Accounting firms can gain a valuable competitive edge by developing professional skills to complement technical excellence, writes Mary Cloonan For mid-sized accounting and advisory firms, growth and expansion isn't just about technical excellence. Winning new clients, strengthening relationships and building a standout reputation requires more than just number-crunching. When it comes to standing out in a competitive market, professional services can mean the difference between growth and stagnation. Your team may have deep expertise in tax, audit or corporate finance, but do they have the confidence to build relationships, communicate complex ideas clearly and position your firm as a trusted advisor to clients? Too often, firms fail to actively develop their team’s professional skills as a core element of their service offering. Why communication and commercial skills matter Traditionally, technical ability was enough to climb the ladder in accounting. If you were a brilliant accountant, career progression followed naturally—but not anymore. Clients now expect more than just technical expertise. They want commercial awareness, proactive advice and a relationship-driven approach. The most accomplished leaders in the profession have mastered their technical skills. What separates them from the pack is their ability to connect with clients, lead teams and create commercial opportunities. As artificial intelligence and automation become more embedded in accounting and advisory work, the human skills of communication, engagement and trust-building will likely become more prominent differentiators. The firms that recognise this shift are more likely to do well in the future—and, let’s be honest, calling these skills ‘soft’ is misleading. It makes them sound easy, like they can be picked up over tea and a chat. Anyone who has watched a technically brilliant, but socially awkward, colleague try to ‘build rapport’ with a client knows otherwise. Honing effective professional skills takes work, just like any other form of professional expertise. For a long time, many in the accounting profession believed these interpersonal competencies couldn’t be taught. However, professional skills can be improved and developed with practice, coaching and the right support One thing is for sure: if you don’t try, it definitely won’t happen. Firms risk losing talent if they don’t invest in professional development. Today’s accountants and advisors want more than a competitive salary, they want training, opportunities for career progression and scope to develop the skills needed to succeed in today’s dynamic business environment. Forward-thinking firms are responding by embedding business development, communication and leadership training into their culture. Recognising the importance of these professional skills is one thing, embedding them into your firm’s DNA is another. Here is how to make a real impact: 1. Offer training Firms invest heavily in continuing professional development and technical training but often neglect client-facing skills. Structured programmes covering business development, negotiation and executive presence should be built into career progression at every level. These skills are fundamental to long-term success. 2. Use mentoring to reinforce learning These skills cannot be developed in a seminar room alone. They require real-world practice. Pairing younger professionals with experienced partners can help build their confidence in client conversations, pitching and networking. However, mentoring only works when it is viewed and managed as a structured, firm-wide priority—not just an informal arrangement. A quick ‘shadow me in this meeting’ approach won’t cut it. 3. Measure what matters You are missing a trick if your performance metrics focus solely on billable hours and technical skills. Tracking client engagement, business development efforts and leadership contributions can help to reinforce the value of these skills. Encourage team members to record their networking activities and new business wins. This promotes accountability and highlights the contribution of rising stars in the firm. 4. Encourage client interaction Waiting until a team member is a senior manager before you put them in front of clients is a mistake. The sooner professionals gain experience in meetings, negotiations and relationship management, the better. Encourage managers and associates to lead discussions, present insights and handle follow-ups. This builds confidence and capability. (And let’s face it, the sooner they learn how to recover from a botched pitch or awkward introduction, the better.) 5. Embed a supportive culture If the partners at the top of a firm view business development as an obligation rather than an opportunity, this mindset is likely to filter down through the organisation. Senior leaders should lead by example by attending events, engaging in client conversations and mentoring their teams. A firm prioritising communication and relationship-building will stand out in a crowded market. The competitive advantage Firms that invest in interpersonal and leadership skills can potentially gain a real edge. They can build deeper client relationships, uncover more opportunities and create a culture in which growth is viewed as everyone’s responsibility, not just that of a few ‘rainmakers’. For managing partners, the message is clear: technical ability alone won’t drive your firm forward. The real differentiator is how well your team connects, communicates and builds trust. Make these professional skills a strategic priority, and the results will speak for themselves. If this sounds like hard work, so is tax legislation—and you mastered that just fine. Mary Cloonan is the founder of Marketing Clever

