Psc autumn 2017 by TraleeAdvertiser

AUTUMN

2017 10 REASONS WHY PENSIONS STILL MAKE SENSE Eoin O’Neill and Bairbre Dowling

ECONOMIC OUTLOOK Dr. Constantin Gurdgiev

CLOUD ACCOUNTING: ARE YOU READY TO MAKE THE MOVE? Siobhán Rivas May

HAPPY BUT EXHAUSTED: 4 TIPS FOR REVERSING WORKER BURNOUT GOOD REASONS TO ENCOURAGE SELF CONTROL AMONG EMPLOYEES

MEET THE TEAM

TABLE OF CONTENTS 10 Reasons Why Pensions Still Make Sense Eoin O’Neill and Bairbre Dowling Economic Outlook - Alice In The Wonderland: The EU Banking Reforms Dr Constantin Gurdgiev Cloud Accounting: Are You Ready To Make The Move? Siobhán Rivas May Good Reasons To Encourage Self Control Among Employees Happy But Exhausted: 4 Tips For Reversing Worker Burnout 10 Ways To ‘‘Tech Up’’ Your Business Business Briefs Meet The Team Range of Services

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WELCOME

to the Autumn 2017 edition of our newsletter.

With summer a distant memory and the long evenings drawing in, it’s that time of year to take stock of the events over the last months and plan for a successful last quarter. Every business is different and so you will have different priorities. Particularly if you are in the hospitality sector you will be looking ahead to 2018 and trying as much as possible to increase on the activity of 2017. While the Budget is the topic on most people’s agenda, the expectations are low as to any significant changes. Francis, Director of Tax will be holding the annual breakfast meeting in The Ballygarry House Hotel in conjunction with the Kerry Enterprise Board on Thursday morning the 12th October. This event is fully booked every year and always receives excellent feedback. If you have not received your invitation by email, please log on to the Kerry Enterprise Board website at https://www.localenterprise.ie/Kerry/ to book your place. We are delighted to be part of The Kerryman Business Awards 2017. The nominations are now open and the awards will be held in Ballygarry House Hotel & Spa, Tralee on Friday 13th October next. PSC are delighted to be sponsoring the ‘‘Best New Business Award’’. We look forward to seeing you there. In this newsletter there are again some very interesting topics, but there are two in which we would love you to take the time to read. The first one is for your personal financial growth and focuses on Pensions and why they still make sense. As always Bairbre Dowling and Eoin O’Neill are at hand to answer any questions you may have. The second, is one which we are very excited about and will change the way in which we and our clients will record their accounting records. After months of research and testing, we have decided to roll out an Online Accounting Package for our clients, which will eliminate data entry and save massive time and most importantly give you real time information on how your business is performing. This is a MUST READ. If you are interested please contact Siobhán Rivas May who will walk you through the necessary steps. As you know, PSC is always implementing new procedures and ways to improve your experience with us. We would welcome any feedback you have, both positive and negative to assist us in this journey. Our team are always at hand to guide and help you with the financial aspects of the business. So please email us or contact us by phone should you have any questions or concerns. If you are recommending us to a friend, please remember that the first consultation is free. We hope you find this newsletter of interest and welcome any feedback you may have. Positive thought for this Newsletter: “ The distance between dreams and reality is called action”. From all the team at Peevers Slye Cotter.

10 REASONS WHY PENSIONS STILL MAKE SENSE!

EOIN O’ NEILL, QFA AND BAIRBRE DOWLING MBS LIB QFA PSC Wealth Plus

WHAT WILL THE STATE PENSION BE IN THE FUTURE?

The State Pension (Contributory) personal full rate for a single person is currently €238.30 per week, or €451.80 per week with an adult dependent allowance.

STATE PENSION AGE INCREASING

Legislation is now in place that will increase the age at which the state pension becomes payable in the future.

Demographic changes in Ireland, as in countries across the EU, will put pressure on government finances as the cost of state pensions and health care for the elderly increase. Currently in Ireland there are 5.3 adults of working age for every pensioner, but this ratio is predicted to change to 2.1 to 1 by 2050. (Source: Department of Social Protection - Review of Social Insurance Fund 2010). Simply put, you cannot be sure the State will provide you in your old age with the same level of pension income, medical card support or other benefits as are provided currently.

