Blogs

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 ...

Questions to ask an accountant when starting your own business

When starting up a new business, the earlier you get professional advice, the better, says Michael Farrell. Every year, thousands of new businesses are registered across the island of Ireland. In 2017 alone, the number of VAT and/or PAYE registered businesses in Northern Ireland rose by an estimated 1,560 while CRO statistics show that 22,304 new companies were incorporated in the Republic of Ireland, up more ...

Tips to Reduce and Manage Stress

Learning to manage stress can help business owners enhance performance, says Teresa Campbell. The stress you experience as a business owner or manager can be worse at certain times of the year. This may be due to the cyclical nature of your business, rising (or declining) demand for your products or services, looming deadlines, staff shortages, personal or family crises, economic uncertainty and so on. In ...

Nurturing Family Business Talent

Nurturing the next generation is an important consideration for family business owners, says Michael Farrell. When family businesses plan for the future, transferring control to the next generation is a frequent succession choice. However, since no individual is born with the skills and experience to successfully lead a business, it is important to nurture talent well before the current leader’s planned retirement or exit date.   Potential future ...

Charities Governance & Culture

Keeping abreast of best practice and regulatory changes is vital for charity trustees. A number of recent publications provide useful insights and guidance, says Teresa Campbell.   Earlier this year (March 2018), the Charity Commission for Northern Ireland published guidance to help charity trustees comply with their legal obligations and best practice. Running your Charity provides useful advice in five key areas:   • duties and responsibilities of charity ...

Why your family business needs a formal agreement

Having a formal family business agreement provides clarity and assists with buy in from intergenerational family members which can help manage conflict, says Michael Farrell. Like any other business, family businesses become more complex as they develop and grow. This is particularly true as more people are brought into the business, regardless of whether they are family members or other individuals recruited to meet specific business ...

Work Smarter, Not Harder

Business owners who ‘work smarter, not harder’ tend to be more successful than other leaders because they understand how to delegate and know when to ask for help, says Teresa Campbell.   Business owners often struggle to manage multiple demands on their time. It’s all too easy to ‘fire-fight’ your way through the day, rushing from one crisis to the next. We call this spending too much ...

What is a Forensic Accountant?

A forensic accountant is employed by an accounting firm or business to discover and interpret financial information, often for use in legal proceedings. The specialist skills and experience of forensic accountants are also useful in many other situations, explains Michael Farrell.   Forensic accounting is a specialist branch of accounting which is often used in situations such fraud investigations, partnership or marital disputes, negligence cases and insurance ...