Accountants Who's Who - Business Plus Online

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