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Innovation
(?)

“AI represents more of an opportunity than a risk for Chartered Accountants”

Numra co-founder David Kearney, FCA, sees a world of potential in the advent of AI for accountants who can now expect to see their work move up the value chain David Kearney vividly recalls the release of the first version of ChatGPT, the artificial intelligence (AI) chatbot, by US tech firm OpenAI in November 2022. A Chartered Accountant, entrepreneur and self-confessed “techie,” Kearney had sold Peblo, his first start-up, just months earlier and was on the look-out for ideas for a new venture with global potential. “That first ChatGPT release was really the first time I’d come across the concept and capabilities of generative AI (GenAI) and large language models (LLMs),” Kearney says. “It was all I could think about at the time. I remember spending a full week of evenings staying up late just playing with ChatGPT, getting to know it, reading all about GenAI and LLMs and learning about how it all works. I was fascinated.” Almost immediately, based on his own experience as a Chartered Accountant, Kearney could see a potential commercial application for the technology in the professional field he was most familiar with. “There are literally dozens of use cases out there for GenAI. The one I zeroed in on was accountancy,” he explains.  Kearney established Numra in August 2023 and, alongside his co-founder Conor Digan, began to develop an AI-powered automation platform for finance teams.  Numra closed a €1.5 million seed funding round in December led by Elkstone Partners, the early-stage venture capital firm, and released the first version of “Mary,” its AI assistant for finance teams. Numra’s AI platform is aimed primarily at mid-sized companies with in-house finance teams processing high-volume transactions. “One of the biggest things Mary can help these teams with is workflow automation. She excels at repetitive tasks, such as invoice processing, three-way matching, payments and reconciliations,” Kearney explains. “If we take accounts payable as an example, Mary can identify an invoice from an email, extract the required invoice data and enter it into the accounting system. She can then send the invoice to whomever needs to approve it and, from there, she can execute the payment.” Kearney says Mary has been designed to behave like a “real-life team member.” She can be trained up on existing company processes and can interact with communication platforms already in use, such as email, Microsoft Teams and Slack.  “You onboard Mary, just like a normal team member. You train her on your internal processes, you give her access to your systems and then get her to start helping you with your workload,” he says. “She can manage complex tasks like answering vendor queries and performing detailed cost allocations, improving over time through user feedback. “That’s really the beauty of GenAI. It has this capability to ingest and process vast amounts of unstructured data and take on tasks that were previously too complex to automate.” The result, Kearney says, is that the role of the Chartered Accountant will be elevated with a new focus on higher-value activities that require strategic thinking and creativity. “There has been quite a lot of fear mongering around how AI is going to impact jobs in the future, including jobs in the accounting profession,” he says. “That’s kind of understandable, but AI actually represents more of an opportunity than a risk for accountants and other professions. I think it should be embraced.” Kearney began his own career as a Chartered Accountant as an undergraduate studying commerce at UCD. He undertook a one-year placement with PwC and went on to train in the firm’s audit department. “The Chartered Accountant qualification had been on my radar for a long time and I specialised in accounting in my final year at college to get the CAP1 exemption,” he explains. “I always had a very strong interest in business and entrepreneurship and I felt that the Chartered Accountant qualification would be a really good launchpad for my career. It’s very dynamic and it gives you a lot of career options.”  After qualifying, Kearney moved to southeastern Australia in 2018 where he spent three-and-a-half years in Melbourne working for large-scale organisations like PZ Cussons, RACV and National Australia Bank.  “I worked in finance departments, mainly in financial planning and analysis. I had an amazing time and built up some great experience in commercial roles, but it was always in the back of my mind that I wanted to do something for myself,” he says. After returning to Ireland with his partner Grace in the early stages of the COVID-19 pandemic, Kearney hit upon the idea for Peblo, his first venture.  Peblo was a financing platform for content creators and influencers. Kearney established the start-up in late 2020 with co-founder Jake Browne and sold Peblo less than two years later to Wayflyer, the Irish-owned e-commerce funding platform. “Peblo was a bit of a crazy idea. It was an invoice factoring company for influencers and their talent agencies.  We were basically buying sponsorship invoices from influencers, so they could get paid sooner for sponsored work for brands. It took off. It grew legs really quickly and we sold in early 2022.” Peblo’s rapid growth and early acquisition was like “lightning in a bottle,” Kearney says now. “It’s rare enough that a start-up would scale that quickly and attract interest from a buyer,” he says. “It was good timing, a good value proposition. Sometimes things just work out.” Peblo may have taken off at lightning speed, but Kearney’s interest in technology goes right back to childhood. “One of my earliest memories is of my grandad’s Apple Macintosh computer. That was back in the early nineties. I was glued to the thing every time we visited and he ended up gifting it to me before I had even started primary school.  “I must have been about four and I still remember the excitement. Since then, I’ve been a bit of an early adopter of new technology. I love trying new things. Technology has always been a big part of my life.” Now, with Numra’s seed funding round secured, Kearney has ambitious plans for the fledgling venture. “We’ll use the funding to accelerate customer acquisition in the US and to invest further in product development,” he says. “Our main target market will be the finance teams in mid-sized organisations. These teams often have too much work and too few heads. They are the most likely to recognise, and benefit from, this kind of AI-enabled workflow automation from the get-go.” For Chartered Accountants fearful that the advent of such automated financial platforms could upend the profession, Kearney says the critical role the profession plays across all sectors will not be replaced. Rather, it will evolve. “The data entry, the document processing and the ‘number-crunching’ is going to go away. AI can do all of that better than we can,” he says. “AI is very good at doing a lot of the time-consuming work people don’t tend to enjoy and that is a positive for Chartered Accountants who can instead start to focus on more valuable strategic work. “Ultimately, I think we can expect to see the day-to-day work of Chartered Accountants move away from ‘the doing’ and more towards orchestrating and reviewing.”

Aug 02, 2024
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Innovation
(?)

“Humans must be responsible for any decisions made at all times”

Artificial intelligence is ushering in a new era of tech-enabled efficiency in many sectors, but its widespread adoption also throws up ethical dilemmas. Dr Susan McKeever digs into the details Dr. Susan McKeever is Head of Discipline for Data Science and Artificial Intelligence (AI) at Technological University Dublin’s School of Computer Science. Here, McKeever talks to Accountancy Ireland about the benefits AI is bringing to sectors reliant on data and how regulators, Chartered Accountants and other professions must ensure its ethical adoption as it continues to evolve at a rapid pace. How is the emergence of AI impacting the world of accounting and other professions and sectors? Any profession, function or industry reliant on large amounts of data and repetitive data-related tasks traditionally carried out by people will be impacted by the advent of AI, if they are not being impacted already. These repetitive tasks might involve data entry, data assessment and the generation of reports and correspondence based on this data. AI is very “friendly” to taking over these kinds of tasks. It is really good at getting to grips with a lot of data, interpreting and analysing this data and generating knowledge from it.  The medical sector is one example of an AI-friendly sector, as is the legal sector and insurance. Accountancy is, in a sense, data-driven, but uses a very specific kind of data that needs to be assessed and interpreted, so it is quite specialist.  You can train AI to do simple, repetitive, data-related tasks in accounting. It won’t get tired and it won’t forget what it has already learned.  You can continue to re-train AI as the world moves along, or as the situation changes, and it will continue to build on its existing knowledge and become more and more intelligent. People are excited about the emergence of AI, but also fearful – is this fear well-founded? One of the fears surrounding AI is the general concept that it will “take over” in certain fields. I do believe that the widespread uptake of AI across industries will displace certain kinds of repetitive jobs further down the value chain – the kind of roles that can easily be automated.  The silver lining – and I do truly believe this – is that, as a result, we will see an uptick in higher-value roles. If you take accountancy, we will likely see a shift away from the very granular, detail-driven examination of individual transactions, for example.  Instead, with AI gathering and analysing this data, the accountant will be able to focus on higher-value work, spotting interesting patterns or anomalies of immediate value to their organisation. My advice to accountants, as with all professions, is to go with it. AI is here to stay.  ChatGPT really seeded the concept of AI in the public imagination. It is just one of the larger language models out there, but it just happens to be the one that has really landed in the public consciousness. You have all sorts of people already using ChatGPT to write letters, draft CVs and so on. Change is inevitable. The widespread use of AI is inevitable. My advice to all professionals is to adapt and prepare. Re-train or upskill if you need to. Try not to resist it too much.  What else should we be concerned about when it comes to the widespread adoption of AI? There is a fear out there that AI will start to make decisions we, as humans, used to own.  What is really important here – and this needs to be enshrined in legislation – is that, at all times, humans must be responsible for any decisions made.  So, while AI may be by your side, acting as an “intelligent” support to you in your work as an accountant, you – the human – must always be responsible for any decisions made.  Once you move away from this principle, you enter problematic territory. AI must be accountable to humans. People must maintain ownership of any and all decisions made, always. We train AI based on existing data and data sets – does this carry its own risk? In AI, machine learning models are trained using previous examples. This subset of AI uses algorithms to interpret large amounts of data. It learns from experience. So, if you use a machine learning model to train an AI algorithm to recognise suspicious transactions, for example, you might give it a dataset of 1,000 transactions in which 100 are suspicious. The model will start to figure out the pattern of what makes a transaction suspicious where a human might not have been able to decipher the “rules” underpinning these suspicious transactions.  If you train your AI algorithm based on 1,000 transactions, it might get a certain level of detail. If you up this training to a larger dataset comprising 100,000 examples, your AI algorithm will start to get really good at recognising the patterns in suspicious transactions.  One issue with this kind of machine learning is bias. If you are training your AI algorithm on what has gone before, you are also embedding biases that have existed over time. You are enshrining the world as it is, or was, into the trained examples you use. You have to be very careful that you do this well.  Already, we have seen how the use of AI-driven CV evaluation systems has brought bias to the hiring process based on race, gender, age and other factors. It is something we need to be very aware of. Are we doing enough to regulate and legislate for the safe and ethical use of AI now and in the future? The effective regulation of AI is something I feel very strongly about. This technology, like so many others, is already shaping our society and will continue to do so in the future. Our legislation is lagging behind the rapid evolution and deployment of AI in Ireland and across the world. We are behind the wave, and this is a problem. In the European Union, the Digital Service Act came into full effect in February and the Artificial Intelligence Act is also coming down the line. Its aim is to ensure that AI systems placed on the European market, and used in the EU, are safe and respect fundamental rights and EU values. These regulations are welcome, but their introduction is too slow. It is not keeping pace with AI. Our legislators are falling behind, and this has to be addressed. Otherwise, we could be looking at a society that is framed by technology instead of the democratic and legislative code that should prevail. This is not to paint an entirely negative picture. AI can be used for so much good. There is so much to be positive about in this extraordinary technology. It is up to us to make sure that it is used for good, however, and that the necessary controls are in place to make sure that we continue to have the kind of society we want. To do this, the legislation needs to get in front of the technology, and this is something we need to prioritise today. 

Aug 02, 2024
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Feature Interview
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Artificial intelligence and the future of the profession