Date

State Pension Age

Year of birth of those reaching State Pension Age

2014 to 2020

The State Pension (Transition) was abolished for new applications, thereby increasing pension age to 66

1948 to 1954

2021 to 2027

Increases to age 67

1955 to 1960

2028 onwards

Increases to age 68

1961 or later

These changes are happening soon and hence it is important to look at the impact they will have on your plans for retirement. Somebody born in 1961 or younger will not receive the state pension until they are 68.

LIFE EXPECTANCY

Life expectancy for those born in Ireland is now 78 years for males and 82 for females (Source: CSO 2013). While increasing life expectancy is a good thing, it is also something you need to consider when planning for retirement. If your retirement fund is to last longer you will either need to set aside more, or take a lower income each year in retirement. Your retirement savings may need to last for up to 30 years after you finish working.

INCOME TAX RELIEF

Income Tax Rate

Pension Contribution Net of Income Tax Relief

Gross Pension Contribution

Increase from net cost to gross contribution

40%

€6,000

€10,000

67%

20%

€8,000

€10,000

25%

Income tax relief is still available on contributions made personally to a pension. This relief is available on up to 40% of the contribution for a top rate tax payer, or 20% for a standard rate tax payer. For a higher rate tax payer, this is equivalent to the government topping up your net pension contribution by up to 69%!

Tax free retirement lump sums are available when taking retirement benefits. You can take 25% of your pension fund as a retirement lump sum or with a company pension you can instead choose to take a retirement lump sum of up to oneand-a- half times your final salary, depending on the length of time employed. The maximum total tax-free amount is €200,000.

In addition to income tax relief on any personal contributions, employer contributions to a Company Pension are also tax deductible and no benefit in kind is appropriated to the employee. No Benifit In Kind (BIK) means, no income tax, no PRSI & no Universal Social Charge (USC) – potentially around 52%. Pension income in retirement is subject to income tax at your

A retirement lump sum of between €200,000 and €500,000 is subject to standard-rate income tax, currently 20%. Where total retirement lump sums are greater than €500,000 these will be taxed as income at marginal rate, plus USC and PRSI.

highest rate on withdrawal, USC , PRSI (if applicable) and any other taxes or government levies applicable at that time.

TAX FREE RETIREMENT LUMP SUM

PENSION LIFE INSURANCE

APPROVED RETIREMENT FUND (ARF) OPTIONS FOR ALL

The ARF option has been extended to all members of Defined Contribution (DC) company pensions. This means that the ARF option is now available on:

The same income tax relief that applies on pension contributions is also available for Pension Life Insurance, which means cheaper life cover. For example, a 40 year old self-employed non-smoker taking out €200,000 of life cover to age 65 with indexation and conversion option could choose between a term life insurance plan and personal pension life insurance.

•

Members and directors in DC Company Pensions.

•

Additional Voluntary Contributions (AVCs) for those in Defined Benefits (DB) Company Pensions.

•

Buy out Bonds from DC and DB schemes.

•

Personal Pensions.

•

Personal Retirement Savings Plan (PRSAs).

Gross Cost (including govt. levy)

Net Cost after income tax relief at 40%

Net Cost after income tax relief at 20%

€38.43 €200,000 (per month)

€38.43 (per month)

Individuals need to consider their options carefully on retirement, and will need advice more than ever in this area. However, the ARF option gives what many individuals want in terms of:

Pension Life €38.05 €200,000 Insurance (per month)

€22.83 (per month)

€30.44 (per month)

•

Control over income drawdown.

•

Control over investment options.

Cover Required Term Life Insurance

INHERITANCE PLANNING

Pre-Retirement The tax treatment of pension funds on death can result in a tax efficient way of inheritance planning. A summary of the tax treatment of lump sums paid on death is set out in the table below. Personal Pension / PRSA / Company Pension / Personal Retirement Bond (PRB) inherited by

Income Tax

Capital Acquisitions Tax (CAT)

Surviving spouse or registered civil partner

No income tax due

Child (any age)

No income tax due

Yes. Normal CAT thresholds apply

Other

No income tax due

Yes. Normal CAT thresholds apply

For children the inheritance tax threshold is €310,000 per child, including any other gifts and inheritance received from parents since 1991.

