MARCH 2018 SURVEY Ireland’s Top Accountants · MARCH 2018 SURVEY Ireland’s Top Accountants MICHAEL McATEER Grant Thornton p66 TONY CAREY Cooney Carey p67 DAVID McGEE PwC p68 DAVID

SURVEYMARCH 2018

Ireland’s TopAccountants

MICHAEL McATEERGrant Thornton p66

TONY CAREYCooney Carey p67

DAVID McGEEPwC p68

DAVID GLEESONRBK p69

NEIL HUGHESBaker Tilly Hughes Blake p70

MIKE McKERREY Ireland p70

BRENDAN JENNINGSDeloitte p72

MARK KENNEDYMazars p74

OWEN SHEEHYMcInerney Saunders p75

MICHAEL COSTELLOBDO Ireland p76

JOHN GLENNONRSM Ireland p76

NAOISE COSGROVECrowe Horwath p78

JIM STAFFORDFriel Stafford p80

DYLAN BYRNEOSK p81

FRANK WALSHWalsh O’Brien Harnett p82

JOHN DONOGHUEIfac p83

Managing Partners and managersin Ireland’s top Accountancy

firms talk about their businessgrowth drivers and Brexit

Audit and taxation used to be themainstay of the accountancybusiness, and for many smallerfirms, they still are. Among the

very large and mid-market players,non-assurance consultancy services ofvarious hues are now the main sourcesof revenue growth. Though businessacross the Irish economy is generallybuoyant, many sectors have to face upto competitive disruption and thenever-ending challenge of adapting tonew technologies.

Michael McAteer, the newManaging Partner in Grant Thornton,explains: “All areas of our consultancybusiness have shown phenomenalgrowth as clients seek to improve theefficiency of their operations. Publicand private sector clients are investingsignificant resources in change projectsthat require project management andprocess re-engineering services fromskilled industry experts.”McAteer adds that Grant Thornton’sstrategic support services are providingresearch to assist clients in specificsectors. “In addition, the ever-changingregulatory environment withinfinancial services continues to provideopportunities for our Financial ServicesAdvisory team.”

Brendan Jennings, ManagingPartner at Deloitte, notes an intensifiedfocus on technology innovations andfintech, with greater diligence aroundcybersecurity risks. “Clients areincreasingly evaluating and offeringsolutions based on the potential oftechnology advances like blockchain,Artificial Intelligence, and Internet ofThings,” says Jennings. “They are takingthe threat of disruptive influences fromnew challengers more seriously,particularly as they often operate lesscapital-intensive business models.”Jennings cautions that the perception

of political risk is on the increase forthe firm’s multinational clients. “Ourinternational clients are evaluating thepotential slowing or reversing of thedecades-long trend of globalisation,” hesays. “There has been an expectationthat globalisation would continue toadvance. However, the emergence ofeconomic nationalism is creatingvolatility and policy uncertainty,particularly in areas like trade,immigration, technology exchange, taxcodes and regulation.”Jennings concedes that knownunknowns are good for his business. “Intimes of change and uncertainty, clientslook to us for advice and assistance.When something like Brexit comesalong, that’s when our professionals’skills and knowledge are sought out.”At PwC, Strategy & Markets Partner

David McGee says the firm’s mostrecent CEO survey suggests that amajor trend is that business growth willincreasingly come from prioritisedinvestments in data analytics,innovation and digital capabilities. “Growth and corporate profitabilitywill no longer be supported throughtraditional business models alone,” saysMcGee. “We believe that the key tonavigating the course is a clearlydefined business strategy combinedwith the right skills and competenciesto deliver on goals and objectives.Getting ahead means becominginformed and staying informed.”PwC’s view is that for corporates

data analytics and Artificial Intelligenceare key levers to becoming more

BP SURVEY ACCOUNTANCY

62 BUSINESS PLUS MARCH 2018

Consultancy BoomNon-assurance consultancy

work is driving growth at Ireland’s leadingaccountancy firms,

writes Robert O’Brien

Brendan Jennings, Deloitte

competitive, and where there is agrowth trend, professional servicesfirms are ready to advise. One exampleis aviation leasing, which grew by athird in aircraft numbers in the fiveyears to 2016. As well as keeping manyDublin law firms busy, aviation leasingactivity has prompted PwC to developa dedicated Aviation Finance Advisoryteam.McGee adds that professionalservices providers are subject totechnology challenges too. “We arelooking into how we deliver our ownservices to ensure we adopttechnologies such as Robotic ProcessAutomation to improve speed, qualityand provide greater insights,” he says.

The biggest change on the way forIreland’s economy is Brexit. Ifaclargely has a farmer clientele and

this nationwide network also servicesSMEs in provincial towns. Ifac clientsare in the frontline for any adversefallout from Brexit, and CEO JohnDonoghue says that most owner-managers see Brexit as outside theircontrol.

“As such it’s getting very little focus,”he says. “The political climate in theUK is creating more uncertainty asopposed to less. Some owner-managersare looking at creating a footprint inthe UK, if that is their main market.Others look at Brexit as an opportunityto scale their businesses in Ireland.With a likely reduction in UK importsinto the EU post-Brexit, the Irish andEU markets for Irish products shouldbe larger.”Donoghue adds that no twobusinesses are alike. “We work withbusiness owners to help them optimisetheir opportunities. Sometimes thatmeans growing a larger business,sometimes it’s consolidation, andsometimes it’s a sale or family transferof a business. Proactivity andstraightforward advice are often thereasons why clients join Ifac and staywith us.”

EY operates on both sides of theIrish border and Managing PartnerMike McKerr notes increasingdivergence in economic fortunesbetween north and south. “Theeconomy in the Republic has generatedsignificant momentum which suggestsa resilience to Brexit is building,”McKerr explains. “The Irish government is investing ina number of areas, including housingand commercial property. Trade is alsoperforming well and Irish export levelsare increasing. In the Republic, thebiggest risks are likely to be problemsconnected to its success. “Continued increases in propertyprices and commercial rents may riskpricing Ireland out of certain markets.While we are in a positive position inthe Republic with regards to Brexit, itdoes remain a real and imminent


BUSINESS PLUS MARCH 2018 63

continued on page 64

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‘Getting ahead means becominginformed and staying informed’

challenge for many of our clients,particularly in the agri-food sector.”McKerr adds that Northern Irelandfaces more challenges than theRepublic. “A higher dependence onconsumer and government spending,and very different inflation levels, arecreating divergence in spending powerbetween the north and south. Wageincreases are trailing inflation,meaning the squeeze on real incomeswill soon begin to bite.”