Artificial intelligence has the potential to usher in a bright new era for Chartered Accountants who could enjoy an elevated role in business and finance Having recently closed a €60 million funding round, AccountsIQ founder and Chief Executive Tony Connolly, FCA, is preparing for significant investment in artificial intelligence (AI), which will, he says, allow the Dublin-headquartered tech venture to “shape the finance function of the future.” The Series C funding from Axiom Equity, a London-based growth fund, has come at the “perfect inflection point” for AccountsIQ, Connolly says. “We’ve just hit a critical milestone with over 1,000 customers and users in 80 countries and now we’re poised to take AccountsIQ to the next level,” he says. The investment will allow AccountsIQ to leverage AI tools into practical, easy-to-adopt services for finance teams, Connolly says. The firm will also use the funding to double its headcount to 200 people in Ireland and other markets. It is an exciting time for AccountsIQ, which was launched in 2004 by Connolly, with founding members Darren Donohue and Gavin McGahey on board. By that time, Connolly had qualified as a Chartered Accountant with KPMG and then studied systems analysis and design at Trinity College Dublin. It was while working in practice consulting, designing complex finance systems for large organisations, that he spotted a gap in the market and decided to set up his own company, bringing Donohue and McGahey on board as his first employees. AccountsIQ is a financial management system (FMS) for international businesses operating across multiple locations and entities. The platform handles complex financial processes, such as multi-currency consolidation, multi-level approvals and third-party integrations while also automating daily processes for finance teams.  Looking beyond the hype The emergence of the web in the early 2000s was the catalyst for the business and Connolly sees similar potential in the emergence of AI and its scope to support and enhance the finance function of today. “I remember the advent of ‘the cloud’ and knowing it would be the future for AccountsIQ. The challenge then was convincing accountants that taking their data off-premises and putting it online would be safe and secure, but that has completely changed in the years since,” he says. “Now with AI, we’re seeing a lot of hype and some fear, but we’ve already been on a long journey ourselves with machine learning and automation, so we don’t see AI in 2024 as being ‘revolutionary’. “We view it today as a catalyst for the further development of automation and machine learning and as a digital assistant we can use to help make the work of finance teams easier. I think that is really what it means for Chartered Accountants generally.  “It won’t be replacing them. It will just take the drudgery out of processing and recording transactions and managing things like controls and reconciliations. “That just means that Chartered Accountants and finance teams will have more time to focus on helping to drive their business or organisation forward with access to the right tools and information.”                                                         AI and financial reporting Research released in May by KPMG found that AI is already in widespread use in financial reporting in Ireland, with close to two-thirds (63%) of the financial reporting executives and board members surveyed in Irish companies reporting that they were already using or piloting the technology. AI in financial reporting and audit: navigating the new era surveyed financial reporting executives and board members at 1,800 companies globally, including close to 100 in Ireland. Among Irish respondents, AI is viewed as a “game-changer,” the research found, with two-thirds reporting that their board had already developed a vision or strategy for AI adoption. “The adoption of AI today, and its impact tomorrow, is very much on the agenda at board level among the Irish companies we surveyed and their global counterparts,” Niall Savage, National Head of Audit Markets with KPMG in Ireland, says. The major focus currently is on identifying the most advantageous AI use cases. “Right now, the emphasis is on learning to understand AI, its capabilities, its limitations, the opportunities it may bring and, indeed, the potential threats,” Savage explains. “I was heartened to see in our findings that companies are not focusing solely on AI’s potential to cut costs. That would be a mistake, so it’s encouraging to see that they are instead thinking about identifying the opportunities.” As a technology that is still in its infancy, commercially speaking, AI has scope to encompass much greater capabilities in the future with potential applications of value to companies and their finance teams. “The tools out there and available for use right now – the likes of ChatGPT – are already showing us the great work AI can do in collating and interpreting data from multiple sources to answer our questions in real-time,” Savage says. “This is just scratching the surface, however. What businesses are focusing on now is how they can bring all the relevant data together to enable AI to facilitate much faster strategic decision-making in the future – to spot trends, opportunities, anomalies and potential risks, for example.” For Chartered Accountants and the wider finance team, the upshot will be change – change in the way they work, their capability and their role in the workplace. “For accountants in the future, there will be less need for research, bringing data together and writing up reports – AI will be able to do all of that far more efficiently,” Savage says. “In its place, accountants will have more time to focus on more meaningful work. They will not be under as much pressure to use their time to ‘get the numbers right’. “They will be even more involved in key decisions. They will have even more opportunities to have a place at the top table. The profession could change radically and, I think, very positively.” Upskilling for the AI world To benefit from this transition, Chartered Accountants will need to upskill and align their knowledge and experience with AI, a technology that has the potential to elevate their role in business and finance. “It’s a bit like the rise of Microsoft Excel in the nineties. At that time, even the finest technical accountants had to learn to use this technology – and learn to use it well and use it quickly. AI is the same,” Savage says.  “There will always be the need for the accountant to verify the information AI is giving them and, ultimately, to make the decisions. The need to exercise caution, judgement and governance will always be the remit of the accountant, even as AI evolves into the future.”   He continues: “The top use case identified by respondents in our survey was AI’s potential to provide critical, real-time information that can then be interpreted to deliver tangible benefits – for businesses, this might mean understanding where to allocate capital, where to invest or where they might have a problem. “This will really put Chartered Accountants and Chief Financial Officers across the globe at the coalface of business commercially. We will be the people who interpret the data to bring real value to the organisation. We will continue to be custodians as we are today, but with much more powerful tools at our disposal.” Chartered Accountants Ireland Chartered Accountants Ireland welcomes the advance of AI and sees it as a significant opportunity for the profession.  With every advance in technology over the course of the Institute’s 136-year history, the profession has adapted.  “The pace and advancement of AI is an aid to the accountant who can entrust the tools to perform functions that previously required manual input,” says Ian Browne, Director of Education at Chartered Accountants Ireland.  “In this way, we see the advancements in AI as an enabler for new economic activities for the profession.” Since 2017, the Institute’s Education Department has been reforming the educational syllabus for its primary qualification, with the introduction of principles-based teaching materials in several areas. This work has spanned data analytics, data visualisation, robotic process automation, blockchain, cryptocurrency, sustainability – and AI.  Launched in 2019, the evolved syllabus reflects the lived experience of the accountant in practice and industry, Browne says.  Two years ago, the Education Department formalised the findings of a major research project. Project Athena proposed to teach the latest advances in technology and emerging accounting practice, while incorporating emerging trends in accountancy, using a blend of the most up to date technology and teaching pedagogy. “The Education Department has been preparing the output of Project Athena with the launch of a new multi-disciplinary qualification beginning in September 2025,” explains Browne. “Part of the remit of the Education Department is to ensure that we keep abreast of technological developments, assess their future value and determine how they will affect the lived experience of a Chartered Accountant.  “Only then do we consider when to add the underlying principles of these advancements to the Chartered Accountant qualification. It can be easy to get carried away by the hype cycle attached to new developments in technology, but we only add new elements to syllabi that can meaningfully add tangible value to our students and economic value to the profession.” AI and attracting younger candidates In June, Belfast-based RBCA announced a £50,000 investment in AI. Partnering with Xero, the Chartered Accountancy firm will use the technology to reduce manual tasks and administration, automate bookkeeping and generate reports and forecasts. RBCA founder Ross Boyd believes the investment will allow his team of 20 to focus more on servicing and consulting with existing clients, while also building new business relationships. “When used correctly, I think AI can transform the professional services sector for the better by removing the focus on repetitive, routine tasks, such as data entry and document processing. It can free up employees to focus more on complex and relationship-led tasks,” Boyd explains. However, while AI can learn from data and make predictions, it will “never replace the value of human judgement,” Boyd says. “Chartered Accountants will need to respond to AI, and its increasingly prevalent place in our work, by adapting, training and upskilling. There is no way around that, as far as I can see, but AI will not replace the role of the Chartered Accountant. “It may remove the burden of repetitive and time-consuming activities for Chartered Accountants, giving us more capacity to tackle the challenges only the human condition can master, but I cannot see it replacing what we do.” Boyd believes the emergence and uptake of technologies such as AI in the profession may even help to attract younger candidates in the future. “At the end of the day, we live in a technologically minded world, so it’s time to accept new opportunities,” he says. A survey of 2,000 accountants in the UK carried out last year by Intuit QuickBooks found that 92 percent had experienced hiring challenges.  “We have to provide the right learning environment for young people who have grown up using technology to do tasks and solve tasks. Gen Z, now aged up to 26, are becoming more present in the workforce and will account for 27 percent by 2025,” Boyd says. “To continue to attract young people to accounting, I think it’s important that we harness the benefits of technology to position the role – not as monotonous and gruelling – but as interesting, varied and strategic. That is where AI comes in.” Elevated role for Chartered Accountants Brian O’Malley, Senior Manager, Private Client Services – Tax and Law, at EY Ireland, agrees that AI will bring a more strategic, higher value focus to the role of the Chartered Accountant. “Generative AI (GenAI), in particular, is a revolutionary tool for the accounting profession that has the potential to boost productivity, increase revenue and manage risk,” O’Malley says. “As GenAI becomes more prevalent in the years ahead, I think we will see a shift in the role of the ‘traditional’ accountant as the technology assists more and more with quantitative and routine tasks. “We will instead be freed up to spend more time on qualitative work requiring a focus on communication, leadership and ethical decision-making skills.” Accountants who embrace AI by developing the necessary skills to manage and interpret the output of AI systems will be well-positioned to offer greater value.  “Navigating the intricacies of AI outputs responsibly and ensuring that AI-generated insights align with overall business objectives and regulatory requirements, will become a key aspect of our role,” O’Malley says. EY has invested more than €1.3 billion in AI globally, encompassing technology and services, and last year launched EYQ, its own large language model. “I use EYQ myself regularly to assist with administrative tasks and carry out research safely and securely,” says O’Malley, who is based at the firm’s Southeastern headquarters in Waterford city. “AI has brought a sense of excitement to the Southeast in that both large multinationals and SMEs are keen to explore it and ‘unlock its power’ to enhance their everyday business operations,” he says. “This was evident at our recent EY Waterford Generative AI event, which was aimed at helping our local business community to better understand how they can implement it.  “The event was attended by many local businesses, demonstrating the strong interest in the technology and its potential.” This eagerness to harness AI among businesses in Ireland will only benefit Chartered Accountants in the future, O’Malley believes. “If you consider the world in which we work, it is fast-paced and constantly changing, especially from a regulatory perspective. AI has the potential to provide us with the necessary resources to thrive in the modern business world.  “It can help Chartered Accountants to meet our clients’ changing needs and act as strategic partners to businesses as they seek to capitalise on opportunities.  “By effectively harnessing  AI, I think many Chartered Accountants will see their role expand beyond financial statements to encompass that of trusted advisor, strategist and business solution provider.” 

Aug 02, 2024
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AI Extra
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The role of diversity and inclusion in the workplace

Here, Dee France, Member & Student Support and Well-being Lead at Chartered Accountants Ireland, explores what diversity and inclusion means in the workplace, the important role it plays for employee well-being, and why employers should foster a culture of belonging and inclusion. Diversity and inclusion (D&I) has become a driving force in the changing organisational landscape. Companies and business leaders are placing greater emphasis on their approach to D&I and are embracing policies and strategies to create a more diverse, fairer, and resilient workforce.  Employee well-being and D&I are closely connected. In fact, employee well-being awareness can be seen as an intrinsic element of a company’s effective D&I strategies and policies.  An essential and significant feature of good overall well-being is our feeling of purpose and belonging. Programmes and initiatives that promote inclusion, diversity, and belonging can support and cultivate positive employee well-being. In its entirety, D&I in the workplace can have an impact on our overall happiness at work.  Emotional tax Employees from diverse backgrounds who experience a non-inclusive workforce can face an additional burden of an ‘emotional tax’ – the experience of being treated differently from peers due to race/ethnicity or gender, triggering adverse effects on health and feelings of isolation and making it difficult to thrive at work. This emotional tax can have an extremely negative impact on employees’ mental health and wellbeing. Feeling undervalued, overlooked, or excluded due to your identity can heighten a person’s vigilance to protect themselves from acts of bias or prejudice. Thrive, Chartered Accountants Ireland’s dedicated well-being hub, continues to receive regular calls from our members and students who seek support from the damaging impact a non-inclusive workplace can have on their wellbeing.   Managing diversity and inclusion  Implementing effective and successful D&I strategies and policies can take time, but a coherent and structured approach to these ensure that work practices and values support an inclusive culture that embraces different people, views, and perspectives. Producing a D&I policy allows a company to go above and beyond legal obligations and set a standard of expectation for the organisation and for its employees.  There are several ways companies can begin to incorporate inclusivity into the workplace.  Leadership and employee training  Providing training for leadership, management and employees increases awareness, aids the understanding and engagement in the company’s values and policies, helps embed these initiatives into the culture of the workplace, and allows for the development of empathy for others.  Employee network groups  Building an employee network group is an effective way to allow people to connect with others from different groups, and raise a sense of belonging, affinity, and kinship.  For example, the Institute has several different committee groups such as Balance, our LGBTQ+ committee, Student Committee, and D&I committee.  Open communication and feedback  Developing open and clear communication channels that are easily accessible to employees breeds better dialogue. It ensures employees and managers alike feel safe in airing grievances, giving feedback, and the feeling of being heard and valued.  Employee surveys on D&I initiatives allow companies to take onboard employees’ experiences and action feedback. It permits companies to assess if policies and strategies are working and evaluate and benchmark their efforts from year-to-year.  The Thrive Wellbeing Hub provides counselling, wellness coaching, practical advice and more to all members of the Institute. You can contact the Thrive wellbeing team by visiting our website, via email at: thrive@charteredaccountants.ie, or by phone: +(353) 86 0243294. 

Jul 04, 2024
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Strategy
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Diversity, equity and inclusion toolkit for start-ups and SMEs

