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

1 September 2024 marked the amalgamation of CPA Ireland and Chartered Accountants Ireland becoming the largest professional body in Ireland. Commencing on 1 September, CPA Ireland members, students, staff, and services officially joined Chartered Accountants Ireland, forming the largest professional accountancy body in Ireland. UHY FDW is pleased to have provided financial and tax due diligence services to CPA Ireland. The team was led by Derek Dervan, Alan Farrelly and Niall Donnelly, supported by Amy Hayes and Dillon Wall. “We are extremely proud to have advised CPA Ireland on their amalgamation with Chartered Accountants Ireland in what is a landmark transaction in Ireland.  The combination of these institutions to create a single body to represent the interests of its members, the accountancy profession, and the wider public is a welcome advancement for our profession.” – Derek Dervan, Head of Corporate Advisory #2024 #BusinessinIreland #CPAIreland #CharteredAccountantsIreland #Amalgamation

As we celebrate the amalgamation of Chartered Accountants Ireland and CPA Ireland, it is important to reflect on previous impactful leaders. CPA Ireland published the final edition of the Accountancy Plus journal, with a cover that featured CPA President and Vice Presidents, Past Presidents, Council Members, Liam Donnelly winners and CPA Staff who came together to celebrate CPA Ireland. Alan Farrelly, one of the founders of UHY FDW and Managing Director, was Chairman of the Leinster CPA Society and President of CPA Ireland. Alan was elected president of the Leinster Society of CPA in 1998 then went on to be elected president of The Institute of CPA in Ireland in 2004. At age of 38 at the time, he was the youngest ever CPA Ireland president. “An Institute that knew its members and a membership who trusted their Institute.” Alan Farrelly, Past President, CPA Ireland Read the final issue here #2024 #BusinessinIreland #CPAIreland #CharteredAccountantsIreland #Amalgamation

How a business acquires funding can make all the difference. What do businesses need to consider when they are raising funding? First, the need for funding is crucial to ensure that products can be developed at a pace so that they can be relevant to their target market. The world moves fast, and delays in R&D can result in obsolescence before a product has even gone to market. Equity investment is a clear opportunity as well as providing the all-important funds, VCs will have networks of helpful individuals who will be able to advise and accelerate growth of the business. They will be able to spot and correct weaknesses in the journey from idea to market, suggest fruitful collaborations and see the bigger picture when it comes to new opportunities and novel applications. Swoop provides an equity support package where they act as an introducer and matchmaker to their large investor network of around 250+ active contacts within VC funds, angel syndicates, individual angels, and family offices. Where do grants fit into the picture? Grant funding can make a big difference not just to the bottom line, but also to the viability of new innovative products or services. While the offer of grant funding is attractive, business owners should be aware that funds often come with strings attached: you as a business may be limited in how you can use the money, it is often paid in arrears (so you may have to borrow to cover costs in advance) and you will need to ensure that your business and project are eligible under each competition. You may decide that the upsides of a successful application for the right kind of funding outweigh the downsides. Apart from having the money in your bank, a successful grant application can make your business more attractive to investors. How Swoop can help: the Grant Finder tool on the Swoop platform makes it easy to check which grants you may be eligible to apply for based on your sector and location.  Swoop can help you at every stage of the funding journey, from acquiring start-up capital to making the business investible and connecting with the right people to see your idea thrive in the market. To learn more about our partnership with Swoop 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. #2024 #Swoop

WELCOME TO THE 2024 UHY GLOBAL REAL ESTATE GUIDE In a globalising world, many investors, both corporate and private, are looking for opportunities internationally. While real estate is one of many investment options, the venture is unique in that it cannot be physically moved as most other assets can. Consequently, investors must conform to the rules and regulations of the country where the property is situated. Like other major investments, proper planning is needed to avoid any pitfalls that may lie along the way and to minimise tax exposure. The purpose of this Guide is to identify regulations (for example, the deduction of expenses and interest) and tax rates (for example, *VAT, wealth tax and inheritance tax) found in various countries that may affect property investments. The contents have been carefully compiled by UHY experts in over 50 countries included in this Guide but are intended for general guidance only. Since legislation changes, you should refer to the appropriate UHY source or professional advisor for the most up-to-date details, or for more specific information. We hope you find the UHY Global Real Estate Guide a valuable tool and introduction. Our team look forward to helping you with your real estate ambitions. Read it now #2024 #RealEstateGuide #UHY