In a tightening labour market, someaccountancy firms see opportunityin providing HR advice. According

to Owen Sheehy, Managing Partner atnorth Dublin firm McInerneySaunders: “The importance ofattracting and retaining good people iscritical to the success of anyorganisation, and the economicrecovery has created challenges in staffretention and recruitment. We held aseminar for our clients on the subjectof attracting and retaining talentedpeople last autumn, which was verywell received.” RBK is also close to the SMEcoalface, with its roots in the midlandsand west and recent expansion intoDublin. “In 2017, all our servicescontinued to grow, with businessconsulting, particularly transactionalservices, corporate finance and taxationservices showing the most growth,” saysManaging Partner David Gleeson. “The ongoing recovery in the generaleconomic environment is anunderlying driver for this growth.International business has identified

Ireland as a preferred location forinvestment and recently entered intoan alliance with a New York-basedfunds group, Marcum LLP, to establishan Irish service centre for hedge fundsand private equity clients.”A key role played by accountancyfirms is assisting clients with theirfunding requirements. John Glennon,Managing Partner of RSM Ireland,says that while trading conditions formiddle-market clients have improved,access to finance is still challenging. “The appetite of mainstream banksto fund these businesses is improving,but lenders are still very cautious,” saysGlennon. “We are still seeing ourclients experience long waiting timeswith no guarantee of success. Thefunding landscape for these companiesalso includes commercial lendersproviding working capital financing byway of invoice discounting or asset-based lending. This form of finance,albeit more expense for the borrower,is becoming increasingly popular.”Glennon adds: “Some industries arestill struggling. A recent survey wecarried out found that constructioncompanies are facing significantdifficulties in accessing funding. Two-thirds of the firms who sought toborrow in the past year reporteddifficulty in securing finance. Theproblem is most evident for companieswith a turnover under €9m. So whileoverall I think the fundingenvironment has improved, there iscertainly scope for further sector-specific initiatives.”



Within the Big 4 and Top 20Accountancy firms, the consultingservice lines continue to show the

greatest appetite for growth andconsequently new hires. That’s the view ofTadhg Kearney, head of accountancy andinsurance at Abrivia.

The recruitment agency’s annual salaryoutlook notes that demand for professionalsin corporate finance and transactionservices also remains strong. “Within thelarger firms, we have also seen continuedstrong demand for audit seniors andmanagers in financial services and largeindustry,” says Kearney.

Partners in Dublin-based accountancyfirms can expect annual remuneration ofbetween €160,000 and €250,000, while thesalary range for directors is €85,000 to€140,000 p.a. At senior manager level, therange is €70,000 to €90,000, withmanagers in the €60,000 to €75,000 range.

“Within Top 20 firms, there continues tobe a dearth of talent at manager level,”Kearney says. “Retaining quality talent inpractice after professionals have competedtheir qualifications is a challenge forprofessional firms.

“Increases in graduate intakes andimproved remuneration have all helped asfirms focus on retention. However, forrecently qualified accountants, the lure ofindustry and commerce and financialservices roles remains strong.”

RetentionChallenge For

The Large Firms

Survey continued on page 66

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MICHAEL McATEERManaging PartnerGrant Thornton

Michael McAteer succeeded PaulMcCann as Managing Partner inJanuary 2018. The firm recorded feeincome of €108m in 2017 andemploys 1,144 people, of whom 930are fee earning or chargeable.ACTIVITY As the economy continues to

recover, we see demand for traditionalaccounting services such as Audit and Taxincrease substantially, as well as in ourCorporate Finance area, as our clients areactively acquiring new business at home andabroad. In our advisory area, new complianceand regulation directives such as GDPR havecreated opportunities for our consulting teams.With the continued expansion of the financialservices sector, our financial services advisoryteams are offering new services in banking andasset management. STRATEGY As we grow, I believe

communication is key to ensure the variousareas of the business understand the firm’sstrategy, the reason behind it, and how they personally can influence and implementthis strategy.BREXIT While the future is uncertain, there

are known parameters within which to work,and it is vital for businesses to identify areas ofexposure so they can correctly plan for thefuture. Brexit has provided the perfectopportunity for businesses to ‘get under thebonnet’ and review business strategies, cashflows, supply chains, business structures,regulation and compliance obligations with aview to identifying areas of possible exposure.It can only be a beneficial exercise to

thoroughly examine and stress test a businessmodel, not only to allow for contingencyplanning for Brexit, but also for future-proofing other non-Brexit related areas ofexposure. Undertaking such an exercise canhelp identify future growth strategies, moreappropriate or flexible business models, oridentify new markets. With the exception of financial services and

the food-agri sector, most Brexit discussionswith clients are still on a preliminary orexploratory level. To address some primaryconcerns of clients, we have been involved withour UK counterparts who have developed adata analytics platform, called Brexit IndirectTax Impact Analysis. It aims to providequantitative information to help clientsunderstand the possible customs duty and VATcosts, and to develop contingency plans. COMPLIANCE In May 2017, we launched our

Centre of Excellence, our new framework forthe delivery of global compliance andreporting services. From our centre in Dublin,we can assist organisations in meeting globalcompliance requirements in the areas ofstatutory financial statement preparation,payroll, corporate tax and centralised auditservices. While we have been delivering such

services for many years now, the COE methodof delivery has changed to include jurisdictionand industry specialists from France andGermany, for example.

WORKDAY Grant Thornton was the first Irishprofessional services firm to go live withWorkday. There are three improvementsthrough the Workday implementation that havean impact on our clients. l Efficiency: Employees have more autonomyto take control of their career within GT and toperform their HR-related transactions in astreamlined way. l Performance: Workday has enabled us togive and track feedback on employeeperformance in a way that immediately allowsus to recognise positive contributions toclients. It also allows us to utilise thiscontribution in improving the overallexperience of all clients. l Resources: The firm now has over 1,100employees, and it is imperative to have a HRISthat enables an accurate and live record ofemployee skills. Workday gives us thisperspective, allowing managers to identify thebest employee, in terms of skills andexperience, who can be deployed to work on aparticular assignment.


‘Brexit is the perfectopportunity for businesses to

get under the bonnet’John Kinsella canvassed the views of Managing Partners

in Ireland’s leading accountancy firms about their growth drivers, the economy and Brexit

TONY CAREYManaging DirectorCooney Carey

Cooney Carey’s fee income in 2017 was€5.5m. The firm employs 35 people, ofwhom 30 are accountants. ACTIVITY The general area that has shown

the most growth in our firm is ‘negotiation’ –getting our clients the best deals. Theanalytical services are now assumed; the keyissue is to help clients implement, particularlyin areas where they have little experience. Ibelieve this indicates that Irish businesses arereaching high above their normal comfortzones and recognise that this requiresprofessional skills to be done correctly. Success is often attributed to opportunity.

