The ECCT Act 2023  Having gained Royal assent, the ECCT Act 2023 aims to increase accuracy and transparency with regards to the information held on registers in an attempt to aid economic growth and to reinforce the battle against economic crime. These changes will impact upon the roles of new/existing directors, those who file on behalf of a company, and people with significant control of a company (PSCs). The first changes came into effect on 04 March 2024 and are as follows; Registered Office Address A PO Box will no longer be appropriate as a registered office address A document addressed to the company is expected to be brought to the attention of a person acting on behalf of the company with the capability of acknowledging the delivery If an address is not deemed appropriate, it will be changed to a Companies House address The company will then have 28 days to submit an appropriate address with proprietary ownership evidence, otherwise the strike-off process will begin Statement of Lawful Purpose When a company is registered or incorporated, the subscribers must confirm the formation is for a lawful purpose. The annual confirmation statement will now contain a confirmation that “intended future activities are lawful” Email Address Companies House now intend to communicate directly with companies via a generic company email address that will find the attention of a person acting on behalf of the company and is not privy to change following in the case of a change in personnel (the email address will not be made public). Companies House Powers Ability to question/remove information which is deemed to be incorrect or fraudulent Greater checks on company names which may mislead members of the public Use of data matching to identify inaccurate information Ability to annotate the registers to inform users where there are potential issues Failure to respond to a Companies House formal request may result in prosecution, annotation of the company’s record, or financial penalties. Further changes to come into action throughout 2024 Identity Verification New companies will be required to verify the identity of all directors and people with significant control (PSCs) directly with Companies House or via an authorised agent (accountants, solicitors, company formation agents) Fees – effective 01 May 2024 Increases in price for all transactions, likely to have a more substantial effect on group companies Our UHY FDW corporate compliance specialists can assist our clients with queries you may have in relation to the ECCT Act 2023 or any other corporate compliance matters. Please contact the team on +353 42 933 9955. Have you considered outsourcing your compliance requirements? If you would like any information on this, please email info@fdw.ie or complete the form below. #2024 #CorporateCompliance #ECCT #UHYFDWTeam

ORGANISATIONS THAT TRADE ACROSS BORDERS FACE A COMPLEX AND EVOLVING NETWORK OF LOCAL AND INTERNATIONAL REGULATIONS. Keeping a portfolio of global entities in good legal standing requires expertise, investment and an eye on upcoming developments. Companies naturally have to abide by the rules and regulations of the country in which they headquarter, but those which operate across borders also have to comply with jurisdictional rules. Increasingly, multinational businesses have to observe a growing set of international regulatory standards, monitored by organisations like the Organisation for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF). This network of sometimes disparate, sometimes interlinked, laws creates a huge amount of complexity. Global subsidiary management is considered a cost centre for business, but the need to meet the requirements of this spider’s web of rules means it is one that is becoming increasingly important to the overall health of international organisations. With that in mind, it is no surprise that surveys suggest the pressure on companies to remain compliant is growing, and with it the cost. Research for LexisNexis found that the cost of financial crime compliance had risen to USD 274.1bn in 2022, up from USD 213.9bn in 2020. Financial crime is only one of several compliance areas that cross-border businesses have to consider. Others include privacy, data protection, labour, direct and indirect taxation and, increasingly, Environmental, Social and Governance (ESG) factors. None of it is getting easier. Read the full article in our publication UHY Global – Issue 17 “A global network of professional services providers can offer a vital support system to help clients meet local and international regulations,” says Franklin Bendoraytes, UHY Bendoraytes & Cia., Brazil. “UHY member firms bring specialised knowledge to navigate complex legal landscapes, utilise advanced technologies that can automate compliance processes, conduct regular audits and assessments, and create tailored compliance strategies that align with specific industry needs.” Contact our team to discuss compliance services and more – complete the form below. #2024 #CorporateCompliance #UHY #UHYGlobal