Small businesses don’t need big budgets to kickstart DEI initiatives. Conor Hudson and Hugo Slevin outline some practical first steps to success from the outset Last year in Ireland, close to 1.2 million people around the country were employed by small- and medium-sized enterprises (SMEs), representing more than 90 percent of all businesses in Ireland.  While Chartered Accountants play a pivotal role in working with these firms and supporting their needs and requirements, many are also operating as, or directly employed by, SMEs.  As diversity, equity and inclusion (DEI) initiatives become increasingly important in today’s workplace, there is a need to ensure that support is provided to SMEs and start-ups developing and implementing their own DEI strategies.  Larger employers will have substantial resources dedicated to DEI, whereas SMEs and start-ups are more likely to face challenges in developing successful strategies due to limited budgets and often already stretched employee time.  This does not mean that these challenges are insurmountable, however. Numerous resources are available to support smaller businesses in their DEI journey, and with the right approach, many will find that a good DEI strategy will support a happier and more productive workforce. Why is it important for SMEs to have a DEI Strategy?  Having a DEI strategy can bring many benefits for employees and business owners alike.  From an employee standpoint, being recognised and supported – and feeling able to bring their true selves to work – results in greater engagement and trust in their employer, leading to stronger performance.   For businesses, having a recognised DEI strategy can enable access to a wider and more inclusive pool of talent, while also helping to improve innovation due to a diversified workforce with a wider range of views and perspectives.   How should an SME approach developing a DEI Strategy?  In developing DEI strategies, it is recognised that SMEs may face some constraints. It is important that they set realistic goals in the development and implementation of this strategy. Trying to make too many changes or developing a superficial plan is of little benefit and can be damaging in the longer term.  The first steps to DEI success Here are some practical steps SMEs can take to develop an effective DEI strategy:  Identify a leader and ensure ownership of the DEI strategy It is important that a recognised leader within the organisation takes ownership of its DEI strategy. This illustrates that, from a senior level, the strategy is being afforded a high level of priority. While others within the organisation can actively support development, a bottom-up approach may not be as successful. Foster a culture of openness and communication Openly encouraging dialogue and actively listening to employees’ experiences will create a sense of belonging and support diverse perspectives. An internal social group could be a good starting point for this.  Provide DEI training to all staff DEI training can help raise awareness, promote understanding among staff members and kickstart conversations about the business need for an effective DEI strategy. Several non-profit organisations such as ShoutOut (shoutout.ie) offer a wide range of workshops that are affordable and can make an immediate impact. Work with existing groups and organisations Many business groups and representative bodies – Chartered Accountants Ireland and IBEC, for example – offer diversity resource hubs and forums SMEs can leverage to support their DEI journey. It is also worth encouraging employees to volunteer their time and skills to organisations such as BelongTo (belongto.org). Review policies regularly Reviewing your policies, with buy-in from your employees, can help to identify potential biases or barriers to inclusion, including hiring practices, as well as helping you to gauge the success of your DEI initiatives through engagement with your workforce. Make adjustments as required to ensure all employees are treated fairly and make sure any policy changes you introduce are communicated clearly across the board. Conduct employee surveys Conducting regular employee DEI surveys can help you to determine the success, or otherwise, of your diversity efforts by gauging how your employees perceive them and view any supports they are receiving. It is important to make sure these surveys are anonymous to protect employees who might otherwise be hesitant to provide honest feedback. Establish an Employee Resource Group Encourage and support the formation of Employee Resource Groups, allowing employees from minorities to come together and advocate for positive change within your organisation. Regardless of budget limitations, SMEs can make significant strides in advancing DEI by prioritising a commitment to inclusivity, fostering open dialogue, exploring community resources and implementing thoughtful initiatives.  Diverse teams greatly improve talent acquisition and retention, decision-making quality, innovation and insight. True and authentic DEI initiatives will motivate your employees to really sponsor your brand, ensuring your SME thrives in a competitive world.  Conor Hudson and Hugo Slevin are Chartered Accountants and members of members of BALANCE, the Institute’s LGBTQ+ Allies network group The many advantages of DEI strategies for SMEs With Pride 2024 celebrations getting around the world for the month of June, four members of BALANCE, the LGBTQ+ Allies network group of Chartered Accountants Ireland, share their personal views and insights into the importance of effective diversity, equity and inclusion (DEI) strategies in all businesses, including SMEs. Sarah McAleese, KPMG Inclusive DEI initiatives need not always entail significant financial investment for SMEs. From an accessibility standpoint, a standardised email sign-off for meeting invitations, such as, “should you require any additional accessibility accommodations or support, please do not hesitate to let us know,” can serve as an initial step in cultivating an open environment, where employees and clients alike can bring their “true selves” to work.  Offering and providing readily available additional support upfront demonstrates a proactive commitment to ensuring everyone feels supported in the workplace.  Another example of a low-cost accessibility initiative may be introducing designated sensory-friendly hours in specific office areas to cater to the needs of neurodiverse individuals.  It is crucial, however, that while individuals are encouraged to avail of any additional supports, they should never feel pressured to disclose information they are uncomfortable sharing. Cian McKenna, AXA Ireland Creating an inclusive culture in the workplace can start with the smallest acts spurring valuable conversation across an organisation.  Even in a hybrid workplace, watercooler moments are alive and well, with the topic of the day always including new initiatives the company is putting into place.  I have been fortunate during my time as part of the finance team at AXA Ireland to see firsthand the impact DEI initiatives can have across the board. Since starting at AXA, I have seen regular initiatives focused on LGBTQ+ inclusion, such as the introduction of email signatures with the AXA logo in Pride colours, Pride lanyards and our Sports and Social Committee using a Pride theme for their annual summer party (with proceeds going to LGBTQ+ charities).  Most recently, AXA introduced a campaign to suggest the inclusion of pronouns in email signatures.  While these may seem at first like small acts, all have naturally fostered a sense of allyship, encouraging an invaluable sense of belonging and acceptance in our workplace. Eimer Proctor, ASM Implementing DEI initiatives is not just about celebrating Pride, changing your company logo for Pride month or purchasing rainbow lanyards. DEI is an ongoing, inclusive process and small steps can lead to significant, positive change. At ASM (B) Ltd, we have recently embarked on our own DEI journey, and we signed the Diversity Mark NI Charter to demonstrate our commitment to this.  In seeking the Bronze accreditation and demonstrating that we are a gender diverse professional services firm, the first target requires us to develop a DEI strategy with supporting actions to measure what success looks like.  As accountants, we like numbers and data, so – in setting clear and measurable targets for gender diversity – we consider that this will allow us to take those crucial small steps in progressing our DEI efforts. Paul Cassidy, SKY Leasing SKY Leasing has created a DEI policy that is reviewed and refreshed annually. This commitment demonstrates that embedding diversity and inclusivity across people, policies, processes and practices is a key priority for the organisation.  Some of SKY Leasing’s many DEI initiatives include encouraging our female workforce to join and contribute to industry bodies championing women in the workplace, such as Women in Aviation (AWAR).  SKY Leasing’s CFO, Ailbhe Kenny, is a participating AWAR mentor and some of the female members of our team have also participated as mentees, sharing knowledge on best practice and acting as champions and ambassadors for other women in our workplace. Our company also promotes diverse experiences, backgrounds and work styles among employees. This encourages us to embrace how we authentically and naturally approach our own work as well as how we work together.    

Jun 05, 2024
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Personal Development
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“I’m passionate about organisations becoming more neuro-inclusive”

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.”

Jun 05, 2024
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Strategy
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“Get out and meet with investors who will get to know you and your business”

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.

Jun 05, 2024
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Feature Interview
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“There is a strategic imperative to ensure economic health for SMEs”

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.”

Jun 05, 2024
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Innovation
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Riding the wave of digital transformation

New technologies are transforming the way accountants work and the profession must adapt to and embrace this sea change to foster future success, writes Conor Flanagan How people interact with technology is changing as it becomes increasingly powerful, and our expectations of what it can and should deliver continue to rise.  In our profession, the risk does not come down to a lack of technological literacy or the complexity of new accounting technologies; the risk is that we might ignore the wave of change sweeping through the profession.  If you ride the wave, however small, you will grow and develop with the changing industry. But ignore the wave, and you risk being left behind in the shallow waters of a pre-digital world. Investing in the future Digital transformation should not be viewed as a cost, but rather an investment in the future of your business – an investment that can improve processes and ensure your business is at the cutting edge of technology and the benefits that come with it.  A successful digital transformation can unleash the potential of your business and your team by freeing your time to focus on strategic and value-added tasks, ultimately driving growth. We are all aware of digital transformations that have gone wrong, however, costing some organisations dearly, so what measures can companies take to ensure success? The key to success starts long before the implementation itself begins and relies on: Successful system selection;  A clear understanding of existing business processes;  Key user/management buy-in;  Selecting the correct partner;  A willingness to embrace change; and Understanding your data. Taking time before implementation to focus on the above will help ensure you enter the transformation prepared for an optimal outcome.  This will not only result in a smooth implementation, but by understanding your data and your business requirements, you will also be able to see the true potential of your new solution and help drive your business forward. At the recent Chartered Accountants Technology Conference, held in January 2024, we had the pleasure of hearing from two Irish organisations that recently underwent significant digital transformations.  We heard their stories, alongside the lessons they learned from their own implementation projects and the benefits each delivered. Glanbia’s HANA solution First, we heard from Eoin Butler, Finance Systems Centre of Excellence Lead with Glanbia plc, who shared the global nutrition group’s experience implementing the SAP S/4HANA solution.  S/4HANA is a ready-to-run cloud-based enterprise resource planning (ERP) system. With operations in 32 countries and annual group revenue exceeding $5.4 billion, Glanbia needed a scalable solution with proven capacity to handle the needs of a complex global business.  The vision at the outset, Butler explained, was to “digitise the Glanbia business to drive value”.  It was agreed early on that a brownfield approach would be used for the engagement. This is usually the case if the existing system has been in use for some time and may require significant modifications or integrations during the migration.  In Glanbia’s case, Butler noted that the brownfield approach was one of the key reasons for the project’s success. Although a complex global business, Glanbia opted to work with just one single global instance of SAP ERP Central Component (ECC).  Because the project involved significant customisations and integrations with Glanbia’s existing system, these requirements were considered as a key aspect of the solution selection process.  Already a SAP customer for over 20 years, Glanbia opted to stay within the SAP ecosystem and migrate to a newer version of its existing solution. A significant challenge that emerged at an early stage in the project was the data already held on the existing system. An engagement was required to cleanse and fully understand this data before migration could take place.  Understanding your master data, and multiple data sources, is key to ensuring a successful migration or implementation. Taking time to understand and cleanse this data put Glanbia in a much better position to be able to improve reporting and efficiency.  Finally, Butler pointed out that any implementation on this scale cannot be done alone. A strong internal team, hardware and software partners, as well as helpful buy-in from SAP resulted in a successful implementation for Glanbia. Although there were benefits in finance, such as upgrades to the credit function, the new general ledger module within the SAP solution and profitability analysis, most of the benefits were technological and under the hood, laying the foundation to make Glanbia tech-ready for years to come. Cullen Cleaning Services Cullen Cleaning Services (CCS) is a commercial contract cleaning company operating across Europe. Headquartered in Dublin, its clients include household names such as Primark, River Island and H&M.  At this year’s Chartered Accountants Ireland Technology Conference, Brian Flannery, Chief Financial Officer with CCS, outlined the company’s experience implementing a Dynamics 365 Business Central solution with a business intelligence (BI) warehouse reporting solution on top. Flannery covered the evolving role of today’s finance leader in such a project, which involves leading people through digital change.  In the case of CCS, Flannery noted that the implementation had “accelerated the digital transformation in [the] business”.  Pivotal role of finance leaders The top priorities for CFOs set out in a 2024 Executive Priorities Survey by management consultancy Gartner included: transformation; improving finance metrics; leading change management; and  improving the finance function.  As accountants and finance leaders, we have the skillset to deliver on these priorities. More than that, there is an expectation that we play a central role in leading digital transformation and driving high standards in systems and reporting. Before its migration, CCS had a mainly paper-based solution, requiring team members to enter the same data multiple times while also relying heavily on Microsoft Excel for data manipulation and reporting. It was identified that the move to the cloud would help reduce manual labour by integrating with other solutions. Ultimately, integration improved the accuracy of the company’s data, thereby facilitating greater collaboration between departments. Integrating previously isolated data sources and reducing data entry time provided deeper insight to company management, improving the speed and quality of decision-making. Flannery emphasised the importance of treating system selection and partner selection as two distinct processes.  Although the first partner you speak with may have the solution that meets your needs, it is still worth talking to additional partners.  The partner you choose will become a key player in your implementation journey and, as Flannery put it during his presentation, “becomes an additional employee”.   Like a disruptive employee, a disruptive implementation partner can cause damage that no amount of planning or preparation can help you recover from. Finally, after ‘go live’, Brian stressed the importance of taking time to conduct a review: has the project been a success, and have your goals been met? It is quite often the case that system implementations go live even though parts of the team using it still have unmet requirements.  Review and improve It is important to track additional requirement gaps that arise during the implementation and address them after the new system has gone live as ‘phase two’ of the project.  Scope creep is a looming risk for every digital project; focusing on the key deliverables and timelines is paramount.  The additional scope should be noted and readdressed after the go-live date, if not business critical, because you are never truly finished with digital transformation. So, where is CCS? The company has a fully integrated solution using modern Application Programming Interface (API) integrations. It relies heavily on Optical Character Recognition to automate the accounts payable and data entry processes.  In addition to a Business Central solution, CCS has implemented a full BI reporting solution, sitting on top of the ERP solution and assisting with the preparation of management accounts.  This has taken one day off the month-end close process – an additional day for finance staff to focus on other value-added tasks. Focus on people After reviewing the project, Flannery noted some key takeaways he would keep in mind for any future transformation projects.  The key point to note here is that all these takeaways are people-focused – not technical-focused. For a transformation to be successful, it will be entirely dependent on people.  These systems work. There are thousands of references and case studies worldwide attesting to this, but whether your solution works for you depends entirely on how you approach soft skills and the implementation process itself. The four key points to remember are: Do not under-resource; Communicate clearly and thoroughly; Remember, change does not equal transformation; and Celebrate the wins. To finish, Flannery shared a quote from Albert Einstein: “The important thing is not to stop questioning. Curiosity has its own reason for existence.” Reluctance to embrace technology and change will be the number one occupational hazard facing accountants over the next decade, but it will be people and relationships that drive the successful implementation of new technology.  Future leaders may not intimately understand this technology, but they do understand the importance of embracing a change mindset and working with their colleagues and partners to achieve it.    Conor Flanagan is ERP Lead with Storm Technology and a member of the Technology Committee of Chartered Accountants Ireland

Apr 04, 2024
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Careers
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“I remind myself routinely that I can do anything I put my mind to”