However, good business people make the timeto look, have the ability to choose what suitsthem and their resources, and then engagetalent to supplement their own skills to helpthem realise success.USP There are five elements that make a

great partner firm, accountancy or otherwise: l Quality and consistency of relationship. Weassign one person, with experience andauthority, to manage the client relationship.

For optimum efficiency and consistency ofservice, we ensure the client has access tothis person at all times.l Client advocacy. Each client manager tapsinto the firm’s resources in the interests of theclient, and presents proposals and ideas for thebetterment of their business. l Knowledge and understanding. We make it ourbusiness to know all we can about our client’sbusiness, their sector and its current and likelyfuture dynamics. That way, we’re rarelysurprised by any sudden changes or events. l Excellence in execution. We believe insimplifying and streamlining. With our clients,

we aim for clarity from the outset, in terms ofwhat they want from us and any information weneed from them. l Competitiveness. We’re committed to goingthe extra mile and always exceeding clientexpectations. We offer the professionalismand expertise of a Big Four firm, coupled with a unique level of personal engagementand empathy.FRAUD Fraud is more widespread than

people think, and when discovered it is alwaysa shock. Fraud usually arises as a result of theopportunity presenting itself rather than beingsought out. A good internal control functionremoves these opportunities – the principlesare simple and relatively easy to implement.Business operators simply need to realise

that they have to protect themselves. We quiterecently discovered what we are told is thebiggest private entity fraud in Ireland. Manytechniques were used by the perpetrator overthe years, but they could have been preventedwith a decent internal control system.




To make confident decisions about the future, an entrepreneurial, growing business needs an adviser who understands you and the world you are operating in.

RSM Ireland is one of the top 10 accounting firms in Ireland. It is one of the fastest growing firms serving the midmarket.

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RSM Ireland is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. �e RSM network is not itself a separate legal entity in any jurisdiction.�e RSM network is an administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 50 Cannon Street, London EC4N 6JJ, United Kingdom.�e brand and trademark RSM and other intellectual property rights used by members if the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland and whose seat is in Zug© RSM International Association, 2017

‘Good business people engage talent to supplement their own skills’


DAVID MCGEEStrategy & Markets PartnerPwC

Fee income on an all-Ireland basis for2017 was almost €450m. The firmemploys over 2,500 people in theRepublic and added 13 new partners in2017, bringing the total to 107.

ACTIVITY Market growth from themultinational and domestic sectors has seenan increased demand right across ourbusiness. In addition, the pace of disruption isaffecting more business models than everbefore, so staying close to and supporting ourclients on how best to navigate thesechallenges is at the top of our agenda.Technology is advancing at an exponential

rate leaving businesses wondering what thefuture of work will look like. They are alsotrying to assess the changes they have tomake to their operating models to keeprelevant and competitive and, importantly, thepractical implications it has on their workpractices and their people.As a result of this opportunity to improve

performance, our Consulting practice has morethan tripled net revenue from 2010 to 2017. We have a team of 350 experts providing

advice to clients in areas of traditionalManagement Consulting, Strategy Consulting,Data & Analytics and Technology Consulting,including Digital and Cyber.

TAX LANDSCAPE There is no doubt that thechange in US corporate tax from circa 39% to25% represents a fundamental shift in the UStax landscape. We do not see the changeshaving significant impact on US companiesalready based in Ireland. However, it remains to

be seen how newer US companies planning tointernationalise their businesses will react. Weexpect lots of conversations in the year aheadaround the options for intellectual propertycurrently held inside the US. Potential tax developments in the EU have

the potential for greater impact on Irelandthan the tax changes in the US. The EUCommission’s CCCTB proposals and any new‘digital’ tax may impact adversely onIreland’s (and the EU’s) competitive andexchequer position.

CYBER In 2017, we estimated that therewere three billion devices connected to the internet. As our Cyber leader Pat Moranputs it, Security is the biggest threat

to our Internet of Things party’. Cyber is oneof the fastest growing services in ourconsulting business.

MILLENNIALS It is an intensely competitiveenvironment to attract and retain the best andbrightest talent. People I speak to about ourfirm are generally surprised to hear thatalmost 70% of our workforce are under theage of 30. We know that millennials want morethan just a job. They want to make a differenceand that’s why living through our globalpurpose and values are so important to us.

BREXIT Our Brexit task force is advisingclients that prudent planning should stillinclude a scenario that assumes a hard Brexitin March 2019.


‘Consulting practice revenue has tripled from 2010 to 2017’

T +353 (0)1 677 9000 E [email protected] W cooneycarey.ie

performance through partnership

DAVID GLEESONManaging PartnerRBK

Formerly Russell Brennan Keane, thefirm officially rebranded to RBK in2017. Fee income in 2017 increased by10% year-on-year to €14m. Includingpartners, the practice employs 181people, of whom 74 are qualifiedaccountants. STRATEGY Historically, RBK has had a

strong presence in the Midlands and the West,being the largest accountancy firm operatingoutside Dublin. In the past two years weexpanded our service offering and increasedour Dublin staff to 50 personnel, which hasworked out well. We have also seen an increasein our customer base which, I believe, hascome about as a result of our people-firstbusiness service offering.ACTIVITY Business consulting, particularly

transactional services, corporate finance andtaxation services are showing the most growth.International business has identified Ireland asa preferred location for investment, and werecently announced a strategic alliance with aleading US advisory funds group, Marcum LLP,headquartered in New York. This new venture isestablished as an Irish service centre for hedgefunds and private equity clients.ECONOMY There are two economies in

Ireland: the Dublin/urban economy and theprovincial economy. The Dublin economy

continues to accelerate but insufficientaffordable housing is having knock-on effectson wage costs and attracting foreign talentinto the capital. 2017 was generally a good year for SMEs and

other businesses operating outside Dublin, andwe have to ask ourselves what type of countrywe want to live in. Is it a country with virtuallyall the population on the East coast, or a morebalanced population distribution, with goodwork/life balance benefits and lower costs?BREXIT Our exporting clients’ concerns

surrounding Brexit are very real, particularly in the agriculture sector. We have seen at firsthand the effect that exchange ratefluctuations have on low-margin businesses –their profits are being completely erodedvirtually overnight by the movement in theexchange rate. Our policy is to have regular strategy

sessions with our clients on various strategicissues including Brexit. It always amazes me thenumber of businesses that take a gamble on thecurrency exchange rate. We have encouragedour clients to be proactive in hedging orsourcing their inputs in the UK. As part of theirBrexit strategy, we have also advised clients toreduce, where they can, their dependency onthe UK market and to seek new markets.




‘The number of businesses that gambleon the exchange rate amazes me’

© 2018 KPMG, an Irish partnership

of Irish M&A Executives believe deals fail for avoidable reasons.