Post-Retirement ARFs, Approved Minimum Retirement Funds (AMRFs), vested PRSAs and vested Retirement Annuity Contracts** (RAC) are all treated the same on death. A summary of the tax treatment is set out in the table below. ARF / AMRF / vestedPRSA / vested RAC inherited by

Income Tax

Surviving spouse or registered civil partner

No tax due on the transfer to an ARF in the spouse’s name. Subsequent withdrawals are taxed as income

Child (under 21)

No tax due

Yes. Normal CAT thresholds apply

Child (21 or older)

Yes due at 30%

Other (Including transfer Yes – Due at the directly to spouse marginal tax rate of the without going to ARF for deceased surviving spouse)

Capital Acquisitions Tax (CAT)

Exit Tax on savings and investment plans is 41%. DIRT is 39%. Capital Gains Tax is 33%, with an annual exemption of €1,270. (rates as at September 2017). Pension funds are exempt from Irish income and capital gains taxes (however pension income in retirement is subject to income tax at your marginal rate on withdrawal, USC, PRSI (if applicable) and any other taxes or government levies applicable at that time).

Yes. Normal CAT thresholds apply. No CAT due between spouses or civil partners

No income tax due

Yes. Normal CAT thresholds apply

Child (21 or older)

Yes due at 30%

Other

Yes due at 30%

Yes. Normal CAT thresholds apply

INVESTMENT

Pensions allow for a wide range of investment options to suit each type of risk appetite. This includes investments in equities, bonds, property and also deposits, trackers and other secure options. Investing in unit linked funds via a pension is a very cost effective means to access investment assets that might otherwise be precluded to an individual.

Treatment on death of surviving spouse ARF Child (under 21)

GROSS ROLL UP

For further information or advice on any of the above please contact Eoin or Bairbre on 066 7126333 or info@pscwealthplus.com

** A vested RAC is a personal pension where the individual reaches age 75 and has not taken retirement benefits.

Dr. Constantin Gurdgiev

ALICE IN THE WONDERLAND: THE EU BANKING REFORMS This August, the world marked the tenth anniversary of the Global Financial Crisis that entered its active phase on August 9th, 2007 when BNP Paribas ended clients’ withdrawals from three hedge funds it operated due to “a complete evaporation of liquidity”. Thirteen months later, on September 7th, 2008, two main ‘Federally mandated’ lenders, Freddie Mac and Fannie Mae, were nationalised, and eight days after that, the Lehman Brothers filed for bankruptcy. Just over two weeks after that, Ireland issued a blanket Guarantee of its banks. The crisis turned fully systemic, spreading contagion from the banks to the sovereigns to the real economies, spreading from the U.S. to all corners of the world and triggering the Great Recession. The rest, as some say, is history.

Over the subsequent years, the Fed, the Bank of England, the Bank of Japan and the European Central Bank (ECB), alongside other central banks, deployed rapidly escalating and increasingly unorthodox and costly measures attempting to shore up markets’ liquidity, and subsequently support the economy. The U.S. Treasury and other fiscal authorities around the world pushed into the markets to provide support for banks and financial intermediaries. Waves of nationalisations and resolutions of the banking, insurance, pensions and investment undertakings swept across the advanced economies and

spilled over into a number of key emerging markets. The painful process of deleveraging prompted political shifts and crises that still reverberate across Western electorates, as well as in Asia and Latin America. Debt transfers from banks to governments, subsidised by the Central Banks, have led to an unprecedented increase in the real economic indebtedness around the world, raising total global leverage of households, non-financial corporations and sovereigns from $149 trillion or 276% of global GDP in 2007 to $217 trillion or 327% of GDP at the end of 2Q 2017.

THE PROMISE HELD HIGH With all the emergency efforts in place, however, the policymakers around the world have held high the promise that as bad as the Global Financial Crisis might have been, the lessons from it will ensure that never again will the advanced economies create the conditions for another similar crisis to wreck devastation over the global financial system. And to provide concrete footing for this promise, the leaders

of the EU, the U.S. and other major advanced economies have promised to dramatically reform their banking sectors to make it more resilient to shocks and to remove the implicit guarantee of transfers from taxpayers to the failing banks. Ten years after the start of the crisis, they did not deliver on these promises. Plain and simple.

