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BP SURVEY ACCOUNTANTS Jim Mulqueen, RSM Farrell Grant Sparks Jim Mulqueen, managing partner of RSM Farrell Grant Sparks, says that the practice did well in 2012 but trading conditions continued to be challenging for many clients and this had a knock-on effect on RSM’s business. He explains: “There was a strong flow of new business but margins continue to be under pressure in most areas. We expect trading conditions to improve slightly in 2013, with margins remaining tight. We have good visibility in our pipeline for new business.” Restructuring & Insolvency and Audit & Advisory have shown the best growth at the firm. “Our service offering has been tailored to assist companies in restructuring their business, helping them to cut costs and restructure their debt facilities,” says Mulqueen. “Many companies with an export focus have done reasonably well in the past few years, and we work closely with them on their growth plans internationally through the RSM network.” Mulqueen believes that economic green shoots are emerging, with more new businesses being created. “Irish people possess a certain resilience factor and most people just want to put the head down now and keep pedalling.” Managing partner Andy Quinn says that the pipeline of activity at Moore Stephens Nathans is stronger than it was a year ago. “Consequently we would be more optimistic about the forthcoming year in terms of growth and in terms of seeing an increase in the number of transactions and general activity in the economy,” says Quinn. “Most of our growth and development in the last number of years has been in consultancy and niche areas such as FDI, medical, ICT, and credit unions, as well as liquidations, receiverships and restructuring. The compliance side of the business, such as audit and tax, is showing modest growth again, which we believe is an interesting barometer in terms of the underlying domestic economy,” he adds. “We are placing great energy into being what we call ‘real time advisors/specialists’. Our focus is to assist clients to grow and build their enterprises rather than just deliver them historical information.” Baker Tilly Ryan Glennon enjoyed growth of 5% in 2012, according to managing partner John Glennon. “This growth rate benchmarked well within the mid-market accounting practices,” he adds. “Corporate recovery and restructuring continued to achieve steady growth. We have noticed a pickup in risk appetite and M&A activity in the mid-market sector, while our HR business grew by 30% over the past year. “The audit and compliance business is still very competitive. We have invested considerably in recent years in attracting foreign direct investment clients to Ireland with a focus on the US and Germany. This is now beginning to pay dividends, and we experienced a steady flow of new midmarket FDI clients in 2012.” Glennon says that many of the firm’s mid-market clients are looking abroad in order to seek growth. “We share our network of contacts with them, both in Ireland and globally, to help them to grow their business. We also work hard to improve and innovate our service offerings so that they bring real solutions to the problems our clients are facing. For example, succession is a big issue for a lot of business WE ARE AN ESTABLISHED, HONEST, RELIABLE, FIRM OF CHARTERED ACCOUNTANTS, TAXATION AND BUSINESS CONSULTANTS WITH THE EXPERIENCE AND EXPERTISE TO DELIVER YOUR BUSINESSES NEEDS. TALK TO US.
BP SURVEY ACCOUNTANTS people because many entrepreneurs have suffered an erosion of their wealth as a result of the collapse of the economy and have found it necessary to delay retirement plans. We are working with a lot of family businesses to assist them with their succession planning and related tax planning issues. “A lot of businesses have survived the recession but now they need to relook at their structures, which were often designed at the height of the Celtic Tiger. There is a lot of restructuring and tax planning involved in this process,” says Glennon. Crowe Horwath also experienced growth in revenue and headcount during 2012, according to managing partner Brian Conroy. “Fees are still very competitive, particularly in compliance areas, but have definitely stabilised. We invested in new service lines over the past few years and refocused parts of the practice. This is now paying dividends and during 2012 we saw growth across our advisory services. We expect continued growth in all areas of the firm in 2013, which reflects the positive John Glennon, Baker Tilly Ryan Glennon sentiment amongst our clients,” says Conroy. He adds that the firm’s wealth management division has expanded its offering to include asset management in addition to its traditional private client business. “Our dedicated film financing department is the number one player in the industry and is extremely busy servicing this sector. Our insolvency and restructuring teams have grown significantly over the last couple of years to meet the demand for services from banks, Nama and business owners.” In traditional compliance service lines, Crowe Horwath’s strategy is to focus on developing its expertise and offering to specific sectors such as media and advertising, the not-for-profit sector and inward investment. “We have a very loyal client base and tend to develop longstanding relationships with our clients,” says Conroy. “We have a partner-led approach and for many of our clients we are the key ‘trusted advisor’.” At OSK, managing partner Tadhg O’Sullivan concedes that 2012 was a tough year in practice, reflecting the difficult times that the majority of the firm’s clients are going through. “Internally we have reduced costs and at the same time increased efficiency through the increased efforts of our staff and better use of technology,” says O’Sullivan. He adds: “We have developed some niche service offerings over the years with experienced and specialised staff in each area. The areas that have shown particular growth relate to debt negotiation, occupational pension schemes, property managecontinued on page 60 © 2013 Ernst & Young Ireland. All Rights Reserved. 2161.indd Getting all your experts to the same place is good. Getting them all to the right place is better. In today’s world, where you are should never get in the way of where you need to be. We have the right people, wherever you need them. Find out more at www.ey.com/ie See More | Collaboration
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