As US-EU trade tensions continue to escalate, now is the time for Irish businesses to prepare for any potential disruption by assessing their potential exposure and supply chain risks, writes John O’Loughlin On Wednesday, 26 February, during his first cabinet meeting, US President Donald Trump announced tariffs would be imposed on the European Union (EU), stating, “We have made a decision, and we’ll be announcing it very soon. It’ll be 25 percent.” Although no concrete implementation timeline has been disclosed, nor whether these rates will apply universally to all goods or only to certain industries, Trump indicated that levies would be applied “generally”, implying they would “be on cars and all other things”.  Digital services tax memo On 21 February, Trump signed a memorandum directing the US Trade Representative to renew investigations initiated during his first term and assess whether US companies are being adversely affected by countries levying Digital Service Taxes (DSTs). The findings of these reports may result in tariffs being imposed on these countries. Britain, France, Italy, Spain, Turkey, Austria and Canada have been specifically noted within the memo as having DSTs and being subject to this investigation. The administration will also review EU and British policies that may undermine free speech or foster censorship. The Trump administration will also examine EU and British policies that could undermine free speech or encourage censorship. Previous tariffs were suspended to facilitate negotiations for a global tax deal, which have since stalled. Irish and EU reactions Given the heightened risk of a trade war between the US and the EU that has now emerged, companies in Ireland have been increasingly vocal about the potential impact. Glanbia noted that the risk of tariff wars “could potentially impact the importation of key raw materials and/or negatively impact on the group’s international sales channels”. Paul Merriman, founder of AskPaul and CEO of Fairstone Ireland, highlighted that “those who trade in pharmaceuticals and chemicals will see the most notable change as Trump has stated he wants to push manufacturing back onto US soil”. Key actions for businesses US import tariffs on EU goods now seem to be an imminent reality. Key actions businesses in Ireland can and should take include: Assessing your customs data to understand your exposure; Determining the customs origin of goods shipped to the US to see if they are considered to be EU-originating; and Gaining oversight of your end-to-end supply chain, including having the right data, to assess the impact on material sourcing and exposure for tariffs on component parts. Preparing for the future Keeping up to date with the policies and tariff measures implemented by Trump is crucial to evaluating the potential impact of these tariffs and risks to your supply chain. While the exact details of the US President’s EU tariffs are yet to be clarified, understanding your product portfolio and the implications these measures may have on your imports is a vital first step.  John O'Loughlin is Partner for Global Trade & Customs at PwC Ireland You can read John’s earlier article on the global threat of US tariffs at www.accountancyireland.ie

With nearly one-third of UK adults feeling anxious about money, Tom Barrett explores practical ways to manage finances without letting stress take control Financial stress is an increasing reality for many in the UK, with studies reporting a strong link between conditions like depression and anxiety with those experiencing money struggles. According to research from The Mental Health Foundation, close to one-third of UK adults (31%) feel anxious due to their financial status, while more than a quarter (27%) feel stressed.  Understanding financial anxiety   For many people, financial anxiety can manifest into habits like constantly checking their bank balance. A recent report by Lloyd’s Banking Group found that just 55 percent of Brits feel comfortable checking their bank balance, while one in four (23%) worry about their finances at least once a week.   While checking your bank balance isn’t necessarily a bad habit, if you find yourself becoming obsessive or feeling significant anxiety, it may indicate a larger issue and could be worth considering reducing the frequency with which you check your balance.   With 17 million Brits experiencing daily financial anxiety, it’s evident that financial well-being needs urgent attention. Frequently arising from historical money concerns, overspending or the fear of insufficient resources, cultivating a healthy relationship with your personal finances is essential.   So, how can you stay financially aware without triggering stress or worry?   