THE TEST CASE OF ITALY Consider the events of 2017 to-date. This June, two relatively small Italian banks had to be, once again, rescued using the taxpayers funds. The bailouts were not trivial, totalling commitments of up to €17 billion (US$19.3 billion). More significantly, the rescues raised the question as to whether the European Union’s Banking Union system can be made work in the case of the larger, systemically important institutions running into trouble. The Italian bailout of 2017 involved the country’s largest bank, Intesa Sanpaolo, taking over the good assets of its smaller rivals Banca Popolare di Vicenza and Veneto Banca for a nominal price of one Euro. The Italian taxpayers underwrote the task of covering the losses and the bad loans. The deal got an approval of the European Commission, a nod from the ECB and a handshake from the European Single Resolution Board (SRB) - all the institutions whose job, per European Banking Union (EBU) rules, was to ensure that taxpayers were not on the hook for bad banks’ debts. In other words, just as with the ECB’s QE, the rules were broken, yet the rules were met. European banking regulators and politicians have eaten the cake that they still insist they keep. Reminiscent of the Cypriot bailout of March 2013 (that took some 17 months to structure and execute), the Italian banks bailout was 15 months in the working - a clear sign that the Italian and European authorities were going to great lengths in putting the veneer of compliance with the EBU rules on a deal that, in the end, violated the very spirit of these rules. The reason for this length in structuring the deal is that the Italian and the EU policymakers were desperate to avoid bailing in the bondholders in the two banks. In other words, the reason for the delay in 2017 bailout was exactly the same as the reasons for delaying Spanish, Portuguese, Greek and Cypriot bailouts. This is the first “plus ça change” moment for the post-Crisis European banking reforms.

While the two banks were non-systemic in size, they had large numbers of retail investors - mom-and-pop holders of banks’ bonds involved. To cut back the risk of political unrest, the Italian government shifted some of the earlier losses in the two banks to the semi-private rescue fund, Atlante, created back in 2015. The fund absorbed some €3.5 billion worth of the two banks’ losses, but that was hardly sufficient. As the two banks continued to lose deposits, Italian and European authorities, by the late 2016, were left with no options to shore up the remaining depositors and to shield them from a bail in. The third “plus ça change” moment for the European Banking Union has arrived: although the European reforms provided for a joint depositor guarantee fund, the fund had no real money to underwrite two regional lenders, without exhausting cash earmarked for the too-big-to-fail systemically important institutions. In other words, the fund turned out to be a pure paper tiger in the face of a small crisis, raising questions as to its sufficiency in case of a systemic banking crisis in the future.

The rationale for avoiding a bail in of banks debt was also identical to the reasons put forward in not bailing in the Irish, Greek, Portuguese, Spanish and Cypriot bondholders: the concern that applying haircuts on senior bank debt will trigger a contagion across the Italian (and by corollary the European) banking system. This was the second “plus ça change” moment for the reforms, which were explicitly designed to prevent such contagion.

By the end of February this year, it was clear that the Italian authorities had no other option left than to pursue a “precautionary recapitalisation” of the two lenders. This procedure requires, under the new set of European rules, that shareholders take the first hit in covering capital shortfalls, followed by junior bondholders. If the capital cushion remains inadequate post-junior bondholders bail in, the new system allows for a simultaneous bailing in of senior bondholders and provision of taxpayers supports. The Italian authorities decided to deploy only the first step, of bailing in shareholders. Which proved insufficient not only in terms of covering future capital losses, but even in covering existent losses at the time.

Which marks the fourth “plus ça change” moment for the EU reforms: as in the case of all peripheral Euro area countries heading into their respective bailouts, the system of risk warnings have failed the public, the policymakers and the regulators. In not a single European bailout of 2008-2013 did the supervisory and regulatory authorities pro-actively spotted the developing risks. And the reforms post-crisis did not change this inherent, systemic incapacity to assess risks either. It is worth noting that SRB decision to declare Banca Popolare di Vicenza and Veneto Banca non-systemic was based on the lenders holding assets of €28 billion and €35 billion, respectively, at the time of the bailout. Alas, the main reason why the two banks fell below the SRB thresholds for designating a bank as systemically important was that the SRB delayed issuing its decision until the crisis hit banks have bled enough assets to slip under the SRB thresholds. Whether incompetence, or worse, intent were behind this outrun of events is the moot point. The SRB and SSM pillars of the Euro area banking reforms has failed once again. “Plus ça change” moment number five is that after reforming the system of banks supervision, the Euro area still ended up with a situation, where extend-and-pretend measures were deployed to superficially conceal the true nature of the two banks’ insolvency, imposing unnecessary delays in resolving the problem, and, as a result, amplifying losses to the taxpayers. This is exactly what has happened during the peak of the crisis in Ireland, Spain and Greece, as well as in Cyprus.

