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“Neurodivergent people have a lot to offer. They have unique talents”

Rochelle Beluso-Tadique talks to Accountancy Ireland about her experiences as the parent of an autistic child, and her hopes and expectations for the future  Rochelle Beluso-Tadique is an Auditor and Associate Director with KPMG Ireland. Originally from the Philippines, she moved to Dublin in 2008 and has worked with KPMG since then.  Rochelle and her husband Sherwin Anthony Tadique welcomed their elder daughter Kate in 2012 and, Khloe, her younger sister, was born one-and-a-half years later. Khloe was diagnosed with autism aged three-and-a-half.  Here, Rochelle tells Accountancy Ireland about her experiences as the parent of an autistic child, and about how she would like to see the world of work change to better support the needs of people who have autism and other forms of neurodivergence. Tell us about your daughter Khloe; when she was born and your journey to learning that she has autism. Khloe was born in November 2013. She had a routine check with a Public Health Nurse who found that she was not meeting her milestones both developmentally and behaviourally.  The Public Health Nurse recommended that Khloe be assessed but it was a long journey from that point on because of HSE waiting lists. Khloe was about three-and-a-half when she was finally diagnosed.  I struggled a bit when the diagnosis first came. I was aware of autism but there is a big difference between being aware of autism and having a child who is autistic.  There is a lot to learn. Autism has a very wide spectrum. Some people with autism can manage very well with social communication and interaction. Khloe is non-verbal. She doesn’t talk.  What have you learned about autism and how Khloe experiences and interacts with the world around her? Khloe experiences sensory overload. She doesn’t like strangers or closed spaces and noise upsets her. She is wearing headphones now, which help to eliminate noise and make life easier for her. Because she is non-verbal, she uses an iPad as her communication tool. This helps her to tell us what she wants to eat, when she wants to play, when she wants to wash. It really helps her to communicate her needs. How has your experience with your daughter influenced the way you see the world of work? Fully functioning autistic people tend to have very good attention to detail. They can be very good with numbers and working in fields like data analytics.  The challenge right now is that it can be difficult to get these people into the workforce, despite their strengths, because most companies do not have strategies for supporting and managing neurodivergent employees. It can even be challenging to get internships for people who are neurodivergent. Do you think employers are well prepared to work with people who have autism and other neurodiverse conditions? This is a complex area. If you look at the hiring process alone, someone who is autistic may have different ways of communicating that are not facilitated in the recruitment process.  They may not engage in eye contact, for example. They may speak very loudly and excitedly. Ideally, companies should have managers and other people involved in the hiring process who have been trained to interview neurodivergent people. Supporting people who are neurodivergent at work isn’t just about hiring. Employers also need to think about how these people experience work day-to-day and how best they can support them.  If you have someone who is neurodivergent in your organisation, you must be aware of their needs, including intolerance to noise in some instances.   You could allow this person to wear headphones, for example, or give them access to a room where they can get away from noise. There is a lot to think about, but it is manageable with the right approach. My advice is that employers link up with organisations that are working with and serving the neurodivergent population.  These organisations can help companies develop strategies to manage the specific areas they need to address. Based on your own experience and knowledge, what do employers need to know and understand about people who are autistic so they can offer them the right support? A lot of companies have policies on diversity and inclusion in areas like ethnicity and physical disability, but the majority do not address neurodiversity. Every one of us has our own unique traits, characteristics and preferences, but we need to pay special attention to employees who have neurodiverse conditions, such as autism spectrum disorder, attention-deficit hyperactivity disorder, dyslexia, dyscalculia and dysgraphia. This process must be collaborative and prioritise talking to these employees, listening to them, and using their feedback to decide on the approach that works for them. How would you like the world of work to be when your daughter Khloe grows up? I used to worry a lot about Khloe’s future but less so now. At the moment she is non-verbal and I don’t know if she will be able to read or write because her literacy skills have not been assessed.  There is a long way to go for Khloe so we will just have to wait and see what happens. How would you like to see the wider world change to better meet the needs of neurodivergent people? There will always be challenges but I want people who are neurodivergent to be given the same opportunities as neurotypical people.  Ideally, companies should have neurodiversity policies and strategies in place, not just to support, but also attract neurodiverse employees.  Neurodivergent people have a lot to offer. They have unique talents. They think outside-the-box and they can bring something unique and beneficial to the companies that employ them.  On a wider scale, there is now better awareness of neurodiversity because of media coverage in newspapers, magazines, radio and TV shows. In Ireland, I can already see companies like Starbucks employing people who are neurodivergent. Hopefully in the future, more companies will integrate more neurodiversity into their workforce. It’s a very long journey, however, and right now we need a lot more support from government and health organisations and from society in general to be able to really move forward. How is your employer supporting you as the parent of an autistic child? I was very grateful that I was given the flexibility to work my own hours specifically at the early stages of Khloe’s diagnosis when I needed to attend therapy sessions with her, usually for two to three hours per week over six to eight weeks each time. This was offered in addition to my existing leave entitlements, such as parental leave, carer’s leave, etc. KPMG has also introduced wellbeing initiatives, hosting sessions to help parents deal with the challenges we face.  In the latest session I attended, they mentioned that they planned to introduce sessions specifically for parents of neurodivergent children. This will be very helpful for me, I think, and it is very welcome. Are there any books you have read that have been particularly helpful or organisations you lean on for advice and information? One of the best books I have read is The Reason I Jump. It was written by Naoki Higashida, a non-verbal autistic boy who was 13 at the time. Reading about Naoki’s experiences really helped me to understand Khloe’s experiences because she is also non-verbal. I am currently reading Not What I Expected by Rita Eichenstein, who is a Paediatric Neuropsychologist based in the US. This book is about helping people like me to navigate our lives as parents of children who are neurodivergent. In terms of organisations, AsIAm (asiam.ie) has been very helpful for me because it provides up-to-date information and a forum for connecting with other parents and people in the autistic community.

Oct 06, 2023
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“Differences should be embraced and encouraged”