Maria O’Connell talks to Accountancy Ireland about how, through resilience, adaptability and the support of a strong female network, she has achieved career success I decided to become a Chartered Accountant when I was 16 after reading an accountancy career brochure. I didn’t know any Chartered Accountants at that stage and my school didn’t teach business subjects.  When I was growing up in Cork in the 1980s, career opportunities were scarce and often viewed through the lens of emigration. Qualifying as a Chartered Accountant seemed to offer an exciting career path with many opportunities, travel options and income security.  I qualified with PwC in 1989. The foundational skills underpinning my career – business management, communication, problem solving and technical knowledge – were laid during these years.  The Chartered Accountants Ireland training programme nurtured a highly transferable and versatile skillset, which has been integral to my career success.  Drawing on my bank of achievements  Keen to travel, I moved to PwC in Milan, Italy, in 1989. I learned to speak and work in Italian, integrated into a new working environment and experienced a beautiful country, people and culture. Then, in 1992, I interviewed for a junior finance role with JP Morgan in Milan but was offered the role of Bond Settlements Manager. I had no experience working in the Italian government bond market – a prerequisite for such a role.  However, the Director of Operations at JP Morgan in Milan was a Chartered Accountant and understood the value of my training and related skills. He could see an alternative approach to filling the position.  I took a chance and moved into this entirely unknown world. The job was exciting, challenging, fascinating and demanding. I loved every minute of it. My role at JP Morgan was the start of an exciting career journey, leading me to other incredibly fulfilling financial services roles in Italy and Ireland – roles that rarely followed the traditional accountancy career pathway. When I returned to Dublin in 1994, I focused my job search on companies in the developing International Financial Services Centre (IFSC) and that took me into the asset management industry. Always curious and genuinely interested in people, I continually seek new challenges and opportunities to add value and learn. These traits have propelled me to leadership positions covering strategic, business-critical, transformational and governance initiatives in global-facing organisations, such as Bank of Ireland Securities Services, Bank of Ireland Asset Management, Irish Funds and State Street Global Advisors. I have also been extremely privileged to work with highly talented people with vision and foresight who have always focused on my abilities, experience and potential. These role models provided me with precious opportunities for further development. Of course, I also encountered hurdles as I navigated my way, but every hard-earned success added to my internal bank of achievements, which I draw on to this day when my confidence falters or a challenge seems insurmountable. I remind myself routinely that I can do anything I put my mind to. As women, I think we often tend to focus on what we can’t do rather than what we can. Drawing strength from our bank of achievements will always direct us to our ‘can-dos’. Aligning my career with my life priorities  By 2004, I had three children aged six, eight and 10, and a fourth on the way. I decided to take a career break to focus on my family.  This decision was tough as I had invested so much in my career. Despite having a husband who shared the family workload and a flexible employer, I felt I was always letting someone down – my children, colleagues or clients.  Every family is different and we make our choices based on our unique set of circumstances. My decision to take a career break at that time was the choice that worked best for my family and me. Throughout my career, I have always tried to align my career with my life priorities. This choice was one of many steps on that alignment pathway.  Rebooting my career When I decided to return to work in 2013, my first port of call was Karin Lanigan, Head of Members Experience at Chartered Accountants Ireland, who gave me practical advice and guidance. I was lucky to secure a place on the first Reboot Your Career Programme, run by the Institute to support those returning to the workplace.  The course was invaluable in providing me with the confidence, toolkit and ready-made network to kick off my job search and set me on the next stage of my career journey.  It was not easy to return to the workplace after a nine-year break. Colleagues had passed me out on the promotion ladder, and the world of financial services had changed significantly following the financial crisis of 2008. I faced a very steep learning curve.  I was determined to learn as much as possible, however, concentrating on what I could achieve rather than on others who had moved ahead of me.  All the traits that had propelled my career forward in the past, resurfaced and I was able to move forward again in a senior leadership role at the EU headquarters of one of the largest asset managers in the world.  My advice to anyone rebooting their career would be to leverage the supports available from Chartered Accountants Ireland, your own network and to tap into your existing bank of achievements.  Don’t compare your career with others; focus on your own motivations, what you want to achieve and then go for it. The power of the female network As a trainee Chartered Accountant, many of my new female friendships evolved quickly into a highly supportive and powerful network in which experiences, challenges and solutions were openly shared.  This precious network of women, built up over many years, now extends to diverse roles and disciplines beyond the accountancy profession as well as different generations and geographies.  Building positive relationships as we move throughout our lives ensures that we stay connected with each other – and that we are not merely connections on a list.  None of us signed up to this network ‘overtly’, but we all understand the unwritten rule that anytime we reach out for advice, we will find support. Our natural empathy as women, innate ability to connect with and learn from each other and openness to share experiences are powerful tools in driving and embedding change. More women are holding senior decision-making roles, yet we are still navigating structures designed to cater to a single gender order.  Our networks are critical in harnessing our collective strengths as we and our male colleagues reimagine more equitable, diverse and inclusive structures.  I am grateful to be part of a network of diverse, insightful, talented and kind women. Our networks are intrinsic drivers of positive change and sustain us through tough times. Key lessons as a Chartered Accountant My career as a Chartered Accountant has far surpassed anything my 16-year-old self could have dreamed of. A kaleidoscope of experiences has gifted me these key lessons: Seek out those exciting, diverse, non-traditional roles. Don’t let others discourage you.  Stay curious, always looking for new challenges and new things to learn. Draw strength from your bank of achievements. You can do anything you want to.  Periodically assess how your career aligns with your life priorities. Don’t be afraid to make changes when they fall out of sync. Focus on what you want to achieve and what motivates you. Don’t compare your career with those of others. Value, nurture and leverage your female network. It is a precious resource.  Enjoy the journey. It will take you to amazing places. Maria O’Connell  B.Comm., DPA, FCA, is a consultant specialising in board governance and business strategy. She was formerly Vice President of Business Strategy and Governance at State Street Global Advisors Europe Limited

Apr 04, 2024
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Feature Interview
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“Most company directors are trying to do the right thing; we know that”

Ian Drennan, CEO of the Corporate Enforcement Authority, outlines the State agency’s plans and priorities for 2024 and beyond Collaboration between State regulators, statutory bodies and professional membership organisations, such as Chartered Accountants Ireland, is set to deepen as Government efforts to crack down on white collar crime and corporate corruption continue in the years ahead. “There is very significant work ongoing at State level seeking to further enhance Ireland’s capacity to tackle economic crime,” Ian Drennan, Chief Executive of the Corporate Enforcement Authority (CEA), explains. “The Advisory Council against Economic Crime and Corruption is developing a national strategy and the CEA is heavily involved in the formulation of that draft strategy for consideration by Government.” Dealing with economic crime into the future and ensuring that Ireland is “at the vanguard” of the highest standards in business regulation will require a significant level of State collaboration with the private sector and bodies such as Chartered Accountants Ireland, Drennan says. Corporate Enforcement Authority The CEA was established in July 2022 with the commencement of the Companies (Corporate Enforcement Authority) Act 2021, replacing the Office of the Director of Corporate Enforcement. Leo Varadkar, who was then Tánaiste and Minister for Enterprise, Trade and Employment, said the new agency would have “real teeth” with the autonomy and resources needed to thoroughly investigate suspected wrongdoing, such as fraudulent trading and more complex company law breaches. The Act invested the CEA with the autonomy to appoint its own staff and structure itself to meet evolving demands in the future.  The CEA’s budget has been increased by 30 percent and its approved civilian staff complement by 14 additional officers. The Government has also increased the number of members of An Garda Síochána seconded to the CEA from seven to 16.  “This increased level of resourcing gives us capacity to deal with a greater caseload of suspected non-compliance with company law, be it civil or criminal in nature,” Drennan says. “The investigations that we conduct can be document-heavy and complex, with indications of wrongdoing regularly involving suspected serious offences under company law as well as crossing over into other codes of legislation, such as theft, fraud and money laundering,” Drennan explains. “One of the strengths of the CEA is its multi-disciplinary structure. In addition to having at our disposal both accounting and legal professionals, the Gardaí embedded within the organisation bring with them the full suite of powers that they enjoy as sworn police officers.  “This means that, when we are conducting investigations, they can apply to the District Court for warrants under other codes of legislation where the need arises. As a consequence of this organisational capability, it is commonplace for us at this stage to submit files to the Office of the Director of Public Prosecutions with recommendations for charges under both company law and other legislation.” Scope and remit The CEA’s remit spans investigation, prosecution and supervision of the corporate insolvency process as well as advocacy.  “While we investigate potential breaches of company law, that is only one side of the equation. We also place great importance on promoting compliance with company law, which we seek to do by providing accessible guidance to company directors and through our outreach activities,” Drennan explains.  The “vast majority” of companies will never have any kind of direct engagement with the CEA, he adds. “Most company directors are trying to do the right thing; we know that. They have a raft of challenges to deal with at the moment – high interest rates, inflation, rising energy costs and tight labour markets. “They must manage a wide range of legal and regulatory obligations, ranging from tax and health and safety to company law. In our experience, most company directors try to meet those obligations on an ongoing basis and to a high standard.” It is important that the CEA acts in a proportionate and resource-efficient manner and that the enforcement action chosen is commensurate with the underlying issues, Drennan adds.  “Where appropriate, we try to resolve issues of non-compliance on an administrative basis and without recourse to statutory powers. In other instances, that approach will not be appropriate and a more formal, or robust, approach will be warranted,” he says. The CEA also provides guidance to assist company directors in discharging their responsibilities under company law in what Drennan terms a “relatively non-technical and easy-to-understand forum”. “Prevention is better than cure and, in that context, the CEA’s website hosts a range of information and guidance materials that seek to assist company directors in understanding their duties and obligations and shareholders, creditors and the wider public in understanding their rights,” he says. “It is much more cost-effective from our perspective to assist people in complying with the law in the first instance.” Company law amendments Drennan welcomes the recent publication of the General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 by Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary, TD. Announcing its publication on 15 March, Calleary said the Act would introduce “practical, pro-enterprise” reforms in support of a competitive economy while also maintaining a robust company law framework.  Amendments proposed in the Bill include allowing companies and industrial and provident societies to hold virtual general meetings when the current COVID-related interim legislation expires at the end of the year. It also proposes removing the automatic loss of the audit exemption in respect of the first instance of late filing with the Companies Registration Office by small and micro companies. Drennan particularly welcomes proposals to create new offences regarding the obstruction and intimidation of CEA officials.  “These proposals send out the very clear signal that obstructing or threatening a CEA officer will not be tolerated and that anyone who does so risks facing a lengthy term of imprisonment,” he says. “Balance is important. Company law is crucial, but it must support business as well as safeguarding responsible ways of doing business. “Company directors can forget to file an annual return; they can forget to hold an AGM. These oversights can be rectified relatively easily.   “Their interaction with us in these instances could amount to just one or two letters to close the whole thing out. Generally speaking, the more co-operation we get, the more positive our disposition; the more people are willing to work with us, the less painful the exercise will be.” Beyond correspondence, the “next level up” in the CEA’s enforcement activity tends to involve civil enforcement, Drennan explains. “Our remit extends to the close to 300,000 businesses registered in Ireland. We deal with everything from ‘mom and pop’ operations, SMEs, charities and not-for-profits, all the way up to companies whose securities are publicly listed,” he says. Civil enforcement can involve director restrictions and disqualifications, as well as court applications for the purpose of seeking orders compelling companies, directors and other relevant parties, such as liquidators, to comply with their statutory obligations as regards restrictions and disqualifications. “We receive approximately 700 liquidators’ reports every year, so the process that flows from those reports, which includes scrutinising director behaviour and offering undertakings, accounts for a sizeable portion of our work,” Drennan says.  “Where directors choose to accept undertakings, they can avoid going to the High Court with the time and financial outlay that tends to involve. “Beyond this, the most invasive work we do involves investigations into serious suspected wrongdoing.”  This work tends to be complex, protracted in nature and frequently involves litigation, Drennan says.  The CEA has significant enforcement powers, including scope to issue directions, to enter and search premises under warrant, to arrest (a power conferred upon CEA officers who are also members of An Garda Síochána), and to bring summary criminal prosecutions in the CEA’s own name as well as to refer files to the DPP. “This is the part of our work that might involve a knock on the door at 6am but this is not, thankfully, required in the vast majority of cases we deal with,” Drennan says. Complaints, reports and referrals The CEA receives hundreds of complaints from members of the public each year as well as statutory reports from auditors and liquidators and statutory referrals from other State bodies, such as the CRO, the Revenue Commissioners, An Garda Síochána and the Central Bank of Ireland. “We also open investigations on our own initiative – as a result of media reports or our own analyses, for example,” says Drennan. Emerging trends The number of liquidator reports the CEA is responding to has risen markedly in 2024.  “They dropped during COVID because of businesses being closed and debt warehousing. Now, they are returning to pre-COVID levels, which in turn is driving up the numbers of restrictions and disqualifications,” says Drennan.   “At the same time, the Companies Registration Office has recommenced the involuntary strike-off of non-compliant companies deferred during COVID.   “A subset of these entities fall within our enforcement remit where directors have simply ‘walked away’ from insolvent companies owing debts rather than putting them into liquidation. “Those directors face the likelihood of being disqualified from acting as company directors, as that is not an appropriate or responsible manner in which to behave.” Looking to the future, Drennan concludes: “Our vision for the future is to continue to build the CEA’s presence, to continue to enhance operational capability, and to assist the vast majority of directors who are trying to do the right things by continuing to provide high quality, and accessible, information and guidance resources.  “By doing this and working with other stakeholders in the public and private sectors, the objective is to enhance Ireland’s reputation as a safe and well-regulated economy in which to do business and create employment.”

Apr 04, 2024
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Management
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The coach’s corner

Julia Rowan answers your management, leadership and team development questions Q. My organisation is going through a lot of change; there is a new leadership structure at the top, but some changes are still undecided. I am hoping that some roles in my area (which were regionalised about eight years ago) will be recentralised under my management. While this has not yet been decided, the regions have got ahead of this with quite a public challenge to the leadership to retain roles at regional level. They have much more clout than my small team and me. A. I am going to assume that your query is about the quality of the work your function provides rather than simply headcount. In any case, a couple of things are immediately clear: Whatever happens, your relationship with the regional directors, as well as with other colleagues currently fulfilling regional roles, is very important. This ‘inter-regnum’ period could be very useful to all of you (in the regions and centrally) by giving you time to get together to work on issues relating to this restructure with a view to making improvements – no matter the eventual outcome. Perhaps someone on the senior leadership team could initiate and sponsor this. You need to play a long game; organisations make changes all the time and how you are seen to deal with this issue will impact your profile. Avoid ‘either/or’ thinking (i.e. ‘they either report to the regions or to me’). There could be many ways to create win-win outcomes. Until a decision is made, there is room for negotiation (see the book suggestion below). I suggest you carefully work out a couple of positions, including: Your ideal outcome (and how to transition to it); Acceptable outcomes if you don’t get your ideal outcome (e.g. dotted line responsibility, developing the more interesting aspects of your role, new structures to support your team, developmental support, etc); and Unwelcome outcomes (and how to avoid them). It could be useful to work on this with your team. I have no doubt that they would have a lot to add to the conversation. Q. My team is under huge pressure – as am I. I try hard to help them, but they keep coming back with the same issues and they are very negative. A. It is the leader’s role to help, but how do we help? Sometimes, it’s by fixing, helping and advising.  And sometimes it’s by listening and empowering the team member to fix it themselves.  As leaders, we are often scared by negativity and we jump in quickly with advice and fixes. I suggest you listen deeply to your direct reports. When they bring up something negative, stay with it and help them to explore it.   The pull to fix is great, so this is much more difficult than it sounds. Arranging to meet to discuss the issue will give you the time to pull together some great questions that will help your team member think through the issue and come up with solutions. Of course, you can suggest solutions too – but people are much more likely to listen to your suggestions when you have helped them to think things through first. Julia Rowan is Principal Consultant at Performance Matters Ltd, a leadership and team development consultancy. To send a question to Julia, email julia@performancematters.ie If you read one thing... Getting to yes – negotiating an agreement without giving in by Roger Fisher and William Ury. We often go into negotiations with an  ‘either/or’ attitude. Either they win or I do. Getting to Yes offers a framework for ‘principled negotiation’ helping us to come up with creative options where both parties (or more) can achieve what they want. 

