of Business Development - Dublin
Smith & Williamson
+353 1 495 9537
marc.lowry@smithandwilliamson.com
smithandwilliamson.com/en-ie
You &
© Tilney Smith & Williamson Limited 2022. Smith & Williamson
Investment Management (Europe) Limited Regulated by the Central
Bank of Ireland. Registered in Ireland No 637154. Smith & Williamson
Freaney Limited Authorised to carry on investment business by the
Institute of Chartered Accountants in Ireland. Registered in Ireland
No. 452593. It is a member of Nexia International, a leading global
network of independent accounting and consulting firms. Please see
https://nexia.com/member-firm-disclaimer/ for further detailsBP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
JOHN DONOGHUE
CEO & Managing Partner
ifac
ACTIVITY A number of our business lines grew
significantly in 2021. Outsourced services and
financial planning were two standout areas for
us. Our reputation for delivering high-quality
advisory is also growing fast. We are engaging in
myriad projects from business transformation to
digital transition and new business generation
in the SME and family business sectors. We are
recruiting across the firm, and we have lots of
opportunities for high-quality professionals who
want to make their mark.
CLIENTS Our farming base needs more
support. Food security is a huge issue, and
the environmental cost of food imports is
massive. Ireland has less than 100 vegetable
producers; we are importing food that could
be grown here in vast quantities because of
flawed economics. The tillage, pig and lamb
sectors are also in serious decline, and action
is needed to protect these sectors.
The major stress points for clients are
inflation and access to people. From a labour
force perspective, it is clear that Ireland
will need to bring people into the country
from outside the EU, and this means more
flexibility on work permits.
WORKPLACE Our team members work the country, our people get to live and work
three days per week in the office and two days
at home. Our hybrid model has been hugely ‘Recruitment is where they feel at home. We are a very credible
alternative to the Big Four for professionals who
successful, and we believe it is helping us to
recruit and retain great people. There is a cost challenging but want to work with SMEs in Ireland.
USP We bring large firm expertise and a deep
in terms of technology, but better work-life
balance is leading directly to happier team
our proposition relationship-driven service model to clients in the
farming, food, agri, and family business sectors.
members and better business outcomes.
Recruitment is challenging, but our
is unique’ Our combination of expertise, competitive pricing,
innovation, and a highly aligned team of ifac
proposition is unique. With 30 offices across professionals is a proposition that our clients love.
70 BUSINESS PLUS | APRIL 2022PROFILE | KPMG
KPMG announces partnership with
one of Ireland’s leading jockeys
KPMG has announced a new partnership
with one of Ireland’s leading jockeys, Rachael
Blackmore. This two-year partnership sees
Rachael come on board as a KPMG brand
ambassador, complementing the firm’s existing
partnership with golf professional Leona
Maguire, as they both look to build on their
great achievements to date.
The sponsorship agreement was announced just ahead of
Rachael’s recent outstanding performance at Cheltenham.
Rachael also had a memorable year in 2021, becoming first
female jockey to ride a winner in the Champion Hurdle at
the Cheltenham Festival, going on to win the Ruby Walsh
Trophy for leading jockey, riding an incredible six winning
horses during the four-day festival. Less than a month later,
she continued to make history when she became the first Rachael Blackmore, KPMG brand ambassador, and
female to win the Aintree Grand National, widely regarded Seamus Hand, Managing Partner of KPMG in Ireland
as horse racing’s biggest and toughest race.
To round off her incredible sporting year, Rachael About Rachael Blackmore
claimed the BBC World Sport Star, RTE Sportsperson, A native of Killenaule, Co. Tipperary, Rachael Blackmore
Irish Times Sportswoman, Irish Independent Sportsperson, has an Equine Science degree from the University of
Her Sport Sportswoman and Horse Racing Ireland’s Racing Limerick. Horse racing is one of the few sports where
Hero awards. Rachael’s success has continued with a stellar women and men compete on equal terms, and Rachael
performance at Cheltenham in March, when she became showed her early promise when guiding Stowaway Pearl
the first female jockey to win the Gold Cup. to victory as her first winner in Thurles in 2011 as an
amateur.
KPMG and women in sport
KPMG is a long-term supporter of women’s sport in In 2015 Rachael turned professional and since then has
Ireland and strives to create equality between men and rewritten racing’s history books. In 2021, Rachael became
women’s sport in Ireland. Having previously supported the the first female jockey to ride a winner, on Honeysuckle, in
20x20 campaign, the firm also recently announced a four- the Champion Hurdle at the Cheltenham Festival, where
year extension to its partnership with leading Irish golfer, she also became the first female to win the accolade
Leona Maguire. of leading jockey. A few weeks later, Rachael captured
the attention of the world as she rode Minella Times to
Speaking at the announcement of KPMG’s support for victory in the Aintree Grand National in front of a global
Rachael Blackmore, Managing Partner Seamus Hand said: TV audience of millions.
