Mark Scully founded his own executive coaching firm to raise awareness of the benefits of neurodiversity in the workplace and support young professionals. For Mark Scully, his path to entrepreneurship as the owner of his own consulting business has been a highly personal endeavour. A qualified barrister, Chartered Accountant and Chartered Tax Advisor, Scully launched Braver Coaching and Consulting (gobraver.com) in February 2024 to promote neurodiversity in Irish workplaces and provide executive coaching to young professionals. The move followed his own autism diagnosis in 2021, which prompted Scully to leave behind a successful career as a Tax Director with KPMG in Dublin to set out on his own. “I’m passionate about organisations becoming more neuro-inclusive for the benefit of all employees and this is very much down to my own experience,” Scully explains. “Before I set up Braver, I found I loved coaching people at KPMG and raising people up. Looking out for others and wanting to help them – that was really the start of my focus on people development.” Originally from Cork, Scully studied law at UCC and was called to the bar shortly after. He went on to join KPMG aged 22 to train as a Chartered Accountant specialising in tax. Following his qualification, he worked elsewhere as a tax lawyer before rejoining KPMG 18 months later. “KPMG and Chartered Accountants Ireland had been brilliant to train with, especially as I had zero accounting knowledge before joining. I found I really missed the sheer scale of support on offer in a Big Four tax department, so I decided to go back to KPMG in 2016 as a manager,” he says. Overcoming challenges Scully was promoted to Associate Director in 2018 followed by Tax Director in 2021. Despite this impressive career progression, however, he found himself struggling with some aspects of his work and his mental health took a hit. “I had a perfectionist mindset and would sometimes find myself researching to the ‘nth degree’, getting into the details without seeing the big picture. I also didn’t realise that multitasking or shifting from one task to another ate up a lot of mental energy for me, but I wasn’t approaching work in a way which factored that in,” he explains. At times, Scully says he also found it difficult to navigate social dynamics in the workplace. “I was very social, but certain dynamics I just didn’t ‘get’ and I was expending a lot of energy trying to get that right, which I didn’t realise at the time. I just had this notion in my head of, ‘It’s coming so easy to others but not me. I don’t know what’s wrong with me.’ “I stopped taking proper care of myself, working long hours, and in the end that really impacted my mental health, so I sought out professional counselling and coaching.” The experience was, Scully says, “transformational”. “It really opened my eyes to the meaning and importance of mental health. I realised I was in a hole and, once I got out of that hole, I had this drive to help other people avoid the same. “Mental health was a big thing on my agenda, and I was always looking out for others in the department and making sure that their mental health was being looked after.” Scully became a mental health advocate at work, co-leading a wellbeing committee in his department. “I also received some excellent coaching which I found to be such a powerful tool for helping me implement positive changes in work and my personal life. So I studied it and became a coach myself and joined KPMG’s internal coaching panel to provide those benefits to others.” Genesis of Braver It was during a counselling session that the prospect of autism was first raised to Scully. This started him on his journey to educating himself about neurodiversity. This journey, combined with his years spent leading teams and coaching experience, formed the genesis of Braver, which he would go on to found in February 2024. “Getting the diagnosis really allowed me to have compassion for myself. Others may not need the diagnosis to feel that way, but I did. It allowed me to understand, ‘okay, this is why I am the way I am. I don’t have to berate myself for these areas I feel like I’m falling down’. “In fact, maybe I can learn to ask for help or focus more on the things I am good at. I don’t think it’s a coincidence that the year I was diagnosed was also the first year I received a top rating in my annual performance review at KPMG, and I got that rating ever since,” he says. “I had dropped my own negative coping strategies and started playing to my strengths. I had also started opening up to people about my diagnosis. “The feedback I was getting was pretty much entirely positive, and I count myself lucky for that. At the same time, I could see that awareness of neurodiversity in Irish workplaces simply wasn’t there yet and I wanted to do something to change that.” Neurodiversity awareness and training In addition to executive coaching for individuals and teams, Braver offers a range of neurodiversity awareness and training services for organisations, teams and individuals. “When I go into an organisation for a neurodiversity awareness session, I bring them through some of the traits of various neurodivergences, but also their strengths,” Scully explains. “I then go through some useful, high-level dos and don’ts everyone in the organisation can take away with them. I also deliver a more in-depth neuro-inclusion management training workshops for HR, people managers and leaders. As Scully sees it, neurodiversity is “just a way of saying we all have different ways of thinking and experiencing the world. “For some people, these different ways of experiencing the world have been medically pathologised as autism, ADHD, dyslexia or dyspraxia, for example,” he says. “All have been framed purely in a deficit-based manner historically. However, we can adopt a different lens and view them simply as ‘difference’. For people like me who are neurodivergent, viewing our experience as a difference rather than a deficit can change our entire outlook. “When I was first diagnosed, I thought, ‘I can’t be autistic’. I had preconceptions of what autism looked like, and it looked nothing like me, so I was taken aback. “Once I looked into it further, however, I realised those autistic traits had always been there, and I was drained from masking them. I came to terms with it and I was kinder to myself and learned to adopt ways of working that suited me and changed my environment. “I knew I wasn’t going to be good for two intense meetings in one day, for example, so I learned to move those things around to expend my energy more wisely. “I learned that I needed a lot of certainty when it came to communication, expectations and timelines, so I was very clear with my bosses and team about this and requested communication in a way that would leave nothing ambiguous.” Implementing these different ways of communicating and introducing clear boundaries around expectations allowed Scully to work more effectively. “At this point, I hadn’t told them I was autistic. They just accepted I was trying out a new way of working. It was really just good people management on everyone’s part, and it made a massive difference to my ability to perform.” Benefits for all employees Above all, Scully says he wants his work with Braver to make employers in Ireland realise that a neuro-inclusive workplace doesn’t just benefit neurodivergent employees, it benefits everyone. Scully sees neurodiversity training as “just one step” towards a more inclusive and adaptable management framework for all employees. “We spend so long training people to be subject matter experts, but I don’t think we dedicate enough time to training them how to be effective managers,” he says. “Learning to be a neuro-inclusive manager and leader is all about communication and adaptation – handling sensitive conversations and approaching adjustments to ways of working or communication that best suit the individual, for example. “When you’re training your managers to be neuro-inclusive, they will be better managers to all staff, not just those who are neurodivergent.” First steps for employers For employers considering neurodiversity for the first time, it can be overwhelming. There are many organisational and environmental aspects to be considered, such as removing barriers to the recruitment process, workplace accessibility and the adequacy of policies and procedures. “I believe there are many employers out there who want to make their workplaces more neuro-inclusive but don’t know where to start. I want to help and Braver is my way of doing so,” he says. Scully says a good first step is simply letting your people know you want to have a conversation about how you can be more inclusive. “Make neurodiversity a topic of conversation and create a space where your employees, particularly your neurodivergent employees, feel safe to participate in that conversation,” he advises. “As part of this, train your people on how they can exercise inclusive management so that both the manager and the employee feel safe and confident to approach different ways of working that suit that individual. “It’s a small step, but such an important one, and you will be on your way to supporting greater inclusion in your workforce and realising the benefits.”