Feb 09, 2024
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Personal Impact
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Giving back for the greater good

Chartered Accountants have a unique set of skills that can help guide and support the valuable work of Ireland’s charities and not-for-profits Orla Roche, FCA, TMITI, has been volunteering in the not-for-profit sector since childhood and began to carve out a career in charity after qualifying as a Chartered Accountant with KPMG in Dublin and returning to live in her native Galway in 2002. “I volunteered for charities from a young age and became involved in the sector because I find the objectives of charities very interesting; they make a difference,” explains Roche, who is currently co-Chair of the Institute’s Charity and Not-for-Profit Special Interest Group.  After returning to Galway, Roche also qualified as a tax technician with the Institute of Taxation and established Roche Chartered Accountants, her own business, offering tax and business consultancy services. “I’ve worked in both the corporate and not-for-profit sector for the likes of Galway Simon Community, Pobal, Connacht Rugby, St Vincent de Paul, GAA, Trócaire and Goal in Sudan,” she says. “Because profit is not the objective of a charity, my roles have been more varied and rewarding; it is not just about ‘doing the numbers’.” Roche is currently Finance and Governance Manager with First Fortnight, a mental health charity, which recently hosted its annual arts festival at locations nationwide in January. “First Fortnight challenges mental health stigma through arts and cultural action. We offer creative art therapy to children, adolescents and adults who are homeless or at risk of homelessness and we’ll be expanding this service to new locations around the country this year,” Roche explains. First Fortnight is one of more than 11,500 charities registered in Ireland ranging from small, local and volunteer-only to large, national or international organisations with thousands of employees, according to the Charities Regulator. Although all charities are classed as not-for-profit organisations, not all not-for-profit organisations are charities. Under the Charities Act 2009, a charity must be set up to promote one or more charitable purposes, promote only that charitable purpose and deliver a public benefit. “Ireland’s strong charity sector plays a central role in our society. The diversity of the sector’s activities is reflected in the Register of Charities, which includes over 3,600 schools as well as libraries, museums, youth clubs, daycare centres and much more,” explains Helen Martin, Chief Executive of The Charities Regulator. Aside from their societal impact, charities have a significant financial impact on the Irish economy. About 281,250 people are employed by registered charities, according to the Report on the Social and Economic Impact of Registered Charities in Ireland published last year by the regulator. “That’s equivalent to almost one-in-eight workers. Total direct expenditure by Irish charities was estimated in our report at €18.6 billion in 2022, an increase of 28 percent over 2018. The overall financial impact of the charity sector was estimated at €32.1 billion in 2021, when the indirect and induced effects of activity are also included,” Martin says.   Personal motivation  Tony Ward, FCA, has worked in both voluntary and professional roles within Ireland’s charity and not-for-profit sector, prompted initially by his personal experience. “My introduction to the sector came through my diagnosis with a degenerative eye condition in the early nineties, which led me to become involved with Fighting Blindness as a board member while working in practice, consultancy and the private sector,” he says. “I would go on to become an employee of Fighting Blindness and then Director of Finance with The Wheel – Ireland’s national association of community and voluntary organisations, charities and social enterprises – until May 2022 when I went into consultancy, largely in the charity sector.” Ward is currently co-Chair of the Institute’s Charity and Not-for-Profit Special Interest Group and sits on the board of several charities and not-for-profit organisations. He has firsthand experience of the benefits they can bring to individuals who need supports and services. “I have benefited personally from continuing to be involved with charities working in the area of blindness and sight loss while learning about many others and the great work they do. They often fill gaps left by the State in the provision of essential services or enhancing aspects of society that are important to all, such as arts and sports,” he says. “I think it is very important that we give back and what easier way to do it than in an area where we all have existing competencies, which probably fit with the skills charities desperately need?” Chartered Accountants, in particular, have skills of great potential value to charities and not-for-profits, Ward believes.  “I would urge Chartered Accountants to give back by helping the charity and not-for-profit sector. Many are already involved and, the more I’ve become involved myself, the more I understood how complex and important the ‘business’ of running a charity is.  “Charities are all subject to the same or similar governance controls, business metrics and operational concerns as other organisations. It is very important that they have people with suitable skills involved,” he says. Valuable professional skills Orla Roche agrees that Chartered Accountants have a lot to offer Ireland’s charity and not-for-profit sector. Even if they don’t work full-time in the sector, they can bring valuable professional skills to the table on a voluntary basis. “I feel my qualification has brought a much-needed function to the charities I have worked with. Governance and accountability are vitally important to charities,” Roche says.  “Since the establishment of the Charities Regulator in Ireland and the impending Charity Amendment Bill, charities have to be more transparent and I welcome these changes.”  For those Chartered Accountants who may be interested in volunteering, Roche says that there are safeguards in place to protect them from potential risks. “Pitfalls might exist in very small charities with very few or no staff and few financial controls where the onus might lie with the directors,” she says, advising that these risks can be mitigated by:   • Using the Charities Statement of Recommended Practice (SORP); • Keeping up to date records; • Working closely with an auditor; and  • Complying with the relevant Companies Registration Office and Charities Regulator rules.   “The way I see it, Chartered Accountants have a vital role to play by joining the boards of charities in a voluntary capacity,” Roche says. “Our analytical, financial and people skills can increase the transparency and accountability of the sector and you will find many Chartered Accountants sitting on the finance sub-committee of charity boards around the country. “They can also help in producing accounts and ensuring financial controls and best practice are adhered to. This increases the transparency and accountability of the charities they volunteer with.” For those interested in volunteering their skills for the first time, Tony Ward advises reaching out to their family, friends and local community or logging on to Boardmatch.ie, an Irish charity specialising in not-for-profit board recruitment, or Volunteer Ireland at volunteer.ie. “There can be a lot of work involved, less so perhaps in organisations that have their own dedicated staff, but in my experience, a Chartered Accountant who understands how systems work can fairly easily slot into a charity board or committee,” he says. Áine Crotty, ACA, first became involved in charity and not-for-profit volunteering while completing her training contract with KPMG in Dublin. “I trained in financial services audit and then moved into risk consulting and then the insurance industry, but it was initially through my involvement in some of KPMG’s fantastic Corporate Social Responsibility (CSR) initiatives that I realised the benefits and rewards that could come from using my skillset to help charities as a Charity Trustee,” Crotty explains. Role of trustees The Charities Regulator defines Charity Trustees as the volunteers that sit on the boards of charities (or committees in the case of associations).  “They are the people who ultimately exercise control over, and are legally responsible for, a charity,” Helen Martin explains.  Her advice to existing trustees and Chartered Accountants who may be thinking of becoming a trustee is to familiarise themselves with the responsibilities of the role. “I would advise them to check the charity’s entry on the Register of Charities to ensure that it has filed its annual report with the regulator and that key details, such as the names of the charity’s trustees, are up to date,” says Martin. Through Boardmatch.ie, Áine Crotty secured her first role with a charity on the Audit and Risk Committee of the Board of Paralympics Ireland. She now also sits on the board of Gerri’s Place. “Gerri’s Place is a not-for-profit, social enterprise that provides wellbeing breaks for people who need time and space to focus on their emotional and mental wellbeing,” she says. “I have volunteered with and supported various mental health charities from a young age, as I had seen the effects of poor access to mental health services in my community. Joining the Board of Gerri’s Place has allowed me to continue contributing to a cause that is close to me. The skillset of a Chartered Accountant is invaluable to organisations like Gerri’s Place, Crotty says. “I see my Chartered Accountancy qualification and the skillset that comes with it as a privilege; it’s an even bigger privilege to be able to use that skillset to give back to those in need.”  For other Chartered Accountants keen to explore trustee roles in Ireland’s charity and not-for-profit sector, Crotty has this advice: “If you are confident in your skills and ready to give back some of your time, there is a place for you. With the charity sector becoming more and more regulated, there is a real need for professionals such as Chartered Accountants to get involved.” Regulatory environment Like all legal entities, not-for-profit organisations are subject to general laws and regulations dependent on a number of factors, explains Níall Fitzgerald, Head of Ethics and Governance at Chartered Accountants Ireland, a board member of Age Action Ireland and co-founder of non-profit Chapter Zero Ireland. These include:   • How they are established (e.g. Companies Acts applying to companies); • Their purpose or cause (e.g. Charities Act applying to charities); • Their responsibilities (e.g. safeguarding legislation if caring for vulnerable people); • Their activities (e.g. licencing or permit conditions for fundraising or events); • Their governance structure (e.g. constitution, trust deed, etc.); and  • How they operate (e.g. employment legislation/health and safety legislation).    “In addition, the non-profit organisation may be subject to regulations or conditions because of where they source funding from,” Fitzgerald says. A sporting organisation receiving funding from Sports Ireland, for example, will be required to comply with the Governance Code for Sport. A charity receiving government funding, meanwhile, may be required to comply, in full or in part, with governance requirements for state organisations. “The financial reporting requirements for not-for-profit organisations also vary according to considerations similar to those outlined above,” Fitzgerald says. In Northern Ireland, requirements are defined for charities as a category of non-profit organisations by the Charities (Accounts and Reports) Regulations 2015. Under these regulations, the Charities Statement of Recommended Practice (FRS 102) (Charities SORP FRS 102) applies to charities with income exceeding £250,000.  In the Republic of Ireland, the Charities Governance Code requires charities to produce full unabridged financial accounts, and to make sure these are made publicly available. The Charities (Amendment) Bill 2023, meanwhile, provides for a number of amendments to the Charities Act 2009. The bill, currently under scrutiny in the Dáil, aims to provide greater transparency for the public in relation to the finances and operations of registered charities.  “The amendments proposed will facilitate the introduction – for the first time – of much-needed financial accounting regulations for registered charities in Ireland,” Helen Martin explains. “This will introduce greater transparency in the way charities report on their finances and ensure that all charities are treated equally regardless of whether they operate as a company or an unincorporated entity such as an association or charitable trust.” This in turn will ensure that the financial statements of charities are more informative and more comparable than is currently the case.  Níall Fitzgerald recommends that not-for-profit organisations undertake a regulatory mapping exercise to determine the extent of the legislation and regulation each is subject to. “This can be a useful process for a not-for-profit organisation of any size, enabling it to better design a fit-for-purpose governance structure that facilitates effective compliance and reporting, while the organisation mainly focuses on achieving its purpose and objectives,” Fitzgerald says. Crucial role of accountants Public trust and confidence is the bedrock of a charity’s existence and this applies whether it is a large organisation or one of Ireland’s smaller charities, writes Helen Martin.  Close to 50 percent of charities, excluding schools, have an annual income of less than €100,000.  Accountants can help support and enhance governance standards within charities. We know from our engagement with charities that many use accountants on a voluntary or professional basis to provide support on a wide range of financial matters, such as:   • Developing internal financial controls; • Preparing financial reports, including management accounts; and • Advising on and assisting with transactions and investments.    Promoting and supporting the principals of good governance helps ensure Ireland has a vibrant charity sector that is valued for the public benefit it provides across many facets of society.  This ranges from ensuring a robust risk management system is in place to making certain a charity’s details on the Register of Charities are correct and it is up to date with its filings. Another key area in which accountants can play a role is in supporting transparency and accountability. We know from research that there is a strong link between greater transparency and accountability and public trust. Accountants are accustomed to the requirement to comply with regulations and professional standards. Whether working on a professional or voluntary basis, as a charity trustee or a service provider, they can help charities by being familiar with their key regulatory obligations and making sure they are in a position to comply.  For example, it is essential to know when the charity’s annual report is due to be filed with the Charities Regulator and what your obligations are, as a charity trustee, if you receive a statutory direction to provide information under the Charities Act 2009.  Failure to file an annual report on time or respond to a statutory direction is a criminal offence and could also put a charity at risk of being removed from the Register of Charities. Getting started: three-step checklist for new trustees Níall Fitzgerald, Head of Ethics and Governance at Chartered Accountants Ireland, outlines three steps he recommends members take before agreeing to volunteer for a charity or not-for-profit. 1. Reflect on your personal motivation and the cause or purpose that matters most to you This passion will be a key source of the energy required for any commitment you make, but it will also be an important filter when choosing which not-for-profit organisation to get involved with. For some members, the motivation will be clear from the outset. For others, you will know it when you see it—perhaps when you hear about the impact a certain charity is having or as you come across examples of its work. 2. Think about the skills, experience and level of commitment you can bring to a not-for-profit This can be about much more than your financial or compliance acumen as a professional accountant, also taking into account any of the skills and abilities attained in your life and career. It is also useful to have an idea of the amount of time you can give to an organisation as this may be one of the key factors determining the extent to which you get involved. 3. Invest time and effort in identifying the right opportunity Whether you are searching for a voluntary position or approached about a vacancy, it is recommended that you carry out some form of due diligence on the organisation. This includes getting a clear understanding of its vision, mission and values, and how these fit with your own. One tip here is to consider the ‘SPF factor’ – Strategy, People and Finance – and ask these three questions: • What is the organisation’s strategy and what resources/capacity does it have to achieve this? • What is the profile and skillset of the people leading and running the organisation? • What is the state of the organisation’s financial position and performance?  In addition, consider the organisation’s expectations of you and your ability to deliver on them. Many of these matters are considered further in the Chartered Accountants Ireland Concise Guide for Ethics and Governance in the Charity and Not-for-profit Sector, available in the Ethics Resource Centre online at charteredaccountants.ie. Produced in 2018, the guide will be revised later this year to reflect more recent developments in the sector.