Digital Strategy – Delivering Better Customer Experience In 2024, every business needs a digital strategy. That is not the same as having a website and email address. It is about using digital processes, not only throughout your business but also, and perhaps most importantly, in the continual quest to improve customer experience, satisfaction and loyalty. Like everyone else, business people live their lives in a world of apps and instant access. As consumers, they self-serve using banking apps, download train or concert tickets to digital wallets, and interact with brands via AI-powered chatbots. While they might not expect quite the same level of convenience and accessibility at work just yet, the gap between business experience and consumer experience is closing fast. Increasingly, our member firms’ clients, for example, expect digital communication channels, self-serve options and cloud-based accounts they can access from anywhere. They want the service they receive in a virtual world to be as seamless and professional as the one they receive in its physical equivalent. WHAT IS DIGITAL CLIENT EXPERIENCE? A good digital experience offers clients easy, intuitive routes to the information or services they seek. On one hand, that might be something as simple as making sure web pages and blogs link to the most relevant and up to date sources. On the other, it might mean offering clients self-serve account options, allowing them to pay bills or alter account details without having to pick up the phone. Self-serve is increasingly popular in business-to-business (B2B) settings. A 2021 Gartner survey found that 43% of B2B customers would prefer to not interact with a salesperson at all. They want an entirely digital, self-serve process. With that in mind, the digital experience you offer needs to be both comprehensive and tailored to your own unique circumstances. For some, better client experiences might come from a cleaner, more logical website layout, while for others they may come from omnichannel communications (integrated email, instant message, chat and voice services). Or they may come from offering a simple and secure digital document repository. Good digital plans can also have positive impacts in unforeseen ways. For example, when initiatives remove tedious and repetitive tasks from an employee’s day, it gives them more time to spend on higher value work, which might include forging better relationships with clients. DIGITAL EXPERIENCES REQUIRE CONSISTENT STRATEGIES It is clear that digital innovation for better client experience has to touch every part of your organisation, integrating tools and information flows across teams and departments. This is why digital transformation should be driven by an overarching strategy. The ad hoc implementation of digital tools across an organisation can lead to information silos, fragmented services, and ultimately frustrated clients. A seamless digital experience requires consistency around planning, implementation and operation. Digital innovation might be led by IT professionals, but it must be championed by committed leaders across the business. Employee education and training is essential. If you are giving clients digital options, colleagues have to know how to use the relevant tools, as well as understanding the benefits and implications for their own roles and workflows. This leads us to consider that a digital strategy is a journey rather than a destination. Technology does not stand still. If you offer a digital experience (and you should) clients will expect you to keep up-to-date. For example, artificial intelligence (AI) can offer clients more personalised and customised services. If you are not looking into the potential of AI in your business now, you probably should be soon. It is important to explore new ways to regularly innovate and improve the digital experience – and reach new customers. DIGITAL IS INTEGRAL TO THE WAY BUSINESS HAPPENS TODAY Having said all of this, digital strategies are not one-size-fits-all. Some markets are more digitally advanced than others. Expectations may differ from region to region, or from one industry to the next. Businesses need to pick the best-fit digital strategy for their resources and circumstances. The crucial point is that everyone should be doing something and doing it with a clear vision. In my profession, our member firms and their clients increasingly expect smooth and seamless digital experiences, and many prefer to interact virtually, at least some of the time. Whatever the details of your own digital strategy, the key is to commit to it wholeheartedly. Digital is not a bolt-on or a nice-to-have anymore. It is integral to the way business happens today. 1 Source: Gartner Keynote: ‘B2B Sales Must Focus on Seller-Assisted Digital Experiences’ For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

