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Brand visibility and the competition for talent

Your firm’s brand visibility and reputation are critical when competing for skills in a tight labour market, says Mary Cloonan For accountancy firms, recruitment at all levels can be a challenge. With good candidates in short supply, firms need to be able to show that they are a great place to work. A robust and well-designed branding strategy is an excellent investment in your firm’s future success and sustainability. It builds credibility, enhances your reputation, supports growth, and strengthens your ability to attract and retain employees. In my experience, while progressive accounting firms often value marketing as a tool for practice development, many do not always fully leverage their brand in their recruitment strategy. This is a missed opportunity, as getting great candidates to view your firm as an environment where they can thrive is the first step to having teams in place to do the work that will drive your firm forward.  Your brand must show that you are a great choice for accountants and support staff who want to build a successful and satisfying career. Experienced hires It is worth thinking about what experienced candidates consider before submitting a CV. Just like prospective clients, many will start by researching your firm. They’ll probably Google your firm’s name and the names of your senior partners. They’ll look for online reviews and news stories that give a sense of your firm’s values. They’ll check your website and see how your thought leadership articles reflect your values and ambition. They’ll look for any articles you have contributed to the business and professional media and your social and community engagement coverage. They’ll review your social media accounts, especially your LinkedIn firm page and the profiles of your senior leadership and team members. If this research throws up anyone they know on your team, they’ll probably ask this person what it’s like to work for you. The stronger your digital presence, the better your chances of attracting good candidates. Your website and social media platforms should be designed with employer branding in mind. They should showcase your culture, values and benefits in a way that engages potential employees. Crucially, they should be up-to-date and user-friendly. If not, you could lose out on the most talented candidates. Entry-level candidates The first step towards effective graduate recruitment is understanding your target candidates. The typical upcoming graduate is in their early to mid-20s, making them part of Gen Z. Gen Z looks for specific employer qualities. They want to feel challenged and need to know that their entry-level role will enable them to grow as a professional. They tend to have big, out-of-the-box ideas and want to work somewhere that appreciates them.  They think highly of organisations offering workplace flexibility and will often consider this when comparing firms.  Stand out to get talent in Many firms are struggling to find good candidates in the current market, and both graduates and experienced hires can often choose from a pool of potential suitors. The stronger your brand and messaging, the more you will stand out from your competitors. Mary Cloonan is Founder of Marketing Clever

Jul 13, 2023
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Driving cost reduction and efficiency with Lean

Adopting Lean principles and tools is a practical approach that transcends industries and workplaces. Gordon Naughton explores the benefits of Lean, its impact on organisational culture and provides practical tips for implementing Lean practices in an organisation A recent global PwC survey listed the top three reasons for employees leaving: financial, fulfilment and the ability to be themselves. At the core of Lean is the principle of respect for people. This principle emphasises the importance of treating employees with unconditional respect and providing them with meaningful work. By recognising the value of employees’ contributions to its genuine purpose, organisations can mitigate issues such as burnout and high turnover rates. Respecting employees as people and aligning actions with stated values and purpose is crucial to creating a positive workplace culture. Reducing headcount as a last resort Organisations must live up to their outward values by genuinely valuing their staff. Lean thinking discourages reducing headcount as an immediate cost-cutting measure. Lean was created and perfected by Toyota in Japan. In 1950, Toyota encountered financial difficulty. It had to reduce its headcount and introduce other painful reforms to save the company. In a country and company famed for “a job for life”, the President of Toyota, Kiichiro Toyoda, recognised the breach of the social contract and dire consequences for exiting and remaining staff. He duly resigned. Within crises, there is opportunity. Recognising the opportunity that reduced activity brings, companies should actively consider using spare capacity and capabilities to reposition themselves for new challenges. Seeking efficiency beyond staff reduction Encouraging employee engagement and participation is critical for successful implementation of Lean. Organisations need to ensure that efficiency initiatives genuinely align with the staff’s best interests. Otherwise, expecting the initiatives to be implemented effectively is somewhat naïve. Furthermore, the negative impact on culture and engagement of executing nefarious initiatives can be severely problematic to the morale and culture of the organisation. Starting small and celebrating success A key aspect of Lean implementation is starting small and celebrating success at every opportunity. This approach builds confidence, knowledge and momentum for tackling more extensive and complex challenges. Incremental improvements, when compounded, can yield substantial rewards. Focusing on impactful improvements To maximise the benefits of Lean, organisations should focus their efforts on the areas that will truly move the dial. By concentrating on the right priorities, organisations can drive substantial efficiency and cost-reduction improvements. Leveraging team knowledge and empowerment Efficiency gains require a collective effort and the utilisation of the team’s knowledge and wisdom. Relying solely on top-down decision making is a fallacy. Taking the time to engage with impacted teams, empower employees and gain insights from their experiences fosters a culture of advocacy and continuous improvement. Accountancy and Lean The time has come for accountants and their clients to embark on a Lean journey to drive cost reduction and enhance efficiency. By embracing Lean principles, respecting employees and focusing on impactful improvements, organisations can achieve tangible financial gains while cultivating a culture of continuous improvement. Gordon Naughton is Founder and CEO of Tactive and a Lean Black Belt