Find out why at kpmg.ie

Deal insights for Ireland

M&A Outlook2018

55%


NEIL HUGHESManaging PartnerHughes Blake

Fee income was €10.2m in the year toJanuary 2018. The firm has 79accountants and a total staffcomplement of 111 people.

ACTIVITY Our clients understand the valueof having a strong management team and theneed to attract and retain top talent in amore competitive hiring environment. Growth-focused clients also understand the need toembrace technology, show creativity andflexibility, and to be open to change in orderto stay ahead of the pack. Brexit is not a future event – its impacts

are happening now. Significant currencymovements are threatening long-establishedbusinesses, such as some in the food sector.There is uncertainty around the regulatory,customs and taxation rules that will apply,though there are upsides too. As the deadlineapproaches, an increasing number of clientsare working with us to explore theopportunities that Brexit provides.We are helping clients to model different

scenarios and outcomes, as well as exploringwith them emerging gaps in the market. Werun a Brexit roadshow, partnering with our UKnetwork so that our clients have access to adedicated cross-border Brexit team. We arealso in the process of setting up a Brexithotline for our clients.

STRATEGY Since joining the Baker Tillynetwork in 2016, our firm has expanded intointernational markets, allowing us to broadenour client base and renew our focus onproviding higher quality services. We alsocontinually invest in our people, technologyand marketing while always focusing ongrowth opportunities for our customers. Itwas these developments that merited ouraward as Ireland’s leading medium practice atthe 2017 Irish Accountancy Awards.Aidan Kearney joined us from KPMG in 2017.

He has brought higher level audit, advisoryand transaction services experience to thefirm, and his US experience has given anadditional international angle to our services.

EIIS FUNDING With €11m in this year’s

fund, we will be the largest EIIS fundingprovider in the Irish market in 2018. Recentchanges to the administration of the EIIscheme have made it extremely technical andbureaucratic to get a company EIIS-qualified.This year we expect c. €50m will be raised inEIIS, down by about 50% on two years ago. Iwould like to see a reduction in the red tapesurrounding EIIS approval for companies andimproved access to the scheme.

EXAMINERSHIP For some firms thatsurvived the recession, they cannot survive therecovery. All of their competitors are growingagain, and a business without the resources tocompete can find that a struggle quicklybecomes a slide. In that scenario, the option ofexaminership comes to the fore. If a businessis viable, it can qualify for this formalrestructuring process, giving it the bestpossible chance to restart.


‘Some firms that survived the recessioncannot survive the recovery’

MIKE McKERRManaging PartnerEY Ireland

EY Ireland grew fee income by€247m, with growth of 12% in theyear to end June 2017. Fee income inNorthern Ireland in FY 17 was€31.7m. EY currently employs 2,656people across the island of Ireland,including 63 partners.

ACTIVITY The growth trajectory thatcharacterised the last number of yearscontinued across all areas of our business inthe past year. Exceptional growth of 41% inPerformance Improvement reflects the highlevels of client demand in the areas ofbusiness transformation, processimprovement, digital strategy, and people andorganisational change.Investment in FIDS (Fraud Investigation and

Dispute Services) and Data Analytics in recentyears has also led to strong growth of 37%and this continues in FY18, as clients increasetheir focus on GDPR and the impendingdeadline in May. Corporate Tax also grew by12% in FY17 as a result of continuedinvestment in high-growth areas, such astransfer pricing and R&D.In FY17, EY invested heavily in high-growth

areas that are core to Ireland’s sustainedeconomic prosperity. This was reflected in theappointment of Shane Mac Sweeney asPartner and Head of Government &Infrastructure for EY Ireland, and Neil Gibsonas Chief Economist.

ACQUISITION Our recent acquisition ofDKM Economic Consultants to form EY-DKMAdvisory Services in January is the latestinvestment we’ve made in this area thatdemonstrates our commitment to helping ourclients as they grapple with geopoliticaluncertainty. Our clients are operating in a dynamic

environment, with higher levels of uncertaintythan ever before. Their questions around riskfactors like Brexit, wage inflation and skillsavailability are becoming more complex. Themore we invest in diversifying our serviceoffering, the better equipped we are to adviseour clients through detailed economicanalysis and forecasting.

DIGITAL The launch of EY-Seren Ireland inOctober 2017 was an exciting milestone forus. With this service design and innovationagency, we are able to help clients with a verydifferent customer-research-based approachto digital transformation. The insights allowcompanies to determine the value of their


customers, key touch points, potential missedopportunities and how best to provide the mostvalue to the consumer.

So our team can help clients be first intheir market to offer differentiated customerexperiences.

BREXIT Brexit is undoubtedly the biggestrisk on the horizon. The uncertaintysurrounding the outcome of the negotiationsmakes it impossible to predict the impactnorth and south of the border. Analysis of Brexit exposure must go beyond trade

into talent, tax considerations and location.There’s no such thing as being over-prepared.

Business risk is nothing new and Brexit is just one of a long list. The best firms arenot paralysed by uncertainty – they realisethat to succeed they must assess risk andmake decisions, taking account of thescenarios that could emerge. Through theinvestments we have made in diversifying our service offering, like the formation of EY-DKM, we have been able to provide deeperand more detailed economic analysis andforecasting to direct and support our adviceon how to prepare for what may unfold. Using a trade modelling analytics tool, we are carrying out intense scenario planningwith many of our clients, to help them planand succeed.


‘The best firms are not paralysedby uncertainty’

Mike McKerr (right) with EY Chief Innovation Officer Frank O’Dea, and YvonneKiely, Customer and Digital Lead

BRENDAN JENNINGSManaging PartnerDeloitte

Deloitte’s all-island fee income for theyear to end May 2017 was €340.8m,up 15% on the previous year. The firmemploys around 3,000 people acrossits offices in Dublin, Cork, Limerick,Galway and Belfast. Just under 90%of them are qualified professionalsworking in audit, tax, consulting andcorporate finance.

ACTIVITY Our advisory services haveexperienced a significant increase in demand.Cost reduction to drive growth, efficientregulatory management and digitaltransformation have been three drivers behindthis. Businesses are recognising the need toinvest heavily in these areas – they are nowvery much a reality and are now firmly on theC-suite’s agenda. An increased number ofcompanies are also engaging in M&A activity.

As a general observation, our clients arebuoyant about their growth prospects. In fact,in our recently released survey of privatebusinesses, two-thirds of respondents

indicated that they are extremely or veryconfident of their business’s success.

