‘Resistance to fee increases for recurring work has diminished’

ACTIVITY There has been good demand across all our service offerings, with topline turnover running at 120% of comparative year. Outsourced management accounts, virtual financial control, and increased corporate restructuring and sale transactions were the most notable drivers of increased activity. Resistance to fee increases for recurring work has diminished - general inflation is more accepted. While staff resource issues persist, there was a degree of stability last year, and new recruits and retention improved.

CHALLENGES Staff recruitment and retention is number one. Traditional audit and tax experience is hard to secure. The limits on willingness of both clients and staff to embrace and invest time in harnessing the benefits of automation/AI is another challenge. The appetite for change in a time of great technological advancement is somewhat of a concern.

ENHANCED REPORTING So far ERR is not causing significant challenges but we expect there will be some issues over the coming months. Automation on data capture and filing of ERR will be essential. In the medium term, Revenue will gather significantly greater data and information which will alter the face of audits and interventions.

PROFESSION The bookkeeping end of accountancy will be dominated by software, understanding technology and ultimately AI. Blockchain and the integration of banking and accounting is still in its infancy. The future for an experienced accountant who is willing to embrace technology is very bright.

ENTERPRISE SMEs are under pressure. The profit margins available to many SMEs is lower than larger multinationals, and this makes it difficult to compete for scarce talent and resources. Regulation is also expensive to comply with, in a regulatory environment designed to a standard benchmarked to a multinational peer group.

OUTLOOK As long as employment remains at a record high, the Irish economy will remain the envy of most of the rest of the world. Long term, a slight easing off on FDI might provide a breathing space for indigenous business, with more realistic competition for talent and resources.