All along, the ECB’s new Single Supervisory Mechanism (SSM) - designed as a warning system for banks solvency risks and serving as a cornerstone of the banking sector reforms - insisted that the Italian banks were solvent. Only two days before the announcement of the final taxpayersfunded bailout in June this year did the SSM acknowledge that the banks are “failing or likely to fail”. In theory, the SSM was set up back in 2015 to explicitly put some distance between the banking regulators’ and supervisors’ risk assessments and the national governments. In practice it failed. A similar failure also involved the SRB which was also set up to remove national political leaders from meddling with the decisions involved in shutting down insolvent banks. It took SRB until a day before the official banks rescue to declare the two Italian lenders to be ‘non-systemic’, de facto washing SRB’s hands of any responsibility for restructuring them.

SYSTEMIC FARCE In other words, within the 15 months span through to June 2017, all and every part of the European banking reforms package designed to create a structured system for resolving banking failures, have been found inadequate in the case of just two regional lenders. The end result of this farce was that Italian taxpayers were left on the hook, while senior banks bondholders were left whole and happy. The rules were circumvented, bent, but de sure, not broken. De facto, however, the whole policy infrastructure for addressing the banks’ insolvency was exposed as a fake facade, hiding the same old rotten building as the one that existed in the pre-2008 world. Adding insult to the already grave injury, the Italian deal used taxpayers money to directly subsidise Intesa Sanpaolo - the bank that took over performing assets from the regional banks. Inset got allots € 4.8 billion in cash for capital and operating expenses, plus €400 million in loans guarantees. In exchange for these monies, the Italian Government did not even get a single share in Intesa. Paraphrasing the old Dire Straits song, the new EU banks resolution infrastructure turned out to be “Money for nothin’ and assets for free” for Intesa.

INVESTORS WARNED In fairness to the SRB and the European Banking Union other key players, the reforms process worked differently in the earlier test of the system, involving Spain’s Banco Popular that was wound down earlier in June this year. In that deal, the ECB was quick in declaring Banco Popular as being troubled, or, in terminology of ECB “failing or likely to fail”. The SRB promptly took control, wiping out Banco Popular’s shareholders and haircutting junior bondholders before another Spanish bank, Santander, was asked to raise its own funds to finance the buyout of Popular’s assets. However, despite the accolades from the analysts and politicians, the Banco Popular’s winding down was a superficially easy test of the system, as it required no haircuts of senior bondholders and Santander faced no difficulty raising own finance. This is not what the resolution mechanism was designed to test.

Bank of England warned at the end of June that the U.K. financial system is heading in a worrying direction and that banks are “forgetting the lessons” of the financial crisis. Last year, the IMF warned that the Euro area continues to experience “market pressures” within the banking sector. The Fund estimated the some €900 billion of non-performing loans remain on the books of Eurozone lenders. In July 2017, the IMF issued a warning to the world’s 20 largest economies, the G20, stating that the current markets conditions present growing risks to global growth, and that financial systems vulnerabilities “present an immediate concern”. In June this year, Bank for International Settlements defined four non-political risks that are underpinning rising threat of a new economic crisis. Risks number two and three: financial stress as financial cycle matures across the advanced economies, and global debt levels continued upward trend.

Instead, the Banking Union infrastructure was developed explicitly to handle tough cases, like the Italian banking system that still holds €300 billion worth of bad assets, based on Banca d’Italia estimates, of which roughly €170 billion are officially non-performing. To-date, resolution of Banca Monte dei Paschi di Siena (BMPS), and Popolare di Vicenza and Veneto Banca, have cut only about €49 billion of rotten assets from the system. In the case of the BMPS, the end cost to the taxpayers of recapitalisation was in the region of €5.4 billion. The gross cost to the taxpayers of resolving less than €50 billion of defaulting assets has been around €23 billion, counting direct bailouts, plus costs. If the trend continues, Italian taxpayers can be looking at writing more cheques in years ahead.