Three Chartered Accountants consider the Government support on offer to SMEs in the North and south and the wider environment for entrepreneurship on the island of Ireland Shaun McGlade Managing Director SMCG Ltd Homegrown businesses in Ireland, North and south, face a myriad of challenges. These include geopolitical, environmental and economic uncertainties in addition to the impact of digital disruption, skills shortages and the evolving needs of the workforce – and all while they continue to grapple with inflationary pressures.  Government-backed organisations such as Invest Northern Ireland and Enterprise Ireland provide valuable support to businesses, with a focus on export-oriented companies and high-potential start-ups, both of which are seen as vehicles to boost the economy of the island of Ireland. Businesses across Ireland have been navigating the post-Brexit landscape, while businesses in Northern Ireland are also dealing with challenges and opportunities presented by the Northern Ireland Protocol – now the Windsor Framework – which provides access to both the British and EU markets.  This represents a significant opportunity for businesses in Northern Ireland, but it also introduces complexity and uncertainty in completing transactions across borders.  One key strand of Government support for businesses in Northern Ireland has been the establishment of the Trader Support Service. This is aimed at helping companies to contend with changes in the way goods move under the Windsor Framework.  Thousands of businesses have registered with the free-to-use platform since its launch in 2020. This service is due to end after December 2024, however, and this is something the recently restored Northern Ireland Executive must lobby the British Government to retain so that businesses in Northern Ireland can continue to avail of it beyond the end of the year. As a relatively small practice, we at SMCG Ltd have found that the professional network built over time with colleagues in the profession, along with professionals in other industries, has been a source of great support.  This is reflective of the ethos and culture prevalent in Irish society down through the generations to “help your neighbour” even though they may also be a competitor.  It is even more imperative, therefore, that the governments in the North and south proactively address the challenges facing our community of SMEs on the island of Ireland.  This requires a strategic approach, avoiding reactionary politics, and fostering an environment that encourages business investment and provides critical infrastructure for homegrown businesses to flourish. Susan HayesCulleton Managing Director The HayesCulleton Group Our company started in September 2010 and in the years since, I believe Ireland has steadily improved as a place to do business. The entrepreneurial ecosystem has become far more inclusive. In the past, the broad supports offered by the Local Enterprise Offices (LEOs) were tailored towards internationally traded services and manufacturing, but this has changed drastically.  The Local Enterprise Offices Policy Statement 2024–2030, released in May, stated that the LEOs would have an increased capital budget of €44.8 million in 2024 available to 37,000 businesses, excluding those supported by IDA, Enterprise Ireland and Udarás na Gaeltachta. Further, we are now seeing far more trade missions, funded initiatives for environmental and social sustainability, and opportunities to build relationships across borders.  At the time of writing, Enterprise Europe Network has 5,659 available partnering opportunities, enabling us to partner with distributors and procure goods from around the world.  InterTradeIreland has a target to help 10,000 businesses every year with comprehensive online cross-border trade information. The expanding diplomatic footprint of the Department of Foreign Affairs – with 57 Embassies and 108 Consulates – also offers a landing pad for Irish businesses that want to export. While Ireland is perhaps better known for accommodating foreign direct investment, I think the ecosystem for homegrown businesses here is hugely supportive. Enterprise Ireland does a fantastic job in the provision of seed investment, advice and – in my experience – has a passionate team of people at home and abroad who take as much pleasure in seeing homegrown businesses win in international markets, as the business founders themselves.  At HayesCulleton, we have encountered some wonderful people and they have led us to engagement opportunities that have resulted in new business for our firm. If I were to make one change, however, it would be to making it easier to navigate the SME support system in Ireland.  Kealan Lennon Chief Executive CleverCards Ireland has tax incentives to drive investment in research and development and well-educated talent coming out of our universities and colleges.      The big challenge for homegrown business support in Ireland is not at the early seed stage, however, but at the scaling stage – particularly for ambitious founders with a global vision.  The number one challenge for businesses scaling up is access to capital. The Government and Enterprise Ireland have funded several venture capital funds in Ireland to deploy investment at the seed and Series A stages. There is a complete gap from the Series B stage and onwards, however, and this has been the case for years.  Bridging this gap, in my view, would be the difference between scaling companies “exiting” through acquisition by international players (in the absence of capital to scale further) and continuing further along the journey themselves to build global businesses that are “homegrown” in Ireland.  CleverCards has developed a digital payments platform that enables businesses and public sector organisations to configure digital Mastercard accounts themselves.  By serving many multinational companies headquartered in Ireland, the US is our nearest market to the west while Britain and the European Union represent a huge market to the east.  So, our experience is that Ireland is a great place from which to scale internationally. However, early-stage growth and expansion requires risk capital to bridge the gap where later-stage private equity and debt markets are more readily available.

The Institute’s latest thought leadership papers outline a series of measures needed to support Ireland’s SMEs, write Cróna Clohisey and Michael Diviney. The Institute has published the latest in its series of thought leadership papers. Supporting SMEs was informed by the views of our 33,000 members and sets out the measures that we believe are needed to achieve strategic, systemic improvements for SMEs operating across Ireland. SMEs make up the vast majority of all businesses in Ireland, and collectively they employ close to seven out of 10 people working in the business economy. It is clear from engagement with members that a critical marker of Ireland’s future economic success will be supporting our SME sector by reducing the cost and complexity of doing business. SMEs have faced an unprecedented number of new legislative requirements in recent months which significantly adds to their cost and administrative burden. In 2024 alone, the minimum wage has increased by 12 percent and additional sick leave entitlements have added one percent to payroll costs. From 1 October, the rate of Employer, Self-Employed and Employee PRSI will increase by 0.1 percent, while pensions auto-enrolment will add a further 1.5 percent in costs during 2025. Supporting SMEs calls on the Government to be cognisant of the challenges all of the above brings. While the measures are extremely important for employees, consideration must be given to the timing of implementing new employment law, and the impact on SMEs when all are introduced within a short timeframe. The paper sets out a series of proposals, grouped under four headings: Resilience and growth; Government supports and funding; Sources of business finance; and Reducing the cost of business through the tax system. Alleviating the administrative and cost burden for SMEs is at the forefront of our asks which include the following proposals: Minimum wage workers, working a full week, should be exempted from Employers’ PRSI. Tax discrimination against professional service companies must end so that they can benefit from the various investment reliefs available to comparable trading companies. Reducing Capital Gains Tax from 33 percent to 25 percent to stimulate business and personal transactions that will bring additional funds into the Exchequer. The real time reporting requirement for enhanced reporting requirements (ERR) for employers should be removed and replaced with monthly or even annual returns. Additionally, we ask for a commitment from Government not to extend ERR for at least three years until the system is embedded and an appropriate cost-benefit analysis of the current system has been properly completed. Chartered Accountants Ireland believes that more resilient businesses will be better positioned to weather crises and uncertainty, and have confidence to invest, to scale, and to create employment. Financial stability is paramount to this. The Institute is calling on Government to support SMEs in accessing finance, optimising governance structures, and investing in developing their workforces. Proposed measures to ensure resilience and the continued growth of this vital sector of the economy include: Widening the eligibility criteria for the broad range of grants available to include more ‘traditional’ industries and the service sector. Ensuring more consistent availability of grants and supports nationwide. Our members tell us that services provided in one part of the country may not be available to similar businesses elsewhere; much depends on the approach and funding at a local level. With the advent of remote working, a common approach to supporting all small businesses, regardless of location, is needed. Promoting healthy competition in the business lending market, by enhancing the role community-based lenders and alternative lenders can play in addition to the pillar banks. It is well documented that record corporation tax receipts will not always be with us and there is a strategic imperative to ensure long-term economic health for SMEs. This can only come from understanding the unique challenges facing them, not simply by virtue of their size, but also specific to the sector they operate in, and supports they need. CCAB-I’s Pre-Budget 2025 submission focuses on supporting and sustaining our SME sector Continuing the focus on the importance of the SME contribution to the Irish economy, the Institute, under the auspices of the CCAB-I, delivered its pre-Budget 2025 submission to Minister McGrath last month. The paper highlights the constraints experienced by SMEs as a result of increasing labour costs and also states that a lack of supply of housing and childcare places, in addition to high personal tax rates, are making it increasingly difficult for people to live and work affordably in Ireland. The submission identifies four key areas for budgetary focus: support SMEs by exempting minimum wage workers from employers’ PRSI and simplifying tax legislation; increase the number of childcare places available and offer working parents a €1,000 tax credit to return to the workforce; introduce a 30 percent intermediate rate of income tax to retain and attract workers and help people live affordably; continue to stimulate and support the completion of new houses. The CCAB-I believes that Ireland’s tax code has become increasingly complex in recent years and is calling for simplification of the tax rules to support businesses, enable them to grow and also ensure that Ireland remains competitive on an international stage. Childcare provision In terms of childcare, the submission includes measures to improve the supply of childcare places for pre-school children. To address the impact of working parents leaving the workforce following the birth of their children on the labour supply, the CCAB-I is calling for the introduction of a €1,000 tax credit for working parents to encourage them to return to the workforce. The CCAB-I also asks that the government plans for adequate capacity in the childcare sector by analysing local needs and ensuring adequate funding for the sector. Income tax reforms The CCAB-I believes that introducing a third rate of income tax of 30 percent would make the system more equitable. Workers in Ireland pay income tax at a rate of 40 percent once they earn €42,000. This entry point is below the average wage and is significantly lower than most countries across the UK and Europe, where incidentally having more than two tax rates is extremely common. We are a mobile profession where many are in the early stages of their careers and are planning their futures. Introducing an intermediate 30 percent rate would make the system more attractive and more equitable, lessening the tax burden on workers and putting more money in their pockets. Housing measures The submission proposes: extending the Help-to-Buy Scheme by two years to 31 December 2027; abolishing vacant homes tax; increasing the rent-a-room relief from €14,000 to €20,000 and removing the cliff-edge; abolishing the non-resident landlord withholding tax system. Cróna Clohisey is Acting Director of Advocacy and Voice at Chartered Accountants Ireland Michael Diviney is Head of Thought Leadership at Chartered Accountants Ireland.