Amendments to the Debt Warehousing Scheme, 5 February 2024 On 5 February 2024, the Minister for Finance announced that the interest rate applicable to warehoused tax debts will be reduced to 0%. In addition, Irish Revenue have confirmed that, where a business has already paid warehoused debt, which was subject to interest at 3%, it will get a refund of that interest. This will ensure that all taxpayers are treated fairly. An Overview of Debt Warehousing Warehousing of tax debt assisted businesses who experienced cash-flow and trading difficulties during the COVID-19 pandemic. Under the scheme, you could defer paying some eligible tax liabilities until you were in a position financially to deal with the debt. The interest rates that previously applied to warehoused debt were as follows: 0% during period 1 and period and 3% from the start of period 3 to the repayment date Period 3 interest of 3% has now been reduced to 0%. Businesses availing of the Debt Warehousing Scheme have until 1 May 2024 to either: pay their warehoused debt in full, if they can or engage with Revenue on addressing the debt, including arrangements for a Phased Payment Arrangement (PPA). Businesses will be provided with every possible flexibility in managing the payment of their warehoused debt. This includes: the level of down payment, if any, to commence the payment arrangement an extended payment duration and the availability of payment breaks and payment deferral if temporary cash flow difficulties arise during the arrangement term. It is essential that businesses keep up to date with current tax returns and tax payments as they fall due and engage with Revenue about dealing with the warehoused debt.​ Failure to meet these conditions will result in the business being removed from the Debt Warehousing arrangement. Where a business is removed from the warehouse, periods which had been warehoused: will become payable immediately may be subjected to debt collection enforcement action and will be subject to interest charges of 8% or 10% per annum Benefits of engaging early There are several benefits to engaging with Revenue early in relation to the repayment of warehoused debt such as: providing certainty for businesses in their financial position and allowing future cashflow to be planned allowing time to agree the best repayment solutions appropriate to the business payment arrangements that can be activated now with a minimal down-payment and monthly repayments commencing later in May 2024 and if circumstances change in the interim, the payment schedules can be adjusted. How UHY FDW can help If your business has availed of the Debt Warehousing Scheme, you must engage with Revenue prior to May 1, 2024. Our tax experts are available if you would like further information on how the changes to the Debt Warehousing Scheme may affect your business. Sources: Revenue https://www.revenue.ie/en/starting-a-business/paying-your-tax/debt-warehousing/index.aspx Gov.ie https://www.gov.ie/en/press-release/eb94d-minister-mcgrath-announces-interest-rate-reduction-to-0-for-tax-debt-warehousing-scheme/ #2024 #DebtWarehousing #LatestTopics #TAX

Client Story A STRONG HOLD ON GROWTH Originating from a formula first used on teak in Indonesia, news about an adhesive with incredible strength spread fast and two decades later, demand for Gorilla Glue products continues to accelerate. With the help of UHY member firms across Europe the business’s new ambitions are flourishing. “We had always planned to expand into Europe from the UK, but Brexit brought challenges that none of us were equipped to deal with,” says Richard Allen, head of European Accounting, Gorilla Glue Europe Ltd. “This was unfamiliar territory for all British businesses in our situation and we needed specific help to facilitate our growth, firstly into the Netherlands and later into Germany. I had worked with UHY in previous companies, so for me it was the only network I wanted to support us. I was sure from the outset that UHY had all the resources to steer us through this critical period.” “From the beginning I have been impressed by the effortless way member firms communicate. There is never any need to repeat instructions and I have absolute confidence that everything necessary is always being done to get us where we need to be.” Staying Close As each new member firm was instructed by Richard, Michelle Dale, VAT director, UHY Hacker Young, Manchester, UK, coordinated communications between Niall Donnelly, head of corporate tax, UHY Farrelly Dawe White Ltd., Dundalk, Ireland ; Martin Kuijpers, VAT specialist, Govers Accountants/ Consultants, Eindhoven, Netherlands and his colleague, Lomme Van Dam, international business tax advisor, also from Govers Accountants/Consultants. “Together, these people from different parts of the world in the UHY network, used their collective expertise to help us become legal entities and deal with rigorous compliance issues in the Netherlands and Germany. They got us established quickly and continue to help us to build up the entity structure. On top of this, their detailed advice and day-to-day support with matters such as VAT returns and payroll are second to none,” says Richard. Ensure you are subscribed to our mailing list to keep up to date on all the latest technical and industry news. Contact our team if you would like to discuss the expansion of your business, or if you have any other service queries. #UHYGlobal #2024 #LatestTopics #Brexit #TAX