The Gender Pay Gap Information Act 2021 introduced the legislative basis for gender pay gap reporting in Ireland.  This Act means that employers must issue a report on the average hourly wage of men and women across their workforce. The regulations will affect businesses based on their size, as follows: More than 250 employees – the requirement to report on the average hourly wage of men and women came in 2022.  The reporting period is from July 2021 to June 2022 and the report must be issued by December 2022. More than 150 employees – the requirement to report on the average hourly wage of men and women came in 2024.  The reporting period is from July 2023 to June 2024 and the report must be issued by December 2024. More than 50 employees – the requirement to report on the average hourly wage of men and women will come in 2025.  The reporting period is from July 2024 to June 2025 and the report must be issued by December 2025. The legislation requires employers to report on the difference in remuneration between male and female employees in the following areas: The difference between both the mean and median hourly pay of male and female employees The difference between both the mean and median bonus pay of male and female employees The difference between both the mean and median hourly pay of part time male and female employees The percentage of male and female employees who received bonuses and benefits in kind. If a gap is identified from the report, the employer must also publish reasons for the differences in pay and the measures that are or will be in place to reduce the gap, or eliminate it. For 2024, the employer must publish the report on its gender pay gap information on its website or in such a way that is can be accessed by all its employees and the public.  It must be available for at least three years post publication.  For 2025, an online reporting system is being developed to form a central portal where all reports will be uploaded and will be available publicly. If the employer fails to publish a report, Circuit Court or High Court action may be taken by the Irish Human Rights & Equality Commission to force them to comply.  An employee of a non compliant employer may also refer the employer to the Director General or the Workplace Relations Commission. Our UHY FDW payroll specialists can assist our clients with queries you may have in relation to any payroll matters you have. Please contact the team on 042 933 9955 or info@fdw.ie . Have you considered outsourcing your payroll? If you would like any information on this, please email payroll@fdw.ie or complete the form below. Our other payroll related articles:  Auto-Enrolment Statutory Sick Pay Leave – Common Questions #2024 #GenderPayGap #Payroll #UHYFDWTeam

UHY FDW is delighted to have advised on the winning Mergers & Acquisitions SME deal of the year in the Finance Dublin Deals of the Year 2024 Awards. We were delighted to work with the shareholder and management team of Docket and Form International Limited (Dafil) on its sale to Mail Metrics Limited. Mergers & Acquisitions SME: Mail Metrics’ acquisition of Docket and Form International Mail Metrics Limited’s acquisition of Docket and Form International Limited is a winner in the Finance Dublin Deals of the Year 2024 Awards – Mergers & Acquisitions – SME. Read the Finance Dublin publication here “We are extremely proud to have advised on the winning SME deal of the year. The combination of both Dafil and Mail Metrics to form a leader in the outsourced customer communication sector in Ireland and we look forward to seeing Mail Metrics grow and prosper into the future.” – Derek Dervan, Head of Corporate Advisory “This recognition highlights our commitment to providing exceptional quality service to our clients. We have built a team of transaction professionals across our advisory and tax departments whose primary purpose is to help drive the success and growth of the businesses we serve. Our wealth of experience, combined with our international reach and our comprehensive approach to each client’s unique challenges, ensures that we deliver innovative solutions and strategic insights to achieve a better future together.” – Alan Farrelly, Managing Director Our UHY FDW corporate finance specialists can assist you any with queries you may have in relation to our corporate finance services. Please contact the team on 042 933 9955, info@fdw.ie  or complete the form below. #2024 #CorporateFinance #UHYFDWTeam

Turnaround is a Team Effort Every business, department or team has periods when things don’t go to plan. Targets may be  repeatedly missed. A marketing campaign delivers disappointing results. Team members either fail to give their best or their best seems some way short of good enough. In these circumstances, it is easy to leap to more negative conclusions. Did the campaign idea misfire? Maybe some employees are incompetent? Does the organisation need a wholesale restructure? That could be the case, but it rarely is. More often, underperformance is the result of confusion, miscommunication or a lack of motivation. In other words, it can often be turned around with a top-down commitment to better communication and making small but consistent improvements. IDENTIFYING THE ISSUES When things are not going well, one obvious conclusion is that people aren’t working hard enough. In reality, it is often the case that at least some employees are working too hard and staying too late. The first thing many successful businesses do during a period of underperformance is to promote better work/life balance. Nobody produces their best work when all they do is work. Counterintuitively, one of the solutions to underperformance might be for everyone to do a bit less but focus a bit more. After that, underperformance requires a review of the working environment, and particularly the way information moves up and down the chain of command. Are instructions properly communicated? Are they clear and relevant? Is there a way for those tasked with acting on instructions to ask questions or suggest refinements, and do managers listen to frontline staff? Do their line managers listen to them? Do individuals understand their role? Do they understand not just what to do, but how that fits in with the rest of the team or department? Do they know where to go with concerns or questions? Are they adequately trained for the job in hand? Do individuals take