Julia Rowan answers your management, leadership and team development questions Q. I am head of function in a large organisation. My career has gone well, and I’ve been recognised and promoted several times. I am a quiet person who puts the head down and works hard – as does my team. However, I have a new boss. He came in with a lot of fanfare and even made a presentation about the way he likes to do things. He recently told me that he doesn’t think I drive my part of the business enough. I feel I drive my team hard – but I don’t shout about it. A. This could be a personal style issue. He comes in with fanfare and clearly communicates how he likes to do things. He could be overlooking you because his style is different and time might help him see your value.  But it might also be time to recognise that as we rise in organisations, sometimes new skills need to come to the fore.  There are a couple of things you can do: Wait and see: As your manager gets to know you and the work you do, their concern about how you lead your team may abate. Talk to your manager: Say “I want to have a conversation about how we work together. You’ve probably noticed that I’m a quiet person, so what kind of information and communication do you want about the work that I do?”   Show them otherwise: Send a short email at the end of every week or fortnight sharing three successes (e.g. projects completed/moved on), and three priorities for next week. This will create a sense of momentum and a record of progress and achievement over the year. However, this could be a useful time to look at the skills that senior leaders need to develop.  Your current approach has served you well up to now. But does the organisation need a bit more? How would your stakeholders (your team, the teams you serve, your peers, etc.) benefit if you shared what you did more broadly? Not just sharing what you do, but the value add: what you have learned, the insights, information and support you can offer to stakeholders. The scope and focus of how we communicate naturally changes as we rise through organisations, reflecting what is needed from us at our level: the connection between the work of our team/function and the organisation’s strategic vision, the complexity of the decisions we make in a fast changing environment, the risks we need to mitigate and manage, and how we develop talent and ensure smooth succession. The temptation is to fall into the binary of “I can either be true to my natural style OR give my manager what he wants”. The trick is to see beyond that and to find a way to showcase your work from that quiet and hard-working place you inhabit.  I wonder what would happen if you discussed this with your team: my guess is that they would have a ton of ideas.

Ireland’s economic reliance on foreign multinationals is stark, posing significant risks for our future stability, writes Cormac Lucey. The Revenue Commissioners recently published the report, Corporation Tax: 2023 Payments and 2022 Returns. Despite its relatively innocuous title, however, the information contained in this report has critical implications for the Irish economy and Ireland’s public finances. It has long been known that the multinational corporation (MNC) sector pays a disproportionate share of corporation tax in Ireland and this new report from Revenue confirms it. When it comes to corporation tax, the foreign MNC sector paid 87 percent of all corporation tax in Ireland in 2022. What is startling is the extent of MNC contribution compared to our two other major tax sources: income tax and value added tax (VAT). According to a 2022 report by IDA Ireland, there are a total of 301,475 people working for foreign multinationals in the country. That year, there were 2,121,300 working across the entire economy, according to the Central Statistics Office (CSO). Hence, just 14.2 percent of the workforce was employed by the MNC sector at that time. Yet, thanks to the highly progressive nature of our income tax system and the much higher wages paid by our MNC sector, that cohort paid 54.6 percent of total income tax. The cherry on the cake is that, according to Revenue, the MNC sector also accounted for more than half of all VAT payments (53.8%). When you examine all of Ireland’s varying tax heads and apply these percentages to the expected actual 2023 tax take (as set out in the Budget 2024 documentation), it emerges that the MNC sector contributed 55 percent of Ireland’s total tax revenues that year – even if we assume that it did not contribute at all to customs, excise duty, capital gains tax, capital acquisitions tax, stamp duty or motor tax. If we make the more realistic assumption that the MNC contribution to those other tax heads was the same as its contribution to VAT, the MNC contribution to the state’s total tax take rises to a staggering 62 percent. There are two slow-motion dangers facing our MNC sector. The first is that our native incapacity drives away mobile international investment. We are already bursting at the seams in terms of the supply of housing (we can’t build enough), skilled personnel (we don’t have enough) and electricity (we’re at risk of not having enough). The second danger is that the US takes action to seize the eggs that our MNC golden goose has been laying for us by legislating for a global minimum rate of corporation tax on the worldwide earnings of all US multinationals at its current corporate tax rate of 21 percent. MNCs might save tax by paying 15 percent in Ireland only to face a six percent surcharge in the US. This measure would undermine any tax rationale for locating in Ireland and reduce our attractiveness as an investment destination. If we are at risk of having maxed out our extraction of eggs from the MNC golden goose, how stands our indigenous sector of Irish-owned operations? A recent report, published jointly by the Nevin Economic Research Institute (NERI) and trade union SIPTU, revisited the CSO analysis and concluded that the average value-added per hour of indigenous sector workers was just €28. This report shows sectoral productivity in the Republic compared to that in Northern Ireland. Apart from sectors dominated by MNC activity, productivity levels in the south lag those in the North, sometimes quite markedly. In the construction sector in the south, for example, productivity is less than half that north of the border. However unpalatable a conclusion, the economic rise of the Republic seems entirely down to foreign multinationals and appears to owe little to native endeavour. Disclaimer: The views expressed in this column published in the June/July 2024 issue of Accountancy Ireland are the author’s own. The views of contributors to Accountancy Ireland may differ from official Institute policies and do not reflect the views of Chartered Accountants Ireland, its Council, its committees, or the editor. Cormac Lucey is an economic commentator and lecturer at Chartered Accountants Ireland.

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.

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.

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.

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.

Johnny Harte offers his advice on the various funding options on offer to start-ups and SMEs and the dos and don’ts of securing investment. As the founder of True Fund Solutions, Johnny Harte advises companies on fundraising, from early-stage seed investment through to later-stage growth funding. The option best suited to your business will, Harte says, depend on what stage of development it is at. “If you’re a very early-stage company, still running through potential ideas, my advice would be to get in contact with your Local Enterprise Office (LEO), which will offer a range of grants for product development, market esearch and sales and marketing strategy,” Harte says. There are 31 LEOs operating within the Local Authority network in Ireland, offering support to start-ups and small businesses looking to expand. Options on offer from LEO to early-stage companies include the Feasibility Study Grant, designed to help applicants gauge the commercial viability of, and potential market demand for, a new product or service. The maximum Feasibility Study Grant amount available varies from 50 to 60 percent of the total project cost, depending on location, up to a maximum of €15,000. The LEO’s Priming Grant, meanwhile, must not exceed 50 percent of the investment required by an applicant up to a total of €80,000. The LEO can, however, approve up to €150,000 in certain situations. A Priming Grant is available to start-ups in business for up to 18 months, employing up to 10 people and trading both in Ireland and internationally, and can be put towards direct business costs or capital items, such as equipment, salaries, consultancy and marketing. “These grants are a good starting point for a lot of young companies,” Harte says. “Because the funding on offer is grant-based; you’re not parting with any equity – but you will be expected to have some degree of market research already done when applying and to be able to match the grant with some of your own funding. “The next step up is Enterprise Ireland (EI), which also has different funding options from the very early stages through to later-stage investments.” EI is the State agency responsible for the development and growth of Irish companies in global markets. According to figures released in May, EI invested €24 million in Irish start-ups in 2023 and supported 156 early-stage companies. Investment was provided through the State agency’s High Potential Start-Up and Pre-Seed Start Fund programmes. EI also offers feasibility grants to start-ups and a broader range of grants, vouchers and business support options to more established companies. Its focus is on manufacturing and internationally traded companies, with scope to scale and create jobs, however, rather than smaller locally traded service companies, micro-enterprises or sole traders. Alongside EI, funding options will typically be in the form of angel investors and venture capital (VC) firms. New figures released by the Irish Venture Capital Association (IVCA) revealed that VC funding for Irish SMEs fell by 48 percent to €258.5 million in the first quarter of 2024, compared to €502 million in the same period last year. The IVCA VenturePulse survey published in late May in association with William Fry, noted, however, that seed funding showed “resilience” in the first quarter, with very early-stage Irish companies raising €40 million. While there was a downturn in funding across most deal sizes, the survey also noted that companies looking to raise amounts of between €1 million and €3 million enjoyed a positive first quarter with funding in this sector rising by 126 percent to €22.7 million compared to €10 million last year. “There’s no doubt it’s a challenging time for those looking to raise investment but there is funding available in the Irish market and it is accessible. Good companies will always attract investment,” Harte says. “Funding levels have dropped but a lot of that is down to fewer larger, later-stage deals. Angel investors are still slightly wary, but activity is picking up and they are starting to invest more again. “On the venture capital side, we are also seeing some newer funds coming into the market, which is likely to boost seed and potentially Series A stage investment over the next few years.” For those entrepreneurs seeking funding, Harte says resilience is key. “Founders take a lot of knocks in their business on a daily basis and securing investment is no different. There is always something that doesn’t go according to plan when it comes to the fundraising process and you’ve got to be able to adapt to that,” he says. “What investors are looking for will differ, but all will be looking for founders who have an in-depth knowledge of their sector, some early traction or validation and they will want to see a strong team with a good track record and potentially a diversified skill set.” Like so much in business, successful fundraising is often built on the foundations of strong relationships. “One of the biggest mistakes I see companies make when they’re looking for funding is the failure to begin the process early enough. They almost always underestimate the length of time it will take to secure funding.” Harte says. “Ideally, you really need to kickstart the fundraising process 6 to 12 months ahead of when you think you will actually need that funding, but it makes sense to be thinking about the relationships you will need to build to access funding from day one. “Get out and meet with potential investors so they get to know you, your company and what your plans are for your business. Companies should treat raising investment like any other aspect of their business so there needs to be a funding strategy and process in place. “You need to identify who your potential investors could be and start those crucial conversations and engagements as early as possible, before you’re actually looking for investment.” Interview by Arlene Harris.