SCALING CHALLENGES Ireland’s leadingtechnology companies have shown a highdegree of confidence, and they are more thanwilling to enter new markets and competeagainst large industry players. Theirchallenges largely relate to: l The availability of suitably skilled softwaredevelopers in Ireland. This has forced them to look abroad to set up softwaredevelopment hubs.l Conservatism among international buyers.Often, it’s a case of making that one initial bigsale to get acceptance in the market. l Obstacles to entrepreneurship. There can bea disincentive for an Irish entrepreneur to setup a business in Ireland, knowing that the CGTrates are higher than in other countries,affecting whether or not they will get a returnon their investment in Ireland.

BREXIT As Brexit impacts sectorsdifferently, we have seen a strong demandfor specific industry expertise. The enquiriesfor Brexit-related services have primarilycome from companies looking to Ireland as alocation to continue to trade within thesingle market, or from large multinational

At Crowe Horwath we believe in fostering lasting relationships with our clients. Understanding the day-to-day realities of a business ensures we respond to needs swiftly, with clarity and authority.

Our combination of expertise, agility and approachability makes us the ideal ally for Irish business owners. We help clients make smart decisions today that create lasting value for tomorrow.

Brendan Jennings and Orla Graham(right), who heads up Deloitte’s HRdepartment, with graduate recruits(from left) Vidisha Vishwasa, RossO’Neill and Ryan Basquel


companies with a presence in Irelandassessing what impact Brexit will have ontheir overall European operations.

Our Global Employer Services team hasbeen working with clients around themovement of people and remuneration, and

our Customs team has seen an increase indemand for their expertise in relation totrading with third countries, and what isinvolved in becoming an Authorised EconomicOperator from a customs perspective.

The initial preparation for Brexit took the

form of implementing and managing currency-hedging strategies and understanding thepotential impact of a physical border from amovement of goods and customs perspective.Companies are now much better informed andare beginning to assess what changes, if any,will be needed to continue to export/importgoods from the UK post-Brexit.DIVERSITY We are very focused on

understanding today what the workplace ofthe future will look like, and how we bring thatto our team today. To remain at the forefrontof innovation, we need diversity of thoughtand approach, and that comes through ourpeople. Attracting candidates from diversebackgrounds and skills, who can bethemselves in work, contributing to aconstantly changing environment and evolvingclient needs is critical to achieving this goal.

‘Our clients arebuoyant about theirgrowth prospects’


© 2018 Grant Thornton Ireland. All rights reserved. Authorised by Chartered Accountants Ireland (“CAI”) to carry on investment business. Grant Thornton is a member firm of Grant Thornton International Ltd. (GTIL).

At Grant Thornton we are not just Audit, Tax, Advisory. We balance a desire to do what’s best for you in the future with an experienced sense of what’s going to help you now. Our distinctive client experience leads to more meaningful advice and a better working relationship for your business and industry.

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Michael McAteerManaging PartnerE [email protected] +353 (0)1 6805 805

A different way of doing business



MARK KENNEDYManaging PartnerMazars

Fee income in the year to end August2017 was €30.3m, up 1.4% on theprevious year. The firm’s staffcomplement in Ireland is almost400 people, of whom more than 280are accountants. The Mazars’ globaloperation extends to 200 offices,with 980 Partners and 20,000professionals.

ACTIVITY The areas of highest demand andgrowth in our core management consultingbusiness have been those in theorganisational development space –recruitment, retention, cultural change,performance management and development,people strategies, organisational restructuringto support growth and the development ofadditional organisational capability.

We believe that this is indicative of the factthat Irish businesses are increasingly consciousof the need to develop their people in order toretain talent and to grow their businesses. Italso perhaps shows a tightening in the labourmarket, increased competition for good people

and a recognition that it is more expensive tofind and bring in new talent than it is todevelop existing resources.

In recent months, there has been a verylarge increase in demand for our GDPRreadiness and compliance services.

CORPORATE FINANCE Our CorporateFinance team has been very active over thelast 18 months and deal flow is positive. Irelandhas never had as much funding available fortransactions, which is allowing managementteams to finance MBOs, business owners tofund acquisitions and shareholders exit througha sale process if that is part of the plan.

We expect Irish private equity to be the

biggest investors in Irish business in 2018. Thepillar banking landscape is also improving, withcorporate banking and business bankingactively looking to fund deals at sensibleleverage. There is also a mix of non-banklending providers in the market and all this ispositive for Irish business owners.

SME CHALLENGES Entrepreneurs maystruggle to find the time to step back from day-to-day operational challenges to really focus onmedium- to long-term planning for the future ofthe business, to drive business performanceand grow long-term capital value. The MazarsOptimize programme offers a structuredanalysis of the five big drivers of value, and ourexperience with the programme has highlightedkey actions across entrepreneurial businessesregardless of their business model or sector.

Almost three out of four businesses do nothave adequate business planning in place whencompared with their corporate or privateequity-led competitors. The goals andambitions of the shareholders are often notclearly expressed through a business plan thatthe management team can deliver on, oraligned to meaningful KPIs and incentive plans.

Sales channel management is also acommon area of concern, where the businessmust evolve multiple sales channels throughcontinual analysis and innovation to identifyand effectively communicate with customersand targets. Other common themes areaddressing skill gaps in the seniormanagement team, putting appropriatefunding strategies in place, and having arobust investment appraisal process.

STRATEGY Our merger with MaguireCaulfield Browne in October 2017 arose fromour focus on enhancing our footprint and clientoffering in the Mid-West. Limerick is the maineconomic driver for the Mid-West region, whichhas experienced a remarkable resurgence inrecent years, and which will continue withrenewed investment in the region.

We were lucky to find partners who fit sowell with the culture of Mazars and themerger has been a great success. We havesignificant confidence in business in the Mid-West of Ireland and we wish to play ourpart in accelerating growth in this region inthe years to come.


‘Ireland has neverhad as much funding availablefor transactions’YOUR TRANSACTION SERVICES

ADVISER

BDO is authorised by the Institute of Chartered Accountants in Ireland to carry on investment business.

Dublin – Limerick – Belfast

TALK TO RORY:[email protected]+353 1 470 0239

Rory O’KeeffeHead of Transaction Services

End-to-end value added transaction advice and support

OWEN SHEEHYManaging PartnerMcInerney Saunders

Fee income in the year to August 2017increased by 13% to €3.6m. Based inSwords, the firm employs 47 people,including 21 accountants, 11 traineeaccountants and three tax trainees.

ACTIVITY We have proactively promoted ourbusiness advisory services to existing clients,and to date, we have seen positive growthresults in this area. We also leveraged ourinternational connections to generate newbusiness, particularly in light of Brexit. We arealways seeking out opportunities to acquirefirms that we see as a good fit, andsuccessfully merged with Declan J Gray & Co.Chartered Accountants in April 2017.