“Investing in young talented people is at the core of our
business, and I know that Rachael will inspire all of us KPMG and Irish racing
with her dedication and commitment to her sport. We are This announcement also enhances KPMG’s commitment
proud to have Rachael as a KPMG ambassador.” to Irish horse racing. In addition to our partnership with
Rachael, KPMG also sponsors the KPMG Champions
Commenting on KPMG’s support and commitment to Juvenile Stakes at the Irish Champions Weekend which
women in sports, Rachael said: “I’m proud to become a takes place in September.
KPMG ambassador and I’ve been very impressed with
KPMG’s support for women in sport in Ireland, particularly Find out more
with their involvement in the 20x20 campaign over the www.kpmg.ie
last few years. I worked with KPMG at the end of 2021
for the ‘All Wrapped Up’ event, and felt it was a lovely fit,
so this announcement is a natural progression for our
relationship. Their support will be a fantastic boost for me
moving forward in 2022.”
BUSINESS PLUS | APRIL 2022 71BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
JOHN O’CALLAGHAN
Managing Partner
Smith & Williamson
ACTIVITY I’m new to the firm, and what
attracted me to Smith & Williamson was the
strong professional team with a real focus on
client solutions. We have a unique platform
for business advisers that has an unrivalled
combination of financial strength, depth of
expertise, and breadth of service offering.
Add the fact that we are an ambitious and
high-growth business ourselves means we
understand the expectations and demands
of like-minded, ambitious, and progressive
business owners.
The firm performed ahead of expectations
over the past year, with significantly increased
advisory and corporate finance activity as
businesses concluded transactions that
were either stalled or postponed due to the
pandemic. There was also strong growth in our
statutory and internal audit, and our public
sector assurance base due to our significant
investment in people and our capability.
The next phase of our growth will focus
acted on planning that they may have been on strategic hires, organic growth and
considering for some time. acquisitions. We deliver solutions based
‘Valuations for OUTLOOK In my view the world has moved on technical expertise in areas like audit,
on to a much more serious risk to business due advisory, tax and so on, but it is our personal
private business to he war in Ukraine. We are looking at energy, and senior led experience and advice that
food and input shortages, increased cyber really sets us apart from the rest.
have been high’ security risk, and a material exchequer cost INNOVATION Virtualisation of professional
from the help required for Ukrainian people and workplace training and education has
coming to Ireland. All this will feed into a much become embedded in companies, including
MARK BUTLER more cautious approach to investment, less Smith and Williamson, due to the time savings
disposable income, and the risk of business and efficiency of delivery. In addition, we’ve
Managing Partner
failure much higher than what came from Covid. seen a huge pivot in the hospitality industry,
HLB Sheehan Quinn WORKPLACE I always have two questions I where possible, to online and delivery-based
am discussing the issue with managers: sales. We see that this element has become a
ACTIVITY Business generally has been within ● Without our clients we do not have a permanent revenue stream for many clients.
expectations over the last 12 months and a business, so what is best to meet their Having survived the financial crash and a
lot of clients were not impacted as heavily needs and the high standards we set global pandemic, some business owners are
as would have been expected from Covid. We ourselves? now looking at their own exit strategy. There
have seen a delayed Brexit bounce from ● What is best for the individual’s current is a ‘silver tsunami’ bringing a succession of
UK business seeking to set up a presence career and the career path they wish to mergers and acquisitions as we look to 2022
in Ireland to service their European clients. follow? and beyond.
There has also been a lot of growth in private I do not think there is a one-size-fits-all TECHNOLOGY We are very fortunate to
equity, predominantly from the UK, across model, and we aim to be flexible taking the two be part of a truly integrated UK and Ireland
sectors such as veterinary, dentistry and questions above into consideration at all times. firm with over 3,000 colleagues and partners
insurance brokers. USP Our firm lives by our tagline ‘Together across 27 locations. Because of this, we have
Valuations for private business have been we make it happen’. We focus on understanding in place the technical and training resources
high, which along with the availability of our client’s business, and the sector and relative to our scale in this market that
capital has seen an upward trend in willing environment in which they operate, to be able to many firms larger than us are still striving to
buyers and sellers. We have seen a material help them in growing in their business journey. achieve. Our investment in digitalisation, data
increase in activity with helping clients No matter whether our clients are employing analytics and document management systems
to structure to exit, protect assets, avail salespeople in Germany, operating a factory in across our practice enables us to deliver real
of reliefs, bring in new shareholders, and China, or purchasing a holiday home in Portugal, value-added advice, predictive insights, and
succession planning. I believe that business we have the expertise to manage that on behalf better financial modelling. These changes are
owners took the learnings from Covid and of our clients. resulting in real opportunities to grow our
72 BUSINESS PLUS | APRIL 2022BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
‘Business owners
are now looking
at their exit
strategy’
presence in the market and bring exceptional
opportunities for our clients and our people.