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.”

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.

Minister for Enterprise, Trade and Employment, Peter Burke TD, FCA, outlines his plans to ensure Ireland’s SMEs have the support they need to succeed and flourish. Just three weeks into his tenure as Minister for Enterprise, Trade and Employment, Peter Burke TD, FCA, had already hit the ground running, unveiling a pre-budget SME support package to provide a boost to Ireland’s small- and medium-sized businesses. This “sense of urgency” will, he says, continue to inform his work in the months ahead as he advocates on behalf of SMEs and traders up and down the country. “SMEs are vital to Ireland’s success and central to our ability to build a broad-based and successful economy,” says Burke. “While there has been some moderation in the rate of wholesale price inflation, and measures to date have helped many vulnerable but viable firms, these new measures will help SMEs’ long-term financial sustainability, and aid them to grow and thrive so as to sustain good jobs into the future.” The need to support and champion SMEs is a cause close to Burke’s heart. He grew up on a family farm close to Mullingar, Co. Westmeath, and went on to study commerce at NUI Galway, graduating in 2004. “We had a suckler farm, which is a bit unusual in that you only get paid once a year, and I would have watched my dad over the years managing cashflow around that one annual payment,” he says. “I was always very interested in figures at school – trying to plan into the future to meet cashflow demands – and I really enjoyed studying business for Junior Cert. That enticed me into accountancy and, when I went on to NUI Galway, I chose to major in the subject.” Early interest in business Burke also nurtured a wider interest in business and, in particular, “understanding the mechanics of business – looking under the bonnet and taking a deep dive.” “I wanted to understand where the revenue is generated and how to invest and spend in a sustainable manner that doesn’t leave you with the red light on at the end of the year,” he says. Following his graduation, Burke went on to train as a Chartered Accountant with Stephens Cooke & Associates in Mullingar, qualifying in 2009. “I didn’t apply to the Big Four firms because I felt that I had a better chance of gaining a solid understanding of everything in a medium-sized practice with a wide dispersal of clients,” he explains. “I would be working on a capital acquisitions tax return one day, dealing with an estate the next, then looking at stamp duty or advising a client on VAT and carrying out Revenue audits – it was complete exposure to everything – an A to a Z take on business, and that’s exactly what I wanted.” Political career Before his election to the Dáil in 2016, Burke served as a Councillor on Westmeath County Council. “I was elected to both Westmeath County Council and Mullingar Town Council in 2009, which gave me my first platform in elected politics and, at that time, Chartered Accountants Ireland agreed to defer my exams,” he says. “That allowed me to run in those elections and I wouldn’t be where I am today without it, so I really appreciated it. I continued post-qualification with Stephens Cooke & Associates right up until I got elected to The Dáil in 2016 as a TD for the Longford-Westmeath constituency. “It took a few attempts to get there but, if you really want to do something in life – if you feel it’s for you – and you don’t succeed the first time, you have to try again. Persistence and determination do pay off.” Leaving behind his career in practice came with a “tinge of sadness” for Burke, who had built strong working relationships with SMEs across the country through his work as a Chartered Accountant. “I really missed that, but getting elected to the Dáil also brought an exciting new horizon and a fresh challenge. I was delighted to be appointed to the Finance Committee and the Public Accounts Committee. Those roles gave me unbelievable insight into how government departments operate and how decisions are made.” Burke was appointed Minister of State for Housing, Local Government and Heritage in 2020 and served as Minister of State for both European Affairs and the Department of Defence from 2022 to April 2024, when he took up his current role as Minister for Enterprise, Trade and Employment. “It has been a priority of Taoiseach Simon Harris to support our small businesses since he took office. When I got the call from Simon and sat down face-to-face with him, one of the first things he said to me was, ‘I really want to get a package together to support our SMEs’. “We were both very much at one on this, because I fully understand from my work as a Chartered Accountant that SMEs employ 70 percent of people right across our country. They are central to economic activity in all our communities.” Key SME measures Key measures outlined in the pre-budget SME support package put forward by Minister Burke in May include reopening the Increased Cost of Business (ICOB) scheme for an additional 14 days, introducing a second ICOB payment for businesses in retail and hospitality, and doubling the lending limit for Microfinance Ireland loans from €25,000 to €50,000. The package also doubles the Innovation Grant Scheme to €10,000 and increases the maximum amount available under the Energy Efficiency Grant Scheme to €10,000 while halving the business contribution rate to 25 percent. The employer PRSI threshold will rise from €441 to €496 with effect from 1 October 2024, ensuring that employers with employees earning the weekly equivalent of the national minimum wage will pay the lower rate of employer PRSI at 8.8 percent. Eligibility for both the Digital for Business Consultancy Scheme and Trading Online Voucher have also been extended to businesses in all sectors employing up to 50 employees while the value of the grant itself has been doubled to €5,000. “As a politician and policymaker, I have to look ahead and ask, ‘how am I going to make life easier for our businesses every single day in the future?’” Burke says. “We have approved capital schemes for upgrading infrastructure like LED lighting, refrigeration and kitchens, which could cut some companies’ monthly energy bill by up to €1,500. We are offering a €10,000 grant whereby the business has to put up just 25 percent of the total cost. “We are focusing on innovation and supporting investment in innovation among SMEs by various means, including collaboration with tertiary institutions, so that they can continue to adapt and remain competitive into the future.” An enhanced ‘SME Test’ has also been introduced by the Department of Enterprise, Trade and Employment in conjunction with the Department of An Taoiseach. “This means that when a statutory instrument or new regulation is under review, we think small first and ask, ‘how is this going to impact our SME sector?’ This test will be very important for policymaking into the future.” Burke has published the first ever Local Enterprise Offices (LEO) Policy Statement, which will run to 2030, providing “clarity and certainty” on the role of the nationwide network for 31 LEOs in administering measures outlined in his SME support package. “Over 370,000 businesses are eligible for some type of support from the LEOs, such as assistance in starting and growing a business, as well as expert guidance on how to save time, money and energy, mentoring, training and general business advice,” he says. “A number of these measures will be actioned by the LEOs – including increasing the Energy Efficiency Grant, opening up grants to help more businesses to digitalise, and launching Ireland’s Best Emerging Entrepreneur Programme to encourage entrepreneurship and start-ups in under-represented groups.” Outlook for Irish business The “sense of urgency” Burke describes at the beginning of this interview will, he says, continue to guide his work in the months ahead. “I’m very much aware of where we were in the government cycle when I got this job and that creates a sense of urgency that will underpin everything I do,” he says. “You will see a very strong impetus to ensure that businesses have all the supports they need to succeed and flourish and keep our economy growing and continuing to employ the 2.71 million people we have currently working in Ireland.” The latest figures from the Central Statistics Office, published in May, revealed continued growth in Ireland’s labour market. Some 50,500 jobs were created in the year to the end of March 2024 bringing employment to 2.71 million, up about 1.9 percent year-on-year. “I’ve talked about the sense of urgency I feel in this role, but equal to this is the importance I place on evidence,” Burke says. “I always base my decisions on evidence-driven data. You need to ensure that you’re fully informed and the Chartered Accountant qualification will help with that. Some of the things I love most about accountancy are very much aligned with my interest in politics. As a Chartered Accountant, I really enjoy working with people – going into a business, meeting the directors, the senior management team, and helping them to plan for the future. “The same applies in politics – you’re working with people, planning ahead and balancing different demands, trying to work out the viability of various plans and proposals and thinking ahead so you can deliver the best outcome.” The outlook for Ireland’s SME sector, business generally and the wider economy is broadly positive, Burke believes, but no measure of growth and success should, he warns, be taken for granted. “I am heartened to see employment continue to rise this year and I absolutely see a bright future for Ireland’s SMEs, particularly those that innovate and grab emerging opportunities – but you can’t take anything for granted,” he says. “No matter how healthy the economy, we must always be looking ahead, considering all the evidence and putting in place the guardrails and incentives to protect and support business in Ireland well into the future.”

