Blogs

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

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

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

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

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

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 ...

How to get paid on time

Getting paid on time is a problem for many SMEs and owner-managed businesses. Implementing a credit control policy can help, says Teresa Campbell.   Most of us don’t like asking for money but getting paid on time is important. Late payments will impact your business’s cashflow and can cause serious problems if they are not addressed. Here are some strategies you can use to help you collect ...

Flexible working in cross-border businesses

Offering flexible working could help your business attract and retain employees. However, it’s important to comply with employment regulations, says Director Michael Farrell In July last year, the Taylor review of modern working practices noted, “As a society we should be bolder in designing flexible jobs that allow people to remain and progress in the labour market as their personal circumstances change.”   In our work with businesses ...

Six hiring tips for SMEs and owner-managed businesses

With skills shortages affecting many businesses across the island of Ireland at present, making good hiring decisions is more important than ever, says Teresa Campbell. The key to successful hiring is planning ahead and allowing sufficient time to check that potential candidates are a good fit for your business. While it can be tempting to make a quick decision to overcome an immediate problem, choosing the ...

Why prepare your business for sale?

Even if you have no immediate plan to exit, it is advisable to prepare your business for sale, says Michelle Hawkins. Regardless of whether you plan to sell your business, pass it on to the next generation or continue to develop and grow, it is good practice to prepare your business for sale. By making the business as lean as possible you will maximise its returns.   The ...