MARKET FOCUS There has been growthacross all our services lines, significantly so inadvisory and outsourced managed services.With the economic upturn, clients are nowlooking at business holistically, and are comingto us to provide them with advice that willdrive efficiencies and strategically shape their

businesses for the future. We have seen a strong demand from our

clients in the areas of payroll, managementaccounting and reporting services. Clients areparticularly focused on accurate and timelyinformation to allow them make informedbusiness decisions.

NORTH DUBLIN The north Dublin economyis very much in recovery. Proximity to theairport is a significant advantage to manybusinesses located in the area. The ‘AirportCentral’ plan should further build on therecovery already achieved. There are stilllegacy issues, but these are relatively rare andmost clients are focused on businessexpansion.

BREXIT Sterling’s movement has been the

major Brexit impact for our clients who aredoing business in or with the UK. Some of ourclients have expanded into the UK, setting uplocal operations and in some cases acquiringUK businesses. Through our internationalconnections, we are assisting clients with setup in the UK. We are also receiving areasonable number of enquiries from UKcompanies looking to use Ireland as a base toservice their European customers.




BAKER TILLYHUGHES BLAKE

‘We are assisting clientswith setup in the UK’


MICHAEL COSTELLOManaging PartnerBDO Ireland

Michael Costello has been ManagingPartner since 2014. BDO has annualfee income of €70.6m and the currentheadcount is 560 people.

ACTIVITY Growth of our business in 2017was strong, reflecting the expansion of ourclients’ businesses. This growth was organicand was helped by increasing confidence,international expansion and acquisitions.Transaction services and all tax services were very busy.

FUNDING SMEs now find themselves in amuch more positive landscape, where theconversation has moved from there being nofunding available to how funding opportunitiescan best be navigated and chosen. Ambitious,growth-oriented export companies are leadingthe way in this market. In effect, innovativecompanies are showing themselves to beinnovators in funding too.

PRIVATE EQUITY The BDO DevelopmentCapital Fund continues to see growingdemand for investment. Successful exits suchas Version1 and Lifes2Good have increasedawareness and highlighted the benefits ofsmart capital. Business owners andmanagement teams now have a greaterunderstanding of the opportunity that growthcapital presents to unlock the potential intheir businesses.

BREXIT We have had very strong demandfor customs and international trade services,as international and large Irish companies plan

and structure their response to Brexit. The BDO quarterly sentiment survey

currently shows that only 14% of businesseshave measures in place to deal with lowersterling rates, and only 5% have a plan inplace to deal with a potential customs borderwith the UK. It is a concern that only 4% ofcompanies surveyed have sought externaladvice and support on the implications ofBrexit for their business.

US TAX REFORM The recent changes tothe US corporate tax regime will make the USmore attractive for future investment in themedium term but we should remember thatour corporation tax rate is still much lowerthan the new US rate. If we look at all thefactors that attract investors to Ireland –such as access to the EU market, our skilled,educated workforce and our low corporatetaxes – Ireland remains in a strong position to attract US companies establishing an EMEA base.The IDA has done a great job in attracting

record numbers of companies and jobs intoIreland in 2017. In addition to retaining our12.5% corporation tax rate, we need to focuson remaining competitive. This includes all theelements of labour cost and infrastructuresuch as housing, transport and schools.


‘Innovativecompanies areinnovators infunding too’

JOHN GLENNONManaging PartnerRSM Ireland

Fee income increased by 18% through2017 to €20m. Headcount at the firmgrew by 22% year on year to 147people, of whom 115 areaccountants/trainee accountants.

ACTIVITY The growing economy brings withit challenges for our clients. Increasingly,clients do not think along services lines (e.g.audit, corporate finance, tax etc.) but ratherlook to us to help them solve their businessproblems, whatever they may be. Growingbusinesses need a different type of advice –counsel to help them harness opportunities anddeal with the challenges that growth brings.

In order to remain relevant to our clients,we need to bring the right mix of technical,commercial and operational experience tohelp clients to realise business opportunities,working with them strategically andoperationally to help them manage risk,improve decision making, drive productivity,enable change and realise value.With the unemployment rate currently at

6.1%, many of our clients have been strugglingto attract and retain good people, and we havebeen working with them to help solve theseproblems, using short-term resources andlonger-term planning. Our model is a flexibleone, which gives a business the right peoplein-house (junior or senior) at the right time asrequired, fully supported by the wider RSMteam in the background.We are also seeing an increase in the work

undertaken by our management consultingand transaction advisory teams. Expertise inareas such as IT Consulting, ChangeManagement, Forensic & Investigations andTransaction Services is key to helping clientsmove into the next stages of their evolution.

STRATEGY We joined the RSM network inMay 2016, and RSM Ireland was named RSMmember firm of the year in 2017. Within thefirm and among our clients, the move wasseen as a statement of our ambition as the

‘Growingbusinesses need a different type of advice’

professional services environment in Irelandgrows and evolves.

Since joining the RSM network, we have seena substantial increase in referrals from otherRSM firms, predominantly from the US and UK,where their clients are looking to establishoperations in Ireland. We have also had successin winning work through joint tendering forlarge assignments with RSM US, which we wouldnever have been able to win in the past.

The merger of RSM Ireland with John Marks& Co in 2017 formed part of our growthstrategy. The firm was one that we admiredand the key to any successful merger is acultural fit between the firms, which we feltwas very much evident.

The accountancy market has beenconsolidating for a number of years now.Increasing regulation and resource constraints,

and the requirement to provide deeperspecialist advice to clients, mean that thistrend will continue at all levels.INNOVATION We established a dedicated

Forensic and Investigation Services unit in2017. We had been providing such services fora long time, and bringing this expertisetogether into a dedicated unit has createdopportunities for us to undertake larger andmultidisciplinary assignments.

Many of our middle-market clients do nothave any sort of HR system, due to the costinvolved. The PeopleLog system, developed byour colleagues in RSM UK, is designed toprovide an affordable HR solution to the SMEmarket. From the moment an application isreceived to the day an employee leaves, our HRsystem enables organisations to record, reportand make informed decisions.

BREXIT Since the UK’s decision to leave theEU, we have had a steady stream of enquiriesfrom Irish companies with UK interests and UKcompanies that are trying to see how they canBrexit-proof their business. We have also seenan increase in business from countries such asIndia, Canada and Australia, that would haveused the UK as their entry point into the EU.The enquiries typically fall into two broadcategories: taxation and regulatory.

We have not seen much evidence ofcompanies looking to new markets as a bufferagainst lost market share in the UK as a resultof Brexit. The reality is that accessing newmarkets does not happen overnight. It entailsdiverting resources from established marketsand, with limited resources available, focusingon the short term typically wins out.





NAOISE COSGROVEManaging PartnerCrowe Horwath

In 2017, Crowe Horwath effected amerger with Phelan Prescott. Theenlarged firm now has a headcount of 155 people, of whom around one-thirdare qualified accountants.