ownership? Do your people feel responsible for the successful completion of a task, or are they happy to ‘do their bit’ and leave anything else to others? Do they pass on useful information to other links in the chain and collaborate easily, or do teams and departments operate in a bubble? EFFECTIVE MANAGEMENT Once issues have been identified, leaders must act. That might mean creating more effective communication channels and encouraging their use. It might mean extra training for staff, more consistent messages around company culture, or even granting more autonomy to key individuals or teams. It might mean being more tolerant of honest mistakes. Whatever it is, it needs to be part of a strategy of continual improvement. Leaders should act quickly in the first instance, before inefficiency becomes a habit. Then they need to stay on top of the situation so better ways of working become part of company culture. That can be achieved in several ways: Keep in touch. At UHY we recommend making use of regular Keep in Touch (KiT) meetings. These should be held throughout the organisation, ideally in a face-to-face setting as often as possible. KiTs should be part of a smooth two-way communication channel. Managers might use a KiT to ask frontline staff to focus more on a particular issue. Frontline staff should be free to suggest better ways to achieve this, or even to ask for more resources. KiTs should be a conversation, not a confrontation. If an individual is clearly underperforming, KiT meetings should be a private and calm space to discuss the issues that might be impacting their work and suggest remedial action. That might include extra training, more flexible hours or clearer instructions from team leaders. KiTs can also be used for regular (weekly, monthly or quarterly, depending on the role) performance appraisals. When individuals are clear in what they have to do and confident in their ability to do it, teams and departments tend to work more effectively. To make sure that is true, use SMART goals (Specific, Measurable, Achievable, Relevant, and Time-Bound) to define and measure targets. CELEBRATE SUCCESS When you see underperformance as a symptom of suboptimal systems and processes – rather than the result of individual failings – the solutions become more obvious. Communication is key. Give everyone a stake in turning poor performance around. Keep on top of the challenges teams and individuals face and be open to their ideas for making things better. As results improve, celebrate success. Build incentives, offer rewards and recognise improvement. When the period for urgent action is over, survey your team and find out what they think is and isn’t working, and solicit their ideas. Sometimes, turning round underperformance requires more drastic action, but that should be a last resort. In most cases, implementing small, incremental and consistent improvements are all it takes. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2024 #LatestTopics #ThoughtLeadership #UHY

Growing Appetite – Global Tourism Bounces Back The 18th edition of UHY Global magazine is now available to read online . UHY Global draws on current analysis and commentary, including input from UHY’s member firm experts across the international network, to provide insight for today’s global business community. This engaging, insightful and absorbing read explores the issues and challenges of international business, themes you may well be engaging with in this uncertain world. Topics explored in the new issue include our cover story – the remarkable resurgence of leisure travel which was all but devastated during the pandemic – as well as features covering the need for financial hygiene in subdued economies, member firm views on how to plan for cross border expansion and the mixed picture for real estate markets in Asia. We also feature a real estate client success story, an international property business – supported by our member firm in Spain, UHY Fay & Co – whose development in Costa Del Sol won a prestigious 2024 award for best luxury sustainable apartment living. Other content includes a round-up of global news and a celebration of people and firms  across our network. You will also find valuable information on the UHY network itself including service and contact listings. The print version is downloadable as a PDF from the UHY website publications page. Read it here . #2024 #UHY #UHYGlobal #UHYGlobalIssue

Measure, Analyse and Improve Marketing can take many forms. The goal of one campaign might be to raise awareness of your business with target customers, while the goal of another might be to encourage people to visit you at an industry event. In both cases the final aim is the same of course: to attract business and grow revenue. So how do you know if you’ve succeeded? On the surface, that might seem obvious. If your revenue is growing, your marketing would appear to be working. But measuring marketing success and the return on your investment – is much more nuanced than that. To keep refining your marketing activities and reaching more of the high value customers you need, you need to track a range of factors. For example, which marketing channels work well for you? Maybe social media draws a bigger response than email. Perhaps a series of sponsored articles in an industry publication was especially successful. Then there is the question of what is meant by success. A high profile marketing campaign may have attracted interest, but did the extra revenue it generated justify the considerable cost in money and manpower? There are scores of questions like these you need to answer to be certain that your marketing budget is being spent in the most efficient way. It is essential that you measure the