In this environment, Irish banks are sitting ducks for risk and uncertainty associated with the fortunes of the international financial system. While the banking sector in Ireland has undergone significant deleveraging, profit margins across sector remain relatively weak, despite the banks pumping out some of the highest cost lending in the Euro area. And bad loans remain a stubborn legacy of the crisis, placing the Irish banking sector as the third worst in the Euro area by this metric some nine years after the crisis peak, behind only Greece and Cyprus. Deleveraging across the domestic Irish lenders since 2013 has cut non-performing loans loads from an average of 27 percent to just over 14.2 percent as at the end of 2016, and to an estimated 13 percent at the end of 1H 2017. However, this figure remains more than double the 5.3 percent Euro area average. Meanwhile, recent rights issuances and significant Contingent Convertible bonds placements by the Irish banks, in all likelihood, have nearly exhausted the room for near-future market funding through these sources. This means that Irish banks are still walking on thin ice and any exogenous shock can trigger a new wave of contagion into Irish financial system. Given the latest track record of the European Banking Union reforms, such a shock will most likely lead to a re-nationalisation of at least the weaker Irish lenders.

From the Irish investors perspective, the de facto failure of the European banking reforms implies higher risk over the longer term horizon. Research from the Bank for International Settlements shows clearly that the financial crises are becoming both more frequent and more severe. Last month, the ex-Chairman of the U.S. Fed, Alan Greenspan warned that the current conditions in the bonds markets the bread-and-butter of the banks’ capital reserves - can be characterised as an ‘‘irrational exuberance’’ type moment.

Dr Constantin Gurdgiev is the Adjunct Assistant Professor of Finance with Trinity College, Dublin and serves as a co-founder and a Director of the Irish Mortgage Holders Organisation Ltd and the Chairman of Ireland Russia Business Association. He holds a non-executive appointment on the Investment Committee of Heniz Global Asset Management, LLC (US). In the past, Dr Constantin Gurdgiev served as the Head of Research with St Columbanus AG (Switzerland), the Head of Macroeconomics with the Institute for Business Value, IBM, Director of Research with NCB Stockbrokers Ltd and Group Editor and Director of Business and Finance Publications. He also held a non-executive appointment on the Investment Committee of GoldCore Ltd (Ireland) and Sierra Nevada College (US). Born in Moscow, Russian, Dr. Gurdgiev was educated in the University of California, Los Angeles, University of Chicago, John Hopkins University and Trinity College, Dublin.

CLOUD ACCOUNTING Are you ready to make the move? SIOBHÁN RIVAS MAY, FCA

Director of Auditing - Peevers Slye Cotter

Having spent the past number of months reviewing online accounting platforms, PSC have decided to go digital. Before we would ask any of our clients to follow suit, we ourselves tested our own accounts on the package and found that the benefits are exceptional and will go a long way in reducing your time in recording data and give you a real time view of how your business is performing. There are a number of Cloud Accounting software products out there and we have decided to use a platform that can be adapted to all business types and one that is ‘’Real Time’’.

CONSIDER T0 FOLLOWING:

Are you happy with: • Getting your results, a month later or longer?

If the answer is No to any of the above questions then the team here in PSC have the answer for you. All of the above problems can be eliminated by moving to an online accounting package

• Inputting all the bank transactions? • Performing monthly bank reconciliations?

With more than a million businesses around the world using the product, we’re excited to begin transitioning our client base over to “Xero”. This migration to an online platform will not only allow the team at PSC to provide a better service to you and the rest of our client base, it also gives you a better view of your business’ finances in real-time, on any device.

• Entering all the invoices? • Ringing suppliers disputing invoices? • Having folders of invoices for years around the place? • Having folders of bank statements around the place? • Chasing up debtors but not having up to date information? • Not having access to information when you are out of the office? • That you have to hire another administration person because the book keeper’s time is taken up with preparing the accounts? • Sending back up files and folders of information to your accountant?

0011010 1010011

• Spending your evenings entering in data that is adding no value to your business?

10110001101100 00111011001110 11100011010101 10100011001110 01100110101101

110100111 001111000 011001001

What are the risks of Cloud Accounting The world of cloud accounting is not without risk. These solutions are new and require that you perform the necessary due diligence to determine if the solution is right for your business. Here are a few of the risks:

THE VENDOR CEASES TO OPERATE Over a decade ago, we experienced a tech bubble where vendors were here one day and gone the next. The same risk exists with cloud accounting vendors. It is important to have a contingency plan. Xero is a long-established business which is growing so this risk is reduced.