Facing Facts – How AI is Shaping Accountancy’s Future The 17th 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 thought-provoking, upbeat and engaging read explores the issues and challenges of international business, themes you may well be grappling with in today’s uncertain world. Topics explored in the new issue include the promise and pitfalls of AI, how to navigate ESG, the future of oil states and the economic future. Some client case studies are featured in this issue, including Gorilla Glue Europe Ltd, where a number of UHY network firms, including UHY FDW, supported the client in their European expansion. 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. Read it now Contact our team with any queries you may have T: +353 42 933 9955 E: info@fdw.ie #2023 #UHY #UHYGlobal #UHYGlobalIssue

Pathways to Better Business Strategies – Planning for Success Effective change is integral to business success, but change is not always easy. Businesses that attempt to evolve without following a well-planned and communicated strategy will lack resilience and be more vulnerable when things go wrong. They may be perceived as having poor leadership which affects reputation and confidence. Organisations often develop an overall strategy for growth which in turn requires fundamental change in other areas. For example, your growth strategy might demand that you keep hold of more of your experienced employees who create the most value. That in itself requires a strategy. It might demand digital transformation to create efficiency, and that also requires a strategic approach to change. In other words, businesses thrive or fail by the strategies they follow. So how do you make sure your own business strategies are properly planned and implemented? Here are five steps to follow. Define your goals (and how you will reach them) Your overall goal might be growth, but your HR goal is to reduce employee churn and your IT goal is to create a more effective technology stack. Each requires you to define specific, realistic and measurable goals (15% revenue growth in 2024, 25% reduction in recruitment costs and so on), and outline the paths you will follow to reach them. For example, if you want to boost employee retention, you might poll your workforce on what it likes and dislikes about working for your organisation. You might analyse what competitors in your industry do to retain staff. After all that, you might decide that the best way to maintain employee morale is to invest in a wellbeing programme or develop more flexible ways of working. Focus on resourcing Whatever it is, your strategy needs to be realistic. For example, you might not have the financial or human resources to implement new digital accounting processes without severe disruption. If that is the case, there may be other options. You could outsource more basic accounting functions to a global network like UHY, freeing up internal employees for higher value work. Whatever you decide to do, you need the resources to match your ambitions, or you need to find another way to reach your goals. There is no point reaching for the sky if you are never going to get there, and employees will soon work out if a strategy is unrealistic. On the other hand, colleagues will quickly adopt and advocate for a well-considered strategy with clear and realistic paths to success. Do not be afraid to stretch Having said that, realism should not be a cover for a lack of ambition. A strategy for change can and should stretch your organisation. It should demand creativity, collaboration and everyone bringing their talent and passion to the table. To get the balance right, you need to understand your own teams and also the wider market. Does the market have capacity for your growth plans? Are there underserved areas of the customer base that are crying out for better solutions? What do your competitors do better than you and where are you ahead? When you can answer these questions, you can mould a strategy that suits your particular circumstances, and has more chance of success. Set the anticipation for change People in your organisation need to know about any upcoming change and how it will impact their work. They need to make sure they are prepared and have the resources that will facilitate change. They need to know what to expect when the strategy is being implemented. Introduce your plans early and often, in ways that will filter through to the business as a whole. Use in-person meetings, internal newsletters and presentations to set anticipation and give everyone the time and information to prepare for change. Implement your plans effectively When you are ready to implement your strategy, do it methodically and carefully, based on a detailed plan of action. Establish periodic objectives that adhere to the SMART principle – Specific, Measurable, Achievable, Realistic and Time-bound. Talk and listen to your team throughout the change process so you know that they understand what is going on and are comfortable with their role in driving progress. When each step of the strategy is complete, review the process and the results that have been achieved so far. If you follow these steps, tailored to your own unique business circumstances, your strategy is more likely to lead to a successful outcome. In business, change cannot be piecemeal. It needs to be meticulously planned and carefully implemented, feeding into your organisation’s wider strategic objectives. If you feel you would like support with your strategy or with implementing change, UHY member firms around the world offer specialist business advisory services, helping clients align business strategy with internal resources and market requirements. Drop me a note and I and my team will put you in contact with a UHY office near you. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