return on that investment, so you can continually refine and improve your marketing strategy over time. WHERE YOU ARE AND WHERE YOU WANT TO GO Measuring marketing success is not straightforward, because it involves attributing a growth in revenue or customer numbers to specific marketing activities. You might not be sure if the email campaign worked or whether it was the pay-per-click advertising. Maybe one activity created more ‘buzz’ in terms of likes and shares, but another led to more genuine interest. When you have answers to these kinds of questions, you can do more of the things that work. Start with the basics. How many new sales or accounts does your business attract in an average month or quarter? If you’re planning a new marketing campaign, you want to know how much it improves this figure. But that is not all. You also want to know how much it costs to attract each new customer, and how that compares to previous campaigns. In many businesses – especially B2B – marketing doesn’t directly lead to revenue. It might lead to expressions of interest, then requests for more information, and eventually to discussions with your team. It can be a long process. In that case, there are several potential weak points in your marketing funnel. You might need to measure a range of more detailed metrics, like the increase in traffic to your website for the life of a campaign, or the number of times someone clicks on one of your social media adverts to ask for more information. The precise metrics to measure will be different for each business and each campaign, but the right ones will provide nuanced insight into the success or otherwise of your marketing efforts. For example, if a marketing campaign is driving increased traffic to your website but very few of those leads become customers, it might suggest problems with your homepage layout or content. By the same token, if sales teams are seeing lots of new leads but closing very few of them, it may suggest an issue with your sales scripts or even the knowledge levels of staff. RELEVANT AND MEASURABLE INDICATORS To find the data you need, you will need to establish a set of relevant and measurable Key Performance Indicators (KPIs). You will need the right KPIs for your business, but some obvious ones are: Sales growth : did a campaign lead to more sales, either immediately or eventually? How many more, and how does this compare with the impact of previous campaigns? Drop-off rate : when do people leave your sales funnel, that is, the journey from showing initial interest in your service to becoming a paying customer? This may pinpoint weaknesses in broader marketing and sales activity. Click-through rates : for online activity, how often do people see your ads, blog posts or reports and initiate a follow-up action, like clicking on a link or requesting a callback? Compare this with previous campaigns. Return on marketing investment (ROMI) : divide your total revenue by your marketing investment and you have a figure for ROMI. Measure the impact different activities have on it. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2024 #LatestTopics #ThoughtLeadership #UHY

Helping our SME clients grow with funding advisory UHY Farrelly Dawe White Limited is delighted to announce our strategic partnership with Swoop. This partnership allows us to expand our advisory services by providing you with the best options across the full funding suite. Since its launch in May 2018, Swoop has helped thousands of businesses find millions of pounds in funding. Swoop gives every customer access to the best deals on the market from finance solutions to money-saving deals on banking and FX. By partnering with Swoop, we can provide you with the solutions to grow your business by combining our unique knowledge of your accounts with the accessibility of Swoop’s funding solutions across grants, loans, savings, and equity. We have partnered with Swoop to ensure we are able to best help you should you need any type of funding – loans, equity, savings and grants. With Swoop we can offer simple and clear comparisons that allow you to make choices on the most appropriate financial products and services. Swoop works with over 500 institutional and fintech lenders, so whether you need extra stock to get through an upcoming busy season, a VAT loan to help manage cashflow, want to purchase new equipment or are thinking about expanding we can identify the best financing options for you. You will not only find lenders who specialise in your industry, but you’ll also find lenders most likely to give you an offer (and the quickest). SMEs are 4 times more likely to secure funding when working with their accountant. Work with us to grow your business! To learn more about this partnership and what it means for you and your business, book in a meeting with us. We look forward to discussing your growth plans and goals for the coming year. Set up an account on our portal here  to compare and select the right funding options for your business, covering loans, grants, equity and to see how your business can make savings. Our other payroll related articles:  Auto-Enrolment Statutory Sick Pay Leave – Common Questions #2024 #Funding #Swoop