Feb 09, 2024
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Thought leadership
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Will the ‘10x Economy’ work for Northern Ireland?

The Department for the Economy unveiled an ambitious plan to boost the Northern Ireland economy in 2021, but will it be up to scratch? Professor Anne Marie Ward, Dr Esmond Birnie and Dr Stuart Henderson crunch the numbers to find out if the 10x Economy vision can deliver. Some argue that the Northern Ireland (NI) economy has strong potential given its apparent unique trade position as a halfway house between Europe and Britain, combined with the Department for the Economy’s (DfE) ‘10x Economy’ policy, which targets innovation, inclusion and sustainability. Yet, despite experiencing 25 years of peace, NI continues to suffer from political uncertainty and lower economic productivity relative to Britain and the Republic of Ireland (ROI). Moreover, ongoing uncertainties associated with Brexit continue to dampen potential foreign direct investment, which has been vital to the strong economy in ROI. It is against this backdrop that the DfE introduced a new growth policy in May 2021 aimed at achieving a 10-times better economy (‘10x economy’) by 2030.  The 10x vision is underpinned by objectives grouped into three pillars—innovation, inclusive growth and sustainability—and focuses on six priority sectors:  1. Agricultural technology (agritech); 2. Life and health sciences; 3. Advanced manufacturing and engineering; 4. Financial services and financial technology (fintech); 5. Software (including cybersecurity); and 6. Screen and low carbon.   The data The Northern Ireland Economic Trade Statistics (NIETS) is a new dataset that provides details on trade between NI and Britain for the first time. We have analysed this dataset, which covers the period 2014–2020 and comprises a sample of enterprises that are VAT or PAYE registered and trade in NI.  Approximately 5,000 to 7,000 enterprises respond to the survey annually. As part of our research, we examined the 10x priority sectors over the period 2014–2020.  Data on financial services and fintech are not included in the dataset and due to GDPR issues, we had to merge some of the 10x priority areas, ending up with four 10x sectors:  • Agritech;  • Health and life sciences; • Advanced manufacturing (including low carbon); and  • Software and screen.  Approximately 11.4 percent of the total sample is classified as being 10x. Here is a summary of our findings. Growth in sales and gross value added (GVA) As shown in Table 1, the 10x sectors of the NI economy were relatively resilient from 2014–2020 as total Gross Value Added (GVA) increased over the period, though agritech was negatively impacted by COVID-19.  Performance of the non-10x sectors improved over the period 2014–2019, as evidenced by increased total GVA (except traditional manufacturing, which declined by 20.35%). Most non-10x sectors were adversely impacted by COVID-19, however, except manufacturing and ‘other’ production.  Productivity Productivity is measured by the ratio sales per employment and GVA per employment. As illustrated in Figure 1, for 2014–2020, the wholesale and retail sector had the highest sales per employment, followed by agritech and other production. Other production has the highest GVA per employment, followed by construction, health and life sciences and software and screen. Agritech has the second lowest GVA per employment. External sales behaviour A country’s wealth is influenced by its ability to attract funds from external markets. To determine how NI is doing, we investigated the trade behaviour of NI enterprises using four ratios, which reflect the percentage of overall sales each business undertakes with Britain, ROI, the rest of the European Union (REU) and the rest of the World (ROW). The average percentage for each year (2014–2020) for the whole sample is provided in Table 2.  The most important external market is Britain, accounting for on average 11.75 percent of sales, followed by ROI (6.18%), ROW (2.69%) and REU (1.74%). Generally, the percentage of total sales to these external markets increased steadily over the period 2014–2019 and declined in 2020, coinciding with COVID-19. Patterns in the percentage of total sales to the four markets are further analysed by sector over the period 2014–2020 in Figures 2 to 5. Sectoral differences are evident. Generally, non-10x enterprises (the six to the left-hand side of each figure) are less engaged with external markets relative to 10x enterprises (the four to the right-hand side of each figure).   Differences in the relative importance of markets is also observed across sectors. For example, the ROI market is most important to the agritech sector (Figure 3), and the ROW market is most important to the health and life sciences sector (Figure 5), probably indicative of sales to the US. This sector is also very active in markets in the REU (Figure 4).  Note: When interpreting these results, be aware that the data is based on the largest enterprises in NI and the authors had to design their own 10x categories based on Standard Industrial Classification codes.   Will it work? The number of enterprises in NI that can be classed as ‘10x’ increased over the period from 619 in 2014 to 723 in 2020. They are contributing GVA to the economy and, importantly, most of their turnover is to external markets, which is beneficial for a small regional economy where local demand is limited.  These enterprises seem to be resilient, with little change in behaviour observed in the period after Brexit, and, with the exception of agritech, they continued to grow despite COVID-19 (though the data was only available for 2020).  In theory, the DfE’s ambitions are laudable. Cluster approaches have proven successful in other countries, including ROI, where foreign-owned high-tech enterprises pay higher wages, invest in R&D for future growth and have high exports.  Moreover, the vision of sustainable growth and prosperity for all (levelling up) aligns with more holistic concepts of economic growth that account for social and environmental concerns alongside economic prosperity.  There are concerns, however. This is an ambitious undertaking that will take time to implement. The 2030 target set by the DfE is tight, the support structures to fuel 10x growth are not yet fully established, ‘10x’ is not yet fully defined, ‘place’ is not yet fully defined and hence the data are not (yet) available to enable 10x to be identified and analysed by place.  This will hinder the ability to foster clusters and build networks, which are important for innovation. Also, change will be difficult due to existing established structures.  For example, most policy and government action is managed through Local Government Department (LGD) level structures. However, clusters of enterprises may cross LGD boundaries, complicating a joined-up approach.  In addition, economic and social development is not only managed by the DfE; many other bodies such as central government and local government departments, business networks and educational establishments, are involved. Role for accountants Accountants can play an important role in the success of the DfE’s policy and the future of the NI economy. Accountancy firms are present in most towns across the region. Accountants are part of local business networks and have first-hand knowledge of entrepreneurship and innovation within communities.  Moreover, accountants are well-equipped to facilitate the creation of priority clusters and expanding networks that enable local businesses to connect and grow both within and beyond their communities. This will be good for communities and for the accountancy profession.   *Note: The tables and diagrams in this article are from the authors’ full report, available on the Northern Ireland Statistics and Research Agency website. Professor Anne Marie Ward, FCA, is Professor of Accounting at Ulster University; Dr Esmond Birnie is Senior Economist at Ulster University; and Dr Stuart Henderson is a Lecturer in Financial Services at Ulster University.

Feb 09, 2024
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Member Profile
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The abiding value of transatlantic ties

