A view from a business
KBC customers talk about the expertise of KBC and why they are staying with them heading into the future
Two KBC business customers talk about the expertise of KBC and why they are staying with them heading into the future
A SPECIALIST AREA
“KBC are the leaders and specialists in the tax and pensions areas,” says Stephen McNulty, Partner in DMN Accountants. “We have been a customer of theirs for around 20 years and we have always found them to have a high level of expertise.”
Established in 1977, DMN Accountants (www.dmnaccountants.ie), based in Santry, are an accounting firm providing services to a wide range of local and international clients, including many small- and medium- enterprises (SMES). They specialise in auditing, business advice and accounting, taxation, corporate tax and personal tax. While KBC is not their main institution for everyday banking, they take advantage of the many products KBC has on offer for businesses.
“We have clients from all different industries,” says McNulty. “We offer consultancies and take care of the financial needs for them.
“Lately, Brexit is the word on everyone’s mind and the uncertainty surrounding it is concerning. This is especially true for exporters and businesses that require foreign business transactions. We have clients affected by this, leasing companies who deal internationally and computer companies who buy and sell in the US and Europe. Currencies and tax issues could be a problem in the future, which is why I think it is important for businesses to get expert advice and have their finances in the best shape it can be right now.”
KBC PRODUCTS
McNulty says that he recommends KBC’s Tax and Pension Contribution to his clients.
“This is a great product, where our client pays their fees to us by taking out KBC finance. We organise that through the bank as we have a great relationship with them. The biggest product we use and recommend to our clients is the Tax and Pension Contribution which allows clients to fund their tax and pension payments. We run this through KBC as I believe they are leaders in these areas.
“It is a fantastic way to smooth out cash flow, without having to dip into the business. For instance, if a client wanted to put €20,000 into their pension this year, they will find it hard to get that money from their business. But, they can get €20,000 from KBC and spread that over the next 9, 10 or 11 months to pay it off every month.
“This allows clients to focus on running their business instead of their pension or their taxes at the end of the year. The Tax and Pension Contribution provides adequate finance for those items on a once-a-year basis and the business does not have to get an overdraft or a general loan. I see so many people taking advantage of this now, as it is very handy to not have that worry hanging over their heads.”
CUSTOMER SERVICE
“Anytime I have dealt with KBC, they have been great to work with. I think they have a very personal touch where they look after their customers, going above and beyond.”
McNulty mentions that since the financial crash in 2008, and the ensuing recovery, banks take a while to approve finance and bank accounts for businesses. But KBC facilitate clients’ requirements and help bring projects together.
“When I have seen clients face challenges and needing advice, KBC has been willing to engage to overcome anything. They are very fast at setting up loans and accounts.”
McNulty says the future of business banking looks set to be online. The revolution in technology for banking is changing how people interact with banks and KBC are at the front of the changing environment.
“Some customers struggle to keep up with automation and online banking. Banks need to help clients deal with and get used to the tech as people can get frustrated. KBC are very good with keeping their customers up-to-date in that way.
“We hope to continue working with the bank long into the future. They have expertise with tax and pensions in particular, and that expertise allows me to happily recommend it to my own clients.”
AN EFFICIENT SERVICE
“We have been with KBC since their start in Ireland,” says Anne Connellan, Partner at JP Greely, Chartered Accountants (www.jpgreely.com). “We were with them when they were Irish Intercontinental
ANYTIME I HAVE DEALT WITH KBC, THEY HAVE BEEN GREAT TO WORK WITH. I THINK THEY HAVE A VERY PERSONAL TOUCH WHERE THEY LOOK AFTER THEIR CUSTOMERS, GOING ABOVE AND BEYOND.
Bank (IIB) nearly 20 years ago, and we have never once thought about moving away from the bank.”
JP Greely is a chartered accountancy firm set up in 1975 by John P Greely. The firm now has three partners, John Greely, Charles Carri and Anne Connellan. The business provides a wide selection of services to companies with audits, general accountancy, taxation, insolvency, debts and banking issues and full book-keeping, vat and payroll services. They also look after many clients who are professionals and unincorporated businesses.
Connellan says that for several years during the recession, businesses were just trying to keep themselves afloat and trading day-to-day without much thought to the long-term future. But, now that there’s growth in Ireland, this means businesses are looking for more banking products and offerings.
“Businesses had difficulty paying taxes when they were losing money instead of earning it. But, now they are paying increased amounts of tax again which also feeds into spending money on pensions, so there is much more need for specific tax and pension banking services.
“My advice for any business is to always get help from experts, particularly when completing bank forms or tax returns. There is lots of expertise out there especially for those that don’t have the resources to have their own internal finance team.”
FINANCIAL FOCUS
Connellan says that the efficiency of KBC kept JP Greely, Chartered Accountants banking with them for over 15 years. She says that their knowledge of SMEs and professionals, and the challenges they face, is why they are unique to the market.
“KBC are very customer-focused. They focus on professionals and understand how accountancy practices work. They know that their clients have a big bill once a year that needs to be paid and therefore they provide the service to help with that. I know a lot of our clients find it incredibly beneficial to pay their audit fees or taxes and pensions with KBC finance as it is useful to manage cash flow.
“We use KBC for their Professional Fee Finance. Without this, I feel like we might not get paid as efficiently as we are. We do work for a client and instead of taking large sums of cash from their business to pay their bill, they take out the Professional Fee Finance to pay us while they repay that amount over 11 months. This way, we don’t have to worry about not being paid what we are due, and our client doesn’t have to stress out over a large payment in a short amount of time.”
Connellan says she and her partners also use the KBC Tax and Pension Contribution as it helps them with their cash flow.
“We couldn’t manage without it! Because we are a service industry, a lot of our money is tied up in debtors and work in progress, and we wouldn’t have the cash to pay our tax and pensions commitments. We advise our clients to use this too – we wouldn’t recommend KBC to our clients if we thought we couldn’t stand over that action and trust them.”
MEETING CHALLENGES
Audit fees can reach up to €20,000 and tax and pensions bills potentially climbing to €100,000, Connellan says it is handy to have a bank that will lend you what you need with barely any fuss.
Connellan adds: “In the last few years, it was difficult to get loans from any bank as Ireland was in rough waters. KBC kept the door open to us and we felt that we could always talk to them.”
With later opening hours in the evening, a 24/7 contact centre and branches open on Saturdays, it is easy to get in contact with KBC even when working full-time.
“I have noticed how accessible they are. Most Irish people always leave things until the last minute and that includes their tax returns! When coming up to the tax deadline day, we tend to work weekends and I am always relieved to know that KBC are contactable. Even if the doors are closed, they will always pick up emails and do their best to turn an application around in just a few days.
“They know how stressed we are, so they don’t make it any more difficult. They have a hub in Naas which is a fantastic location for us. We will definitely continue to do business with KBC and encourage others to do so too.”
For more on becoming a KBC customer, visit www.kbc.ie and turn to page 13 for more on Professional Fee Finance.
Customers did not receive gratuity.
KBC ARE VERY CUSTOMER-FOCUSED. THEY FOCUS ON PROFESSIONALS AND UNDERSTAND HOW ACCOUNTANCY PRACTICES WORK.