ACTIVITY During our 75th anniversary in2016, we announced our ambition to grow thepractice and hire an additional 75 staff over thesubsequent three years. In the last 18 months,we have made significant appointments to ourtax, corporate finance, corporate compliance,consulting and audit teams. We have alsodeveloped a stronger offering in our internalaudit and data protection team, and are busyhelping a number of clients prepare for theGDPR deadline on May 25.

In our consulting department, we have beenextremely busy working on a number ofreviews and strategic planning projects acrossthe public, not-for-profit and commercialsectors. Our taxation division has grownconsiderably over the last two years and we

are currently expanding our VAT, intellectualproperty and family tax teams.

Our corporate finance team has beenresponding to a significant increase in fundingqueries. We have also been helping a number ofgrowing SMEs to access and secure finance,with particular focus across the property,hospitality and consumer goods sectors.

MERGER RATIONALE The merger withPhelan Prescott has helped further strengthenour focus on SMEs and owner-managers. Joiningour two practices gave us greater service depthand scale while maintaining our partner-ledapproach. The Phelan Prescott client portfolio isa great fit for our practice. It has been a verysuccessful and smooth transition, as wecontinue to build our strength and position as aleading SME-focused practice.

CREATING SOLUTIONS

Friel Stafford has become one of Ireland’s leading firms by focusing on corporate recovery and insolvency since 1994.

We provide expert advice to directors, accountants, solicitors and banks on all aspects of corporate recovery and insolvency.

Corporate Recovery & InsolvencyPersonal InsolvencyForensic Accounting & Expert WitnessCorporate Finance

www.frielstafford.ie Contact Jim Stafford, Tom Murray or Andrew Hendrick44 Fitzwilliam Place, Dublin 2, IrelandT: + 353 1 661 4066 E: [email protected]

We provide a free confidential advice line which allows free initial access for anyone seeking expert insolvency advice. To avail of this service please contact Jim Stafford or Tom Murray.

‘Owner-managedbusinesses continueto face significantchallenges’




We’re by your side2018 marks a very special year in RBK’s history as we celebrate 60 years in business. With access to our most experienced people, actionable market insights, solutions and guidance for everyday needs or critical decisions, we’re by your side.

Contact:

David Gleeson | Managing PartnerT: (01) 6440100E: [email protected]: www.rbk.ie

Chartered Accountants & Business Advisors

Dublin Athlone Roscommon

SME CHALLENGES We run the PinnacleProgramme in partnership with DublinChamber, a platform of support for SMEowners. Owner-managed businesses continueto face significant challenges, with manystruggling to reach their potential. On theprogramme, we have identified a number ofthemes, such as funding, expandinginternationally, managing a family business,buying and selling SMEs, scaling strategies,and talent retention.

BREXIT Brexit remains a key concern forour clients. Faced with the uncertain businessimpact of Brexit, we are working with a numberof clients to conduct a full review of theirbusiness operations. Our Business Value Builderprogramme is a simple yet comprehensivereview of a client’s business that is designed tohelp our clients prepare for Brexit.

Through our international network, we areable to share insights and learn from thestrategic approach businesses from otherterritories are taking. Having strong ties withour European colleagues has also been usefulwhen assisting our clients in establishingoverseas operations.



JIM STAFFORDManaging DirectorFriel Stafford

Jim Stafford is one of Ireland’s leadingcorporate recovery and insolvencyspecialists. He also has extensiveexperience in resolving shareholderdisputes and is an expert on corporategovernance.

ACTIVITY Our audit and tax services arecontinuing to grow, and our existing servicesof corporate finance and corporate insolvencyare in demand. There has been a substantialincrease in Members’ Voluntary Liquidations.We have seen a particular demand for

internal audit services, as boards become moreconscious of the need for an independent viewof risk management, governance and internalcontrol processes. As one board directormember said to me recently, “Our externalauditors are pre-occupied with FRS102 andaccounting disclosures and therefore do notsee the big picture”. Many companies cannotafford a full-time internal auditor, and anoutsourced solution brings greaterindependence to the role. We have extensive experience of ‘practical

mediation’ around shareholder disputes,which are increasing in number. This is a signof the Celtic Tiger roaring back, asshareholders now have something valuable tofight over. We were heavily involved in thesettlement negotiations of one of the firstSection 212 cases (Oppression of Minorities)under the 2014 Companies Act in the HighCourt. It as an area of work that we enjoy, as it involves complex tax, employment law,company law, negotiation etc.We have an accredited mediator, Tom Murray,

but it remains to be seen if the recent passingof the Mediation Act will actually produce anadditional volume of ‘pure’ mediation work.

LEGACY DEBT We are still working withsome clients, personal and corporate, whoinitially retained us in late 2008. In fairness to the banks, thousands of debt forgivenesssettlements have been successfullynegotiated. However, there are still thousandsto be done! A contributing delay to resolvingissues was the decision of some banks to selldebt to various vulture funds. Having saidthat, we do find the vulture funds verypragmatic once they take control of the loan.The vulture funds have no moral hang-upabout debt forgiveness, unlike some banks.What continues to surprise us is that many

people (including some professional advisors!)in financial distress have yet to recognise the

benefits of Personal Insolvency Arrangementsand Debt Settlement Arrangements, and theirability to write off significant debt.

FRAUD There is no doubt that theeconomic crises saw a dramatic increase infraud, as some people sought to maintaintheir lifestyle and keep up their mortgagepayments. A contributing factor to many ofthe fraud investigations that we have beenengaged with is the rise of internet banking.It is far too easy for, say, a trustedbookkeeper to ‘label’ a payment as havingbeen made to a supplier while actuallydiverting it to their own bank account.

STRATEGY We joined GGI Geneva GroupInternational, an international grouping of over500 firms of accountants and solicitors. Apartfrom the joy of attending conferences in placessuch as Vienna and Buenos Aires, the linkagehas resulted in a significant flow of new work,some of which has been driven by Brexit.

BREXIT There is no doubt that theagricultural sector will be heavily impacted if Brexit happens. It is rare that a businesssector receives such advance notice of a roadcrash coming up. Over the years, we haveseen too many businesses build upaccumulated profits only to lose them in adownturn, because they were too stubborn tosee the warning signs.


‘The vulturefunds have nomoral hang-upabout debtforgiveness’

DYLAN BYRNEDirectorOSK

Based in East Point, OSK employs 35professionals and five support staff.

ACTIVITY We service clients across all areasof Dublin, as well as outside the county. TheSME sector, while not booming, has seen areturn to profitability for most clients. The bigitem of concern for our growth-focusedclients is getting the right people. Areas thathave shown particular growth include:l Advising on the purchase and sale of abusiness.l International taxation planning opportunitiesfor clients either setting up operations abroador for companies relocating to Ireland. We alsoprovide an expatriate taxation planning serviceto both individuals and companies.l Audits for defined benefit and definedcontribution clients.l Property management audit services.