The achievements of the vibrant network of over 700 Chartered Accountants in the US continue to represent the best of the profession and provide a crucial conduit for inbound investment to our shores US members represent best of the profession  For decades, Ireland’s Chartered Accountants have beaten a well-worn path across the Atlantic, writes Sinead Donovan, President of Chartered Accountants Ireland. Facilitated by a Mutual Recognition Agreement with the American Institute of Certified Public Accountants (AICPA), our members have had the opportunity to build their careers in roles across industry and practice. Many make the move in the early years of their career, looking to explore the world and gain post-qualification experience in a new market. As you will see in this special report, many remain there through their careers, becoming embedded in the local economy, their achievements in senior positions representing the best of the Chartered qualification. These more established representatives of our profession become highly effective advocates across the United States, and indeed for the island of Ireland, as they become influential ambassadors for inbound investment to our shores. This flow of investment is well-established and mutually beneficial for our economies, and I am proud of the critical role our members play in driving and servicing this. As a membership organisation, one of the most critical things we can do is support members in this work. In what I like to call the “family” of accountants, I have come to realise that no matter how far from home members are located, there is that strong desire for community and a sense of belonging with their fellow members overseas and with the Institute at home. On the ground in the US, there is also a strong network of overseas chapters, run so effectively by local volunteer members, many of whom I had the pleasure of meeting last year when I visited. The other crucial way we support members is through the power of our professional network. Over the years, we have built strong and enduring relationships with AICPA, the National Association of State Boards of Accountancy and Chartered Accountants Worldwide, among many others. This collective voice is invaluable in continuing to help our profession to grow and further develop meaningful economic and societal impact.  Colm Mackin, Act+Acre As co-founder and Chief Executive of Act+Acre, the New York headquartered haircare business he runs with his wife and business partner Helen Reavey, Colm Mackin has just launched the brand in 235 US outlets of Sephora, the cosmetics retail giant. It is a major milestone for Mackin, a Chartered Accountant from Co. Down, and Reavey, a top hairstylist from Armagh, who launched the brand together in 2019. They partnered with scientists at Stanford University to develop a range of patented cold-processed haircare products designed to resolve scalp-related issues ranging from product build-up to thinning hair. Since then, Mackin and Reavey have employed a successful e-commerce strategy that has seen Act+Acre grow from strength to strength, netting the venture US$12 million in private investment. “That first spark of an idea came from Helen’s experience working at Paris Fashion Week with all these models who were going from show to show,” Mackin explains.  “They had nothing to remove scalp build-up and their hair wasn’t performing. We saw this gap in the market for a range of products that could address these issues and promote scalp health as the basis for healthy hair.” At the time, Mackin had transferred from PwC in Dublin to work on the international tax team at the firm’s New York office. His decision to leave a secure role in practice for the unfamiliar world of entrepreneurship was bolstered by his pure belief in the Act+Acre concept. “What I had been doing in practice gave me a really good grounding for what we’ve gone on to achieve with Act+Acre, but there are different chapters to the story,” he says. “We spent six months researching our products and the cold-processed process behind them. Then, you must get the product/market fit right, build your team and raise the money you need. “I think that’s where I’ve really seen the benefits of my qualification coming through. America is a place where you have access to investors you wouldn’t necessarily find in smaller markets and being Irish helps because we’re naturally good storytellers and we are naturally passionate.  “That helps to get the conversation started, but being a Chartered Accountant also means I have a very good understanding of profit and loss on a balance sheet. I can speak with confidence to investors; it’s just innate. I can answer their questions. You’re speaking to them on their level and that helps hugely when you’re out there raising money to build your own business.” US market appeal Mackin is one of over 700 members of Chartered Accountants Ireland currently living and working in the US.  More than one-in-three are in the 24-44 age bracket, demonstrating the market’s ongoing appeal to, and demand for, talented Chartered Accountants from Ireland building their careers.  While concentrated in cities such as New York, Boston, Chicago, San Francisco and LA, their footprint can be found right across the country, from Washington State to Florida and from Texas to Michigan.  Eighty-two percent of Institute members in the US work in business. The second largest cohort (10%) work in practice.   Una Troy, SS&C Technologies One of the 82 percent of Institute members in the US working in business is Una Troy. Troy is a Managing Director with SS&C Technologies, a provider of services and software to the financial services and healthcare industries with some 20,000 clients and offices around the world. Based in New Jersey, Troy qualified as a Chartered Accountant in Dublin and had already worked in high-level positions in the funds industry in the UK and Australia by the time she found herself en route to the US in 2005. “I was working with BISYS Fund Services in Dublin in 2005 when the company started hiring people to support its growing hedge fund business in the US and I decided to make the move across to New Jersey,” she says. Almost immediately, Troy found her qualification as a Chartered Accountant beneficial to her career progression in the States. “At the time, BISYS had acquired the hedge fund administration arm of an accountancy practice and I was able to help that business integrate into BISYS,” she says. “My accountancy background gave the local leadership team confidence in me and the group I was leading and, when BISYS was sold to Citi, I became Global Head of Operations for Citi’s hedge fund business.” Troy was subsequently appointed Managing Director, SS&C GlobeOp, following SS&C Technologies’ acquisition of Citi’s Alternative Investor Services Business. “I have found the US very welcoming as a place to live and work. There are a lot of commonalities culturally between Ireland and the US; both share a very strong work ethic. There are great career opportunities here and your efforts are rewarded.” Troy’s advice to Chartered Accountants who have relocated to the US more recently is to make full use of the professional network facilitated on-the-ground by Chartered Accountants Ireland. “You’ll start to form a network of colleagues within your work role, but it’s also important to broaden your contacts outside that,” she says. “Attend events hosted by Chartered Accountants Ireland and other organisations relevant to your work. Once you start to attend these events, you automatically start to broaden your network.” The Chartered Accountancy qualification is relatively well-recognised in the US and associated with high professional standards, Troy says, but certain roles may require applicants to hold a Certified Public Accountant (CPA) designation.  “For many Irish Chartered Accountants, the qualification itself will suffice but where a CPA designation is required, an accelerated path has been facilitated by the American Institute of Certified Public Accountants (AICPA) and the National Association of the State Boards of Accountancy (NASBA) through a Mutual Recognition Agreement (MRA) with Chartered Accountants Ireland,” she says. About the MRA Chartered Accountants Ireland first signed its MRA with the AICPA and NASBA in 2004 and the agreement has since been renewed several times.  “Irish Chartered Accountants can access the US designation and gain practice rights in the US,” explains Ian Browne, Director of Education, Chartered Accountants Ireland. “This is of particular relevance to those who wish to work in practice in the US and is increasingly required by US firms.” To successfully complete the process, Chartered Accountants are required to pass the International Qualification Exam (IQEX) operated by NASBA. This can be done in Ireland before moving to the US. “Additionally, as the US CPA qualification includes audit rights, you should ideally have obtained the Irish Audit Qualification before you leave should you plan to work in audit,” Browne says. Ken L. Bishop, President and CEO of NASBA, says the MRA gives Irish Chartered Accountants a relatively easy route to securing the necessary certification to work in the US. “Irish Chartered Accountants are typically highly valued by the US profession and many have taken advantage of the MRA,” Bishop says. “I believe that the MRA and the flexibility and mobility of practice privileges that can be accomplished is hugely important. We live in an increasingly global economy, and the business and economic nexus between the US and Ireland continues to increase.” Alan T. Ennis, former Revlon CEO For Alan T. Ennis, who has lived and worked in the US since 1999, his qualification as a Chartered Accountant provided the crucial foundation on which he has been able to build a high-flying career in business. Ennis studied commerce at University College Dublin and qualified in 1991 with Arthur Andersen, where he continued to work as a manager for a few years before moving to the UK to join Ingersoll Rand in Manchester. It wasn’t until he negotiated a transfer to the US multinational’s New Jersey office in 1999, however, that his career really began to take off. “I moved through various different financial roles from internal audit to financial planning and investor relations there,” he says. In 2004, as he was considering a potential move to North Dakota to take up a position as CFO of Ingersoll Rand’s Bobcat division, Ennis was headhunted for a very different role. “I was offered the position of head of internal audit at Revlon. I was in my early thirties and my choice was between Bobcat in Fargo, North Dakota, and this other role with a very different and much smaller company that would put me in New York.  “Revlon had a lot of debt at the time. It was a high-risk move, but I thought, ‘you know what, I’m going to go for it’.” It was a risk that would pay off for Ennis who quickly climbed the ladder at Revlon. “Being a Chartered Accountant put me in a very good place to understand the financial operations of any corporation and that really stood me in good stead at Revlon,” he says.  “I could understand financial statements, I understood the importance of profitability and cash and how investments work.  “What happened next was really a combination of readiness and serendipity. Within two-and-half years, I had gone from Head of Internal Audit to Corporate Controller to President of International and then Chief Financial Officer.” As CFO, Ennis again found his training as a Chartered Accountant invaluable. “The Board of Directors could see that I knew how the business worked; how it operated.” After two-and-a-half years as Revlon’s CFO, Ennis was appointed to the top role of Chief Executive of Revlon for five years. “I had a great run and a superb team of people behind me and when I left that role in 2014, I got a great package and I wasn’t under pressure anymore really to prove myself. I had choices,” he says. In the years since, Ennis has “dabbled in private equity and joined a couple of boards, both profit and not-for-profit.”  “In everything I’ve done here in the US, my qualification continues to be the most valuable jewel in my chest of knowledge,” he says. “My advice to Chartered Accountants moving from Ireland to the States now is to make sure you start to connect with other Chartered Accountants over here straight away – and there are lots of us in New York, Boston, San Francisco and other places. That’s a valuable network. “The other piece of advice I would have is that it’s okay to put yourself out there – in fact, it’s a good idea. Americans tend to be confident in how they present themselves professionally. They are proud of what they have done and they’re confident in their success and in abilities.  “They’re not afraid to talk about it. Irish people, myself included at times, tend to downplay our achievements and abilities. In the US, people won’t necessarily understand that so it’s not a bad idea to learn to advocate for yourself, your skills and talents.” Significant contribution to New York business community Irish Chartered Accountants make a significant contribution to the New York business community, writes Helena Nolan, Consul General of Ireland in New York. Its active members are a testament to the wide reach of Irish and Irish American accounting professionals in the broader New York business and finance sectors. It was a pleasure to host Chartered Accountants Ireland again for another networking event at the Consulate in New York during St. Patrick’s week in 2023 and an honour to have Irish Minister for Education, Norma Foley TD, present to address the gathering of members and partner organisations. Networking events like these are important for showcasing members’ contribution, for raising awareness of the increasing opportunities available now for businesses in Ireland and to help underpin the vibrant professional relationships between professional organisations and individuals in the United States and Ireland. The Consulate team is always pleased to support and reinforce these strategic linkages between our two countries and our two economies, where we see an increasingly mutual relationship, in terms of trade and investment, and great potential for the future. Chartered Accountants play important role in winning FDI for Ireland    Ireland’s investment relationship with the US is strong and enduring with about half of all IDA Ireland clients headquartered in the US, writes Brian Conroy, Executive Vice President and Director, North America, IDA Ireland. These US companies employ more than 180,000 people in Ireland across a range of sectors such as technology, life sciences, financial services and engineering. US investments in Ireland are by no means gained effortlessly. With over 30,000 members, Chartered Accountants Ireland plays a very important role in the winning of FDI for Ireland. The Institute’s members work in senior positions in practice and industry both in Ireland and in the US and provide the financial leadership and talent crucial to Ireland’s success. A key reason our country is an attractive place for US companies to do business is because people here in government, industry and academia work hard to make it that way. The activities of US multinational companies supported by IDA Ireland make a crucial contribution to our FDI success. US members: key decision-makers driving NI inward investment Alongside our wider diaspora network, professional membership bodies like Chartered Accountants Ireland play a significant role in bringing people together, writes Andrea Haughian, Executive Vice President and Head of Americas with Invest Northern Ireland.  Organisations like Chartered Accountants Ireland afford agencies such as Invest Northern Ireland the opportunity to engage with members across the US, many of whom are, or can facilitate access to, key decision-makers responsible for investment decisions. We deeply value the relationships facilitated by Chartered Accountants Ireland. For more than 20 years, Invest Northern Ireland has supported US companies to successfully establish centres of excellence in Northern Ireland.  Northern Ireland’s global reputation as a trusted business partner with a thriving entrepreneurial ecosystem, talented workforce and deep expertise in research and innovation, has long been a magnet for significant foreign direct investment from the US. Companies such as Seagate, Citi, Aflac, and Microsoft have joined more than 230 US-owned businesses operating across the region and employing over 30,000 people in sectors as diverse as technology, advanced manufacturing and engineering, life and health sciences and financial and professional services.  Demonstrating the importance of the relationship between the US and Northern Ireland, US President Joe Biden has appointed Joe Kennedy III as the US Special Envoy to Northern Ireland for Economic Affairs with a focus on advancing economic development and investment opportunities. 

Feb 08, 2024
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Career Guide
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Coach's corner - December 2023

Julia Rowan answers your management, leadership and team development questions I joined a new practice recently and now manage a team of six people. Everybody on the team is polite to me and each other. The work gets done, but there is little collaboration. Almost all communication is by email. Nobody speaks at team meetings. I have tried to find out what is wrong – but nobody will tell me. I find this exhausting. I work from the perspective that ‘everything is feedback’. And feedback is coming your way, loud and clear. The behaviour you are experiencing suggests that trust has broken down somewhere – most likely between team members.  Start to record what it is that you find exhausting about this situation. Do things take longer than they should? Are reasonable quality standards only being met with your input? You need to be able to be specific.  You also need to take a dual approach. First, let the team know that you need something different from them. Be very careful about your language – make observations (“I notice I’m being included in emails”) rather than judgements (“this isn’t good enough”).  Second, you need to start ‘calling out’ the tasks you find yourself doing that are not part of your job and handing each one back to the person who owns it. Conflicts like this can take a long time to get sorted, so it is especially important to be polite, patient and persistent.  I moved from a large consultancy firm to a smaller practice for lifestyle reasons some years ago. It’s been a good move, but I miss the variety, intensity and impact of the work I used to do. The work I do here is much more humdrum than in my previous roles and I feel like the other partners haven’t accepted me. They have worked together for a long time and are of one mind. My ideas are rejected.  I remember coaching a guy years ago who felt like an outsider on the team he managed and with his peers on the senior leadership team. He told me he was “very good at pretending to listen”.  And therein lay his problem: there are some things we can’t fake. Relationships are built on sincerity. So, I wonder what it is like for this practice to have invited you in … a person who finds the work “humdrum”. Do they sense your judgement?  I think the first thing you need to do is work out a way to engage with this practice sincerely. Write down the most honest observations you can make about your experience working there – to yourself, your peers and your team.  Write about how you feel about the practice, your ambitions and what you have lost by joining. Then (and only if you are sincerely interested), find a way to engage with your peers about what they have built and how they built it. What were their hopes, challenges and successes? What are they proud of?   It might also be helpful to look at your language. When stressed, we go to that very definite language (e.g. “they are all on the same page”). And the danger is that we start believing our thoughts.  Might it be more truthful to say, “they are often on the same page” or “many of them are on the same page”?  While that may sound trivial, it can change our perspective.  Once you’ve done this work, you should organise one-to-ones with your peers over lunch or coffee and try to connect with them genuinely. When people feel accepted, they find it easier to accept others. Julia Rowan is Principal Consultant at Performance Matters Ltd, a leadership and  team development consultancy. To send a question to Julia, email julia@performancematters.ie

Dec 06, 2023
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Strategy
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Getting IPO-ready in 2024

A successful flotation is a major milestone for any ambitious company but the path to IPO-readiness is paved with challenges and careful preparation is crucial, write Ciara O’Callaghan Crehan and Eimear McDermott The public markets are a bellwether for economic confidence at any point in time and we have witnessed a challenging period for equity performance and new issuances recently.  While the public markets offer just one source of potential funding for a business, an Initial Public Offering (IPO) is seen by many as a particularly significant milestone for promising businesses and IPO activity as an indicator of wider economic health.  There are numerous reasons why companies may want to list on a stock exchange. These include access to a new pool of capital to help take them to the next level, enhanced profile and prestige, a clearly defined business valuation and a route to exit for founders and shareholders. Raising capital through the public markets takes time and lots of preparation, however, particularly in a period of prolonged economic uncertainty.  Current IPO market conditions The current IPO drought has persisted for more than 18 months, but this doesn’t mean pre-IPO companies should be inactive. Rather, we would suggest taking advantage of the current lull to prepare now for a public offering further down the line. Already, we are starting to see the first green shoots of recovery. The third quarter of 2023 produced 36 IPOs that raised a combined total of about $8 billion. This was the same amount of proceeds raised for the full year in 2022 and was led by the largest tech offering in years, ARM, which raised approximately $4.9 billion. In particular, we are seeing a growing number of large corporates opting to consolidate their market listings on – or undertake a general move to – US markets. While this is not good news for stock exchanges in Ireland or Europe, it demonstrates the continued dominance of the US capital markets for access to funding.  The next wave of IPOs will be led by those companies that do the hard work of preparation today, readying themselves for amplified scrutiny and accountability and working to make the necessary corrections big and small. Choosing the right stock exchange Many factors play into the decision on where to list a company, including: Access to capital, which is critical – in many cases companies will decide to list on multiple exchanges to broaden their investor base; Market visibility and the reputation of the exchange, which may be known for a particular focus area; Liquidity and trading volumes; Regulatory requirements, which differ significantly across markets – the US capital markets are the most onerous from a compliance perspective but are more attractive to many stakeholders, from suppliers to employees and particularly to investors; and Expansion into new markets and peer group comparison. What it takes for a successful IPO  Any successful IPO needs a compelling equity story. In the current environment, IPO candidates need to be able to demonstrate a resilient trading performance and compelling strategy for future growth to tempt investors.  It is also important that the valuation expectation is reasonable. With a particular focus on the US market, some of the key steps in a successful IPO journey include: Ensuring you have a first-class management team and advisors; Getting your IT systems and control environment in order; Improving your financial reporting and getting audit-ready; Addressing change through a people-centric transformation programme; and Addressing environmental, social and governance-related performance and strategy upfront. It’s a team game The path to becoming a public company depends on a coordinated team effort by management and external advisors. In our experience, which spans both sides, we believe there are several critical ingredients to success: An experienced management team, ideally with some IPO experience that can build a strong equity story during the roadshow; External advisors with IPO credentials, contacts and industry experience; and A structured transformation of the people, processes (with a particular focus on technology) and culture of the company. IT capacity and controls Companies should not overlook or underestimate the ‘heavy lift’ needed for readying their IT systems ahead of a planned IPO. Some of the IT systems and tools commonly used by private companies in many cases cannot scale to meet the technology requirements of a public company.  Many companies face fundamental challenges in understanding their existing IT landscape and the interdependencies that exist between the different elements therein.  This is particularly important because you cannot expect to achieve a robust internal control framework for financial reporting without a strong partnership between the IT and finance teams.  It takes a coordinated approach – with informed, experienced leadership – to break down silos and ensure that everyone is speaking the same language. Getting the governance right at the outset is a prerequisite for successfully establishing and embedding your control framework. Companies that have not historically invested in technology and tools for financial reporting and business operations might struggle with the limitations of their existing technology if this is not addressed as a priority at the outset.  Assessing IT across people, processes and systems is critical. Taking a risk-based approach – and strategically sequencing your transformation initiatives – is equally important.  Early in the preparation phase is the time to get the fundamentals right, and to ensure that each step of your transformation is aligned to your IPO target state.  Companies should be incorporating audit and control requirements into their procurement decisions when looking at investment, alongside business, information security and other assessment criteria.  Financial reporting and audit The level of auditor scrutiny on public companies is high and ever-increasing. Therefore, getting your company’s historical accounting and controls in order is essential pre-IPO.  As already mentioned, it is critical to have the right technology in place here alongside the right people – and to give them sufficient lead time to do the work needed. In preparing for the rigours of an IPO, an auditor may have to re-audit parts of prior years’ accounts and update procedures to meet the higher standards expected of a public company. They will likely have to update controls and processes and document all key controls.  It is an arduous process and one that cannot be rushed. Early engagement with the audit team is important.  In our experience, bringing your auditor into the fold at agreed milestones can be hugely valuable in ensuring continuous alignment and avoiding any unexpected curveballs as you navigate the IPO journey. Tailored people-centric approach An IPO journey will have its challenges. It requires major transformation involving upgrading technology, improving financial reporting processes and implementing governance, risk and compliance capability. All are critical.  So too is a people strategy that sets out the vision for a collaborative and supportive post-IPO culture incorporating diversity, equity and inclusion as well as helping to guide how the business plans to achieve its environmental, social and governance (ESG) goals.  And finally, ESG As ESG continues to gain momentum, it is becoming a fundamental consideration for companies making strategic decisions in areas including funding.  Integrating ESG reporting into the equity story has become key for investors and, consequently, it is an increasingly important aspect of the IPO readiness plan for issuers.  This is especially true in Europe where regulatory requirements for listed companies will become mandatory as the European Union’s Corporate Sustainability Reporting Directive (CSRD) comes into effect. An ESG strategy is now a must-have for any company considering an IPO.  Becoming a public company and raising funding on the capital markets has always required lots of work and preparation.  Alongside a company’s equity story, financials and governance, there is now a broader focus on technology, culture and people strategy as well as ESG commitments and performance. The current market lull could provide just the ‘pause’ some companies need to prepare thoroughly for a successful flotation and future growth.  Ciara O’Callaghan Crehan and Eimear McDermott are co-founders and directors of Odyssey Consultants, a boutique risk and management consultancy for helping companies at all stage of their journey reach new horizons