While it is essential to manage your finances, habits such as frequently checking your bank account can lead to stress rather than control. Worrying about money involves not only the figures, but also the emotional weight connected to financial security. Fortunately, there are ways to maintain awareness without allowing it to negatively impact your mental and physical well-being. Schedule regular check-ins Rather than engaging in regular impulsive checks, allocate specific times (weekly or monthly) to conduct a thorough review of your finances. Think of it as a financial check-in and set a recurring appointment with yourself. During each ‘check-in’, review transactions, look for unnecessary expenses (e.g. subscriptions or direct debits you might have forgotten to cancel) and track your progress. Make necessary adjustments and stick to them. Review your direct debits   Don’t become complacent about your direct debits. Dedicate some time to shopping around for better deals on your regular outgoings once or twice a year. This includes things like insurance (e.g. car, home, life), phone contracts, internet providers and energy bills. Comparison sites can make this process easier, helping you save money and improve your bank balance over time. Build a financial safety net  This doesn’t generally need to be said to accountants, but it’s worth repeating for anyone: financial emergency funds are important. If you can do it, setting up a small emergency fund can provide reassurance and reduce stress related to unexpected bills or expenses. Knowing you have a safety net can make checking your finances less daunting and easier to handle.   Use budgeting tools   Even accountants need help sometimes. Budgeting tools are a great way to manage your money without the anxiety of constantly checking your accounts. Tools that help you budget can give you a clear overview of your spending patterns and allow you to stay proactive. Many apps also offer features like spending summaries categorised by type (e.g. food, travel, entertainment) and goal tracking all in one place. These provide valuable insights to keep you on track, which can then reduce your anxiety. Seek support when needed  If worrying about your finances is part of a bigger problem distressing you, it’s important to reach out for support. Whether it’s accessing advice from a charity like caba or seeking out financial resources, there is support out there to help you build healthier money habits, reduce your anxiety about your finances and provide tailored advice realistic to your situation. Tom Barrett is Financial Wellbeing Expert at caba

Dan Byrne explores the turbulent future of ESG investing as political headwinds, shifting investor priorities and global divisions challenge what was once seen as the surefire future of finance Things are heating up around environmental, social and governance (ESG) investing—a movement that, just a few short years ago, was supposed to be the future. For years, it seemed unstoppable, but now ESG is being tested. This is the year of backlash, motivated mainly by the change of government in the US. To put it simply, the Trump administration sees ESG less as the way forward and more as a punching bag. In response, some corporate giants in the US are disowning ESG or shutting up about it. Others are wondering what to do next.  It’s the pressing question for company boards: how do they proceed from here, given the considerable hostility towards a movement that continues to attract significant investment and, in many countries, solid legal support? The mayhem surrounding ESG Some reports suggest that investor support for ESG proposals may be waning.  According to a report from ShareAction, just 1.4 percent of ESG-related shareholder resolutions won majority approval in 2024. While this covers the US, it also includes the UK and EU, territories in which ESG was supposed to have strong backing.  These resolutions are not legally binding, but they can—and often do—pressure boards into shifting their goalposts.  One of the main drivers of the success of these ESG-related shareholder resolutions is the support of any asset managers who might have a stake in individual companies. The ShareAction report also found that the most prominent managers in the world, including BlackRock, Vanguard, State Street, and Fidelity, backed just seven percent of these resolutions.  It also found significant geographical discrepancies among asset managers in general, noting that those in Europe backed 81 percent of resolutions and those in the US backed just 25 percent. These numbers hammer home the idea that ESG lives two separate lives at this point, which isn’t easy to navigate for cross-border businesses. Future outlook With Donald Trump back in the White House and Republicans solidifying their influence on US business, ESG is going to have an even tougher time there. The US administration has already rolled back climate-related rules and made it harder for investors to push companies on sustainability. Trump’s Securities and Exchange Commission leadership is shifting power from shareholders to corporate boards, which means fewer ESG resolutions making it to a vote in the first place. Globally, the picture is different but equally puzzling. Europe still sees ESG as essential, with regulations such as the Corporate Sustainability Reporting Directive (CSRD) making sustainability reporting mandatory. Many Asian markets are also ramping up ESG requirements, particularly in finance.  