Blogs

Planning to sell a business

Feargal McCormack, Managing Partner,

Even if you don’t intend to sell your business, it makes sense to think about what you would do if you received an unexpected offer, says Feargal McCormack. PKF-FPM clients occasionally receive unsolicited offers to buy their businesses. There are a lot of reasons why this happens. Successful businesses attract attention, particularly where they have a strong online presence or get media coverage. If you receive ...

Preparing for GDPR

Feargal McCormack, Managing Partner,

As they prepare for GDPR, some businesses are finding that they need to update their data protection procedures and documentation, writes Feargal McCormack. Amid all the talk of Brexit, it is easy to lose sight of other issues businesses are contending with at present. One of these is the General Data Protection Regulation which applies to any organisation that collects or processes personal data of EU ...

Managing Conflict in a Family Business

Feargal McCormack, Managing Partner,

Good communication plays a vital role in preventing and managing family business conflict, says Feargal McCormack.     There are many reasons why conflict arises in a family business. Tensions in family relationships, feelings of resentment or entitlement, fear of change, reluctance to share information, financial disagreements, clashes between family members who want to invest in the business and those who want to take a dividend, personality clashes ...

Financial investigations — When to call a forensic accountant

When circumstances require a financial investigation, it can be a stressful time for business owners or individuals. If you find yourself in this situation, it’s a good idea to take professional advice, says Feargal McCormack.   Business or personal situations sometimes arise, where you need to conduct a financial investigation. It could be that cash, stock, equipment or other assets go missing and you suspect theft or ...

How to spot a customer or supplier in trouble

If a customer or supplier is in trouble, the earlier you spot the signs, the sooner you can take action to protect your business, says Feargal McCormack.   When a key customer or supplier is in difficulty, this can have serious consequences for your business. One way to protect yourself is to learn to recognise signs of trouble. Typically, these include:   ◆ Customers or suppliers who avoid communication ◆ ...

Are mobile devices putting your business at risk?

Feargal McCormack, Managing Partner,

Business owners need to do more to protect mobile devices, says Feargal McCormack.   Research carried out last year found that people now spend more time on mobile devices than on desktop or laptop computers. Most of us today use smartphones to access email and various apps and services containing work related contacts and data. The benefits are obvious: these devices give us convenient 24/7 access to ...

Understanding Business Continuity Planning

Feargal McCormack, Managing Partner,

In these times of increased risk, business continuity planning has never been more important writes Feargal McCormack. These days it’s not uncommon for high profile events like the recent ransomware attacks to generate debate about the need for businesses to improve their security. But it’s not just cybercrime or technology failings that disrupt business operations. Every day, fires, floods, accidents, theft, malicious destruction, illness, loss of ...

Beware Bogus Calls And Emails

Feargal McCormack, Managing Partner,

Businesses can be an attractive target for fraudsters so it is important to implement processes to protect against bogus calls and email, warns Feargal McCormack. Almost every day we read reports in the news of individuals who have fallen victim to bogus calls and emails. Recently, fraudsters purporting to be from the tax authorities contacted individuals demanding immediate payment of a tax bills over the phone. ...

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 ...