The introduction in Finance Act 2022 of Section 897C of the TCA 1997 will require employers to report to the Irish Revenue Commissioners (Revenue) details of certain payments made to employees and/or directors. The requirement to provide this information will commence on 1 January 2024. What is Enhanced Reporting Requirement (ERR)? From 1st January 2024 , all employers are required to submit to Revenue details of non-taxable payments paid to employees. The submission must be sent on or before date of payment. What information do you need to report? Small benefit exemption You can give employees up to two small benefits, tax free, each year. These benefits must not be in cash and the combined value of the two benefits cannot exceed €1,000. You must submit to Revenue details of the value of the benefit and the date paid. Remote working daily allowance The Remote Working daily allowance can be paid to employees up to a rate of €3.20 per day, tax free.  You must report the following to the Revenue on or before each payment: Total number of days Amount paid Date paid Travel and subsistence You must submit the following travel and subsistence items, including the date paid and amount of each payment for: Travel vouched and unvouched. Subsistence vouched and unvouched. When an employee (including directors) is required to travel on business journeys, the employer may reimburse the employee or director for their travel and subsistence costs. Travel costs may include covering the cost of flights, taxis, tolls or public transport.  Employers may also repay employees mileage for the use of their private cars, motorcycles, or bicycles, when used for business journeys. Subsistence expenses may cover costs associated when an employee/director is working away from their normal place of work for example, accommodation costs and food expenses. Site-based employees (including “Country money”) – Travel and subsistence costs payable (if qualifying) must not exceed €181.68 per week; The location must be more than 32km from the employer’s base.  This does not apply if the employer provides transportation, board, and lodgings or if the employer is recruited to work on one site only. Emergency travel – No more than 60 emergency travel payments per employee, per tax year and the situation requires urgent attention. Eating on site allowance – this is payable if you do not provide facilities to make tea, coffee or other refreshments, your employee does not receive any other form of tax-free subsistence payment and your employee works on a site at least 1.5 hours before and 1.5 hours after their normal lunch break.  You pay a maximum allowance of €5 per day. Other Notes Any reimbursement or payment of non-taxable payments under the Enhanced reporting requirements, must be reported to Revenue on or before date of payment. Only incurred expenses will be reported. The use of company credit cards or prepaid cards are not currently in the scope of ERR as it does not involve a reimbursed payment regarding Travel & Subsistence to the employee/director by their employer. Fuel cards, toll tags, car insurance and motor tax if paid directly by the employer for company vehicles provided to employees, are not within the scope of reporting as no payment has been made to the employee/director. How will you submit ERR payment details to Revenue? The above non-taxable expenses can be reported directly on ROS or by 3rd party software. ROS will be updated shortly to allow the reporting of ERR. Reporting must be done on or before date of payment How UHY FDW can help UHY FDW are here to help you to submit your non-taxable payments to Revenue if you require our assistance to do so. If you would like our assistance in this area, please complete the form below as soon as possible. We will keep you up to date on these enhanced reporting requirements as the information becomes available from Revenue. In the meantime, if you would like to speak to once of our payroll specialists please contract us at info@fdw.ie with your contact details and we can arrange a consultation. Ensure you are subscribed to our mailing list to keep up to date on all developments in relation to this and other technical and industry news. For more information visit Revenue.ie Update February 2024: Revenue are holding a series of webinars to give an overview of Enhanced Reporting. Revenue issued notices to employers and agents via ROS to register their interest in attending these webinars. You can register your attendance for these webinars directly with Eventbrite. Visit Revenue.ie for more information #LatestTopics #2023 #Payroll #TAX #Tax2023