Jul 13, 2023
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Networking for career and personal growth

Contrary to the misconceptions of awkward social encounters, networking is a fundamental and invaluable skill that everyone should cultivate, says Jean Evans Businesses, organisations and most people deem networking to be a soft skill, but it’s not. It’s a power skill. People think that networking is an awkward social moment or an icky sales conversation. They mistakenly think that networking is about schmoozing and being sleazy. That it’s about going to the odd event, handing out business cards and expecting something to happen. However, networking is one of the most fundamental, valuable and necessary skills you’ll ever develop. It makes you powerful. The foundation of success Networking is like the foundations you put down for a house. You cannot build a house without solid foundations. Similarly, you cannot build a successful business or stellar career without networking because no one is successful by themselves or achieves success without the support and help of others. Networking to win Networking enables you to become more self-aware and develop emotional intelligence, which will assist you in using your voice while helping you understand your personal brand and what you bring to the table in your organisation. You’ll grow a community and tribe of people who’ll support you and your career and who will be your sponsors and advocates while allowing you to become a problem solver and trouble shooter within your professional career. A personal journey How we connect with others is deeply intimate, so learning to network is highly personal and nuanced. There isn’t a right way or a wrong way for you to do it, but you have to learn how you want to do it. We all have different backgrounds that influence how we connect with others, whether it’s the environment in which we grew up, our education, our friends and family or our work. Confidence You might have noticed that I haven’t mentioned anything about more business or promotions. They are also wins when it comes to networking, but none of the tactical and technical stuff comes before you develop your confidence and self-awareness. Confidence is the name of the game. Understanding yourself and what you stand for allows you to make intelligent and conscious decisions about what aligns with your values, your priorities, and this allows you to make good choices and set appropriate boundaries. Jean Evans is a Networking Architect and founder at NetworkMe

Jul 13, 2023
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North West July News

What's going on in the North West region this summer? Find out about the Societies trip to Sligo Races and the new Chair Marion Prendergast and her committee along with other news here!

Jul 13, 2023
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Time out for development - CPD Day Sligo

Members of Chartered Accountants Ireland travelled from all over the North West region to meet in Sligo on Thursday 23 April. This the Societies first full day conference in a post pandemic world was sponsored by Bright Software and hosted by local members who remarked on how delighted they were to be facilitating face to face meetings, in what is a welcome return to the confidence of a pre-pandemic era. The strong attendance of the event was no surprise with a total of 9 high quality speakers taking to the stage on the day. Local and national presenters spoke on a diverse range of topics all of which were presented with a unique North West focus. The innovative pairing of Fulbright Scholar Dr. Caroline McGroary and Mr. Donal McNamee, Managing Director, Archway Products, Co. Leitrim covered extensively the topic of Cyber Security in an eye -opening manner. Award winning business owner, Chartered Accountants Ireland member and local Sligo entrepreneur Larissa Feeney of Accountantonline.ie motivated and enthused delegates with her insights on running a business remotely. Caroline Murphy, Director of Collins McNicholas covered remote working and emerging trends for recruitment and retention. Retirement and Succession planning was another important topic on the day with Mayo member Maura Ginty, Gintax covering succession and retirement planning. Jim Conolly, Head of Retirement, AIB offered an educational take on the opportunities PRSA’s provide for Accountants and their clients. Technical Accounting topics were covered too. Tara Murray of Vialto Partners updated the group on the changing tax regime, while Insolvency Partners Diarmuid Lynam and Michael Kennedy covered SCARP and the new Corporate Enforcement Act. Some photos of the event can be viewed here.  

Jul 13, 2023
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Australian Society Newsletter

Wondering what is happening now with the Australian Society? Check out our July & August events in Sydney and Brisbane here!

Jul 13, 2023
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Tax RoI
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Meeting with the Minister for Finance to discuss our Pre-Budget 2024 submission

Representatives from the Institute, under the auspices of the CCAB-I, met with the Minister for Finance, Michael McGrath T.D and his team earlier this week to discuss CCAB-I’s pre-Budget 2024 submission. The need to simplify the tax system and reduce the administrative burden on businesses was discussed, as were the complexities experienced by small businesses, in particular, when availing of several of the business tax reliefs. The importance of long-term investment in critical infrastructure, not least housing, in order to maintain Ireland’s position as a competitive place to do businesses and also to retain and attract talent was also highlighted.  