Tackling systemic hurdles to the long-term economic health of Ireland’s SMEs will be a top priority for Barry Doyle, the new President of Chartered Accountants Ireland. As Investment Director with MASV, the entrepreneur-led investment firm, Doyle brings considerable experience in advising and scaling successful businesses. He took up the office of President on Friday, 17 May, following the Institute’s 136th AGM. At just 37, Doyle is the youngest President in the Institute’s 136-year history, but already he has gained deep expertise in the start-up environment in Ireland and overseas and continues to work with scaling businesses from their earliest stages through growth and exit. The need to support and champion these businesses is a cause close to his heart. “I’ve worked mainly with start-ups and early-stage companies throughout my career,” Doyle says. “I’m drawn to entrepreneurs – for me, it’s about building something from scratch and seeing it gain traction, grow and succeed. It excites me. The start-up environment can be tough but it is also incredibly rewarding.” In his role with MASV, Doyle supports ambitious start-ups scaling internationally. “I’ve gone from working in hands-on roles within these businesses to now guiding them as a board director, observer and advisor and investing in people’s ideas at MASV,” he says. “I really enjoy it. There is a lot of variety in working with international companies of different sizes and at different stages of development.” Shining a spotlight on SMEs During his term as President, Doyle is keen to focus on those members of the profession who own, support and advise Ireland’s SMEs in both the North and south. “Many of our members run SMEs. We have practitioners out there running their own businesses the length and breadth of the country,” he says. “Not only do they support other SMEs in their day-to-day work, but they are also business owners and entrepreneurs themselves. “They provide employment, often in regional towns and cities. It is important to me that we shine a light on the value these members are providing every day.” Although he believes Ireland offers a broadly supportive environment in which start-ups and SMEs can flourish, Doyle is also acutely aware of the challenges facing this crucial cohort of the Irish economy. “Record corporation tax receipts will not always be with us. There’s a strategic imperative to ensure economic health for SMEs long-term,” he says. Doyle believes this can only come from understanding the unique challenges they face, not simply by virtue of their size, but also related to the sector they operate in – and the supports they need. “We need to be very mindful of new initiatives that are being rolled out, such as pension auto-enrolment, increasing the minimum wage and PRSI costs, so we can ensure that they don’t give rise to prohibitive costs for business.” SMEs are also being impacted by wider infrastructural issues that must be addressed, such as the availability of both housing and childcare, Doyle warns. “The cost of doing business and these infrastructure issues are intrinsically linked and need to be considered in totality,” he says. “The question is: what can we reasonably expect businesses to cope with?” Blueprint for sustained growth Chartered Accountants Ireland has published a new thought leadership paper setting out measures to help achieve strategic, systemic improvements for SMEs in Ireland. These measures include: Further increases to the thresholds for Employer PRSI so all wages up to the minimum wage are exempt and wages up to the living wage are at the reduced rate of 8.8 percent. No extension to the Enhanced Reporting Requirements (ERR) for at least three years and not before an appropriate cost-benefit analysis of the current system has been completed. Reducing Capital Gains Tax from 33 percent to 25 percent to stimulate business and personal transactions that will bring additional funds into the Exchequer. Wider SME eligibility for grants to include more ‘traditional’ industries and the service sector. A more prominent role for the Strategic Banking Corporation of Ireland in encouraging banks to provide low-cost credit to SMEs, and to underwrite this credit. New opportunities for Credit Unions to increase SME lending by adapting Central Bank regulations – e.g. lending limits. Curbing high business costs “Broadly speaking, I think Ireland is pro-business and pro-entrepreneurship, but there are challenges. The cost of doing business in Ireland is rising and this is becoming quite a big issue for SMEs,” Doyle says. Chartered Accountants have first-hand experience of the cost and administrative burdens SMEs are encountering, Doyle adds, and the proposals outlined in the Institute’s new thought leadership paper are tailored to address these. The publication of the paper followed extensive engagement with members, two-thirds of whom work in business. “Government commitment to the SME sector in Budget 2025 is welcome, but this is a commitment that will need to endure even as we move towards a new Government next year,” Doyle says. “Our thought leadership paper offers a blueprint that in the long-term will effect change if implemented. We must ensure that a strategic lens is adopted in tackling what are stubborn, systemic hurdles for SMEs.” Successful career path Originally from Rosslare, Co. Wexford, Doyle studied accounting and finance at Dublin City University, interning with EY Ireland’s tax and audit divisions in his second year of studies. After graduating in 2006, he returned to EY to train in assurance and went on to join the National Geographic Channel in Sydney. He was Regional Finance Manager for National Geographic Channel in Australia and New Zealand for two years as it expanded to become Fox International Channels. In 2013, after returning to Ireland, Doyle joined Storyful in the role of Chief Financial Officer. The online news and content verification company founded by former journalist Mark Little was acquired in 2013 by News Corp for a reported $25 million. Doyle then went on to work with e-commerce start-up xSellco for two years, again in the role of CFO, followed by a two-year stint as Chief Operating Officer with recruitment firm Mason Alexander. He joined MASV in 2020 shortly after the entrepreneur-led investment firm had been established by Dan and Linda Kiely who sold Voxpro, their business process outsourcing firm, to Canadian company Telus International in 2017. Doyle is also currently a Director of Republic of Work and Board Observer for both OpenforVintage and Johnson Hana. “I think my own career is testament to the sheer range of roles open to Chartered Accountants – and to how far your qualification and training can take you from a relatively early stage,” he says. “The knowledge you have means you can add value from the get-go and this can propel your career along a very exciting path.” Vibrancy and diversity of profession During his year as President of Chartered Accountants Ireland, Doyle is keen to shine a spotlight on these opportunities and the vibrancy and diversity of a profession that continues to play such an integral role in all sectors on the island of Ireland and overseas. “It’s really important that we highlight the many opportunities our profession offers globally, but also increasingly here in Ireland. Every single business and organisation has an accountant at the heart of their decision-making,” he says. This reach means that the profession is also inherently valuable to the economy, as demonstrated by research carried out recently by Oxford Economics. A report published by Oxford Economics in January on behalf of the Consultative Committee of Accountancy Bodies, found that the Irish accountancy profession – comprising the accountancy sector and accountants working across the wider economy – contributed €19.8 billion to the Irish economy in 2022. The report further found that the profession generated €1.8 billion in tax revenues in 2022. In Ireland and Britain combined, the profession contributed €114 billion to both economies in 2022, generating €13.7 billion in tax revenues. Behind these headline figures, there are over 83,000 individuals employed by the accountancy profession in Ireland, driving and servicing business in all sectors. “One of our USPs as Chartered Accountants is the high ethical standard we are held to as professionals,” Doyle says. “People look to us as trusted advisors. We act in the public interest and I think this is very important in terms of driving the economy towards sustained growth in a well-thought out manner.” Engaging with members at grassroots In addition to championing and supporting SMEs, Doyle is keen to engage with as many members as possible at grassroots level at a time when membership is set to swell from 33,000 to 38,000. Members of Chartered Accountants Ireland and CPA Ireland voted in favour of a proposal to amalgamate the two Institutes earlier this year. This will see the creation of a single Institute, named Chartered Accountants Ireland, which will be the largest professional body on the island of Ireland. The proposal was endorsed by the Councils of both Institutes who believe it will better position the profession for the future, driving new growth opportunities while also being stronger to meet challenges. “As the Institute grows, it is more important than ever that what we offer is relevant to as many of our members as possible – and that it speaks to the reality of their professional lives, needs and priorities,” Doyle says. “The Institute exists to support and elevate the profession, to uphold our professional standards in the public interest and to continue to educate members and future members. Ultimately, everything we do begins and ends with our members.” Doyle has served as Deputy President of the Institute for the past year, supporting outgoing President Sinead Donovan alongside Vice (now Deputy) President Pamela McCreedy. “Sinead is an inspiration to so many and a fantastic leader,” he says. “I will be continuing her focus on the future of the profession and our ‘next gen’ during my own term as President and also picking up on our predecessor Pat O’Neill’s very valuable work during his time as President in calling for reform of the Leaving Cert accounting syllabus.” The power of connection Doyle has been a member of the Council of Chartered Accountants Ireland since 2015 and has chaired the Institute’s Digital Steering Group and Members Board as well as the Members in Business and Strategic Communications Committees. “I made the decision to go for Council when I was just 27. It goes back to my time in Australia and the power of the Australian society and sense of community I found there,” he explains. “We came together as Chartered Accountants and I always knew that there was a group there to support me. That sense of connection is really powerful when you’re so far away from home. “It’s not lost on me that I will be the youngest President in the history of the Institute, but I think that’s a good thing. “Sixty percent of our membership is now aged 44 and below. The profile of our membership is changing and I think it matters that our members can see this represented on our Council.”