If ESG now operates in two divided worlds, we can expect the trends in one to spill over into the other all the time, creating more headaches for anyone caught in the middle. Advice for corporate leaders The smartest thing corporate leaders can do right now is to read the room—focus on your stakeholders and what they want. If your investors, customers and regulators care about ESG, it should be a priority. In this scenario, you will need the right strategy and trained talent sitting on your board who will be able to offer the proper guidance when called upon.   However, there is no longer a universal ESG playbook—what works in Frankfurt might be poison on Wall Street. This means businesses need to take a more strategic, tailored approach. For companies operating in multiple markets, this balancing act is even trickier. It’s not just about compliance—it’s about messaging. How do you talk about sustainability in a way that resonates with European investors but doesn’t alienate US stakeholders? How do you maintain ESG commitments without getting caught in the political crossfire? This is where adaptability is key. Training executives and board members on regional ESG dynamics, monitoring regulatory shifts and crafting flexible ESG strategies will be essential. Shifting tides The ESG landscape has diverged, and businesses can no longer afford to take a one-size-fits-all approach in this kind of mayhem. While the movement still holds weight in many parts of the world, the political and financial headwinds emanating the US are impossible to ignore. Corporate leaders need to be pragmatic—ESG isn’t dead, but it is no longer a guaranteed win. The companies that succeed will be the ones that can navigate these shifting tides without losing sight of what matters most to their own stakeholders. Dan Byrne is Content Manager with The Corporate Governance Institute

Ireland’s transport sector is becoming more sustainable, yet sales of electric vehicles fell in 2024. Tackling affordability, infrastructure and incentives will be key to regaining momentum, writes Sean Casey Ireland’s transport sector is responsible for about one-fifth of the total carbon emissions generated in Ireland, with close to half coming from passenger cars. This makes the decarbonisation and electrification of passenger cars and other road vehicles critical to Ireland’s ability to meet our climate targets. Despite this, The Society of the Irish Motor Industry (SIMI) reported a 23.6 percent drop in EV sales in Ireland in 2024 compared to the previous year. So, what are the roadblocks impacting Ireland’s EV uptake? The fifth annual EY Global Mobility Consumer Index report highlights consumer concerns regarding: EV affordability; Subsequent battery replacement costs; The sufficiency of adequate public charging infrastructure; Duration of charging time; Battery range; Depreciation; Future trade-in value; and The environmental effects of EV battery production. Although there are some indications of recovery in Ireland’s EV market, immediate improvements in state-backed measures—including those recently proposed in the draft Programme for Government 2025—are essential to recharging the EV adoption drive. Legislative and regulatory landscape Part of the wider Fit for 55 initiative, The Alternative Fuels Infrastructure Regulation (EU) 2023/1804 (AFIR) introduces measures designed to ensure: The minimum infrastructure necessary for the adoption of alternative fuel vehicles across all transport modes; Full interoperability of this infrastructure; Comprehensive user information and adequate payment options at alternative fuel infrastructure (such as EV charging points). The regulation establishes several mandatory targets for the deployment of this infrastructure. To support the implementation of AFIR in Ireland, the Department of Transport has opened a public consultation seeking feedback to develop an updated National Policy Framework for Alternative Fuels Infrastructure in Transport. The updated framework has yet to be published but is expected to complement: Existing frameworks, including the National Road Network EV Charging Plan and Regional and Local EV Charging Network Plan; Existing legislation, including S.I. No. 535/2022, the ‘Part L Amendment’ to Building Regulations 1997 to 2022, which sets out new regulations on charging infrastructure in building developments. The framework will also support the delivery of 2030 Climate Action Plan (CAP) targets, including 845,000 passenger EVs, 95,000 light goods vehicles, 3,500 heavy goods vehicles and 1,500 EV buses. Despite the continued rise in the overall number of EVs on Irish roads, sales dipped by 23.6 percent in 2024, year-on-year. The current rate of new EV registrations is below that needed to meet Ireland’s ambitious CAP targets.  