Accountants Who's Who - Business Plus Online

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BP SURVEY ACCOUNTANTS that has a successful track record in negotiating solutions with lenders. In some cases, the borrowers are emotionally charged and are under tremendous stress and are not able to rationally discuss their position directly with their lenders. Our role is to listen, collate the relevant information, review and discuss options with the borrower, present to the lender, follow up and, in most cases, negotiate a solution. Paul Leonard, Cooney Carey Liquidity at the SME level has improved slightly but not nearly enough. SME owners are using internally created cashflows to develop new products and markets, which means a longer turnaround time and ultimately a slower recovery. The majority of the clients we talk with have developed and sought out new markets, new products and new business models. Most if not all of these are now stronger and wiser and they all have less competition. Debt is clearly still a huge problem in Ireland and we have an experienced team Jim Stafford Friel Stafford As a specialist insolvency practice we have never been busier.We work on both sides of the fence, on behalf of banks but also on behalf of borrowers in financial difficulty. A major growth area for our practice in the past two years has been personal bankruptcy. We have carved out a reputation for being specialists in the area, and for generating solutions to complex problems. Another major growth area is the massive amount of property work. During the Celtic Tiger period, approximately 40% of our work was construction-related. Now approximately 90% of our company’s Jim Stafford, Friel Stafford work for the banks is related to construction/property. As a result of the extensive property work we have established a property management division, which is headed up by an experienced quantity surveyor. During the Celtic Tiger we could sell properties quickly. It is now much more difficult to sell secondary commercial properties, and thus the portfolio of properties that we are managing is ever increasing. We are finding that residential property will move quickly if it is correctly priced. advisory compliance management support outsourcing and wealth management 38 Main Street, Swords, County Dublin, Ireland. T: +353 1 840 4029 F: +353 1 840 7496 E: info@mcinerneysaunders.ie W: mcinerneysaunders.ie
BP SURVEY ACCOUNTANTS Greg Murphy TaxAssist Accountants I think people have come to accept the new normal and we have seen lots of clients readjust quite dramatically. That said, I think there is still a lot of weariness out there, both with the length of the recession and in particular with the issue of lending. Despite all the noise, this issue has not improved quickly enough. It’s still very difficult to get paid. For us and for our clients, getting a handle on debtors is an ongoing challenge. As we have grown and opened shops in different locations, we have worked with Bank of Ireland on our funding requirements and we have developed a very good working relationship. On the other hand, we see plenty of reasonable, well-thought-out applications rejected every week by the two pillar banks. From what I can see, lending is only happening to very established business models, with startup finance much harder to come by. Paul Wyse Smith & Williamson Greg Murphy, TaxAssist Accountants SME owner-managers need their accountant for financial advice, especially in today’s environment. Accountants can help SME owners with their knowledge of what is going on in the marketplace and what funding is available, and how they can improve the financial performance and results in their organisations. One of the difficulties for SME owner-managers is that they have made significant cuts in costs, including reducing their professional fees and hence access to advisory services at a time when they need it most. My view of the pillar banks is that Bank of Ireland has clear messages about the types of businesses it is keen to support and the type of funding the bank is Accountants have to find ways to communicate that we can offer more, and we have to be able to do that in plain English. In my experience, clients benefit from help in understanding their accounts better. Patrick Thorpe Delaney Locke & Thorpe The balance sheets of many SME businesses are repairing, and a key risk to business stability is where debt providers see viable business as a means to resolving the owner’s Partick Thorpe, Delaney Locke & Thorpe personal debt positions. We like to think of the economy as represented by 20 engine pistons: although there are a number of them misfiring, an evergrowing number are beginning to fire up. The entrepreneur cohort is the most necessary group in our society, and one that the economy needs for prosperity. Before many have opened an eyelid, these people have already dreamt of many prepared to offer. There is less clarity with AIB, though the organisational changes in the second half of last year have improved matters. It is still difficult to obtain funds from banks. It takes times time, patience and a lot of toing and froing. It is still a very tough domestic market. Liquidity and credit conditions remain tight and while there has been a slight improvement, the domestic economy remains in a deep recession. It will take time for confidence to return, for funding to be more accessible and hence liquidity and credit conditions to improve. The weariness factor at the ongoing recession is evident. People have much less money in their pockets, with lower incomes, increased taxes on income, VAT increases, property taxes and water charges. People are trying to survive. The banks need to deal with consumers who impossible things. Good accountants realise that these people love to know there is someone right by their side – listening, prompting, suggesting, encouraging, learning and stimulating. Tom Fitzpatrick FMB Trading was stable for our firm over the past year and we’ve weathered the downturn quite well. New business is coming in but generally they are smaller clients. Overall we’re down about 20% since 2008 and we’re having to work harder and smarter to earn less money. We have shared the pain curve with clients who are losing money. By and large they are making an effort to pay us, though cash collection is slow. Compliance work such as audit has been steady and where small firms avail of the audit exemption they still want an accountant to review the books and ensure there are no problems. SME owner-managers probably don’t consult with accountants as often as they should, but a lot depends on the chemistry. Some of our clients consult with us very regularly while others are self-contained. However, I believe that it’s very important that when people are doing deals that they consult with their accountant beforehand. The economy is bottoming along, even in retail, though there’s no consistency cannot repay their debts. Hopefully with the personal insolvency legislation being enacted, solutions will be found rather than deferring the problem and not dealing with it. People accept that continued on page 72 Paul Wyse, Smith & Williamson there is a new norm and are trying to get on with their business, but for most it is still very much a question of trying to survive. BUSINESS PLUS MARCH 2013 71
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Accountants Who's Who - Business Plus Online

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