Nicola Flannery outlines how organisations can navigate the expanding landscape of AI by focusing on ethical deployment, regulatory compliance, and building consumer trust for sustainable growth and innovation The true societal impact of Artificial Intelligence (AI) systems is yet to be fully realised. However, many already see AI as an engine for productivity and economic growth. As organisations compete to be the first to unlock and realise AI's full potential, governments and regulators worldwide have started the challenging task of creating legislation and regulatory frameworks around a constantly evolving technology. While there is still uncertainty around the risks due to AI technologies, some caution must be displayed to truly understand these, particularly where risks and harms to individuals may arise. In addition, privacy and security concerns are still the leading causes of limiting investments in AI-based solutions. However, with the current buzz around AI, even an organisation not currently considering it will be inclined to do so as the technologies evolve and mature. From this perspective, it is important to start thinking about AI use cases for your business and be ready to implement such solutions in a manner that builds customer confidence and aligns with the regulatory requirements. There is no doubt that companies that have an issue with how and where they deploy AI technologies will suffer from significant reputational damage. Trustworthy AI While the risks of AI technology do exist, there is also no doubt about the benefits that can be realised. However, the social and economic opportunities of AI may not be fully gained if the public’s concerns about the risks of AI outweigh their perception of the benefits. Therefore, it is crucial to ensure that AI technologies evolve and are deployed in ways that consumers and users can reasonably trust. Trustworthy AI, also known as ethical or responsible AI, has been proposed to mitigate the risks and enhance consumer/user trust in such systems. This is an umbrella term that consolidates several components which, according to the independent high-level expert group on AI established by the European Commission, consist of the premise that Trustworthy AI must be: lawful, respecting all applicable laws and regulations; ethical, respecting ethical principles and values; and robust, from a technical perspective, but also considering the social environment. Applying a human-centric, trustworthy AI-by-design approach will go a long way towards propelling innovative AI efforts while being aware of the risks that must be mitigated. Six dimensions for trustworthy AI Fair and impartial AI systems should make decisions that follow a consistent process and apply rules fairly. They should also incorporate internal and external checks to remove biases that might lead to discriminatory or differential outcomes, helping ensure results that are not merely technically correct but considerate of the social good. Transparent, documented and explainable AI systems may not operate as “black boxes”; all parties engaging with an AI should be informed that they are doing so and be able to inquire how and why the system is making decisions. Responsible and accountable The increasing complexity and autonomy of AI systems may obscure the ultimate responsibility and accountability of companies and people behind the decisions and actions of these systems; policies should be in place to clearly assign liability and help ensure that parties impacted by AI can seek appropriate recourse. Safe and secure Just as we currently depend on the consistent performance of professionals to help ensure that our daily activities are safe and healthy, we should be able to depend on equivalent or even greater reliability as we merge our systems with AI. Respectful of privacy As AI systems often rely on gathering large amounts of data to accomplish their tasks effectively, we should ensure that all data is collected appropriately, with full awareness and consent, and then securely deleted or otherwise protected from unsanctioned use. Robust and reliable As AI systems take greater control over more critical processes, the danger of cyberattacks and other harms expands significantly. Appropriate security measures should be implemented to help ensure the integrity and safety of the data and algorithms that drive AI. Nicola Flannery is Director of Data Privacy & Internet Regulation at Deloitte

CEOs are leveraging M&A for tech-driven growth and market expansion, embodying innovation and sustainability in a dynamic business landscape, explains Fergal McAleavey In the rapidly evolving business landscape of 2024, global CEOs continue to use mergers and acquisitions (M&A) to navigate innovation and transformation across their businesses.  The latest CEO Outlook Pulse Survey from EY shows businesses are engaging in M&A activity with renewed vigour, considering it a strategic support for addressing key priorities. The survey found that acquiring technology, new production capabilities and innovative startups, growing market share and accessing new geographies stood out as the top three strategic drivers for CEOs pursuing M&A. Irish M&A: growth and innovation In Ireland, the M&A landscape is particularly vibrant, with CEOs and investors showing a keen interest in a variety of transaction opportunities, from trade sales to private equity investment to strategic alliances. Ireland's thriving tech sector and business-friendly climate have fuelled a boom in deal-making, outpacing the UK and EU. This is likely to continue as companies pursue innovative technologies and seek to capitalise on the entrepreneurial energy of startups that have scaled. The strategic imperatives for Irish M&A are expected to align with global patterns, emphasising the acquisition of larger market shares, expansion into new markets, and the integration of advanced technology into existing operations. This is especially pertinent for Ireland, given its status as a European tech hub.  Ensuring strategic objectives are met CEOs are also signalling their readiness to streamline their portfolios, shedding assets to address ESG goals and refine their focus for the challenges ahead. Sustainability due diligence is playing an ever-increasing role in M&A transactions to assist buyers and sellers to ensure that those deals are aligned with their own corporate sustainability objectives. This strategic deal-making is not merely a short-term solution but is part of a broader, long-term vision to build resilience and adaptability for an unpredictable future. Irish CEOs' strategy With global funding markets more receptive in 2024, Irish acquirers may find it easier to secure financing for deals and may be the target of larger companies seeking to expand their geographic footprint or product offering. However, they must remain cautious of potential market tightening as political events unfold. For those looking to divest, the market's increasing appetite for acquisitions and the continued resurgence of private equity (PE) could provide favourable conditions. Nonetheless, the timing of PE's full-fledged return to the M&A space remains a little uncertain for large transactions as they await potential interest rate decreases, particularly in the Eurozone and the UK. Irish companies must stay attuned to shifts in monetary policy that could influence the M&A landscape.  To provide corporate sellers with more control over M&A transactions, particularly as a counter-measure to lengthy deal timelines that have become a feature of the M&A market in the last few years, time is well spent by those sellers preparing potential divestment assets for sale, including anticipating issues of particular relevance to likely buyers of those assets and identifying potential regulatory approval requirements that may add to longer deal timelines. Sell-side due diligence of prospective buyers can also be warranted to help flush out any potential roadblocks or delays that may arise from ever-increasing competition law, foreign direct investment and foreign state aid regime requirements.  The M&A momentum for the remaining months of 2024 is characterised by strategic foresight, adaptability, and a commitment to sustainability, as both global and Irish corporate leaders and investors navigate the complexities of a rapidly evolving business world. Fergal McAleavey is Partner of Corporate Finance – Strategy and Transactions at EY