Why Xero

YOU DON’T HAVE INTERNET ACCESS Cloud accounting products are accessible from anywhere and anytime assuming that you have a connection to the internet. If you find yourself without internet access, you will not have access to your accounting data.

Xero’s great because it’s simple to use and it gives you a realtime view of your business finances anywhere, on any device, including your mobile phone. Connected to your bank account, you can reconcile regularly, manage your expenses, send online invoices and get paid easily. And because you can have unlimited users on your Xero subscription, you and the team and PSC, as your advisor, can have a real-time view of your accounts helping the team at PSC to give you the best advice when you need it. Plus, it’s just as safe as your online banking.

SECURITY BREACH Cloud accounting software and your data both live on the internet. There is a risk that someone could gain access to your data. We have reviewed Xero’s security policy ( Have a look at this link Xero Security) and they are committed to protecting the data that you are intrusting them with. They have multiple layers of protection in place and they have guidance should you get scam or malicious emails. Which can happen. It is very important that when you are on the internet be it for personal usage or business, that you always act with care in giving away personal information.

In addition to this, Xero has thousands of feature updates every year, integrations with more than 500 third party financial and productivity apps which all enhance your financial reporting and your real-time view of where your business is at. We already have clients transitioning and loving the experience.

So how does it all work

What are the next steps

You have two choices when you start with Xero, one is to manually enter the bank transactions and invoices but have the benefits of performance reports, access to your information anywhere with your advisor also have access to it. Or going fully electronic which would involve the following:

If you are interested in this, then we would love to meet with you and discuss the possibility of moving to Xero and what is the best fit for you. We can show you how together we can use Xero to manage your business’s finances. We will ensure that the transition would be easy as possible for you and provide you with training to ensure that you are comfortable with the product.

• Allowing a direct feed from your bank account into the system. • Sending sales invoices via email to your customers. • Requesting all supplier invoices.

Please contact Siobhán to arrange an appointment.

There may be some of you who are reading this, that are using an online package already which is not Xero, e.g. BRB Cloud or Sage One, then that’s ok. If that system works for you please stay with it. From research, Sage One allows “Add-On” and can work with suppliers. The BRB Cloud are currently partnered with an “Add-On” for supplier invoices but they do not have the Bank Feed as yet.

We look forward to catching up with you and can’t wait for you to start this journey with us.

srivasmay@psc.ie

066-7126333

GOOD REASONS TO ENCOURAGE SELF-CONTROL AMONG EMPLOYEES Self-control has been a focus of many studies for centuries. It has been debated by the early psychologists and philosophers alike. Freud believed that self-control is the essence of civilised life, a sentiment reflected in modern times by Tim Ferris, author of the 4-Hour Work Week. Plato’s perception was that the human experience was a constant struggle between rationality and desire. In order to achieve our ideal form, we have to exercise self-control.

MAINTAINING SELF-CONTROL IN THE WORKPLACE

In his work, Aleph, Paulo Coelho wrote, ‘‘If you conquer yourself, then you conquer the world.’’ Stephen R. Covey reflected the same sentiments in The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change, where he wrote ‘‘The ability to subordinate an impulse to a value is the essence of the proactive person.’’

Self-control is an important key to cultivating an ethical and effective workplace. Research has shown three powerful factors that may help effective leaders to increase the self-control of their employees.

Recent studies revealed that people with high levels of selfcontrol tend to: • • • •

make healthier food choices; perform better at school; build higher-quality friendships; be better leaders at work.

However, lack of self-control in the workplace has dire consequences, according to a recent study. Let’s look at what the study revealed about people with low levels of self-control.

1. Encourage good sleeping habits Sleep restores self-control. Employees who experienced fewer sleep interruptions were found to be able to exercise self-control better than those who are sleep deprived. Long work hours can have a negative impact on the behaviour of employees.

ANTI-SOCIAL BEHAVIOUR Poor self-control causes employees to sweep work problems under the rug and to resist helping other employees. Employees who lack self-control tend to avoid engaging in corporate volunteerism.