Measures needed for acceleration State-supported measures are now required to boost EV adoption rates and we recommend that policymakers: Identify and address barriers to utilising available en route charging infrastructure funding. Additionally, subsequent grant scheme phases should aim to include all national single and dual-carriageway roads. Review all open market selling price thresholds and consider increasing vehicle registration tax (VRT) relief. Review customs duties on second-hand EV imports, as set out in the draft Programme for Government 2025. Consider a capped increase in EV purchase grants, restoring the amount available to motorists to pre-July 2023 levels (€5,000), and consider extending financial incentives to used EVs. Work with the regulator and system operators to launch a flexibility awareness campaign, consistent with actions set out in the Commission for Regulation of Utilities’ National Energy Demand Strategy, to reduce barriers to entry and support conditions in which  battery EVs can participate readily and flexibly. Ireland’s electric future The decarbonisation and electrification of transport will be essential to Ireland’s delivery of its climate targets, per the CAP. Sales of EVs in Ireland slowed in 2024, however, prompted by concerns about affordability, charging infrastructure and future trade-in values. Last year’s fourth quarter sales suggest a positive turnaround may be on the way for the EV market in 2025, but enhanced state-backed measures are needed now to boost EV adoption. A rebound is possible, but only if policymakers act swiftly to remove barriers and reinvigorate consumer confidence in Ireland’s electric future. Sean Casey is Partner and Consulting and Head of Energy and Assets at EY Ireland

Ornaith Giblin outlines the essential steps to achieving a healthy work-life balance for high-level executives striving to manage heavy schedules and competing priorities A high-powered executive who runs a multi-million euro business, also sits on the boards of several not-for-profits, is raising two kids and has just run a second marathon. How do they do it? How is it possible to lead a business, contribute pro-bono time and have a work-life balance that prioritises family and fitness? This “art” of time management and efficiency doesn’t come easy. We have all developed, read about, adopted and rejected various methods—some successful and some not—to try to boost our productivity. However, people often still find themselves frustratingly short of time. What is absolutely clear is that the people who rise to the top usually have the art of time management nailed—often to a level that puts the rest of us to shame. So, what principles do they employ that we could all learn from? Learn to let go and delegate If you are a new manager, you will understand first-hand the battle here. You hold on to the tendency to “do” because you’re the best one to do the job, and taking the time to train someone else doesn’t seem any more time efficient. Even for senior managers, this is an issue. You might have strengths that place you as the best project manager, process improver, statutory reporter or deep-dive analyser, but if you did all of this all the time, you would have no time for team leadership, strategy or driving commercial objectives. Approach this situation from another viewpoint: what do you do that no one else is qualified to do? You were hired to take care of the higher-level aspects of your job and this must be prioritised. Business-as-usual can be delegated. Not only will it boost your team, but you might be pleasantly surprised by what others can do when asked to step up to the challenge. Make a plan and then a contingency plan I write the next day’s plan the evening before. This practice helps me assess my progress and gain insights into my productivity patterns over time. I remove what I’ve completed from my earlier plan, reschedule unfinished tasks for the next day and note a few new priorities requiring attention. Even more critical, however, is the need for a contingency plan to help manage the unknown. It is crucial to set aside a “free” hour each day to manage unforeseen issues. If you find you don’t need this hour, use it to speed up the delivery of other outlined priorities. Focus on results rather than hours People focus on the time it will take to complete a task. Task completion will invariably expand to fill the allocated time. In accounting, you are even more susceptible to this mindset, even if you work in industry, due to the industry-accepted practice of “billable hours”. Instead of analysing a task in terms of how long you anticipate it will take, allocate the time to the task in a way that aligns with the value of the end result. Your success will not be measured by how long you work, but rather what results you deliver. Set your hours and create distance At first glance, it may seem arbitrary to set working hours for the sake of having a work-life balance. If you have nothing planned, why not work into the evening and get a few more things done? Because working all the hours you have available will dull your shine. Frequently, ambitious people work more because they’re always “on”, driven by the buzz, and feel that the more work they get done, the better. However, taking the time for yourself means you can show up the next day fresh and full of ideas. Whether it’s setting hours so you can get out and exercise, spend time with your family, or just kick your feet up, distance is essential for idea generation, innovation and creativity in your work. Ornaith Giblin is a consultant at Barden