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BP SURVEY ACCOUNTANTS John Glennon Baker Tilly Ryan Glennon The government will have to remain actively involved in a policy of encouraging lending until the deleveraging process within the economy is complete. Otherwise, recovery will John Glennon, Baker be delayed. Tilly Ryan Glennon The banks are still involved in repairing their own balance sheets and are somewhat constrained by stricter regulatory policies on lending. The National Pension Reserve Fund intervention in the market is a positive development as, in my view, investment decisions are being stalled because of the lack of available funding for large, employment-generating projects. In recent years our SME and midmarket clients focused on maximising cashflow as opposed to profit generation. Most businesses have improved their working capital management and a majority have worked to build up safety reserves. I have noticed an improvement in risk appetite amongst business, but securing bank finance for investment-type decisions to move their businesses onto the next level is still quite difficult. The prophets of doom who suggested we should default on our sovereign debt have proven to be alarmists. The recent Promissory Note deal has removed an uncertainty which was a drag on the recovery. Mike McKerr Ernst & Young Businesses are cautious, recognising that the ultimate resolution of the financial crisis is outside their control. Ernst & Young’s global structure and scale in the emerging markets means the Irish firm can provide advice and assistance to Mike McKerr, Ernst & Young Irish exporters, multinationals and entrepreneurs alike, wherever they need it. Conditions have changed very little over the last 12 months in terms of liquidity and access to credit. Businesses that performed well last year and continue to perform well this year are still accessing credit to some extent, particularly from foreign banks. Businesses that are still seen as ‘unbankable’ 12 months on continue to struggle to access credit. We see an increasing demand for our services from debt burdened companies seeking positive solutions to help restructure their balance sheets in order to allow their businesses to move forward. The public and private sectors are undertaking unprecedented transformation with scarce financial resources. A new wave of consulting is required which optimises scarce resources to achieve the best impact and ensure the people in these organisations are equipped for the future. Terence O’Rourke KPMG Across our audit, tax and advisory practices we see evidence of the two-speed economy. Parts of the Irish economy are performing very well and our teams have been busy supporting such clients as they strengthen their product portfolios and develop their presence Terence O’Rourke, KPMG internationally. However, the domestic economy remains fragile and the transac- Guiding Your Business Through Uncertain T imes
BP SURVEY ACCOUNTANTS tions market in 2012 continued to suffer from the fact that the banking sector, and funding availability generally, is not yet fully stabilised. We expect 2013 to be another busy but challenging year for us and our clients. A good accountant should be able to bring their experience to bear on any given situation, more a trusted business advisor than just an auditor or tax expert, and clients of any practice get the best value when they see their accountant in that light. Accountants typically not only have a very good understanding of how a business creates value and generates margin but they usually have a keen commercial nose and can help owner managers with their key strategic and tactical challenges. In my view it is not the lack of bank funding that is the constraint but the lack of opportunities for good businesses to put together convincing business cases and create the trust and relationships with their banking teams to be able to get their backing. So more to be done by the banks in training their loan specialists to improve their understanding of SMEs, and more to be done by SMEs (with the help of their accountants!) to put together compelling business cases for new extended financing facilities. Andy Quinn Moore Stephens Nathans We are seeing some small signs of more lending by the pillar banks but they are still being very selective about the projects they support. Our sense is that credit conditions have stabilised somewhat, but this obviously depends on the sector. For clients in the retail and construction sectors, conditions are still challenging. Increasingly businesses either have or are in the process of adapting to the new normal. The economy is close to stabilising and it is only by being capable of adapting that clients are saving and building their business. We would see great flair and ingenuity being displayed by business people as they develop their enterprises. We are dealing with an increasing number of smart entrepreneurs who have Andy Quinn, Moore Stephens Nathans recognised the opportunities that exist in the economy at present. Increasingly, we find ourselves engaged in a CFO type role, which could involve everything from dealing with operational risk (financial and otherwise) to monthly management accounts, to funding proposals and working capital management. continued on page 66
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