How to achieve effective internal communication – and why it is essential to do so Successful organisations prioritise effective internal communications as much as the interactions they have with customers and clients. Without that focus, companies can struggle to innovate, collaborate and grow. How do you run a successful business when one department doesn’t know what another is thinking or planning to do? When office-based companies are at the start-up stage, internal communications can be almost entirely face to face. It might be five people working from a single room. But as they grow, disseminating company information to employees becomes more complex, and requires an internal communications strategy alongside relevant tools. This has become even more true since the pandemic. Remote and hybrid working models can create challenging communications environments, leading to employees feeling disconnected from the business. With the wealth of tech now available to allow team members to communicate and collaborate in real time, working on different sites makes effective internal communications increasingly important. Smooth Flow of Information What is internal communication? Essentially, the term is a catch-all for the flows of information that take place within organisations. That can mean the messaging that flows from managers through to the rest of the organisation, with feedback and ideas that flow the other way. It can mean horizontal messaging as information is passed between departments. It can be emails and instant messages employees use to work effectively together, and it can be face-to-face meetings. These information flows are essential to the smooth running of any business, amplifying the company vision, so that everybody buys in. They make relevant people and departments aware of a change to a system or process, as well as feedback from clients. They celebrate success and – if something does not go to plan – ensure everyone knows what has been implemented to put it right. In addition, internal communications are often used to help create a sense of community and a shared vision, even in large and dispersed organisations. If you get these messages right, they can be highly motivational, driving businesses forward by promoting inclusivity, teamwork and the power of collaboration. In the UHY global network, we encourage communications between firms in different jurisdictions through everything from UHY’s intranet to a calendar of popular in-person events. UHY’s recent annual conference in Buenos Aires, Argentina, was an opportunity for member firms in the network to discuss challenges and developments in global accountancy as well as to network and collaborate on client business. Right Tools at the Right Time So how do you promote effective internal communications? Technology plays its part. You need to give everyone in your organisation the means to communicate smoothly and seamlessly. What this entails will depend to some extent on the culture of the organisation, but it usually includes a combination of calls, video calls and conferencing, email and instant messaging. This ‘omnichannel’ approach lets employees communicate in the way that they want, and in a way that suits the information they want to send or gather at any given moment. Channels such as business messaging apps that connect people to the information they need are increasingly popular as they can streamline the flow of information and promote inclusion. These are not the only ways organisations communicate, however. Larger businesses may have an intranet or a company newsletter. Formal and informal presentations (in person or online) from senior members of staff are part of many companies’ annual calendar of top down communications. Some CEOs encourage employees to email them directly. Transparency and Clarity When it comes to communications from senior management to the wider company, technology is only one part of the story. The other is tone, purpose and language. In short, your communications should be transparent and clear, with a defined and straightforward aim. Do not mix messages or combine separate, important announcements in the same email. Always make them friendly, conversational and inspiring. Remember, you can send a company-wide email, but you cannot force people to read it. To get the message read as widely as possible, get to the point quickly and succinctly. When busy people see pages of text, they often click away. Make sure everyone who needs to see a communication is included. Often, that might be everyone in the business. Even if an announcement does not directly affect the entire workforce, the reason for the change may say something positive about the way you want the business to operate, and that is something a lot of people will want to hear. Maintain a consistent style and tone across communications, and provide opportunities for feedback. What does the business feel about a new innovation or ambition? Do employees on the frontline feel it will help or hinder their work, and in what ways? This is all hugely useful information. Finally, measure and improve. Analyse employee engagement metrics (how often they read, share or interact with content, including sending feedback) and use the information to refine your internal communications strategy. It is important that you do. Internal communications is the oil that lubricates the cogs of your corporate machine. The better they are, the more smoothly the machine will run. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY