New finance advice role for former TD Áine
SMALL businesses and farms are the backbones of rural Ireland and are often neglected by governments when policies for economic generation are being considered.
So says former Cork North West FG TD Áine Collins as she introduces a new service which she believes will support small employers struggling to stay afloat in challenging times.
A former accountant, Áine is now a business development director with EFM Ireland, a company which has recently set up in Ireland with the aim of providing a bespoke pay-asyou-go financial director service to smaller enterprises.
After her career in politics and successfully securing the Institute of Directors diploma, Áine feels her new role is the right fit for her.
“I get to work with Irish owned businesses who want to grow.
“Whether it’s Brexit or the everyday challenges of being in business, rural Ireland can be a lonely place for a business owner who has to deal with various issues,” she told The Corkman, pointing to issues such as coping with the worry and pain of managing cash flow, finding sales, motivating staff and dealing with compliance with an ever increasing range of standards and regulations.
While a full time financial director could cost a firm between €100,000 and €120,000 annually, the EFM service provides a Finance Director as and when you need it.
Initially Áine will meet with the business for a free consultation to discuss the challenges and needs of the firm. Based on that conversation, a finance director will be recommended according to the firm’s needs, it could be a few days a week or one day a month, and this person is paid by the firm and in turn pays EFM Ireland a commission.
In Áine’s view there are many issues which an expert eye could spot and help to resolve in various ways, be it with an app which takes care of payroll or other technology which can download all bank transactions automatically.
“Cashflow can often be very poorly managed – but there’s so much new thinking out there, it needn’t be a worry,” said Áine, who believes that small rurally-based firms should be able to benefit from the best expertise available.
One of the key things she believes is that a company should invest in a team at least as much as it invests in machinery and technology.
“A financial director who is devoted to your business will help higlight growth opportunities and use a bank of commercial experience as well as instinct for strategic planning to set you on a path of sustained expansion, unlocking untapped markets and investment for growth.
“Outsourcing the help of a trusted professional who understands the ins-and-outs of financial statements is essential in keeping your business in the best financial health, particularly when considering expansion.
“A financial director becomes indispensable.”
After a hectic term in Dáil Éireann, Áine is enjoying her new role back in business.
“Monday to Friday is full on without a doubt but at least the weekend is my own.”
However she is passionate about the possiblities her new role presents, continuing the work she was doing in the Dáil in finding ways to support business people working in areas such as North Cork to meet and overcome the challenges of staying in business and providing employment.