The topic of whether a strong labour market delivers a good labour market is gaining significant attention, particularly since the Economy Minister has underscored the importance of ‘good jobs’ , says Martha Sargent The latest labour market statistics reveal a positive trend: between December and February 2024, unemployment stood at record lows (2.2%), and employment rates reached 71.7 percent, the highest level since the pandemic, indicating a potential improvement in job quality. For the first time since 2001, Northern Ireland did not have the highest level of economically inactive (26.7%) in the UK, with higher rates across Wales (28.1%) and the northeast (26.9%). The strength of the labour market creates a context in which we can challenge ourselves on whether the jobs we have are ‘good’. This has not always been the case. Since the pandemic and the Great Financial Crash, Northern Ireland’s focus has been the retention and recovery of jobs through downturns. In total, Northern Ireland lost over 40,000 jobs following these economic shocks. Encouragingly, as the recovery has taken hold, Northern Ireland reached peak levels of employment with over 904,000 jobs in 2022. So, what does this tell us about the quality of jobs available? Building a resilient economy, one that’s focused on jobs that suit the individual and promotes the overall economy, is a pressing need. This requires a strong emphasis on good, quality jobs—a concept that has now become a cornerstone of the Department for Economy's policy following the Economy Minister Conor Murphy’s  ‘economic vision’, which states “the promotion of good jobs” as one of four key objectives, along with promoting regional balance, raising productivity and reducing carbon emissions. This idea of ‘good jobs’ has also been promoted in the Resolution Foundation’s Creating a Good-Jobs Economy in the UK, in which it found that the British economy falls short on inequality metrics and that regional patterns in productivity play out in job quality. What makes a “good job”? For now, Northern Ireland does not have a clearly defined position on what a ‘good’ job is. What is clear is that it is a mix of areas such as pay, job satisfaction, HR policies, inclusivity, etc., and as such, is debated among policymakers, academics, and economists. In fact, the Department for Economy is currently debating such concepts as part of its measure for the ‘good jobs’ objective announced in the Minister’s economic vision. The Resolution Foundation has provided some insight into what makes a ‘good job’, such as work that pays well enough to allow for a reasonable living standard, stability and security, and opportunities for career progression. Northern Ireland’s New Decade New Approach 2020 includes decent working conditions, security of tenure and a worker's level of autonomy in the analysis, and more recently, the Nevin Economic Research Institute labelled ‘good jobs’ as being secure with strong employee-management relations. The body of research on ‘good jobs’ has highlighted that there is no clear path to tread in measuring or observing ‘good jobs’ for the Department of the Economy. However, Northern Ireland Statistics and Research Agency's Work Quality reports can provide some insight into the indicators that could be used. The latest data for some elements of consideration shows that 84.5 percent of all employee jobs are paid the real living wage or above; 96.9 percent are in secure employment; and 78.4 percent reported having job satisfaction. Thinking about ‘good jobs’ provides a more holistic approach to economic development. Improvements to well-being because of a ‘good job’ are expected to lead to wider economic benefits for society and the individual. Firms that place value on ‘good jobs’ should also experience higher levels of job satisfaction among workers, leading to an increase in productivity and a reduction in staff turnover and should attract more talent. A people-focused approach to ‘good jobs’ encourages security of employment, training and skills development to achieve the national skills gap challenge. As the old saying goes, ‘If you can measure it, you can manage it’. We should add ‘if you can define it, you can measure it’. Seeing the Department take steps toward defining and tracking ‘good jobs’ can only serve to strengthen the economy and add to Northern Ireland being viewed as a more attractive place to do business. Martha Sargent is Assistant Manager of Economic Advisory at Grant Thornton Northern Ireland

Struggling with imposter syndrome? Jean Evans outlines practical strategies to help overcome self-doubt, boost your confidence and network effectively I used to be the queen of feeling like an imposter. I didn’t have the language to describe what was happening to me, to describe the emotions and fear I felt. For decades in my corporate career, I simply never felt good enough. I always felt ‘less than’. While the phrase ‘imposter syndrome’ has become ubiquitous, there is also a clarification to be made: it’s not a syndrome but rather a collection of feelings – not good enough and a fraud. Imposter syndrome can manifest in several ways when it comes to networking: Simply not showing up. Not engaging at all because you aren’t ‘perfect’. Signing up for events and meetings and then suddenly becoming ‘too busy’ to attend and cancelling last minute. Showing up but slinking to the bar, coffee station, table or chair and attaching oneself as if life itself depends on it. Showing up but freezing when the opportunity arises to connect with others. Managing imposter syndrome while networking can be challenging, but there are strategies you can employ to help you cope with these feelings and present yourself confidently. 1. Acknowledge your achievements Remind yourself of your accomplishments and the skills and experience that qualify you to be in the networking event or situation. Reflect on your successes and recognise your value. 2. Practice self-compassion Treat yourself with kindness and understanding. Be aware that it’s natural to feel insecure sometimes, and it doesn’t diminish your worth. Practice self-compassion by speaking to yourself as you would to a friend in a similar situation. 3. Set realistic expectations Understand that not every interaction needs to be perfect. Set realistic expectations for yourself and accept that it’s okay to feel nervous or unsure in networking situations. 4. Focus on learning Instead of seeing networking events as opportunities to prove yourself, view them as opportunities to learn and grow. Shift your focus from trying to impress others to gathering information, making connections and expanding your knowledge. 5. Find a support system Surround yourself with supportive friends, family members or mentors who can provide encouragement and reassurance when you’re feeling doubtful. Share your feelings with them – they may offer valuable perspectives and advice. 6. Visualise success Visualise yourself confidently engaging in networking conversations and making meaningful connections. This mental rehearsal can help boost your confidence and reduce anxiety when you are in networking situations. 7. Practice assertive communication Practice assertive communication techniques to express yourself confidently and effectively. Remember that it’s okay to ask questions, share your opinions and assert your expertise when appropriate. 8. Challenge negative thoughts When you notice negative thoughts creeping in, challenge them with evidence that contradicts them. Remind yourself of your past successes and the reasons why you belong at the networking environment. 9. Take breaks when needed If you start to feel overwhelmed or anxious during a networking event, it’s okay to take breaks. Step outside for some fresh air, grab a drink of water or simply find a quiet corner to collect your thoughts and regroup. 10. Seek professional help if necessary If imposter syndrome is significantly impacting your well-being or ability to network effectively, consider seeking support from a therapist or counsellor. They can provide strategies and techniques tailored to your specific needs. Remember that imposter syndrome is common and experienced by many successful individuals. By implementing these strategies and practising self-compassion, you can navigate networking situations with greater confidence and authenticity. Jean Evans is a Networking Architect and founder of NetworkMe 

Even the best and most expensive technology can’t produce good results from bad data. This is true for AI models, too, say Liam Cotter and Niall Duggan Nothing has changed, yet everything has changed because of the advent of generative artificial intelligence (AI) and large language models. Their ability to surface unstructured data and use it to generate insights is enormously powerful and dangerous at the same time. The problems lie not only in the quality of the unstructured data but much of the structured data to which it may have access. This situation has arisen mainly because organisations have not been using this data to any great extent up until now. Refining data for best results If organisations want to take advantage of the potential benefits of generative artificial intelligence (GenAI), they must give GenAI access to their full treasure trove of data or as much of it as is legally permitted. If data is the new oil, however, much of it needs refining to unlock its value. Unfortunately, too many organisations are turning AI loose on the data they have now without first addressing the quality and governance issues associated with it. AI and data analytics need good, trusted, consistent and well-curated data to work correctly and deliver value, which can be rare. Organisations tend to have very fragmented enterprise data environments. Data can be stored on-premises, in the cloud or externally with third parties – and it can be both structured and unstructured. Typically, there are lots of siloes and duplication. This results in separate parts of the same organisation interpreting the same data differently. Finding the best storage solution Data storage is a complex problem to solve. First, there is the sheer volume of data, much of it historical, held by organisations. Then, there is the way the data is passed around. It is often stored in multiple locations, amended and altered in different ways in different places, and subject to misinterpretation, which results in the same data having more than one existence. This is not a new problem; it has already been addressed for business intelligence systems. The standard solution has been the creation of data warehouses or farms which attempt to offer a single source of data truth for the entire organisation. With the enormous volume of data required for GenAI to deliver on its promise, however, the cost of maintaining and resourcing a single data source would quickly become prohibitive. Furthermore, the effectiveness of having data stored in single locations is now questionable. As a result, we are now seeing a move towards data mesh infrastructure. This sees data stored in multiple interconnected, decentralised domains that are all equally accessible. They are organised by business function, so the people most familiar with the data – those best qualified to assess and assure its quality – are in control of it. This helps to ensure the consistency and good governance of the data – the foundation required for adopting AI and GenAI in organisations. The need for team collaboration The data mesh infrastructure has other advantages. It allows different collaborators to work together, for example. In the warehouse model, all data was in the hands of the IT department, and that had severe limitations. IT professionals may be experts on secure data storage, but they are typically not familiar with the nature of the data itself and can’t be expected to vouch either for its quality or the accuracy of an interpretation. On the other hand, when different parts of the business are responsible for managing and curating their own data, they can use it more and work together to create new uses. AI can be deployed while the mesh is under development and can be given access to the data in each domain as it becomes available. However, the development of a data mesh is not simply a technology exercise. It is also a data cleansing and quality assurance process. All data in the mesh should be verified for quality and consistency. This is vitally important for organisations in which the lineage of data can be doubtful. An energy utility’s meter data sits in multiple areas of the business, for example, including the billing and asset functions. This data needs to be brought together into one coherent object, and disparate systems must be joined up and a common taxonomy shared when describing the data. This will enable AI systems to learn from the data in a consistent and more reliable way. This cleansing and verification exercise offers significant benefits in relation to compliance with new reporting standards such as the Corporate Sustainability Reporting Directive (CSRD). Further, readily accessible quality-assured data will make the reporting process much less onerous. Governance and control Having addressed the quality and accuracy issue, the correct governance and controls must be put in place regarding privacy, data protection and security. Organisations must ensure that AI systems do not inappropriately use their data. This requires constant monitoring of data management and governance. Other key aspects to be addressed are the organisation's culture and the skills of its workforce. Organisations need to become data-centric, and their people must adopt a data mindset if they are to fully take advantage of the value of their data. They must also look at the skills within the workforce and ensure that everyone has basic data skills and that the organisation is not dependent on the IT function to get business insights from its data. Liam Cotter is Partner at KPMG and Niall Duggan is a Director at KPMG