Dec 06, 2023
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Personal Impact
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“Philanthropy provides the risk capital for projects and initiatives that benefit society”

The publication of the National Philanthropy Policy will mark an important milestone in the evolution of this type of proactive giving in Irish society With a new National Philanthropy Policy due to be published later this month, the Department of Rural and Community Development will set out plans to create an ‘enabling environment’ for philanthropy in Ireland. For Philanthropy Ireland (PI), the representative body for the sector here, the policy’s publication marks a very important milestone in the evolution and perception of this type of proactive giving in Irish society on the cusp of the New Year. PI defines philanthropy as the act of giving money, goods, time or effort to support a charitable cause, usually over an extended period of time and in regard to a defined objective. “Irish philanthropy comes in different shapes and sizes, from small community grants to men’s sheds and new mothers’ groups to larger advocacy projects with a national remit,” explains Eilis Murray, Chief Executive of Philanthropy Ireland. “No matter what it looks like, philanthropy has touched every corner of Ireland, but it is still a relatively new concept here because our wealth is relatively new.  “Irish people are generous and support many social causes, but compared to the UK and Europe, philanthropy here is underdeveloped. Greater support from the State and public awareness can change that. “For context, there are about 8,000 grant-making organisations in the UK whereas, in Ireland, there are only around 100.” For Philanthropy Ireland, which has been working with Minister Joe O’Brien and the Department of Rural and Community Development to create the new National Policy on Philanthropy, its publication will be a welcome development. “We hope it will encourage more people with wealth to give and, equally, encourage those advising them to consider the potential of philanthropic giving or leaving a legacy,” says Murray.  For Liam Lynch, Tax Partner with KPMG and past President of Chartered Accountants Ireland, one of the biggest benefits of philanthropy is its potential to bring about positive change with real and lasting social impact. “Philanthropy provides the critical risk capital for projects and initiatives that benefit society and improve opportunities and outcomes for those who are disadvantaged in various ways,” Lynch says. “Some people are of the view that philanthropy shouldn’t exist and, instead, the State should administer all the money needed to fund good causes through the tax system. I don’t agree.  “There is a point of view and perspective philanthropy brings to the table that promotes innovation in a way the State and local government are just not set up to do. “There are services the State should be providing as standard to support social good. Philanthropy is about building on this in a strategic, outcome-driven way that can have a very positive impact on society.” For those who decide to become involved in philanthropic giving, it is often a deeply personal endeavour and one that reflects their personal convictions and values, according to PI. “Philanthropy can make a difference in so many areas, from tackling educational disadvantage and supporting employment opportunities, to health-focused initiatives – mental health, children’s or older people’s health, for example,” says Lynch. “Philanthropic giving can go towards promoting sustainability and the environment or protecting Irish culture and the arts. This is just the tip of the iceberg. The potential is enormous.  “That is why I would like to see more awareness and discussion of philanthropy, and philanthropists, in Ireland. I think we are generally very aware of the role of philanthropy internationally.  “My question is, why don’t we celebrate our own philanthropists as much and make a concerted effort to recognise the goodwill they are putting into doing good in society?” Frank Gannon – Lynch’s colleague at KPMG Ireland and a Partner in the firm’s Financial Services Group – sees similar benefits in philanthropic giving.  “For me, philanthropy means fulfilling the wish to give something meaningful to those who will benefit,” he explains. “Many people associate philanthropy with monetary donations, but there is much more to it than that.” Chartered Accountants Ireland’s members and trainees are well-placed to get involved in different types of philanthropic giving, Gannon says.  “Our members and trainees have all been educated to a certain level. Sharing our knowledge, information and know-how with those who have not had the same opportunities – and, in particular, those in socially deprived areas – can be a powerful tool,” he says.   “Social capital matters and a lot of Chartered Accountants have large networks of contacts. These networks can be leveraged to transform lives. Giving someone from a deprived area the opportunity to interview for a job could change the trajectory of their life with the positive knock-on effect extending to their family and wider community.”  For those whose philanthropic interest lies in monetary giving, meanwhile, Philanthropy Ireland offers a wealth of advice and information on what you need to know to get started. “There are many forms of monetary philanthropy, which is often considered within the overall context of wealth management and estate planning,” it advises. “Individuals, families and corporates often set up their own foundation or they link in with an intermediary philanthropic organisation that can support them in their grant-making decisions and provide governance and compliance support.” To find out more about Philanthropy Ireland, the organisations and initiatives it supports and the different philanthropic options on offer, log on to philanthropy.ie

Dec 06, 2023
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Feature Interview
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“The onus is on everyone to work together to make Ireland a safe place for all”

The objectives of the National Action Plan Against Racism will be implemented within the Institute, and among members and students, under a recently unveiled Ethnicity Network Group initiative At Chartered Accountants House on a recent evening in late October, members of the Ethnicity Network Group (ENG) announced their plans to implement the objectives of the National Action Plan Against Racism (NAPAR) within the Institute. The ENG is committed to supporting the implementation of NAPAR recommendations within the Institute both as a professional body and employer, explains Deborah Somorin, ENG founder and Co-Chair.  “The National Action Plan Against Racism will be a catalyst for creating more equitable, diverse and inclusive workplaces for people from ethnic minority backgrounds in Ireland,” says Somorin, who is Manager, People Advisory Services, EY Ireland. “Organisations will now acknowledge that racism exists in Ireland and hopefully put in place policies to create authentically anti-racist environments where everyone has fair access to opportunities to gain employment and grow in their careers.” As well as supporting the implementation of NAPAR recommendations within the Institute, Somorin and her ENG colleagues are also committed to supporting members and students who want to implement the recommendations within their own organisations. This is especially important given the recent rise in anti-immigration narratives in Ireland – and the profession is not immune, explains Somorin’s ENG Co-Chair Aisling McCaffrey, Director of Sustainability and Financial Services Advisory at Grant Thorton. “A recent Chartered Accountants Ireland survey found that 43 percent of members and 66 percent of students have personally witnessed or heard someone else being discriminated against in the workplace,” says McCaffrey.  “The survey also found 28 percent of people who identified as being an ethnicity other than white felt their ethnicity had a negative impact on their career as a Chartered Accountant. Only three percent of people who identified as being white responded the same.” The development of NAPAR This isn’t the first time Ireland has attempted to tackle the issue of racism. The country’s first National Action Plan Against Racism was introduced in 2005. When it ended in 2008, however, it was not renewed, leaving “an important vacuum contributing to a ‘normalisation’ of racism”, according to a report by the European Commission against Racism and Intolerance, published in 2019. The UN High Commissioner for Human Rights issued guidelines on creating a new National Action Plan Against Racial Discrimination in 2014. In turn, Ireland – with a mandate established under the Irish Human Rights and Equality Commission Act – created the Irish Human Rights and Equality Commission in 2014. Its purpose was to “protect and promote human rights and equality in Ireland and build a culture of respect for human rights, equality and intercultural understanding in the State”. An Anti-Racism Committee was subsequently established in 2020 by then Minister of State at the Department of Justice and Equality, David Stanton TD.  The committee was given the mandate to conduct research on racism in Ireland, research best practice in other countries and come up with recommendations to tackle racism here. “We did a number of interviews and consultation processes with different departments and ministers, agencies and bodies,” explains Dr Bashir Otukoya, Anti-Racism Committee member, law lecturer and Higher Executive Officer for the Courts Service.  Dr Otukoya took part in a panel discussion at the October launch of the ENG’s NAPAR initiative at Chartered Accountants House. “We had hundreds of written submissions from members of the public, and we put all of that together to end up with NAPAR,” he says. “Each of the board and community members have their own expertise in different fields, like human rights, anti-discrimination and equality law – and [we have] members of communities that are affected by racism. We went at it from an angle of experience and knowledge.” For ENG member Reabetswe Moutlana, Audit Manager at EY, one of the most important aspects of NAPAR is the momentum it creates for collective action. “NAPAR recognises that the journey towards an inclusive society is a collective journey and, therefore, puts the onus on everyone – the State, private actors, organisations and individuals – to work together to make Ireland a safe place for all,” says Moutlana. “The Action Plan also focuses on a victim/minority-centred approach. The key principle of the plan is that ‘affected groups should participate in the development and oversight of all government policy initiatives and targeted measures to address racism…This essentially means that this is a plan created by affected persons, for affected persons.” NAPAR and the Ethnicity Network Group Established in 2022, the mission of the Ethnicity Network Group within Chartered Accountants Ireland is to promote a sense of belonging and inclusion for people who belong to Traveller, Black, Asian and other minority ethnic groups within the profession. “As such, we see it as our role to promote awareness of NAPAR, provide suggestions for key actions across the profession and assist with its implementation where possible,” says Deborah Somorin. Both Somorin and Dr Otukoya recognise that the strengths of the plan are its five key objectives, comprising very specific action points and target dates. The plan also acknowledges the intersectionality between racism and other forms of oppression, and that the required actions and remedies cannot follow a one-size-fits-all approach.  “We were very careful with how we set the objectives in NAPAR,” explains Dr Otukoya. “We wanted it to be relatable to everyday citizens. So, objectives like being seen, being equal, being heard, and being counted were [designed to be] persuasive and in plain language, usable and implementable by anyone.” NAPAR awareness Even though NAPAR was launched on 21 March 2023, few members present at the ENG event at Chartered Accountants House in October were aware of it, according to McCaffrey.  “This could indicate a lack of awareness around the plan, which means that it is more difficult to keep those in charge of it accountable for the actions proposed, especially as this is more of a short to longer-term plan,” she says. “We want as many people as possible to know about NAPAR and become allies towards creating a safe and equal environment while also promoting it. It’s important that the responsibility for raising awareness and promoting NAPAR does not solely rest on affected persons. This is a collective journey.” NAPAR and the Institute The Ethnicity Network Group has devised a four-step plan to integrate NAPAR into the operations of the Institute, explains Somorin: We will support Chartered Accountants Ireland in its role as an employer, in creating an anti-racist working environment by implementing relevant NAPAR actions; We plan to work with decision-makers to implement NAPAR actions related to Chartered Accountants Ireland’s role as a professional educational body; We will develop members’ and students’ awareness and understanding of NAPAR and how they can implement it within their organisations; and We plan to roll out the industry’s first Ethnicity Pay Gap report. NAPAR can positively influence the world of work, not just for employees, but also employers, Somorin believes. “As noted in NAPAR, inclusive communities are vital to ensure that minority ethnic groups feel a sense of safety, connection and belonging,” she says.  “For employees, we believe that being part of an inclusive workplace, where the impacts of racism are acknowledged and addressed, creates an enabling environment for individuals to reach their highest potential.  “For employers, I believe that embedding key considerations linked to NAPAR will lead to improved retention of staff and, in turn, increase access to a more diverse talent pool.  “This increase in diversity enables companies to relate better to all customers and clients, promotes balanced internal discussion and challenges thinking, which often results in driving innovation – all of which is good for business.” *Written by Liz Riley Northern Ireland Racial Equality Strategy 2015–2025 In Northern Ireland, The Racial Equality Strategy 2015–2025 was launched in December 2015. Alfie Wong, MBE, is Head of Racial Equality Delivery at The Executive Office, Northern Ireland Civil Service (NICS) Race and Ethnicity Champion, founder of NICS Race and Ethnicity Network and Chartered Accountant. Here, he outlines the key outcomes of the strategy: - Outcome 1: Equality of service provision People from a minority ethnic background can access and benefit from all public services equally. - Outcome 2: Elimination of prejudice, racism and hate crime Effective protection and redress are provided against all manifestations of racism and racist crime, and a victim-centred approach is promoted. - Outcome 3: Increased participation, representation and belonging People from minority ethnic backgrounds participate, and are represented fully, in all aspects of life – public, political, economic, social and cultural – and enjoy a shared sense of belonging. - Outcome 4: Cultural diversity is celebrated The rights of people from minority ethnic backgrounds to maintain their culture and traditions in line with human rights norms – and to pass them on to subsequent generations – are recognised and supported.

Dec 06, 2023
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Feature Interview
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“Neurodivergent people have a lot to offer. They have unique talents”

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

Oct 06, 2023
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