Michael Duffy & Co. Chartered Accountants and Tax Advisors was established approximately fifteen years ago. Based in Limerick, the firm provides a broad range of services to the business community "from the cradle to the grave" with clients based in Germany, the US, the UK and at home.
Introducing Michael Duffy
The principal of the firm, Michael Duffy, had a broad range of commercial experience prior to setting up in practice. Upon qualifying as a Chartered Accountant Michael went to London and completed a year's full time study in Business Management at the University of Westminster. Following this he gained a wealth of practical experience, including working as a Director/General Manager of a manufacturing unit employing 750 people, and then in establishing his own retail company. This experience puts the firm in a position to offer clients the benefit of his broad practical knowledge and skills.
Services and Specialities
The vision of Michael Duffy & Co. is to provide clients with the highest possible quality of service, focusing on integrity, innovation and collaboration, building working relationships built on trust and accessibility. The firm provides services as diverse as:
- Accountancy
- IT Advice
- Auditing
- Business Start-Ups
- Wealth Management
- Liquidations
The firm has placed particular importance on IT innovation, with its recruitment policies always placing great emphasis on computer skills, and with regular investment into updating hardware and software. The firm continued this investment with upgrades to its practice management system, and developments to its website this year in spite of the current economic climate.
Another area in which the firm is particularly strong is in Business Start-ups and this is largely due to the broad level of practical experience that Michael Duffy has in this area. The firm provides new businesses with assistance in obtaining finance, cash flow forecasting, management information systems and strategic planning.
For a number of years the firm has also provided a service to one of the 'Big Four' in the area of members' voluntary liquidations; another one of the specialities of Michael Duffy & Co.
The Importance of CPD
Up until seven or eight years ago whenever the firm wanted to fill a post, qualified staff were recruited. But when the firm decided to take a new direction in staff recruitment and hire its first student, this had a major impact on the ethos of the firm. Paul Flynn joined then as a graduate trainee; he is now a senior member of staff, and a culture of continuous professional development is now well engrained in the firm.
Michael Duffy is a founding member of the recently re-established Mid Western Society of Chartered Accountants, and along with Martin Golden and Rory O'Neill from the Society, he recognised the need for relevant, cost effective and timely CPD programmes in Limerick; a need which is now being addressed by the ICAI's CPD Department in conjunction with the University of Limerick, with eleven CPD courses taking place in Limerick between September and December 2009.
Current Developments from the Mid-West Society
Limerick has now been recognised as a centre of learning for the Institute with student members being able to complete their CAP1, CAP2 and FAE studies at the Kemmy Business School, at the University of Limerick.
For qualified Chartered Accountants meanwhile, the Institute has partnered with the Kemmy Business School to bring eleven CPD courses to Limerick throughout the rest of 2009.
Other upcoming Mid-West Society events include a Golf Outing taking place on 16th September at Dromoland Castle, a Ladies Day taking place on 15th October at Brown Thomas in Limerick, and a Christmas Lunch taking place on 4th December at the Strand Hotel in Limerick.
Looking Ahead to the Future
The firm sees challenging times ahead for the foreseeable future both for its clients and for itself. The growth of the internet is changing the playing field for the smaller practices and it is difficult to see where the market place will settle. It is important to be competitive in terms of service as well as costs. However, the bottom line must still ensure a good living for partners and staff, as well as a sufficient return to make it possible to stay at the forefront of technology and to provide continuous professional development for partners and employees.
Michael Duffy, Principal
Michael Duffy & Co. Chartered Accountants & Business Advisors
For more information on Michael Duffy & Co. Chartered Accountants please visit the website www.michaelduffyaccountants.ie
For more information on CPD courses taking place in Limerick please see the ICAI website at www.icai.ie/cpd
The Mid-West Society can be contacted at mid-westsociety@icai.ie