Client surveys offer a direct pathway to understanding client needs. Mary Cloonan outlines how they can help to foster loyalty, innovation and growth Understanding clients deeply is crucial for any professional services firm aiming for long-term success. The client survey is one of the most effective tools for achieving this goal. Before your organisation sends out a survey, however, you should get to know the potential benefits and learn how to get the best results. Listening to understand Client surveys provide a direct line to your clients' thoughts and feelings. By asking thoughtful questions about their satisfaction, preferences and pain points, you can gain valuable insights that are seldom accessible through regular interactions. This allows you to tailor your services more closely to their needs. Proactive engagement Surveys are a powerful tool to help uncover unmet needs and opportunities for improvement. Clients often have evolving needs that might not be immediately apparent. You can identify these shifts through regular surveys and adapt your services and resources accordingly. This proactive approach ensures that your firm remains relevant and valuable to your clients, strengthening your relationships. Enhancing client retention A firm’s willingness to listen to and act on client feedback can bolster client retention. When clients see that their opinions are valued and lead to tangible changes, their loyalty increases. This reduces churn and turns satisfied clients into advocates, amplifying your firm’s reputation through word-of-mouth and referrals. Driving business development Client feedback is a goldmine for business development. Surveys can reveal new service opportunities or potential areas for expansion you might not have considered. Additionally, understanding common challenges your clients face can guide the development of new solutions, positioning your firm as a proactive and innovative partner. Promoting a culture of learning Conducting client surveys regularly fosters a culture of continuous improvement within your firm and your team to be open to feedback and dedicated to enhancing client satisfaction. This culture not only improves service quality but also keeps your firm agile and responsive in a competitive market. Building trust through engagement Asking for your clients’ views through surveys demonstrates your commitment to their success, how your firm values their input, and how you are dedicated to enhancing their experience. This transparency builds trust, a critical component of any long-lasting client relationship. Survey tips To maximise the benefits of client surveys, consider the following best practices: Keep it short and focused: Long surveys can be daunting. Keep your surveys concise, focusing on critical areas of interest to ensure higher response rates. Use clear and simple language: Avoid jargon. Use straightforward language to ensure clients can easily understand and respond to your questions. Incorporate quantitative and qualitative questions: To gather comprehensive feedback, use a mix of rating scales and open-ended questions. Act on feedback promptly: Show clients their feedback matters by implementing changes and communicating these improvements. Follow up: After making changes based on survey feedback, follow up with clients to let them know their input made a difference. This reinforces their value to your firm. Embrace surveys Incorporating client surveys into your firm’s strategy is a wise move that pays dividends in client satisfaction, retention, and overall business growth. By actively seeking and acting on client feedback, you position your firm as a client-centric, innovative, and responsive partner. This strengthens existing relationships and paves the way for new opportunities and long-term success. In the competitive landscape of today’s market, understanding and responding to your clients’ needs is not just an advantage—it’s a necessity. Embrace client surveys as a vital tool in your accountancy firm, and watch your firm thrive. Mary Cloonan is Founder of Marketing Clever

Large energy users have a crucial role to play in embedding greater resilience in Ireland’s energy system. David Cashman explains why Following recent geopolitical developments and the subsequent supply chain disruption to energy resources here in Ireland, ensuring the security of supply is paramount. With one of the highest ratios of energy import dependency in the EU, Ireland is more exposed than other countries to sudden shocks and disruption. As a result, embedding increased resilience in our energy system is a priority, as set out in the Government’s Energy Security in Ireland to 2030 strategy. Large energy users (LEUs), such as data centres, have a vital role to play in driving this resilience. Electricity demand is projected to grow significantly in the years ahead, and LEUs account for a sizeable portion of this. With an annual usage of over 500,000 kWh, EirGrid estimates that, by 2031, LEUs will account for 28 percent of total energy demand. While the growing number of LEUs represents strong economic activity, it does mean that a small number of these large consumers will be key to ensuring the security of supply. The question then becomes: how can this security be maintained without the cost of increased emissions? The electricity system must continue to be balanced – accounting for increasingly tight capacity margins, as highlighted in the annual Generation Capacity Statement – while LEUs must play their part in delivering on emissions reduction targets. With the number of system alerts forecast to increase – coupled with delays in connecting new generation capacity (due to planning permission, environmental impacts, and supply chain constraints) – LEUs must look to introduce interim measures now that, while ensuring security of supply, do not increase emissions. Legislative and regulatory landscape Climate Action Plan 2024 builds on initiatives mandated in the 2023 plan, including the introduction of incentives to drive low-carbon consumption and increase LEU flexibility in demand. Following Climate Action Plan 2023, the Commission for Regulation of Utilities (CRU) published an initial view of a demand-side strategy – the National Energy Demand Strategy (NEDS) – for consultation. This proposes a range of initiatives and builds on the ambition set out in the Energy Security in Ireland to 2030 strategy which highlights how LEUs “can lead and contribute to this transition by…shifting energy demand away from peak times or at times of system stress and moving demand to times of high renewable generation”. A core tenet of NEDS is a review of LEUs’ connection policy, with the associated consultation closing in late February. This review will inform the development of a new pathway for LEUs to connect to the electricity and gas systems, which will minimise carbon emission increases while accounting for system capacity. This review is very much in line with the Government Statement on the Role of Data Centres in Ireland’s Enterprise Strategy, which sets out how new data centre sites will account for the additional demands placed on energy infrastructure, demonstrating a clear pathway to decarbonised services. Five key measures There are five measures LEUs can adopt now to support Ireland’s decarbonisation plans whilst ensuring security of supply: 1. Decarbonising behind-the-meter generation Implementation of cost-effective alternatives to carbon-intensive backup generation, including: Matching gas with domestic green gas certificates; and Transitioning sites’ backup generators to renewables-based, biodegradable fuels, such as hydrotreated vegetable oil. 2. Investing in behind-the-meter storage Investment in on-site, behind-the-meter storage means LEUs can utilise stored energy at peak times and times of system stress. This ensures high network charges – those associated with electricity imported from the grid – are minimised, while LEUs can ‘sell’ stored energy back to the grid (thus creating an additional revenue stream and return on behind-the-meter storage investment). 3. Unlocking flexibility in load At times of security of supply events, disruption to business-as-usual operations can lead to an increase in emissions. This can be minimised by unlocking flexibility in load: Flexible load: Reducing reliance on the electricity system by using behind-the-meter generation and/or storage to meet electricity demand. Flexible load times: Rescheduling server load processing to a time when system congestion is lower, or renewables are more abundant on the system. Flexible load locations: Relocating server load processing from one data centre to another if there is lower demand – or higher renewables outputs – in the alternative location(s). 4. Adopting Corporate Power Purchase Agreements (CPPAs) Arrangements whereby a company procures renewable electricity directly through a contractual agreement with a renewables-based generator are known as CPPAs. These are an attractive option for LEUs as they mitigate the impacts of energy price volatility whilst also reducing electricity-related emissions. 5. Implementing enhanced emissions and energy usage reporting The new Corporate Sustainability Reporting Directive – coupled with broader ESG scrutiny – places additional demands on companies regarding the disclosure of climate and environmental data. With mandatory requirements set to be introduced, LEUs should now begin to increase transparency and reporting on emissions and energy usage, starting with materiality/gap and ESG maturity assessments. Building future resilience Rising electricity demand and a dependency on energy imports mean there is an urgent need to embed increased resilience in our energy system. LEUs have a crucial role to play in driving this national resilience. This cannot come at the cost of increased emissions, however. Adoption of interim measures that will ensure security of supply without increasing emissions means LEUs are in line with broader legislative and regulatory proposals and are also building future resilience. David Cashman is Director of Power and Utilities at EY