Jul 13, 2023
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Tax International
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Five things you need to know about tax, Friday 14 July 2023

In Irish news, Revenue has published guidance on EU reporting obligations for platform operators and we bring you news that Revenue is to make contact with certain entities that have not filed corporation tax returns. In UK news, HMRC is launching a form over the summer which can be used to obtain details of overlap relief for basis period reform, and the Government will be reporting annually on tax simplification, both of which are previous recommendations of Chartered Accountants Ireland. In International news, the European Commission publishes a progress report on Pillar One.  Ireland Revenue has published a new guidance on how new EU reporting obligations for platform operators will operate in Ireland. Revenue has informed us that it intends to issue Level 1 compliance intervention notices to taxpayers who registered for Corporation Tax and have not filed Corporation Tax returns for years up to and including 2021. UK Read in our miscellaneous HMRC updates about HMRC launching a form over the summer which can be used to obtain details of overlap relief for basis period reform. The Government will be reporting annually on tax simplification. International The European Commission recently published a progress report on Pillar One. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.          

Jul 12, 2023
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Australian Society Photo Album

The Australian Society is active in Melbourne, Sydney, Perth and Brisbane.View recent Australian Society event photos

Jul 12, 2023
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FRC issues amendments to FRS 101 and FRS 102

Following its recent consultation on the proposed amendments to FRS 101 and FRS 102 relating to the OECD's Pillar Two model rules, the FRC has now issued amendments to FRS 101 and FRS 102. The amendments introduce a temporary exception to accounting for deferred taxes arising from the implementation of the Pillar Two model rules, alongside targeted disclosure requirements. The temporary exception is effective immediately and the disclosure requirements are effective for accounting periods beginning on or after 1 January 2023, with early application permitted. A small number of FRS 102 preparers are likely to be impacted by the Pillar Two model rules and the changes are based on a similar amendment to IAS 12 issued in May by the International Accounting Standards Board.

Jul 12, 2023
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Press release
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Time to future proof the economy for next generation – accounting profession publishes Pre-Budget Submission

9 July 2023 – The success of future generations must be prioritised over short-term measures in Budget 2024, to ensure economic and societal progress in the decades to come. This is according to the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I), the umbrella group which represents over 50,000 professional accountants, as it published its Pre-Budget Submission today.   The submission, entitled ‘Supporting Ireland’s Transition to a Sustainable future’, prioritises the long-term, highlighting that while the Irish economy has doubled in size in the past decade, we still have significant shortfalls in healthcare, housing, transport infrastructure and education. Demographics are exacerbating these shortfalls.  The submission identifies two key areas for budgetary focus;  The introduction of an intermediate 30% rate of income tax to reduce the tax burden on younger workers; and Investment in housing capacity to accommodate our young workforce and our significant FDI community. Commenting, Tax and Public Policy Lead at Chartered Accountants Ireland, Cróna Clohisey said:  “In the absence of a long-term focus, we risk an intergenerational divide becoming a chasm. The half-year Exchequer returns of €41bn published this week highlight more than ever the difficult decisions government faces in Budget 2024. This sum represents an 11% increase on the same period last year, but it is now, when the Exchequer is relatively robust, that government should limit itself to modest budgetary tax adjustments and put real spending power behind sustained investment in infrastructure, particularly housing.  “Our economic position is strong, but it is not future-proofed. There is a real divide between generations in terms of access to housing, pensions security and many other indicators. We need Ireland to be a country our young people choose to stay in and that others choose to bring their skills to, but we cannot do that without long term, strategic interventions in transport, health, and housing.”  Reforming the income tax system  Ireland’s 40% tax rate is high in comparison to other competitor countries and the CCAB-I believes that introducing a third rate of income tax of 30% would make the system more equitable. It would also enhance Ireland’s attractiveness as a place to work, particularly among younger workers.   Ms Clohisey continues: “Workers in Ireland pay income tax at a rate of 40% once they earn €40,000. This entry point is below the average wage and is significantly lower than most countries across the UK and Europe where incidentally having more than two tax rates is extremely common.” “Speaking on behalf of a mobile profession where most are in the early stages of their careers and are planning their futures, introducing an intermediate 30% rate would make the system more attractive and more equitable, lessening the tax burden on workers and putting more money in their pockets. An intermediate rate would also support Ireland’s FDI offering. The government needs to take immediate action to address the inequities that clearly exist within the system.” The submission also proposes: Income tax credits and rate bands should be index-linked to earnings to account for inflation Employers’ PRSI should not be increased The rate of CGT and CAT should be reduced from 33% to 20% The CGT annual exempt amount should be increased from €1,270 to €5,000  The Category A threshold for CAT should be increased from €335,000 to €350,000  The CAT small gift exemption should be increased from €3,000 to €5,000. Housing measures The CCAB-I believes that small private landlords are critical in boosting Ireland’s housing supply, particularly in provincial towns where demand is not sufficient to justify large-scale investment in the private rental sector.  Ms Clohisey continues: “Our members tell us that one of the biggest barriers to expansion is the lack of adequate, affordable housing that is reasonably located for their staff. We do our young people an enormous disservice by limiting their opportunities to live and work where they want to.” “The tax burden of small private landlords should be the same as that for companies at the 25% rate, rather than at the marginal rate of 52%. On the supply side, to enable property developers to manage their cash-flow, a tax debt warehousing system, like that created during the pandemic, could be developed whereby the collection of taxes such as PAYE is delayed until all housing units have been sold.” The submission also proposes: Local property tax should be allowed as a deduction against rental income Wear and tear rates for fixture and fittings should be increased from 12.5% to 25% per annum to facilitate landlords investing in the maintenance of properties Where landlords retrofit a property to improve its energy rating, 100% capital allowances should be offered in the year of work ‘Rent-A-Room’ relief should be increased to match the standardised average rent and the ‘cliff-edge’ for qualifying for relief should be removed. The Rent Tax Credit should be permanently included in legislation. ENDS Issued by Chartered Accountants Ireland on behalf of the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I). Read the submission in full here.  About the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I) The Consultative Committee of Accountancy Bodies-Ireland is the representative committee for the main accountancy bodies in Ireland. It comprises Chartered Accountants Ireland, the Association of Chartered Certified Accountants, the Institute of Certified Public Accountants in Ireland, and the Chartered Institute of Management Accountants which combine to represent over 50,000 professional regulated accountants in Ireland.              