Permanent TSB’s Norma Conway tells Accountancy Ireland why neurodiversity must be part of every organisation’s diversity, equity and inclusion strategy Employers who embrace neurodiversity stand to benefit from new ideas and fresh thinking that can boost the bottom line. So says Norma Conway, Diversity and Inclusion, Wellbeing and Engagement Manager with Permanent TSB. As Conway sees it, the neurodivergent community is currently a largely untapped resource for employers in Ireland, many of whom are unaware and unprepared for the strengths and capabilities this cohort can bring to the talent pool. “The benefits of neurodiversity are undeniable. Companies with neurodiversity programmes already in place report improved retention rates, reduced turnover and increased productivity and innovation,” Conways says. In “Neurodiversity as a Competitive Advantage”, an article published in The Harvard Review in 2017, for example, authors Robert D Austin and Gary P Pisanom reported that neurodiverse teams were 30 percent more productive than their neurotypical counterparts. Similarly, a still oft-quoted survey commissioned back in 2003 for the BBC series Mind of a Millionaire found that 40 percent of the UK’s self-made millionaires were dyslexic. Neurodiversity: what it means So, what is neurodiversity? The term was coined in the late nineties by Judy Singer, an Australian sociologist, to recognise that everyone’s brain develops in a unique way.  Harvard Health defines neurodiversity as, “the idea that people experience and interact with the world around them in many different ways; there is no one ‘right’ way of thinking, learning, and behaving, and differences are not viewed as deficits”. While Singer primarily views neurodiversity as a social justice movement, research and education in the area is also increasingly used by clinicians to understand numerous conditions, according to Harvard Health. These conditions range from autism spectrum disorder and attention deficit hyperactivity disorder (ADHD) to dyslexia, dyscalculia and dyspraxia. The upside for business For Conway, the benefits of these different ways of thinking are obvious for employers.  “Neurodivergent people bring a ‘business upside’ literally because they think differently,” she says. “In general, people with dyslexia are better at visual thinking and they are more creative. They have an approach to looking at data and problem-solving that I wouldn’t see myself.  “People with ADHD bring creativity, energy and passion. That’s built into the mindset of how they think and how they approach problems.” For employers, this can mean valuable access to better problem-solving capabilities and a more effective approach to strategising. “In most workplaces, we are generally trying to solve problems, improve things or find solutions, so having someone in the room who thinks differently automatically brings a new approach,” Conway says. “If you’re trying to brainstorm ideas and you bring someone into the mix who thinks differently, is more creative and asks questions nobody else is asking, the power in that is phenomenal.” Understanding and embracing neurodiversity in workplaces, schools and communities can also improve inclusivity for everyone, Conway adds.  “Every human is unique, with a unique combination of abilities and needs. Creating an environment that is helpful to neurodivergent people and that recognises everyone’s individual strengths and talents embraces this idea,” she says.  While she sees growing awareness of neurodiversity in society generally, Conway says the majority of employers continue to adopt a one-size-fits-all approach to recruiting, managing and supporting their employees.  “We have students in Ireland now receiving supports and accommodations throughout school and college, but they reach the workplace and hit immediate barriers as these supports and accommodations don’t exist in most companies,” she says. There is a “huge opportunity” here for employers to access a talent market that is thus far largely untapped, says Conway. The Same Chance Toolkit: A Step by Step Guide to Becoming an Autism Friendly Employer, published earlier this year by AsIAm, Ireland’s national autism charity, revealed that 85 percent of autistic individuals are either unemployed or underemployed.  “This is an opportunity for companies, not only to fill roles, but also to contribute to social justice and employment equity,” says Conway. The Permanent TSB experience As a large organisation employing 3,000 people nationwide, Diversity, Equity and Inclusion (DE&I) first became a key strategic priority for Permanent TSB back in 2017. Neurodiversity has been part of this strategy from day one and continues to evolve in line with developments in the wider world. “The focus on neurodiversity has changed in more recent years and there is an awareness that we need to do more, which has been captured as part of our latest DE&I Strategy for 2023 to 2025,” Conway says. “We now understand the complexities of neurodiversity, how neurodivergent colleagues are impacted by the work environment and the multiple potential business advantages to having diversity of thought in teams.” Ability is one of the main areas of focus in Permanent TSB’s DE&I strategy. “In May, we announced the establishment of our Ability Employee Resource Group (ERG) encompassing both physical ability and neurodiversity. We wanted to hear from colleagues and get their input as we plan to increase awareness and supports,” Conway says. “We’ve worked with the Trinity Centre for People with Intellectual Disabilities (TCPID) for a number of years and more recently we started working with Specialisterne (specialisterne.ie) and AsIAm (asiam.ie) to help understand what a positive experience should look like for candidates and colleagues when hiring neurodiverse talent.  “We have taken their advice on how we can improve our existing processes, onboarding and training and they have also helped us to understand accommodations that may be needed.”  AsIAm is currently working with Permanent TSB’s Digital and Direct Office teams on a sensory review of the banks’ premises and facilitating training for managers.  “It’s important that managers have a core understanding of the realities of neurodiversity and have the strategies needed to respond and take action,” Conway explains.  “Our first Ability ERG workshop will be facilitated in October by the Irish Centre for Diversity and, from there, we will have a clear plan of action based on our colleagues’ feedback and their needs.” Best practice advice for employers Based on her own experience with Permanent TSB, Conway’s advice for other employers is that supporting the needs of employees who are neurodivergent starts right at the beginning of the employment relationship – the recruitment stage. “Standard recruitment practices can be a barrier. Aptitude tests or complex job descriptions and formal interview processes can be challenging – so working with external experts who can advise on any adjustments needed has been a big help for our team,” she says.  Accommodations should be considered relative to the built environment, communications and sensory supports.  “Simple adjustments, such as the lightbulbs we use, or having a decompression room available away from the open-plan office space if needed, can make a difference,” Conway says. “We’re also in the process of rolling out Microsoft 365 and a team of neurodiverse colleagues and allies have worked with IT to ensure that all accessibility features are switched on for all colleagues.  “To complement this, we aim to introduce a support toolkit to include, for example, noise-cancelling headphones and screen readers colleagues can order online.”    Also key to supporting employees who are neurodivergent is buy-in and input right from the top of the organisation. “The support of our own leadership at Permanent TSB has been very important for us,” Conway explains. “It’s great to try to start initiatives and broaden communications and training but without their support – and a willingness to be visible in their support – it would be very challenging.” Start today: first steps  So, what are the first steps employers can take now to begin implementing a workforce strategy that encompasses neurodiversity? “First, listen to the experts,” Conway says. “There are many organisations out there that understand the complexities and supports needed that can guide you – they have the answers so ask for advice as you map out a plan.”  Second, listen to your employees. “Most people now have a personal interest in making the workplace more neurodiverse inclusive, whether it’s from their own perspective, a family member’s or a friend’s,” Conway says.  “Listening to these employees, encouraging them to share their stories and helping them shape your strategy will build trust that is invaluable.”    Ultimately, implementing a workforce strategy that accommodates neurodiversity benefits everyone, Conway says: “It has a knock-on effect on how we interact with each other, our openness with each other, and comfort in sharing information. It is well worth the effort.” Written by Tess Tattersall and Elaine O’Regan  

Oct 06, 2023
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“I bring ideas, creativity and an understanding of how everything is connected”

Ronan McGovern, FCA, barrister and Stanford Scholar, talks about his experience living with ADHD and why more support is needed for neurodiversity at work  He is a Chartered Accountant, barrister and strategy manager with one of Ireland’s biggest banks but, for Ronan McGovern, the title he is most proud of is Stanford University Scholar. It was while studying for his MBA at the prestigious US university in 1996 that McGovern was first diagnosed with attention deficit hyperactivity disorder (ADHD). And it was through his continued work with Stanford that McGovern would go on to discover what he calls his “life purpose”. “In 2019, I was invited to work for six months on the Stanford Neurodiversity Project at Stanford Medical School, and it changed my life,” he explains.  “I discovered my unique offering to the world – what I was put on this earth to do; to be a neurodiversity champion and innovator.” His path to learning he had ADHD and discovering the world of neurodiversity was a long one, however. McGovern was already well into his thirties by the time he received his diagnosis. Although, these days, he views ADHD as the fuel powering “all the amazing things I have done in my life”, his experience growing up with the condition was not always positive. “I have been given these amazing gifts – academic excellence, creativity, ideas, energy, productivity – I stand out and I am authentically myself. I think differently but thinking differently wasn’t a good thing in the Ireland I grew up in,” he says. “In Irish society in the sixties and seventies, there was a very homogenous culture. Being different generally meant you were punished.” Early years McGovern grew up in the west Dublin suburb of Palmerstown and started primary school in 1965.  “It was long before there was any recognition of neurodiversity and I have to say I learned very little because my mind was always wandering,” he says. “Everybody’s mind wanders, but for an ADHD person, the inattention and mind-wandering are pronounced. The teachers had no idea I wasn’t learning anything. I just basically sat in class not telling them.” By the time he was ready to progress to secondary school in 1975, corporal punishment was still very much part of “the school culture” in Ireland, McGovern says.  “Some teachers saw me as what, in those days, they might have called a ‘a bold boy’, disrupting the class and with no apparent interest in learning,” he reflects. “During my time at secondary school, I would say corporal punishment was used on me maybe four or five times more often than my peers. “There was also shaming of different descriptions – I remember being put outside the door of the classroom as punishment – but that kind of treatment wasn’t exclusive to my secondary school at that time.” Despite this, McGovern’s academic performance remained strong throughout his school years with his exam results “ranging from average to top of the class”. “I believed in myself,” he says now. “Sometimes I was made to feel ‘less than’; I was shamed and ridiculed for being honest and straightforward, but throughout it all, I always believed in myself.” Path to diagnosis After leaving school, McGovern went on to train with a small accountancy practice and joined PricewaterhouseCoopers’ Dublin office in the early eighties. “In 1993, I was accepted into the MBA programme at Stanford Business School. The tuition at that time was about €30,000 per quarter so I decided to apply for a transfer to PwC New York for the sole reason of earning the money I would need to join the Stanford programme,” he says.  McGovern began his MBA studies in 1995 and was about eight months in when he was approached one day by one of his classmates.  “She said to me, ‘Ronan, I want to ask you a question. Have you ever heard of ADHD?’ I said no. She explained the condition and said that she had been watching me in class and believed I may have it,” he explains. “She was a doctor, and she knew a lot about autism and ADHD. She gave me a reference to the Stanford Medical Centre and told me they would point me in the direction of an educational psychologist who could assess me.”  Following a 10-hour assessment by an educational psychologist in Palo Alto, McGovern received a 15-page report.  “It told me that I had what was called Combined ADHD; a combination of hyperactivity and inattention. That was in early June 1996,” he says. “At the time, I felt a bit of sadness over the fact that I had not been diagnosed earlier, but I also felt a bit of relief and then excitement. My final observation was: Let me see what I can do in the future now that I have this diagnosis.” In the years since, McGovern has come to view his ADHD as “a gift”. “I bring creativity and ideas to the table,” he says, “an understanding of how everything is connected, be it biology, business or machine learning. That has really stood to me in my life and work.” Stanford Neurodiversity Project McGovern took a six-month career sabbatical in 2019 and returned to California to take part in the Stanford Medical School Neurodiversity Project. Led by Dr Lawrence Fung, the aims of the Stanford Neurodiversity Project include maximising the potential of neurodiversity and establishing a culture that treasures the strengths of neurodiverse individuals.  It defines neurodiversity as “a concept that regards individuals with differences in brain function and behavioural traits as part of normal variation in the human population” and says, “the movement of neurodiversity is about uncovering the strengths of neurodiverse individuals and utilising their talents to increase the innovation and productivity of society as a whole”. Following his six-month stint on the neurodiversity project, McGovern took part in Stanford Rebuild Innovation Sprint, launched in 2020 to help develop solutions for the challenges and opportunities society would face in the wake of the COVID-19 pandemic. “Stanford invited alums and others to initiate an entrepreneurial project aimed at rebuilding society,” he explains. “Professors gave their time to assist volunteers and I volunteered to do something on neurodiversity in business and formed a core team with Susan O’Malley, an Irish Stanford business school alum, and Tiffany Jameson, a neurodiversity consultant.  The group recruited 50 other volunteers and, “over three months in the summer of 2020, we all co-authored our Stanford Rebuild Report,” McGovern says. “When our Rebuild project drew to a close that August, we formed NDGiFTS to prevent this work coming to an end.” NDGiFTS stands for Neurodiversity Giving Individuals Full Team Success and is, McGovern explains, a movement dedicated to building a “global community whose aim is to increase the inclusion and celebration of neurodiversity at work”.  To this end, NDGiFTS has produced a 78-page report, available at ndgiftsmovement.com, with input from 70 contributors and insights from 300 stakeholders worldwide. NDGiFTS’ mission “The mission of the NDGiFTS movement is to prove that neurodiverse individuals are worth investment from organisations who stand to reap the reward of innovation,” McGovern says. “Our core belief is that the neurodivergent individual, when appropriately supported and embraced, brings cultural and economic advantages to the workplace, including creativity, innovation and entrepreneurial energy.”  According to McGovern, as many as 20 percent of people worldwide have neurodivergent conditions ranging from ADHD and autism spectrum disorder to dyslexia, dyscalculia and dysgraphia. “Even now, all these years since my diagnosis, the sad truth is that society has not yet built the structures to support and service people who are neurodiverse,” he says. “This applies as much to the business environment, apart from a very small minority of companies, Goldman Sachs being a particular exception to the rule.” In 2019, the US banking giant launched the Goldman Sachs Neurodiversity Hiring Initiative, an eight-week paid internship for people who identify as neurodiverse. “It went on to hire more than 50 neurodivergent people over three years. Every one of the participants in that internship programme was made a permanent employee,” McGovern says. As it stands, however, Goldman Sachs remains the outlier with few organisations having made the same strides in neurodiversity inclusivity. McGovern is, meanwhile, once again partnering with Stanford University to publish a book in 2024 that will detail his experiences growing up and living with ADHD. “My own experience of work was that my experience at school carried through to my professional life. When I was challenged to progress in a certain role, I found the perception was that I didn’t fit the mould of my other colleagues,” he says. “My message now is that we need to focus on the intentional recruitment of the neurodiverse talent base, similar to the Goldman Sachs model. “I would like employers to look at my personal journey and start thinking seriously about neurodiversity and the potential of people like me.  “My story is not unique, but I think I can help to open a serious conversation about neurodiversity in Ireland and around the world. We should not have a society where people spend all their time swimming against the tide.” Written by Elaine O’Regan

Oct 06, 2023
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Reclaiming your career and refocusing your priorities

Maria McHugh shares how she set boundaries, shed the notion that she “can do it all”, and that achieving a successful career while prioritising family is possible with the right mindset and support Growing up, I had a keen interest in business and enterprise. Because of this, I completed a BSc in Finance at University College Cork, and, after considering career options, I felt that becoming a Chartered Accountant was the best fit for me and a good start to my business career.  This, however, wasn’t without its challenges. Coming back after a break Like many women, I had to make a decision about having children and consider how my career would be impacted.  Between 2014 and 2021, my husband and I had three children, and during that time, we decided that I would be a full-time stay-at-home mum because of a lack of childcare availability.  This unplanned, seven-year break in my career had a much bigger impact on me mentally than I ever would have thought. I felt that I had lost my professional self. I didn’t realise how important that identity was to me.  I watched as my peers’ careers progressed and felt left behind.  After seven years at home, I started to consider what returning to work would look like; frankly, it was terrifying.  I suffered from post-natal depression after my second baby, and it left me with low confidence and self-belief. Thankfully, earlier in my career, I met Karin Lanigan in Member Services at Chartered Accountants Ireland, and I always remembered her openness and honesty.  Personal priorities While I wanted my career back on track, it was also important that I continue to be available for my children. I lost my mum at 13 years old, so it has always been especially important to me to be at home for my children. I had to consider what type of professional role I wanted and how to balance my work and home life.  I felt passionate about helping start-ups, sole traders and being involved in local enterprises. Having completed the Chartered Accountants Ireland Diploma in Tax in 2018, opening my accountancy and tax practice seemed the best fit for me and the family.  I was excited by the prospect, but I was also incredibly overwhelmed, daunted, and the self-doubt and fear were crippling.  I had three small children, was moving from Dublin back to my native Dungarvan, and was now opening my own practice. It seemed insurmountable. Karin guided me in breaking the tasks into manageable steps and helped me see that this was achievable. Professional Standards and Practice Consulting were also very supportive, and I was delighted that so much support was offered by Chartered Accountants Ireland.  While on my journey back into the workplace, I was really heartened by all the supports that were available through the Institute, and I hope these only grow and extend to more women.  In some ways, I think women put themselves under too much pressure with the social narrative that “we can do it all”. I think we are our own worst critics, and we can each have an expectation for ourselves that we should be doing everything, and when we don’t, we think we are failing.   This perception is false and needs to change. It is OK to choose to stay at home with young children, and that  decision should not feel detrimental to our career or be something we need to explain or justify.  For me, it is all about balance, and this is personal to every family. We are all just doing our best to have a career in whatever way possible to suit our family life.  Setting boundaries Since I started my business, I have always had the mindset that I am going at my own pace.  The aim of having my own practice was that I could balance both my career and my family life but I recognised early on that working in my practice full time was just not going to work for my family. As a result, I learned how to say no. I created boundaries around my work schedule, especially during school holidays, and I don’t apologise  for it.  I sometimes think that women feel they need to be singularly career-orientated and driven to succeed to be taken seriously or that admitting the kids come first is a weakness. I don’t agree at all.  At the start of the summer, I announced on social media that I was taking a step back from work for the school summer holidays. The support from peers and clients was fantastic. People told me that my being upfront about the summer break was refreshing and inspired other parents to do the same.  It’s like anything – if you don’t see it being done, you don’t realise you can do it. This doesn’t mean that I am not career-driven or don’t have aspirations for my own business. But this is a marathon, not a sprint, and I will do it in my own time. Building your tribe Networking is vital to sole practitioners for promoting themselves and, more importantly, building solid support. When I started my practice, I had no colleagues to bounce ideas off or to ask questions. I feel strongly that this kind of support is important for my personal development, so I reached out to a fellow mum in practice from my PwC days and asked how she would feel about coming together to set up a small group.  We now have a core group of four accountants (also mums) in practice. We support each other, answer technical questions and get opinions on issues we come across. This group has been vital to growing my confidence and has shown me that there are others also dealing with the same problems. In my experience, the most important qualities for women in business are self-belief and self-confidence.  I am a great champion of women and our abilities but I have struggled with self-confidence in the last few years. When left unchecked, this self-doubt can be very limiting.  I would love to see the topic of low self-confidence as ways to manage it spoken about more. My self-confidence has grown over time, but it is something I work on and still struggle with to this day.  The more it is discussed, the more women will realise, like me, that they are not alone in this mental battle.  I am also very lucky to be a member of the 2023 Chamber of the Year, Dungarvan and West Waterford Chamber. Through this membership I have found another group of like-minded women on their own business journey. We support each other, attend events together and help each other when we can.  Finding your tribe in business is so important and having that sense of community and support from different groups has had a positive impact on my own business and personal development. Maria McHugh is Founder Owner of McHugh Accounting and Consultancy

Aug 02, 2023
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“There is a financial balance sheet but there is also an environmental and social balance sheet”

