Blogs

Do you need to shake up your business?

Do you need to shake up your business?

Recognising that it is time to shake up your business is often a necessary step to protect your future, says Director Michael Farrell. If the thought of shaking up your business fills you with dread, you are not alone! Day-to-day pressures along with the comfort of familiar routines and fear of the unknown are barriers to change in many businesses. However, at a time when economic ...

Play to your strengths when recruiting

Play to your strengths when recruiting

In a competitive labour market, it is more important than ever to develop a sound recruitment strategy, says Teresa Campbell. Across the island of Ireland, many employers are struggling to recruit and retain the skills they need. In RoI, the CSO’s latest Labour Force Survey (published 19 February 2019) reported an annual increase in employment of 2.3% in the year to the fourth quarter of 2018, bringing ...

Access to finance for importers and exporters

Access to finance for importers and exporters

When your business requires finance, it is important to choose the right option, says Michael Farrell. For many businesses in need of finance, the first source they think of is the bank—whether for an overdraft or to arrange a medium or long term loan. However, there may be other finance sources to consider. Previously, I discussed some of these in an article on alternative finance which ...

Demystifying New Technologies

Demystifying New Technologies

Today’s digital economy is transforming traditional business processes. In this short article, Teresa Campbell looks at seven technologies business owners need to be aware of.   Making Tax Digital. This is a UK Government initiative to make tax administration more efficient and effective. An imminent change under rollout of MTD is that VAT-registered businesses with a taxable turnover above the VAT threshold are required to use the ...

Key rules of debt collection

Key rules of debt collection

Most businesses encounter debt collection problems from time to time. Good procedures will help minimise the risk of financial loss, explains Director Michael Farrell.   For businesses exploring new markets in preparation for Brexit, it is important to be aware that local payment practices vary from one country to another. The Euler Hermes “2018 Collection Complexity Score and Rating” examined debt collection procedures in 50 countries and ...

VAT Compensation Scheme for Charities

VAT Compensation Scheme for Charities

A new VAT compensation scheme for charities allows Irish charities to reclaim VAT on certain expenditure. Caroline Butler highlights the key points that charities need to be aware of.   A VAT compensation scheme for charities was introduced in Budget 2018. From the 1 January 2019 charities can now reclaim some element of the VAT costs that they incur. The scheme is designed to compensate charities for ...

Five traits of successful leaders

Five traits of successful leaders

Successful leaders demonstrate integrity, vision, commitment, confidence and self-awareness, says Teresa Campbell.   At this time of year, as we prepare for the PKF-FPM Annual Leadership Talk, we often reflect on the traits shared by successful leaders.   What is it that makes the best leaders stand out? Do the best leaders have some kind of innate ability that others lack, or can anyone develop leadership skills through training ...

Charity Digital Code provides Best Practice

Charity Digital Code provides Best Practice

The New Charity Digital Code highlights seven principles to be considered by charities as they develop their digital activity. While the code is aimed at Charities operating in England, Wales and Scotland and is entirely voluntary code, it nonetheless provides a good reference framework for charities in Northern Ireland and the Republic of Ireland.   In our work with charities across the island of Ireland and the ...

What to cover in an investment pitch

What to cover in an investment pitch

When deciding what to cover in an investment pitch, being clear about the benefits you will offer investors is vital, says Director Michael Farrell.   In our work with entrepreneurial businesses across the island of Ireland, the question of what to cover in an investment pitch often crops up. To target the right investors, you need to know what type of funding is right for your business. ...

Why planning ahead is vital for family-owned businesses

Why planning ahead is vital for family-owned businesses

Have you thought about when you might want to exit your family business? Most owners have at least some idea of when they intend to retire but many don’t have a formal exit plan. Indeed, even if they do have a plan, they don’t always share it with the people who will be affected by it. This can lead to conflict and tensions among family ...