Jul 10, 2023
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Young Professionals Committee elects new chairperson Brendan Brophy

The Young Professionals Committee elected Brendan Brophy as the chairperson at the AGM on Thursday 6 July. Brendan was elected alongside Niamh McCarthy as Vice chair for the 2023 / 2024 term. We sat down with Brendan to learn more about him and his plans for the 2023 / 2024 term. While I am often referred to as the ‘Australian’ among my Irish friends, I personally identify as blend of Australian and Irish, and I am a proud dual citizen. My parents emigrated to Australia from Belfast during the height of the Troubles, meaning I have Irish and Australian citizenship, and I was raised with a deep appreciation and love for both cultures. I qualified as an Australian Chartered Accountant in 2016 through Chartered Accountants Australia & New Zealand (CAANZ). After gaining valuable experience as an accountant and tax professional in Australia, I decided to embark on a new journey and relocate to Dublin in mid-2017. I was able to obtain membership with Chartered Accountants Ireland through the reciprocal agreement between the two bodies. I had four years of valuable tax experience in Australia, but when I landed in Ireland, I quickly realised that Australian tax regulations and expertise was not as highly sought after in the local market. I subsequently transitioned into diverse financial management and reporting roles and currently work as a Cost Accountant at Square. Not long after my move to Dublin, I recall receiving an email from Chartered Accountants Ireland promoting an event organised by the Young Professionals Committee. Intrigued by the prospect of networking and connecting with fellow young professionals, I rallied a few of my co-workers to attend the event and the rest is history! Little did I know at the time that this would mark the beginning of my involvement with the committee. I am honoured to be elected as Chairperson of the Committee and look forward to a great year ahead. This year my primary goal is to prioritise the establishment and nurturing of meaningful connections. While attending exceptional events with notable speakers and engaging entertainment can be valuable, I believe the true significance lies in sharing those experiences with others. As young professionals, we play a pivotal role in bridging the gap between senior management and junior staff, fostering connections and collaboration within the organisation. Furthermore, it is essential to maintain a strong connection with the Institute and the great resources such as CA Support and Thrive that our available to all members. I would like to take this opportunity to congratulate Peter Gillen on a fantastic year as chairperson of the Young Professionals Committee. Special thanks to my fellow committee members, as well as Institute staff Karin Lanigan and Linda McGee who work tirelessly behind the scenes to support all our initiatives.  I look forward to the year ahead and hope that many young professionals will join us virtually and in person at our upcoming events. Keep an eye on our LinkedIn and Instagram accounts to hear the latest developments. Brendan Brophy  Brendan Brophy on LinkedIn Visit the Young Professionals homepage  

Jul 06, 2023
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