Imelda Hurley, CEO at Coillte, the semi-state forestry company, talks about her passion for sustainability and the importance of Ireland’s climate action and biodiversity agenda for the Irish economy and society  Imelda Hurley knew from an early age that she was destined for a career in business. Hurley tells Accountancy Ireland about her career path and how Coillte’s strategic vision will further support its contribution to Ireland’s climate targets, optimising the multiple benefits from forestry.  Tell us about yourself and the start of your career. I grew up on a family dairy farm just outside Clonakilty in West Cork. My first job was with Clonakilty Black Pudding, a little-known brand back then, but now a very successful and entrepreneurial operation. I completed a Business Studies degree at the University of Limerick. Following that I joined Arthur Andersen and became a Chartered Accountant. During that time, I had the opportunity to engage with multinationals and indigenous companies. That gave me a great lens into how organisations successfully operate, develop and implement strategy. How has your career evolved since you qualified as a Chartered Accountant? A: I always had an ambition to become a CFO and eventually a CEO. My career experience has been from farm to fork to forestry, working in the food, agribusiness and agriservices businesses across a variety of ownership structures.  During my role as CFO and Head of Corporate Sustainability at PCH International in China, I had the opportunity to learn more about sustainable product development and supply chain management.  That was over 10 years ago, when few organisations were talking about sustainability. I’m left reflecting on how times have changed over those 10 years and how there is an increased focus on sustainability today.  You were appointed as CEO of Coillte in November 2019. Tell us about your role and what attracted you to the position. I really enjoy the outdoors and nature. Coillte gave me a great opportunity to work in a business with a commercial focus, but also a business delivering social good. I joined Coillte in November 2019 and I spent much of the first two years navigating the pandemic. I wanted to ensure that Coillte emerged from the pandemic as a sustainable, viable and vibrant organisation. I am pleased to say that when we reported our 2021 results, we delivered record revenues, record profitability and a record dividend to the State.  Coillte manages 440,000 hectares of primarily forested land, circa seven percent of Ireland’s land, with about 6,000 individual properties. We have just over 800 employees and 1,200 contractors working across three divisions: Coillte Forest, Land Solutions and Medite Smartply.  Coillte is the nation’s largest forester and producer of certified wood, a natural, renewable and sustainable resource and the largest provider of outdoor recreation space in Ireland. It enables wind-energy on the estate, processes forestry by-products and undertakes nature rehabilitation projects of scale. When you were presented with your Businessperson of the Year Award in December, you were described as an “advocate for sustainable business practices and a leader in sustainability discussions”. Why is sustainability important to you? We are on a journey that requires us to leave the planet in a better place than we found it. There is a financial balance sheet but also an environmental and social balance sheet. Good business brings these together. From my perspective, I accepted the award on behalf of Team Coillte, all of whom work every day to balance and deliver the multiple benefits of forestry.  Tell us about the strategic vision you launched last year and Coillte’s plans for the next 12 months and beyond. In April 2022, we launched a new forest strategic vision focusing on four pillars – Forests for Climate, Wood, Nature and People. This vision sees us, as an example, enabling the creation of 100,000 hectares of new forests by 2050. Those forests will sink approximately 18 million tonnes of CO2.  We are also working on how we manage our existing forests to capture an additional 10 million tonnes of CO2 by 2050.  We have an ambition to redesign approximately 30,000 hectares of peatland forests through a programme of rewetting or rewilding for climate and ecological benefits and also aiming to enable the generation of one gigawatt of renewable wind energy by 2030.  From a people and recreational perspective, we are targeting to enable €100 million of investment to create world-class visitor destinations by 2030.  In July 2022, we launched Beyond The Trees, Avondale at Avondale Forest Park in County Wicklow and in June of this year, we opened the newly refurbished Avondale House, further adding to Avondale Forest Park experience, which has had over 300,000 visitors since June 2022. Our ongoing focus is to continue to ensure a strong, viable, vibrant Coillte that focuses on optimising our contribution to Ireland’s Climate Action plan, while continuing to deliver sustainably certified timber to support the decarbonisation of the built environment.  Our strategic vision also involves increasing from 20 percent of the estate being primarily managed for nature and biodiversity to 30 percent by 2025 and to 50 percent in the long-term. Another major focus for us is workforce capacity, planning for our organisation and the industry more broadly. We have 440,000 hectares under management and between now and 2050 the State has an ambition to increase forest cover from 11.6 percent to 18 percent. As such there will be a requirement to attract more people into our sector going forward. Are you glad you made the decision to qualify as a Chartered Accountant and what career advice would you offer your younger self? A: In the early years of my career, I looked up to others. Ultimately, I realised what was much more important was to follow my own path and enjoy the journey. You have to do what makes you happy and if you work hard and are determined, good things will come.  

Aug 02, 2023
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“My priority is to engage the next generation of leaders”

As the new President of Chartered Accountants Ireland, Sinead Donovan is intent on showcasing a vibrant profession to ‘Next Gen’ members As she prepares for the year ahead as President of Chartered Accountants Ireland, Sinead Donovan’s key objective will be positioning the profession to attract the next generation. Her appointment to the role at the Institute’s AGM on Friday, 19 May, was a source of deep and genuine pride for Donovan, whose late father Cecil Donovan took on the same role in 1986. “It means a huge amount to me personally because of my father’s legacy and, professionally, I see it as the pinnacle of my career so far,” says Donovan.  “I’ve wanted to get here for a long time, because it matters enormously to me to be able to emulate my father, whom I admired so much, and to represent the profession I love.”  In the year ahead, Donovan says she will give “every possible effort” to representing all members of Chartered Accountants Ireland on the island of Ireland and overseas.  “The way I look at it, this role is about passing on the baton for the benefit of our members and the wider profession now and into the future,” she says. “My father passed the baton to me and being a Chartered Accountant has always felt to me like being part of a family that is unique in how we support each other. “So, my job is to pass the baton to the next generation – to show them what this profession is really about, and all that it can offer – and bring them into the family of accountants in which I have been able to build a fulfilling career that I love.” Donovan’s career has brought her to the pinnacle of the profession, as Chair of Grant Thornton Ireland and a Partner in the firm’s Financial Accounting and Advisory Services practice. “There has been a lot of variety in my career and a lot of opportunity. I have built some amazing relationships and worked in environments that are just really people-focused. “So, I want to get away from this idea of the ‘grey-suited accountant’ who works only with numbers. That is just not what a career as a Chartered Accountant is about.” Despite this, the perception of the profession among the Gen Z cohort (born between the mid-90s and early 2000s) now entering the workforce is not as positive as Donovan would like it to be. Gen Z research findings Recent Gen Z research carried out by Chartered Accountant Ireland, under the auspices of Chartered Accountants Worldwide, revealed a troubling ‘perception gap’ between respondents who had no experience of chartered accountancy and those who had commenced their training.  The study aimed to find out how the ACA qualification is perceived by Gen Z respondents in Ireland and worldwide. The Gen Z respondents in Ireland with no experience of chartered accountancy reported viewing the profession as challenging (56%), numbers-based (34%) and boring (19%).  They were considerably less likely than the global average to view the profession as purpose-led (2%), creative (0%), or exciting (4%).  Encouragingly, however, the Irish respondents who had begun their training were far more likely to view it as varied (up from 8% to 25%) and purpose-led. The respondents in this cohort describing it as boring halved.    “It’s clear that, once students commence their training, they get a much better sense of what the qualification is about, but for those who haven’t made the decision yet, the perception gap is pretty stark,” Donovan says.   “Irish students recorded a significant difference in perception, which shows us there is work to do. Engaging the next generation of accountants and the next generation of leaders will be front of mind for the Institute this year.” There are more routes into the profession today than ever before, but as Donovan sees it, more must be done to promote the qualification to the next generation, including changing the established and accepted ways of doing things.  “If the next generation does not buy into what we do and see itself in our profession, it will be because we are not adequately selling it to them, whether at school or third level, or in the early stages of their professional training,” she says.  “I want to ensure that students understand what ACA is and what the benefits of entering the profession are. Gone are the days of calculators and ledgers. Our focus now is on technology, data analytics, leadership skills and global developments.  “Being an Irish Chartered Accountant is respected around the globe and the qualification enables truly global travel and ability to do business. Our profession is in the middle of a recruitment and retention challenge and if we don’t step up to harness this talent pool, we are missing out.” Next Gen values and skill sets  There has been a lot of attention in public discourse about the need to ‘step up’ post-pandemic and help students and new recruits adapt to the working environment, Donovan says.  “There is also a need for us to re-examine that status quo and use this opportunity to ensure the environment is one that works for the next generation of the profession. Those at the start of their careers are seeking a greater degree of flexibility and better work-life balance and genuine diversity, equity and inclusion at work. “This idea of the ‘grey-suited accountant’ is just not it anymore. What I see in our younger members is a very vibrant cohort who will be leading business decisions into the future,” Donovan says. “They value sustainability and Chartered Accountants have an enormous role to play here in every sense – not just in terms of reporting and assurance, but also in shaping sustainability policy within companies and in advising organisations on sustainability best-practice.” Technology will also continue to play an ever-greater role in the work of the Chartered Accountant of the future, Donovan says. “Our Next Gen members will have to be at the forefront of information technology and data analytics, and in understanding the impact Artificial Intelligence is bringing to the world,” she says. “So, we need to make sure their education in these technologies is deep and comprehensive so that they are fully equipped with the skills they need to thrive in a rapidly changing world.” Next Gen education  For Donovan, education is also critically important to ensuring that the profession is “represented credibly” to the Next Gen members of Chartered Accountants Ireland.  “We’ve got to engage them in interesting methods of learning, syllabus content and topics that are actually relevant to the work of the Chartered Accountant from second level right through to third level, in their training and exam experience with the Institute and right through their career from there,” she says.  “In terms of secondary-level education, Pat O’Neill, our outgoing President, has done amazing work over the past year in raising awareness of how outdated the current Leaving Cert accounting syllabus is.  “The Institute has had a number of meetings with the Department of Education and Minister Norma Foley on this issue and Pat will now continue in the year ahead to progress to the next phase of this effort, which will be about driving action in updating the syllabus sooner rather than later.” As it stands, Chartered Accountants Ireland is already leading the way in helping secondary school pupils around the country understand what a career in accountancy is really about. In early 2020, the Institute launched Boot Camp, an online programme designed to help Transition Year and Senior Cycle students improve their accounting and business skills. The Boot Camp Challenge presents participants with a realistic scenario of a business in trouble, whose management must make important decisions about its future. Students review the relevant financial information, consider the wider circumstances, and suggest a possible course of action.  The programme has over 5,000 users active in all 26 counties in the Republic of Ireland “I’ve done the Boot Camp challenge myself, it’s brilliant. It teaches pupils about business, about how accountants are engaged in really critical business decisions, and the impact these decisions can have,” says Donovan. “Most importantly, I think it shows them that accountancy is not all about maths and numbers and breaks that perception that, unless you’re really good at maths, a career in accountancy isn’t for you, because that’s not the case at all.” Project Athena roadmap Innovation is already leading the educational agenda within Chartered Accountants Ireland, which completed Project Athena in 2022. Undertaken with funding from the Chartered Accountants Education Trust, the extensive research project included close to 100 interviews with senior members, academics and regulators in Ireland and overseas.  The findings were academically validated by Trinity College’s Learnovate Centre and will now drive the Institute’s Next Gen educational strategy.  “The roadmap for future innovation in education stemming from Project Athena is in place and we will begin to introduce changes to our education tools and delivery methods from September 2024 starting with CAP 1 and moving to CAP 2 and FAE,” says Donovan. “Some of the developments we’ll be seeing over the next two to three years will include real-time exams, which will bring more certainty to students as well as greater flexibility.  “Data analytics will be used to review students’ activities and performance on an ongoing basis so we can see how each of them is getting on in real-time and identify who might need help and support before their exams.” Global member outreach Chartered Accountants Ireland is Ireland’s largest and oldest professional accountancy body. Dating back to 1888, it represents over 31,700 members around the world and is currently educating more than 7,000 students.  It is an impressive reach and one Donovan plans to harness as she endeavours to highlight the vibrancy and variety of the profession in her role as President. “Above all, I want all of our members to know that they can reach out to me. It’s incredibly important to me to be accessible and plugged into what people are doing. I’m on social media channels, particularly LinkedIn, and I’m more than happy to engage with people, if they want to, any time,” she says. With members in more than 90 countries and active local chapters in international cities ranging from New York in the US and Sydney in Australia to Dubai in the United Arab Emirates, the Institute has a healthy presence outside the island of Ireland. “My outreach work over the next 12 months will be international as well as national. I want to meet as many members as I can in the UK, the US, Australia and the Middle East – wherever I can get to, I will! “I worked in Australia myself back in the 1990s, so I know how much it means when a President or Officer Group visits from the Institute.  “When you’re away from home, your accountancy family becomes even more important and it’s just lovely to see the President and to see them interact with, and hear the views of, members overseas.” On home turf, Donovan’s itinerary will be no less busy as she has plans to visit, celebrate and engage with District Society members across the island. “We plan to hold our council meeting in November in Cork with a dinner in the evening for our members there and that’s very much along the lines of what I want to do throughout the next 12 months — just get out there and meet members as much as I can.” Beyond its own activities, Chartered Accountants Ireland offers a crucial voice to members on the world stage in professional, policy-related and regulatory matters relevant to its membership.  The Institute is a founding member of Chartered Accountants Worldwide, an international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.   Advocacy and representation will be another key priority for Donovan. “I’m very keen to continue growing and solidifying these relationships so that our members have the voice they deserve wherever it needs to be heard,” she says.  “I want to build on the relationships and reciprocity agreements we have with other corporate bodies throughout the globe and to make sure that we take every opportunity to let the younger generations we want to attract to the profession know that ours is a global qualification that can take them all over the world.”

Jun 02, 2023
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“Our mission is to help organisations improve financial decision-making”

Brian Feighan, FCA, set up LearnAltus to help executives from all backgrounds understand the key financial drivers underpinning business decisions. I think most people yearn to be their own boss at some point and I was no different, but the reality of following your dream can be very daunting initially. There is no “mothership” and nothing happens unless you make it happen. You realise quickly that you will have to work harder than you have ever worked before just to get your business off the ground. Above all, you need to be passionate and commit completely. Otherwise, you won’t have the motivation to persist through the start-up phase. I started my own business in 2015. At the time, I was Head of Asset Finance with Ulster Bank. I had started my career with Ulster International Finance in Dublin after qualifying as a Chartered Accountant with EY Ireland. I was part of a specialist team designing solutions to help multinationals centralise their global financing activities in Dublin. I really enjoyed the work and spent the next 14 years working in the sector, including stints as a Director with AIB International Financial Services and Executive Vice President at Demica, an international financial advisory firm, before rejoining Ulster Bank in 2006 as an Investment Director in its wealth management division. Business inspiration Throughout those years, I noticed something: I would be sitting in a board room in London or New York closing a major financing transaction, but – apart from the CFO – the other (non-financial) executives around the table often had significant blind spots in their understanding of what was really happening. It might be a failure to appreciate the implications of taking on additional leverage, not grasping the opportunity cost of a commercial decision or not realising how a thinly capitalised entity carries very high financial risk. It struck me that many executives rise to leadership positions due to their talent and success in non-financial disciplines like sales or relationship management. As managers, however, they must also assume responsibility for key financial decisions such as capital expenditure, management of working capital and ownership of financial performance and budget delivery. It can be a scary position to be in if you don’t have a solid foundation in finance. While most leadership training programmes include a financial component to upskill non-financial managers, in my experience this training tends to be light and conceptual – when it actually needs to be deep and practical. The result is that many managers have a poor understanding of the key financial drivers in their business and lack the confidence necessary to make good financial decisions – and the inevitable poor decision-making that ensues can prove very costly for companies. LearnAltus mission That experience was really the inspiration for LearnAltus, the financial training business I established in 2015, branded initially as ProTutor. By that stage, I had decided I wasn’t getting any younger and, if I was ever going to set up my own business, now was the time. So, I left the corporate world and jumped into the unknown. I had no grand plan at the outset and it took me a while before I settled on building an online financial training platform. LearnAltus’ mission is to help organisations improve their financial decision-making. We design and deliver training programmes that, we believe, can transform an organisation’s financial capability. Our training is centred around ensuring managers can understand and interpret key financial indicators and that they are confident enough to challenge and contribute to the financial aspects of key business decisions. We build immersive decision-making scenarios and game these scenarios out in our training to help managers grasp the potential financial implications. Lasting relationships One of the biggest lessons I’ve learned running my own business is the importance of building high quality, lasting business relationships. You will always achieve much more through collaboration than you can on your own. You need to identify good people to partner with and work continuously on enhancing the value of these relationships – your team, your business partners and your clients. Ultimately, success is defined not by how you see yourself but by the value you create for others. Being a Chartered Accountant has been a big advantage in this sense. I have been fortunate to develop close relationships with key personnel at the Institute. Much of the work I do aligns with the strategic goals of Chartered Accountants Ireland so there is a natural fit. A key milestone was the introduction of the Finance for Managers suite of qualifications, developed in partnership with the Institute’s Professional Development team. With over 33,000 members worldwide, the Institute has an exceptional reach in the business community. Before I set up my own business, I was oblivious to the capabilities the Institute has, which has been a key enabler for the success of the Finance for Managers programme. We have been fortunate to work with some very committed clients too, which is key to ensuring employees are engaged learners. Boot Camp I have supported the Institute’s outreach work with secondary schools for many years. It is a fantastic initiative, which helps promote the accounting profession and make it more accessible to students. Back in 2018, we learned from conversations with business and accounting teachers about their growing concern of the perception of accounting among students and parents, particularly in senior cycle, where the current Leaving Certificate Accounting syllabus is nearly 30 years old. This led us to develop the Institute’s online Boot Camp programme. Boot Camp provides a foundation in accounting fundamentals for Transition Year and Senior Cycle students. It also incorporates an online, interactive business simulation called “Be the Boss” where students take on the role of CEO of a “real life” company faced with a major strategic decision. Since its launch in 2019, Boot Camp has exceeded all our expectations, with over 8,000 students enrolled to date. It has become a prerequisite for many schools as part of their Transition Year programmes. Further, a growing number of accounting firms now incorporate Boot Camp into their internship programmes for Transition Year students during their work placements. We also run “Be the Boss” as a national school competition. This provides a fascinating insight into the level of entrepreneurial talent and business leadership capability out there in Gen Z. Foundation for success As a business owner, I have learned that you really need to be very disciplined about how you allocate your time. There is a view that success in business comes from achieving that big breakthrough, be it a key product innovation or a major customer win. In my view, however, overnight success is a myth. The truth is that those breakthrough moments happen only because you’ve been plugging away, improving and refining your proposition every day for a long time. If you look under the bonnet of any successful enterprise, you will find a lot of hard yards being fought every day. This is what positions you to execute well on the opportunities when they arise – and they always do.

Jun 05, 2024
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Whole of business approach pays dividends for Accelerate

Accelerate Accounting Solutions partners with clients to help them make better business decisions, explains founder Edel Hayes. Accelerate Accounting Solutions founder Edel Hayes, FCA, describes her business as an accounting service with a business partner approach. “Bookkeeping is very transactional,” Hayes explains. “It’s something that has to be done. End of year accounts and CRO returns are the same and business owners can get an external accountant to do them – but it’s the bit in the middle that really makes the difference.” This piece in the middle is using financial information to provide insights to support budgeting, goal setting, performance analysis, forecasting and other key business decisions. “Finance flows through the business. A lot of people don’t get that and it’s to the detriment of their business,” Hayes explains. “We work with our clients as a genuine business partner. It’s about understanding their business and what they want to achieve and supporting them in that.” Hayes established Accelerate Accounting Solutions in 2018 having worked as financial controller with several firms. Her decision was prompted by a few factors, not least of them family. “I’m originally from Dublin but live in Kildare. We have two young children, and I was commuting to Dublin every day. It became a nonsense for me,” Hayes says. “I was looking for something with no dead time spent in traffic or on trains. Time is precious. You need time to spend with your children and on outside interests. I didn’t want to waste that time and I got to thinking about starting my own business.” She also wanted more flexibility in her life. “Monday to Friday, nine-to-five. It doesn’t need to be that way for certain types of work. I was thinking that way pre-COVID even before everything changed.” Entrepreneurial spark The entrepreneurial spark was there as well. “I always had that,” Hayes says. “I had been involved in a small way in several businesses owned by family and friends. I gave them support and advice. I was dipping my toe in and out of the water but had never gone in the whole way.” The decision to strike out on her own was very much a family one. “I had a chat with my husband,” she recalls. “We decided that I should give it six months. If it didn’t work out, I would go back into employment. The jobs market was very good at the time.” She needn’t have worried. “I got clients straight away. I had a good reputation in the market and once people knew I was open for business they came to me.” Business vision Hayes’ vision for the business was to provide a lot more than just a bookkeeping or statutory accounts services. “A lot of SME owners are focused on keeping the tax authorities happy, they are ticking boxes and not going any further with finance,” she says. “A bit of effort and more commercial thinking can really make a difference. Business owners can be very reactive because they don’t have time to think. In many cases, they can’t afford a full-time accountant and they need a bit of external support. “That external help can make so much of a difference. It can give the business new insights, improve cash flows, and help with business planning and the business model. It can also help to identify areas for improvement.” Hayes initially cast the net quite wide in search of clients but this quickly changed. “I ended up with clients from a lot of different industries who were using different platforms and so on,” she notes. “Within a year, I realised that a lot of my clients were women who found me online or through referrals. I have focused on that since.” Today, the majority of Hayes’ clients come to her through referrals. “Referrals really started to take off in year two, just before COVID,” she says. “Sometimes, it was people coming from an existing external accountant who didn’t quite understand the business and where it wanted to go. Accountants in practice sometimes don’t understand new industries or the motivations of entrepreneurs. “A lot of entrepreneurs are motivated by multiple factors – time, impact, creativity – it’s not just about profits. We understand our clients at a much deeper level. We wouldn’t recommend a target of a million euro in revenue if a client wants to manage a small team and work a 30 hour week. It’s about finding what motivates the business owner and building that into our plans.” Hayes says she always advises potential new clients to shop around. “There are lots of accountants out there and it’s very important to find the right fit for your business. We want to be a proper business partner and be able to have non-judgemental frank conversations with clients. You need to be comfortable with each other to do that.” Investing in technology An early decision to invest in technology and cloud-based systems that could support a much larger practice paid dividends during the pandemic. “We had the technology platforms and standard operating procedures in place almost from the beginning. When COVID came, because we were already online and had a client portal in place, it was business as usual for us,” Hayes says. “Clients who were not yet in the virtual space felt a sense of calm from me. This is what we do. The concept of virtual accounting firms was already well established in the US but not so much here at the time. Some people got the idea, some didn’t. When COVID came, everyone got it.” Hayes gets real satisfaction from seeing the positive impact her service can have for clients. “You can see amazing results from tracking the numbers. For example, a business owner can see if they are leaking profits in certain areas and do something about it. They can see if people are working in the wrong areas,” she says. “They could spend months making the same mistake over and over again because they are not tracking the numbers. If that’s costing money, it could push the business into trouble.” It is also important to adapt to clients’ changing needs, she adds. “A business in year one has completely different needs than it will have in years three or four. It will have grown and changed. We understand that and adapt with our clients’ needs.” Crucial lessons Looking back, Hayes believes she probably cast the net a little too wide at the outset. “That can have a detrimental effect on a business. That was a lesson learned. It took me two full years to realise it.” Hayes advises those contemplating starting a business to take advice where they can get it and to leverage their own networks where possible. “People think it’s easy to set up and get running, but it’s not. I had a chat with Chartered Accountants Ireland’s Practice Advisory Team, and I found I was clueless. They were a great help. “You need to lean into your existing network. You will get clients through that. One hard lesson is not to be afraid to let a client go if they are a bad fit. It’s better to clear the space for other clients who are the right fit.” Another piece of advice is not to undercharge. “Everyone is tempted to do it but try to avoid it. Also set up your systems as if you have a bigger business from the start. That will set you up for growth.” Accelerate Accounting Solutions is continuing to grow. “Demand is twofold. We have people looking to switch accountants for a better fit and people starting up their own businesses,” Hayes says. “The entrepreneurial spirit is there. COVID made people realise that they can take a risk and set up their own business. If it doesn’t work out, it’s not the end of the world. “There is a lot of consolidation in the accounting market. Smaller practices are being bought up. Many clients don’t want to move to a bigger firm because they want a more hands-on approach from their accountant. People come to us for our model, which offers a more individualised service.” Interview by Barry McCall.

Jun 05, 2024
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“We were in it to win it – the only way was forward”

Pure Telecom co-founder and CEO Paul Connell talks ambition, business strategy and lessons in entrepreneurship. Paul Connell is Chief Executive of Pure Telecom, the Irish-owned provider of high-speed broadband and fixed line telecoms to homes and businesses nationwide. Established in 2002 by Connell and his business partner Alan McGonnell, Pure Telecom employs 80 people and has annual revenues of about €30 million. Connell is also Chair of the Dublin Society for the Prevention of Cruelty to Animals. Here, he talks to Accountancy Ireland about his experiences as an entrepreneur and co-owner of a successful business. Question: Can you tell us a bit about your early career? I qualified as a Chartered Accountant with BDO Simpson Xavier (now BDO Ireland) in the nineties and worked in accountancy and finance for a few years. In 1996, when I was Group Accountant with Iretex Packaging, I brought the group to a full public listing on the London Stock Exchange and, after that, I joined Global Telesystems (GTS) as Financial Director for Ireland. Global Telesystems was an American multinational supplying telecom services to the European market. At its peak in the late nineties, it supplied over 25 percent of telecoms services in Ireland through other national carriers. That’s how I got into telecoms. It was very exciting at that time because the Government deregulated the market in Ireland and opened it up to competition. Sean Bolger set up ITL and Denis O’Brien started Esat Telecom. I nearly blessed myself that I was a Chartered Accountant when I joined GTS because they understood numbers. I spoke their language, so I got on very well with them. It was a great place for me and, from there, I decided to partner with Alan to set up our own telecoms business in 2002. Question: What was your experience like going from being an employee to a business owner? I said to myself at the time, ‘I’ll give this a year and, if it doesn’t work, I’ll give it up.’ I had a young family and I needed a steady income. It doesn’t matter how big your bucket is if there is a hole in the bottom. We needed to make money like any other business. We actually lost money in the first year, but we were profitable in year two and we never looked back. It was all terribly exciting. As a business owner, you are everything – financier, salesperson, HR manager, cleaner – all rolled into one, so we stuck at it and we were very lucky that we didn’t need to draw any money for the first year or two. I don’t think I have ever worked as hard as I did in those earlier years. Question: Why do you think Pure Telecom was so successful from the get-go? We just kept it tight. When I worked with GTS, the company was losing money every quarter. I remember asking them, ‘Would we not be better investing the money rather than losing it? Just shutting things down would make more money’, and they said, ‘You don’t understand telecoms – we’re all about market share’. When we set up Pure Telecom, we knew we didn’t have that luxury. We weren’t big enough and we needed to have a profitable business. We went after everything that moved. If a guy in Kerry wanted to talk to me about giving us business, I’d get into the car, drive that morning to Kerry, meet him, get the business and come back to Dublin. Once we acquired any new customer, we wrapped them up in cotton wool. Customer service was a very big priority for us. We started out selling to businesses and then, in 2007, an Australian company selling residential services approached us and we acquired their business here in Ireland. That’s how we got into the residential telecoms market. It was completely different. Selling to domestic customers is a volume-based business, so you can’t look after every single customer like you can with business customers. It took us about two years to get a handle on it. We brought it back down to basics and, over time, our base started to grow by 25 percent every year. It was phenomenal. Today, we employ about 80 people and we have an annual turnover of approximately €30 million split roughly 15/85 between business and residential. The telecoms market has changed a lot since we started. We could just as easily be called ‘Pure Broadband’ or ‘Pure Data’. Voice and ‘plain old telecoms’ are gone and our big focus now is on higher broadband speeds for customers. Question: What advice do you have for other entrepreneurs starting a business? When I was leaving BDO Simpson Xavier, I remember the Managing Partner David Simpson sitting me down and asking, ‘what are you thinking of doing?’ I told him I might start my own business and he said to me, ‘look, if you do that, you must have no fear. Don’t be afraid to gear up. If you don’t, you’ll just become a bookkeeper. You have to be prepared to take risks with any business’. So, when we started Pure Telecom, I knew we would need to have the courage of our convictions. I’m very lucky that both Alan and I were prepared to take the risks we needed to take. We both had young families at the time, but we were in it to win it, so the only way was forward. I have a great wife and I remember her saying to me, ‘the worst thing that can happen is that you fail and, if you do, you just get up, dust yourself off and start again’. When you start a business, you find out very quickly who is friend and who is foe. More often than not, people are your friends and they will help you, support you and keep you going. It’s a big learning curve though so, these days, when someone starting a business asks for my advice, I try to make time to help them. Question: Were you ever afraid your business might fail? We were lucky in that Pure Telecom was making money from a very early stage, but I wouldn’t say I was afraid of failure either. In Ireland, we admire people who try something and fail. If they put their best foot forward and it doesn’t work out, we support that. You can only do your best. If you look into the past of any one individual in this country who has done well for themselves, you will find failures. That’s how we learn. When we started out, I remember saying to Alan, ‘maybe this will fail but, if it does, we won’t leave anyone in debt. We will move on, but we won’t leave a bad legacy behind us.’ As long as you are honest and you don’t try to cheat the system, there is nothing to be ashamed about if it doesn’t work out. Question What was the biggest challenge you faced building the business? Trying to get finance initially to get the business off the ground was tough. When I worked with GTS, I had bank managers offering me tens of millions of euros. Then, when we started Pure Telecom, I was dragged over the coals looking for just €100,000. In the end, I went elsewhere. I think a lot of people will tell a similar story. That’s where the courage and determination really comes in. If you want to fulfil your dreams of starting your own business, there are people out there who will help you to do it. There are ways and means of getting your project up and running. My advice is follow your gut. Don’t be afraid – just go for it.

Jun 05, 2024
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“When opportunity arises, back yourself and go for it”

Challenging herself to be open to new experiences has helped Hostelworld CFO Caroline Sherry excel in her career as a Chartered Accountant. My journey into accountancy was not linear. While I had a passion for science during my school years and pursued chemistry at college, the idea of working in a laboratory didn’t quite align with my career vision. It wasn’t until I had the opportunity to intern with Davy Stockbrokers one summer that I discovered the type of career path I really wanted to pursue. During my internship, I was exposed to finance and accounting in a real-world setting. Seeing firsthand how analytical skills were applied to complex financial matters, combined with the varied nature of the work and dynamic environment, all really appealed to me. This experience, coupled with conversations with my sister, who is also a Chartered Accountant, helped me envision a career in accountancy. What attracted me most to a career as a Chartered Accountant was the perfect blend it offered between my analytical nature and my interpersonal skills. Of course, the road to becoming a Chartered Accountant wasn’t without its challenges. The daunting prospect of the exams initially gave me pause. I had to sit every exam with no exemptions! I got through it all with the knowledge that the Chartered Accountancy qualification would equip me for a commercial career, which was ultimately my goal. Fostering gender equity in the profession One of the most significant changes I’ve observed throughout my career is the recognition of gender equity as a pressing issue. People now openly acknowledge the lack of representation and are more willing to question and challenge the status quo. Gender equity has become a legitimate reference point for companies’ cultural ethos. While finance is an attractive career path for women, the sector’s demanding nature poses challenges, particularly concerning work-life balance. Many face obstacles such as long and inflexible hours, which make it challenging when trying to balance career ambitions with family responsibilities. Financial recompense often fails to adequately compensate for these sacrifices, leading some women to step back from their careers at a crucial stage for progression. It’s very challenging, as male counterparts typically do not take time out and, therefore, continue to advance. It’s disheartening to consider the potential, talent, intellect and creativity that companies lose because of this dynamic. As one of a handful of Chief Financial Officers who are women among the 32 companies listed on the Irish Stock Exchange, I am aware of the significant underrepresentation of women in key decision-making roles. This disparity extends to senior leadership positions, highlighting the need for systemic change across all stages of the career lifecycle. Rethinking traditional work practices and policies is essential to addressing these challenges and fostering greater gender equity. Everyone, irrespective of gender, has the right to progress in their career and achieve their career aspirations, whatever they may be – and what people need to achieve this will differ. Flexibility is key: more flexible work arrangements that accommodate the diverse needs of the workforce. Traditional structures, presenteeism and pay disparity require changes to create a more inclusive and supportive environment where everyone, irrespective of gender, has equal opportunities to progress. Moreover, initiatives aimed at encouraging girls to pursue subjects like finance and accounting from an early age can help bridge the gender gap and cultivate a pipeline of talented female professionals. By addressing these issues comprehensively and proactively, we can create a profession that reflects the diversity of our society and harnesses the full potential of all individuals. Understand your strengths Career advancement opportunities were not always immediately apparent to me. However, I knew that working on interesting projects and taking on new challenges would round out my skills and help to determine my next career step. I always challenged myself to be open to new experiences and to use them as learning opportunities. Working on cross-functional projects was a great way for me to deepen my understanding of the business and build relationships with colleagues. I tried to learn from line managers and peers, soaking up as much as I could along the way. Feedback is a gift, as they say! It allowed me to understand my strengths and gave me the confidence to know where I could add value to and where I needed additional support. My advice is: When the opportunity arises, back yourself and go for it. Mentoring for perspective and advice Personally, I have gotten a lot from mentoring, and I’ve found informal mentoring works best for me. My mentors have included friends, peers and line managers. I’m very fortunate to have a great friendship group from my time at PwC; a group of fellow working mothers who can empathise with the daily demands we all face. This varied group of mentors has given me valuable guidance, insight and encouragement. The best mentorship conversations are those that give you perspective and advice to help guide you through the obstacles and tougher times. Positive mentoring relationships can help you develop a sense of self-assurance, resilience and invariably provide context. On the other hand, networking has always been a bit tougher for me. It can be daunting to put yourself out there, particularly if you walk into a ‘networking opportunity’ function and you don’t know anyone! I’ve had to push myself to do more of it. Networking offers a valuable opportunity to engage with industry peers and leaders, expand your sphere of influence, stay abreast of industry trends, and access new career opportunities. I would really encourage people to look for both networking and mentoring opportunities. They don’t necessarily need to be very formal. Both serve as powerful tools for career development. By harnessing the collective wisdom of your support network of mentors and peers, individuals can unlock their full potential, gain confidence and achieve their professional aspirations. Know what you need One question I wish I could answer is how to obtain a good work-life balance! Acknowledging how challenging it can be to achieve ‘balance’ is critical. I am more mindful of balance and the need to establish boundaries for both my team and I. I have a great team and encourage open communication about our individual needs, fostering a supportive environment where people can be at their best. When you can’t find balance, I think the the best course of action is to acknowledge the challenge and to try not to be too hard on yourself. By acknowledging the difficulty in finding balance and practising self-compassion, you can alleviate some of the pressure you put on yourself. Establishing boundaries when working has been one of the toughest challenges I’ve faced in my own career. In the past, I was not forthcoming about what I needed to attain a better work-life balance. I endeavour to do this now and look to support my team so that we can all be at our best. About this series Last year, Accountancy Ireland introduced a new series in collaboration with the Gender Working Group of the Institute’s Diversity Equity and Inclusion Committee. Focused on the women in our membership, we are relaunching this series this year under the new banner ‘My Story So Far: Women’s Career Series’. It follows the 2022 publication of a global Chartered Accountants Worldwide survey which explored opportunities for women in the profession. The survey found no obvious gender-related barriers to entry into the profession but revealed that a growing number of women were making the decision to leave or pivot within the profession mid-career. ‘My Story So Far: Women’s Career Series’ seeks to highlight the experiences of the women in our membership and provide a forum to share their insights into how they have managed their careers in tandem with their lives and overcome the challenges and obstacles they have encountered along the way.

Jun 05, 2024
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“The ‘red thread’ in my career has been the desire to make a positive impact”