WITH ECONOMIC ACTIVITY SUBDUED, IT MAY BE PRUDENT FOR COMPANIES TO APPLY ‘FINANCIAL HYGIENE’ STRATEGIES. WE ASKED UHY PROFESSIONALS FROM ADVANCED ECONOMIES AROUND THE WORLD TO DISCUSS WHAT THIS MEANS AND WHY IT MATTERS. The April 2024 International Monetary Fund (IMF) forecast talks of a ‘steady but slow’ global economic recovery that would largely be driven by growth in emerging markets. Its prediction for advanced economies was an underwhelming 1.7% growth in 2024 and 1.8% in 2025. The pandemic may be starting to feel like a fading bad dream, but its economic impacts are still readily apparent. Around the world, central banks reacted to the soaring inflation of the post-Covid era with interest rate jumps, and borrowing costs remain well above pre-pandemic levels in many countries. Added to that, the world is experiencing a new era of geopolitical tension, ramping up the sense of economic uncertainty. Against this background, and after several years of disruption, businesses in many sectors continue to struggle. To survive, they need to dig deep into stores of resilience, and exercise iron financial discipline. According to our experts, the businesses that endure in a subdued economy are often those that maximise cash flow while cutting costs and putting plans in place to grasp opportunities as soon as conditions improve. In other words, their operations have ‘financial hygiene’ at their core. UNSTEADY ECONOMIC RECOVERY Many advanced economies are struggling with stubborn core inflation and interest rates that remain well above pre-crisis levels. But different countries face different challenges, and some are emerging from the post-Covid downturn more quickly than others. “The New Zealand economy slipped into recession in the December 2023 quarter with a per capita contraction of -0.7%,” says Sungesh Singh, managing director of member firm UHY Haines Norton (Auckland) Limited. “Very weak or negative economic growth is expected to continue throughout 2024 and into 2025.” Spain has avoided recession and can expect modest growth in the next two years, according to Joseph Fay, managing partner at Spanish member firm UHY Fay & Co. “Even though GDP growth in Spain has been revised upward (from 1.5% to 2.1% for 2024), it is expected that the economy will be weighed down by certain factors, the first being the impact of interest rate hikes during 2023, which take a long time to filter through.” “Ireland is likely to recover to some extent from a difficult 2023,” says Alan Farrelly, managing director of UHY member firm UHY Farrelly Dawe White Limited. “Irish inflation would seem to be under control and expected to run at 2.2% in 2024. Our economic growth is expected at 2%, bouncing back from negative growth in 2023 of 1.9%.” The US has proved one of the most resilient of all developed economies, with growth forecasts of 2.4% for 2024 as a whole. But here too, significant challenges remain. “Economic progress in 2024 and beyond is challenging to forecast and is heavily dependent on how the world navigates the various economic, geopolitical and social conflicts it faces,” says Howard Foote, managing partner for US member firm UHY LLP’s New York office. “Interest rates and inflation are the most significant concerns. The situation is among the most challenging that businesses and individuals have had to navigate in recent times.” FINANCIAL WELLBEING Against this background, businesses have to continue to create or sell products, provide services and make enough UHY GLOBAL July 2024 11 money to pay staff, suppliers and bills. They also need to be in a position to spring into action when opportunities arise. This can be diffi cult in a tough economic climate, but it seems part of the solution is to practise financial hygiene. “Financial hygiene is the series of practices and behaviours that individuals, businesses, organisations and even governments need to adopt to maintain healthy financial wellbeing,” says Howard. “It involves tasks such as budgeting, saving, investing wisely and managing debt responsibly.” Sungesh agrees, adding: “It is the policies, processes and habits of an organisation that ensure that a business maintains its finances in a healthy manner. For example, it includes efficient record keeping, cashflow management and accurate forecasting and budgeting.” In short, financial hygiene ensures businesses have the money they need to operate effectively, both today and in the future, without piling on debt they might find hard to service. “The more they exercise financial discipline and hygiene, the more resilient companies will be while economic activity is subdued,” says Joseph. “Yes, for our clients it is the same,” says Alan. “Financial hygiene as we see it is good business management, including keeping proper books and records that allow management to make informed decisions.” AREAS OF FOCUS Within the broad area of financial hygiene, there are certain factors organisations need to focus on to promote resilience. Maintaining cashflow is essential, and businesses need to keep tight control of incomings and outgoings. This is especially true during an economic downturn, when inflows tend to reduce. When that happens, savings may need to be made. “Ensuring adequate liquidity to cover expenses and manage financial obligations is crucial,” says Howard. “This is a multi-step process but is vital in helping businesses ensure they are as resilient as they need to be. Certain best practices include forecasting cashflow on a regular basis, invoicing promptly and managing receivables to make sure you are receiving payments when they are due.” Sungesh adds: “Maintaining cash reserves can keep core business intact during a slowdown. Up to date management accounts can alert owners to declining profitability very quickly, allowing them to take action before the situation becomes irreversible. Also, companies need to keep a close eye on overdue debtors and be particularly careful about extending credit.” Alan agrees that current and reliable business information is key to resilience during times of economic uncertainty. “Managers need to remain calm and fully understand the underlying cashflow trends of the business,” he says. “Strong financial controls allow for good decision making.” Larger companies tend to be quite sophisticated in these areas, but small firms often less so. “Smaller companies tend to lack a culture of monitoring cashflow, budgeting, and managing debt,” says Joseph. “It is important they develop that culture at a time like now, when keeping the core business afl oat becomes more challenging.” Read the full article in the latest issue of UHY Global For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #ThoughtLeadership #UHYGlobal #2024 #LatestTopics #UHY