PURPOSE I believe the integration of
purpose is an essential foundation for a
successful, sustainable business, and not
just for large organisations. Business is
increasingly globalised and competitive, so
it’s critical that management teams work
to articulate their ‘why’ and not just their
‘what’. This is a key challenge for SMEs and
a task which takes time to achieve. It is also
an area of business strategy and growth that
really benefits from external independent
advice. It is crucial for purpose and value
statements to be more than something just
hung on a wall in the office.
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PAUL DORAN five years to those who have committed to didn’t really have to alter their existing
a role for this length of time. business model at all. However, other
Partner
The feedback I am receiving is that industries, particularly those forced
DBASS Chartered while we have a very well educated and to close during the pandemic, showed
Accountants well-travelled workforce, young people a great deal of resilience, leadership
may struggle with independence in their and innovation.
ACTIVITY Our firm traded very well roles and taking on responsibility. One One of our hospitality clients traded
over the last 12 months. Three service of our clients suggests that a greater throughout the pandemic by making small
areas in particular showed growth: Tax focus on teaching resilience and problem alterations to its business model. The
(restructuring and tax planning); Audit solving within our education system may business was passed for a sizeable loan
(new clients and existing clients meeting be the answer. application within the first month of
the criteria for an audit); and Company Another area of concern for SMEs is re-opening following the lifting of
Secretarial was very busy on the back mounting red tape. For example, setting restrictions. They showed a truly admirable
of tax department and its growth. And up Irish Water and to take planning policy level of resilience and determination,
for the first time in a long time we have away from local authorities has created which really impressed us.
noted customers starting to look for extra levels of bureaucracy which has had a STAFFING At a trainee level we
finance again. major impact on the construction industry. find it tough to compete with the Big
CLIENTS Many businesses are finding it CLIENT PIVOTS In many cases the Four, as trainees are understandably sold
harder and harder to fill vacant positions, level of Covid business supports for by the perception of the best package
and often roles that are filled become some sectors were so good that they on offer. Those who join us are often
vacant again within a short period of
time. Their experience is that the younger
generation of workers appear to want
shorter commitment to roles and can be ‘Young people struggle with
less resilient or driven compared to other
generations. Perhaps the government could taking on responsibility’
consider a once-off tax credit given every
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making the deliberate choice to work in a
medium-sized practice where they know
they will be given more time, more
opportunity and more exposure to
varied work types.
In general when we recruit part-qualified
or qualified accountants, they are likely to
have researched us before applying, and
they have decided our culture and ethos is
a good fit for them. We like to reward our
team for hard work, and we are looking
forward to reviving fun team-building and
social events.
USP We specialise in dealing with owner-
operated SMEs. Our USPs are as follows:
● Available: We pride ourselves on always
being available to our clients. To meet in
person, on video chat, by email or even
just for a quick phone call.
● Invested: Our practice is going 35 years.
That’s long enough to understand the
needs and demands of the current
generation and young enough to
understand the needs and demands of
the next generation.
● Simple: We believe in keeping it simple
and offer honest, informed advice.
BUSINESS PLUS | APRIL 2022 75BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
tenants can remain in rented accommodation
for the long term.
Technology Innovation is very evident in
the way businesses changed their offerings
to be get back to greater customer service
and quicker delivery models. Our clients have
seen huge loyalty from their customers to
help them through the pandemic.
WORKPLACE We will continue to operate
a hybrid work model and feel the key to this
is consultation and communication between
all stakeholders. Servicing our clients’
requirements in a method that works for them
is fundamental. Our team understand our client-
first culture and have always met the challenges
to ensure great quality of service.
STAFFING Recruiting and retaining
talent has always been a challenge, but we
have been very fortunate to have a very
knowledgeable and loyal team. The key to this
has been our culture of openness, and clear
communication on our development pathways
for each of our team members.
How challenging is it to compete for talent
with the Big Four? We have a completely
different offering, and while we all compete for
FRANK WALSH talent we find that the challenge is coming more
Managing Partner ‘The biggest issue from the Microsoft, LinkedIn and Google aiming
to attract the best and brightest talents. Our
Walsh O’Brien Harnett
ACTIVITY Trading has been very strong in the
for SME clients is competitive packages, work/life balance, and
team-focused culture have served us well in the
past year, with our advisory and tax teams
winning new and interesting assignments. In
personnel’ competition for talent.