GRID founder Derek F. Butler has used his training as a Chartered Accountant to provide alternative finance to Ireland’s SME community. It was during his time working with GOAL in Uganda that Derek F. Butler, FCA and founder of GRID, learned about microfinance – a type of financial service aimed at those with little or no access to commercial bank lending. Butler had studied business and economics at Trinity College Dublin before going on to qualify as a Chartered Accountant and Registered Auditor with PwC, working first with the firm in Ireland and then in the US. “Qualifying as a Chartered Accountant provided me with a life-long skill set. It allowed me to have those formative experiences that would eventually lead me to set up GRID,” Butler says. “I worked with PwC in Boston and Los Angeles. It was my time in Boston, in particular, that was really insightful. We were auditing investment funds and it made me aware of just how tightly held some of the world’s capital is by big institutions and funds.” Butler left PwC in 2009 and relocated to Uganda to join GOAL, the humanitarian charity, as finance manager followed by financial controller. “I couldn’t have made that move without my training with PwC. It allowed me to use my skills to make the greatest possible impact I could think of at that time,” Butler says. “There were these Village Savings and Loan Associations (VSLAs) in post-war Northern Uganda pioneered by an organisation called Care. “It was an extraordinary model. Groups of women would come together every week to save and lend together. All they needed was a lockable box, a small ledger and some training. It was microfinance in its most basic form. “There were hundreds of these VSLAs in Northern Uganda and they were transforming their communities because they were able to get the little money they had working more effectively.” Alternative forms of finance The experience opened Butler’s eyes to the potential of alternative forms of finance. “The ‘red thread’ in my career has been the desire to make a positive impact,” he says. “We have spent centuries putting banking on a pedestal and making the banking system more and more complex. “In reality, banks are supposed to play the same role as the VSLAs, which is to clear capital from those who have it to those who need it.” Butler moved from Uganda to Haiti in 2011 to take up the role of Country Director the year after the country had suffered a devastating earthquake. “I spent two fantastic years in Haiti and then decided to return to Ireland to do something positive here,” he says. “It was 2013, the Irish economy was still very much in cold storage and many small businesses were struggling with the credit crunch. “I had a long-held passion for small businesses and really wanted to do something to alleviate the small business banking problem.” When Butler established GRID in 2014, it operated initially as a peer-to-peer lending platform. Peer-to-peer lending allows individuals and businesses to lend money to each other without using an intermediary, such as a bank. “We launched 18 months after I came back to Ireland. I wanted to use a digital platform to support the Care model of connecting those who have capital with those who need it,” Butler says. “We wanted to focus on small business, because they are really the lifeblood of most communities in Ireland, but people often fail to realise how hard it can be to make a small business work in a world that’s built for scale. “I felt SMEs were worthy of support and a critical ingredient in getting the Irish economy back on track.” At the time, peer-to-peer lending was new to the Irish market but more established in the UK, where the first peer-to-peer lending platform had been launched in 2005 by Zopa. “Our big challenge with the model in Ireland was the lack of regulatory certainty. We were monitoring its progress in the UK where the government had gotten firmly behind peer-to-peer lending,” Butler says. “We expected that the same would happen in Ireland and we advocated for the Irish Government to introduce a regulatory regime here, but they kept deferring to the European regulatory agenda.” The Central Bank of Ireland would not announce a regulatory regime for crowdfunding service providers until 2022. “It took a full 10 years for that regulation to be introduced and we couldn’t wait because we couldn’t scale our business without regulatory certainty,” Butler explains. “So, we decided to pivot to a more traditional balance-sheet lending model in 2017 – still fully digital, but we started lending the money ourselves. “We also pivoted our core product from a traditional term loan to a cash advance loan. We were really the pioneers of cash advance or flexible lending in Ireland.” €135m lent to Irish businesses To date, GRID has lent €135 million to more than 2,500 businesses in Ireland. “The pivot to being a balance sheet lender and cash advance provider was the right decision. It has allowed us to help a lot of businesses very effectively,” Butler says. Now, he is focusing on developing new non-lending services for businesses, including an accounting solution and analytics platform. “Our analytics platform is a bit like a ‘robo-CFO’, which can help small businesses to understand their business – and the financial ‘health’ of their business – in a much smarter way, particularly those that don’t have an in-house accountant, let alone an in-house CFO,” says Butler. GRID lends to companies operating across all sectors in Ireland. “Where we fit is in the small and micro end of the business market,” Butler explains. “Larger and medium-sized businesses either have the resources internally to fund growth or easier access to bank finance. “Our solution sits alongside bank finance, but we find that most of our clients are small businesses with a turnover of less than €10 million.” His ‘North Star’, Butler says, is to help at least 10,000 businesses in Ireland. “Our new analytics offering will allow us to service a lot more small businesses much more quickly, helping them to grow their business day by day.” Current outlook for SMEs The outlook for small businesses in Ireland has improved in 2024, Butler says. “It’s a lot better than it was six months ago for two reasons: first, there is clarity now about tax warehousing and, second, I think there is finally a recognition that Government-driven cost inflation has had a hugely detrimental impact on small businesses.” The Department of Finance introduced tax debt warehousing in May 2020 in response to pandemic-related challenges facing many companies in Ireland. The scheme allowed businesses to temporarily defer VAT and Employer PAYE, certain self-assessed income tax liabilities, and Wage Subsidy Scheme and Employment Wage Subsidy Scheme overpayments, on an interest-free basis for an extended time. Finance Minister Michael McGrath TD, FCA, announced in February that the three percent interest rate applying to warehoused debt would be reduced to zero. “There had been a huge overhang in the SME sector from tax warehousing,” Butler says. “As long as the repayment capacity of small businesses for their warehoused tax was unclear, it was difficult for them to grow. “Now, we have clarity and those that can repay their warehoused tax have agreed arrangements with Revenue. “That’s important because SMEs typically transact with other SMEs, so the ongoing uncertainty over tax warehousing created wider uncertainty in the sector and slowed business.” In May 2023, GRID released the findings of a survey of 300 small businesses in Ireland, carried out with Red C, the research firm. Just 61 percent of respondents said they were making a profit at that time, and about four-fifths said higher energy prices and the cost of raw materials had negatively impacted their business. “That research was really about awareness of Government-driven cost inflation among small businesses,” Butler says. “The majority of the respondents said, ‘We don’t believe the Government understands what it is doing with big policy announcements that are driving inflation and cost pressures for SMEs’. “I think it’s only now that the Government has become fully aware of this reality. With the change in leadership, there is a genuine recognition that SMEs are under pressure and I think we can now thankfully expect a policy response that benefits the country’s small businesses.”

Jun 05, 2024
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Embracing entrepreneurship to maximise opportunities for Northern Ireland

Whiterock Finance CEO Paul Millar explains why innovative homegrown businesses have the creativity and drive to unleash Northern Ireland’s true potential. As his year-long stint as Chair of Chartered Accountants Ulster Society draws to a close, Paul Millar is reflecting on his key priority in the role to “embrace entrepreneurs and unleash Northern Ireland’s potential.” “Entrepreneurship is close to my heart,” Millar says. “I’ve come across a lot of entrepreneurs during my career in professional services, banking and now at Whiterock Finance. I have been inspired by them and I can see the challenges they face as well.” Millar believes it is important for Chartered Accountants, in particular, to have an entrepreneurial mindset. “Sometimes as accountants, we don’t recognise that so many of our members are entrepreneurs in their own right,” he says. “They are leading businesses and running their own practices, which are businesses as well, but they tend to see an entrepreneur as ‘someone else’ who is leading a tech start-up or something. If you are 30 years of age and working in one of the Big Four or in the finance function of a business, you need to have an entrepreneurial mindset because, one day, you could be leading that organisation yourself.” As Millar sees it, all Chartered Accountants should be thinking entrepreneurially both for their own career and for their clients. “They need to be able to go on a risk journey with their clients. They need to be able to go on the entrepreneurial journey either personally or with their clients,” he says. Path to accountancy The Whiterock Finance Chief Executive took the traditional route into his own career in accountancy. “I did an accounting diploma at Queen’s University Belfast and spent eight years with KPMG after that. I was Audit Director there when I moved on to Deloitte, working in audit and transaction services, and then spent seven years in corporate and business banking with Bank of Ireland.” Millar made the move to fund manager Whiterock Finance in 2012. “It was a start-up providing riskier finance to businesses in Northern Ireland and, since then, the management team has been successful in buying the business out from its original corporate owners,” he says. “Today, we provide loan finance of up to £2 million and, through our new Growth Capital Fund, equity finance of up to £5 million to businesses in Northern Ireland.” His role as Chief Executive of Whiterock Finance is, Millar says, “hugely positive.” “We have £225 million in funds under management and have deployed £125 million to over 150 companies. I get to meet lots of business owners who are pitching to us, but the impact is not just that amount of money. “Generally, we do deals alongside other funders. That cocktail of funding helps make things happen. It is great to see companies develop and grow and some of them move onto exits either through trade sales, funding events or IPOs on the Alternative Investment Market. Having a positive impact on the success of other businesses is the most enjoyable part of the job.” Whiterock Finance has just launched the £75 million Growth Capital Fund, which will focus on investments of between £1 million and £5 million in return for minority shareholdings in scaling companies. “We have a debt fund of £30 million and that will be topped up to £60 million in the near future. This fund provides loans of up to £2 million to businesses,” Millar says. “We saw a need for an equity fund and have been working on that for the past two years. The British Business Bank provided £45 million in funding and the rest of it came from us going around Northern Ireland to get funding from high net-worth individuals and others. “We got 18 others to make up the £30 million. We put in the hard yards. It is interesting being on the other side looking for money. There is a real opportunity to be a market mover. We will close out our first three investments in the summer.” Opportunities for Northern Ireland Millar is firmly focused on opportunities for Northern Ireland and believes it is “in a good place” at the moment. “The Executive is back up and running now. Its closure was a drag on the economy. We also have the advantage of having dual trading access to the British and EU markets,” he says. “In terms of sectors, some specialisms in areas like cybersecurity, IT and digitalisation, are doing very well. In advanced manufacturing and engineering, we have a hotbed in mid-Ulster, and fintech is also doing very well.” Promoting Northern Ireland as a location for inward investment is important and activity has been ramping on this front, Millar says. “The UK government hosted an investment summit last September. There were lots of businesses in the room along with a number of foreign investors, mainly from the US. That was followed by US Government Envoy Joe Kennedy hosting a trade summit.” In attracting inward investment, Millar says Northern Ireland should leverage the strength of its very well-educated workforce as well as its dual market access. “If there is one thing that could really help, it is having a corporation tax rate the same as the Republic of Ireland. It is currently 25 per cent here, double the 12.5 per cent rate for all but the very largest companies in the Republic of Ireland. That would be really impactful,” he says. Funding advice for entrepreneurs Drawing on his experience as an investor, Millar advises business owners seeking funding to engage early. “It takes longer to get to a funding decision now,” he explains. “You need to know your business, know your markets and where the growth opportunities lie – and you need to know your numbers. “Chartered Accountants play an important role there. When we see Chartered Accountants on the other side of the table presenting a business plan that hangs together, it gives the business a much better chance of funding. The drive and enthusiasm of the people pitching is important as well, of course.” Promoters seeking equity funding should also keep their future exit in mind. “It could be a sale to another company, another private equity investment or a floatation,” Millar says. “Investors want to see a growth and exit plan as that is how they will get a return on their investment. It is different if you are looking for a loan – in that instance, the lender will want to see hard evidence of your ability to repay.” Interview by Barry McCall.

Jun 05, 2024
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