How to Make Clients Feel Like Partners Everyone in business knows that the relationships we develop with clients and customers are crucial. The closer those relationships are, the more successful both parties tend to be. But in a world that is both digitally focused and increasingly competitive, providing good products or services is not, on its own, enough. There may be five other businesses in the same city or region with similar technical skills or an identical product range. There may be 100. The difference between you then comes down to the concept of client advocacy. To my mind, client advocacy is simply the notion that customer needs come first. When you nurture a client-first mindset, your customers naturally come to think of you as a business partner rather than simply a provider of services or products. In a B2B environment their trust in your judgement will grow and they will seek your advice in relevant areas.  You become an integral part of their success. Another positive aspect of client advocacy is that it produces mutually rewarding relationships. Your client uses your services, and you help to solve their business challenges. You refer customers to each other. You become ambassadors for each other’s businesses. All in all, client advocacy is the way modern businesses thrive, especially in the B2B space BECOME MORE THAN A SERVICE PROVIDER So how do you become more client-centric, and tap into the benefits of these mutually supportive relationships? There are a number of ways. Get to know your client – inside out. Provide the services asked of you and then go further. Get to know your client’s business and the industry it operates within. Ask questions and talk to people in different parts of the organisation. In that way, you’ll be able to tailor your service much more precisely to your client’s needs and suggest better ways of doing things. At UHY our ethos is to be seen as advisors as much as service providers. Understand client motives. Different clients have different requirements. Some may want nothing more than a basic technical service, in which case deliver it supremely well. Others will be price-focused. And then there are those with more complex needs, who may appreciate your advice or an introduction to a valuable contact. Going the extra mile in these circumstances builds trust and confidence – the first steps on the path to long-term partnerships. Encourage referrals. You may have many clients in many different sectors – might any of them benefit from the services of another? Start connecting businesses in your network and you become the hub of a mutually supportive business ecosystem. At UHY, our global network is a good example of this, with member firms referring business to each other to better serve international clients. Handle challenges professionally . Every relationship can occasionally be challenging. If you make an error or your service falls shot in some way, act quickly and decisively. Listen to the client’s concerns, investigate relevant systems and processes to find the source of dissatisfaction, and put measures in place to correct the issue. Long-term clients will rarely jump ship after an isolated problem, but they will want to see that you are efficient and proactive in solving problems. CREATING A CLIENT-CENTRIC MINDSET Those are the kind of steps that build client advocacy with a customer. But how do you entrench the idea of client advocacy in your firm’s DNA? It begins with internal communication. For example, the account manager or client lead should have an in-depth understanding of your client and their challenges and ambitions, and that information should also be available to everyone in the service delivery team. Anyone who attends meetings with clients at any level should have something useful to contribute, based on specific knowledge. Based on the UHY way of working together, a couple of my blogs from last year talk more about sharing knowledge within organisations and offer some tips for better internal communications . After that, client advocacy is a case of tracking the success of your engagement and looking for ways to improve those statistics. If it’s not the sort of service that automatically produces statistical data, ask for client feedback. Or ask for it anyway! What does your client think you are doing well? What might you do better? Even the process of asking will be seen as a client-centric activity, but you should also act on the results. In the end, it is all about customer satisfaction. That needs to be a priority for your firm, ahead of almost everything else. In a world where client advocacy is the key to long-term success, continually improving customer satisfaction scores are the most valuable indicators of success. It is a mindset that’s deeply embedded in UHY’s culture – get in touch if you’d like to know more about how we deliver it for our own clients. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2024 #LatestTopics #ThoughtLeadership #UHY

