Blogs

Brexit Negotiations

Notwithstanding Northern Ireland’s potential influence on the UK’s Brexit negotiation priorities as a result of the recent general election, PKF-FPM continues to advise businesses to plan for the worst case scenario, says Feargal McCormack.   Perhaps the most significant thing we’ve learned about Brexit so far is that the island of Ireland will be a priority in the forthcoming negotiations. On 22 May 2017 the EU Council ...

Getting to grips with business fraud

Feargal McCormack, Managing Partner,

  The best way to prevent business fraud is to implement strong internal controls, writes Feargal McCormack.   All businesses are vulnerable to fraud. While online and email-enabled frauds are the ones we hear most about these days, internal fraud is arguably a more serious business issue because it affects every business at some stage.   Losses from the misappropriation of company assets, theft of company data, payroll and procurement ...

Managing Working Capital

Feargal McCormack, Managing Partner,

  Improving the way you manage your working capital will make your business more resilient to economic uncertainty, says Feargal McCormack.   Careful management of working capital will be critical as business prepare for Brexit. Improving working capital builds resilience and is a practical and cost-effective way to protect your company’s profitability and fund growth. Practical strategies to improve working capital include:   ◆ Managing customers: Prompt invoicing and effective control ...

Are you ready for the GDPR?

Feargal McCormack, Managing Partner,

Now that we’re in May, your business has just a year left to prepare for the General Data Protection Regulations, explains Feargal McCormack.   The GDPR rules, which come into effect on 25 May 2018, will strengthen data protection for EU citizens. They apply to any organisation that offers goods or services to EU residents or handles information about individuals based in the EU on behalf of ...

Charity Sector Governance and Risk Management

Recent leadership failures show that the quality of charity sector governance is never more important than when things go wrong writes Feargal McCormack.   The charities sector is not immune to governance failures. Over the last few years we’ve seen several high profile scandals that resulted in significant reputational damage with knock-on consequences for fundraising and service provision.   In many instances, these situations could have been avoided through ...

Passing on the family business

Feargal McCormack, Managing Partner,

A good succession plan helps family business owners maximise future benefits, writes Feargal McCormack.   Last week, at an event organised in association with Dundalk Chamber of Commerce, PKF-FPM outlined the steps family-owned entities need to take to secure the long term future of their businesses.   Three quarters of all businesses in the UK and Ireland are family-owned yet fewer than 30 percent survive beyond the second generation. ...

Brexit Policy Priorities – and need to get NI Executive operating again

Setting and monitoring Brexit policy continues to be a strategic priority for businesses. With the countdown to Brexit starting in earnest on March 29, discussions about the potential impact will intensify over the coming weeks.   In this context, the current talks among the NI political parties to re-establish a new Executive are key. We must all urge our political leaders to push out their boundaries as ...

How Diversity Benefits Business

Feargal McCormack, Managing Partner,

International Women’s Day provides an opportunity to focus on how diversity benefits business, says PKF-FPM Managing Director Feargal McCormack.   Recently, at the PKF-FPM Annual Leadership Talk, in a thoughtful and inspiring conversation with broadcaster Gerry Kelly, Cpl Resources plc Chief Executive Anne Heraty mentioned the under-representation of women among directors and senior executives in business.   Gender balance is not just a matter of fairness. There are sound ...

Effective Leadership

Feargal McCormack, Managing Partner,

Effective leaders understand that their role is not to work ‘in’ the business, but rather to work ‘on’ the business, writes Feargal McCormack. For the last six years, as part of our commitment to helping business owners develop effective leadership skills, PKFFPM has invited successful leaders to share their insights at the Annual PKFFPM Leadership Talk.   Earlier this month, we were honoured to have Cpl Resources plc ...

Managing Cyber Crime Risks | PKF-FPM Caring Business Advisors

Feargal McCormack, Managing Partner,

Managing cyber crime risks is becoming a boardroom agenda item for organisations in every sector of the economy. Two thirds of businesses suffered a cyber crime incident last year. It is estimated that the average cost to resolve an incident is £358,956 and the process takes 31 days. Worryingly, only 10% of breached companies have a cyber security incident plan in place.   At PKF-FPM, a challenge we see is that ...