USP We work for and with our clients. Our
addition our audit and corporate services has teams have specialist niches, which allow
had significant wins from international clients growth. Access to quality talent is a real us to understand the clients’ needs and give
basing themselves in Ireland. We have added challenge and this is being exacerbated by them access to knowledgeable, experienced
to each of our teams over the last year to the affordability of housing and rental costs, partners and professionals. This facilitates
help with the growth. which is driving wage inflation. I think the quick response times and practical commercial
CLIENTS The biggest issue for SME government needs to bring in greater rent solutions. We believe this distinguishes us from
clients is personnel, and this is hindering controls and encourage longer leases where other firms in the market.
76 BUSINESS PLUS | APRIL 2022BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
the office either two or
‘We build enduring three days per week. By
engaging and involving
relationships managers in devising
the best fit model, the
with clients’ needs and wishes of
staff are being catered
for in a fluid manner.
STAFFING We
NED MURPHY seek to set ourselves
Managing Partner apart in terms of our
Moore Ireland offering to employees
in key areas, including
rapid promotional
ACTIVITY We are delighted to have achieved opportunities; passion
growth across all our income streams in the about diversity and
past year. Particular standout areas include: inclusion; encouraging
● Performance of clients in the hospitality CLIENTS Our client base is comprised thought leadership; affiliation to the Moore
sector, which is recovering strongly. primarily of SME clients. Across each and network, which has a presence in over 110
● Importance of multinationals to the Irish every sector the number one challenge countries and affords our employees the
economy is borne out by the exceptional relates to attracting and retaining talent that opportunity to work in multiple jurisdictions.
results of our clients who are suppliers to best meets their requirements. USP We believe in building relationships
this sector. Fast tracking of working visas, and with clients and colleagues that are genuine
● Increase in M&A transactions, which is incentives promoting greater mobility of and enduring. We place huge emphasis in
extremely active at present. personnel from overseas, are areas which the communicating with our clients, which
● Growth in the demand for internal audit government should consider. allows us to gather a very clear
services as companies recognise the WORKPLACE We have fully embraced a understanding of their needs and how
importance of governance structures. hybrid working policy, whereby staff attend at these are best addressed.
BUSINESS PLUS | APRIL 2022 77BP SURVEY | ACCOUNTANCY & BUSINESS ADVISORY
ALAN FARRELLY
Managing Director
UHY Farrelly Dawe White
‘The effects from
Brexit are still
ACTIVITY 2021 was an incredibly busy
year, with substantial growth in terms
being felt’
of new international work by way of inbound
referrals from the UHY network, national
recovery from the pandemic, and robust STAFFING Staff resources are going to
growth across our client base. This year be a challenge in the short term for SMEs
has continued in the same vein, with as they attempt to return to the workplace.
numerous inquiries from the USA and UK. Reasonableness and flexibility will prevail
The effects from Brexit are still being felt, in the post-pandemic environment. Like
with strong inbound corporate finance deals all business owners we are trying to find a
happening with UK companies seeking to balance that will allow us to attract the best
retain an EU presence. staff. UHY Farrelly Dawe White has sought
The last few years have led us to to be open and engaging with our team,
collaborate with our clients in terms of and that has helped us grow and attract
their longer-term strategy. We sought to talent, even when the market is extremely
put in place client-specific solutions that restrictive.
will safeguard their businesses. The effects We feel that we can offer a better work/
of the pandemic and Brexit have been felt life balance to our employees by being
by every business, and this has provided an regional based, but we need to remain
opportunity for all clients to revisit their committed to our people and listen to their
business expectations and objectives. needs and requirements.
TAXATION Government needs to be USP As a firm we strive to be
mindful of the stresses business leaders are initiative-taking advisors who are
now under when scoping out Budget 2023, knowledge led and solutions focussed.
and consider long-term financial and tax This means we understand that no one
incentives to encourage growth, creative solution fits all clients, and all discussions
development and sustainable initiatives. should centre around our clients’
The high rates of income tax in Ireland specific needs.
are a serious deterrent to keeping Ireland We have also developed a digital solutions
competitive, as they drive salaries higher. team to assist clients with better real-
We need to encourage our business leaders time information in a manner that is easily
to continually re-invest so that Ireland understood. This allows for better business
stays at the forefront of being recognised planning, cashflow management, debt
as a leader for technological and control and closer alignments of KPIs to the
scientific advances. shareholder strategy.
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