CONTRACTORS OSK has a strong reputationas specialists in the area of contracting.Contractors generally need an understanding ofthe legalities of owning a company and how

the tax system works once they incorporate.Another area that contractors often enquireabout is contracting abroad. We provide

international tax planning advice on this too.NICHE EXPERTISE OSK is the official audit

and accounting partner of the Federation ofIrish Sport, and the preferred supplier ofthese services to the Federation’s members.Our international tax team advise on all

taxation issues arising for businessesrelocating to Ireland and for Irish businesssetting up abroad. As part of this service, OSK launched a Global Mobility Service inconjunction with our international association, CPA Associates International. The service provides the option of one leadcontact person to co-ordinate and manage the tax compliance and planning across alljurisdictions.

BREXIT Since 2016, we have been activelytargeting businesses who are moving intoIreland, and we are frequently contacted bybusinesses from the UK, US, Australia andmainland Europe looking to do so. We areexperiencing many foreign businessesinitially incorporating a company here anddealing with administration matters such as taxes registration and banking requirements with a view to commencing trade well ahead of the Brexit cut-off date.




Find out how our national team of advisors can help your business to plan for the future. Call us on 1800 334422 or visit www.ifac.ie

We are early risers, we are tax advisors, we are tillers, planters, bakers, makers, we are accountants, farmers, foresters and forecasters.We are ifac.

A C C O U N T A N C Y | P L A N N I N G | A D V I C E

‘The big concernfor clients isgetting the right people’


FRANK WALSHManaging PartnerWalsh O’Brien Harnett

The practice was formed through theOctober 2016 merger of SherryMcNabola Murray and O’BrienHarnett. Fee income advanced 11.4%to €3.95m in the year to September2017 and the firm has a headcountof 42 people, with five partners, 18accountants, five tax professionals,16 trainee accountants and threesupport staff.

HISTORY The firm traces its roots back tothe early 1950s with James Joy & Co, whichwould later evolve into Sherry McNabolaMurray & Co, a practice that built a strongoffering assisting international companiessetting up in Ireland, alongside its core clientbase of owner managed and family businesses.

Founded in the early 1980s by Donal O’Brienand Jim Harnett, O’Brien Harnett & Associateshad developed a strong niche in the not-for-profit sector, servicing religious organisations,schools, associations and other charities. Bothfirms were familiar with each other throughmembership of the TNG, a charteredaccountants network group, which meetsmonthly.

MERGER RATIONALE Both firms felt amerger would enable the combined firm tooffer a wider range of services to our clients,and to leverage the extensive specialistknowledge developed by each firm. Increasingthe size of the firm has enabled us to invest inthe technology required to keep us at theforefront of our profession. It has also givenour staff the opportunity to work across

different sectors and service offerings.We combined our three office locations into

one newly renovated premises on Lr BaggotStreet in July 2017, which has improvedworkflow and communications across ourteams. Our clients now have greater access topartner-led teams, with each client assigned adedicated partner, manager and team to meettheir audit, accounting, tax and consultingneeds.

The merger also enabled us to roll outadditional services for clients. We haveambitious growth plans but we believe inmanaged, sustainable growth, built on our coregoal – supporting our clients to build betterbusinesses and organisations.

USP We are privileged in that some of ourloyal clients started with the firm in the early1950s. Our not-for-profit sector team, led byRonan and Donal O’Brien, is greatly respected

throughout the sector. We also have a strongpresence in working with internationalcompanies setting up in Ireland. Led by ConalSherry, this team is complemented by our taxteam, which works across all tax heads.

ACTIVITY We are having more conversationswith clients regarding access to quality staffand ensuring existing staff remain engaged asthey focus on growth. Our clients are seeing askills shortage in certain sectors such asconstruction, professional services andtechnology, and many feel this will affect theirgrowth potential.

Our consulting and advisory teams continueto be in increasing demand. Our experiencedtax team is highly valued by our clients. As theeconomy grows, areas such as propertytransactions, VAT, Revenue audits, successionplanning and transaction support ensure ourtax team is kept very busy.


‘The merger enabled us to roll outadditional client services’

OSK, East Point Plaza, East Point, Dublin 3. T: 01 439 4200 www.osk.ie

Expert Knowledge

OSK Audit • OSK Business Advisory Services • OSK Tax Compliance • OSK Tax Consultancy OSK Corporate Finance • OSK Contracting • OSK Small Business Support • OSK Company Secretarial

JOHN DONOGHUEChief Executive OfficerIfac

Ifac fee income grew by 10% year onyear to €19m in 2017. The companyemploys 350 people of whom around150 are accountants and professionaladvisors.

EVOLUTION Ifac came from a need toprovide management accounting informationto farmers after Ireland\ joined the EEC. In theearly 1980s, we developed into a taxconsultancy and financial accounting servicesfirm. We now offer a full range of professionalservices, including accounting, tax advisory,investment advisory, audit and some tailoredtechnology and reporting services. Our client base is concentrated in the

farming, food and agribusiness sectors, butwe service all kinds of businesses from 30locations. We also have an SME-focusedbusiness in Dublin called TaxBright that helpssome great businesses to scale and retain anultra-lean tax structure.

ACTIVITY Tax planning has been a

significant growth area for us. As the economyhas improved, businesses have grown moreprofitable and more M&A activity is takingplace. Getting the tax structure of a businessoptimised is crucial to retaining value andcreating wealth.

Tax planning needs to be an ongoingactivity that forms part of an annualconversation about the future of the business.Our clients know this and they are willing toinvest in protecting their wealth. Pensionplanning and investment are also key growthareas, as taking some profits out of thebusiness and building a strategy for futureincome are crucial. All of your eggs shouldnever be in one basket, even if that baskethappens to be your own business.

ISSUES Farmers are price-takers, and while we produce outstanding product inIreland, often the value of that product ismisunderstood in the marketplace. Ourproduct is treated as a base commodity, but a grass-fed product should be premium.Farms are increasing in scale all the time and major consolidation is taking place in the sector.The big issue for young farmers is access

to finance and land. While some greatinitiatives have been introduced to help, there will always be room for innovation.Continued support and innovation fromgovernment and finance providers is key tothe future success of the sector.



‘All of your eggsshould never be in one basket’

Documents

MARCH 2018 SURVEY Ireland’s Top Accountants · MARCH 2018 SURVEY Ireland’s Top Accountants MICHAEL McATEER Grant Thornton p66 TONY CAREY Cooney Carey p67 DAVID McGEE PwC p68 DAVID