Navigating Farm Succession Planning: Expert Advice and Support Available There has been a very welcome change to the succession planning advice grant rules for farmers. Chartered Tax advisors are now added to the list of accredited professionals under the scheme. The scheme provides a grant for qualifying farmers to receive up to €1,500 towards the costs of succession planning advice. The key conditions for the grant are as follows: a farmer aged 60 years and above who is currently not in a succession partnership farming at least a minimum of 3 hectares of land at the time of the application farming for a minimum of 2 years prior to application Farm succession planning is a critical yet often challenging process that can lead to family disputes if not handled carefully. The topic of transferring the family farm is one that every farm family should consider and plan for well in advance. Early succession planning allows families to address and resolve key issues before the actual transition begins, reducing the potential for conflict. While the idea of succession can feel overwhelming, having the right tools and information at your disposal can make the journey much more manageable. Our tax experts have extensive experience in guiding farmers through the complexities of succession planning. If you’re considering transferring ownership of your farm or agricultural holding to a family member, our team is here to support you every step of the way, ensuring a smooth and informed transition. Start the process today: Our tax experts are all Chartered Tax Advisors and would be happy to speak to you about your options. Contact us to arrange an appointment using the form below. To apply for the grant, you must submit a completed  application form (pdf) For more information on the Succession Planning Advice Grant, see the  scheme terms and conditions (pdf) #2024 #Farming #FarmingampAgriculture #TAX

We partnered up with Swoop to expand our service offering to our clients and to answer a common client question… “Where can I get access to funding for my business?” In order to grow, your company is likely to face the need for additional capital, which can be obtained in one of three main ways: equity, debt, or grant. This blog aims to simply explain these options to enable you, as a small business owner in Ireland, to make better decisions about your company’s financial future. Equity Finance for SMEs Equity financing involved the sale of your company’s shares, and giving a portion of the ownership of the company to investors in exchange for funds. The proportion of your company that will be sold depends on how much has been invested in the company, and what that investment is worth at the time of the financing. In the very early stages of business, the most likely route to equity funding is through Angel investment. If your business is a little more established, generally over two years old and you can show some level of success, you may find interest in venture funds, family offices, and tier one investment. We can help you examine the pros and cons of all these options, and more. Debt Finance for SMEs  Debt finance is simply the term used for different ways of borrowing money or taking out loans. It is an arrangement between you and the lender to borrow a capital sum on the condition that is paid back in full at a later date. Interest is accrued on the debt and paid independently of the capital repayment schedule. Unlike equity, debt does not involve relinquishing any share in ownership or control of your business. In the very early days there are startup loans available, and you may consider leasing or hire purchase. Beyond this stage there are numerous financing options available – peer to peer, invoice finance, crowd funding, IP funding, asset finance, and merchant finance, to name a few – the most suitable for your business will depend on a number of factors. We can walk you through your options and ensure you are the only put forward to the most appropriate providers. Grants for SMEs Small business grants, although not easy to win, remain one of the best sources of funding available to new, developing and established small businesses. The majority of business grants are funded by national, local or European government to; support key grown regions, stimulate technological advance through research and development, support our aging society, promote sustainability and clean growth, improve the future of mobility, and to make the economy (local and national level) more competitive in a specific sector. Overall these grant schemes generally seek to empower small and medium businesses to grow the economy and in the process, create jobs. Grant offerings are opening and closing continuously, making it difficult to keep track, so Swoop’s platform provides constantly updated access to numerous grant providers. Swoop also recognise the specific skills required to fill out grant applications, and provide an expert service in assistance with this. Through a combination of Swoop’s funding experience, superior technology and 1000+ providers, Swoop can assess your needs quickly and match you to the right funding solution. In order to get your company in front of your potential investors, the platform only requires you to fill in one super-form, and within a few minutes Swoop will be able to assess and match you to suitable providers. On top of that, as your information changes and the market changes, they will update you in real time with funding solutions that best suit your market needs. To learn more about this partnership and what it means for you and your business, book in a meeting with us. We look forward to discussing your growth plans and goals for the coming year. Set up an account on  our portal here  to compare and select the right funding options for your business, covering loans, grants, equity and to see how your business can make savings. Read our previous article on Swoop Funding:  UHY Farrelly Dawe White Limited Partner with Swoop Funding #2024 #Funding #Swoop