2. Tap into displayed emotions

DEVIANT / UNETHICAL BEHAVIOUR

Instead of focusing only on service with a smile, which only pleases customers for a short while, companies should instead teach employees to tap into the emotions of their customers. A study examined the effects of physicians who took on the perspective of their patients, and experienced genuine empathy. As a result, the physicians experienced higher levels of self-control and lower levels of burnout.

Professionals with low self control resources tend to be rude and unhelpful and, often, are more likely to engage in fraudulent or unethical behaviours.

POOR PERFORMANCE Employees who have below-average levels of self-control tend to exert less effort and are more distracted at work. They choose to spend less time conquering more complicated tasks, and generally perform worse than peers with high levels of self-control.

3. Create the right environment From the office decor to displaying the company’s code of conduct in clear view, there is much you can do to help prevent negative behaviours associated with employees’ lack of selfcontrol. The right environment will help avoid the temptation to behave unethically.

NEGATIVE LEADERSHIP STYLES A leader with low self-control will often exhibit counterproductive leadership actions, such as verbal abuse.

HAPPY BUT EXHAUSTED:

According to a recent survey of American office workers, they are mostly happy, but also tired. It sounds like an oxymoron. Is it even possible to feel such conflict, and how can it be resolved? The answer probably lies in the fact that most people enjoy their work, and appreciate the opportunity to use their strengths. However, in many workplaces, it is difficult for people to maintain a healthy work/life balance, avoid stress, and in many cases say ‘no’ when their workload is too heavy. Unless people find a solution to this challenge, they may develop fatigue and other issues.

REVERSING WORKER BURNOUT for

Employers can use the four tips below to devise solutions to employees spending too much time working.

MANAGE EXCESSIVE DEMANDS ON TIME

Assess the time workers spend on completing their tasks, and discourage them from feeling compelled to remain plugged in 24/7. Workers will be more effective and productive if they have time to recharge away from office pressures. Encourage sufficient overlapping of responsibilities and teamwork to enable someone to handle gaps and emergencies without pressuring everyone to constantly be available.

ENCOURAGE AUTONOMY AND FLEXIBILITY

Many surveys on remote working and flexi hours have illustrated the benefits of allowing workers to choose their workplaces and work hours. Telecommuting workers, for example, have the advantage of adjusting their time and workplace in order to avoid conflicts with family life and other responsibilities. By providing this option, within reason, of course, you show a willingness for constructing their working arrangements around their family and other non-work demands, which fosters appreciation and loyalty. In turn, you create happy, relaxed and productive employees.

DON’T WASTE EMPLOYEES’ TIME

Research shows that meetings are one of the leading causes of time wasted at work. Ensure that all meetings have thoughtout agendas, and that they end with clear action steps. If you have to have meetings, consider doing so electronically to reduce wasted time and travel. Also work actively to reduce email overload.

PROVIDE OPPORTUNITIES TO RECHARGE

Encourage employees to take a break throughout the day. Major tech companies provide amenities which allow employees to take a time out, whether it is a nap, a round of table tennis, or just a place to get out of the office for a moment. A break provides a good opportunity to enhance creativity and increase physical energy.

YOUR BUSINESS Let’s face it, the world revolves around technology and if you want to make it in this world, it’s time to ensure your company’s technology is up-to-speed. Here are the ten aspects to consider first, when you decide to update your company’s technology.

UPGRADE

UPDATE IT SECURITY & BACKUP

Most of us fear the idea of moving files and documents from old desktops to powerful, sleek and secure laptops, mainly due to the perceived risk of losing data. However, if your PC is older than 5 years, you risk losing it all in a breakdown.

Europe has been under attack by Ransomware such as Wannacry, that has pillaged schools, hospitals and other vulnerable institutions. The minimum requirements for dealing with threats, include:

If you’re worried about moving your files, you can now rest assured that they will be safe and sound, thanks to a number of easy-to-use downloadable services that take care of the heavy lifting to ensure your files, as well as some of your applications and programmes, are safely copied to the same locations on your new laptop. All you need is a decent broadband connection, as the services use web links. Here are some of the services you could try:

•

newest operating system

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up-to-date security software

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two-factor authentication for sensitive or passwordprotected information

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Laplink’s PCMover (laplink.com/pcmover)

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Dropbox

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Onedrive

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Flickr

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Google Photos

Any information that you cannot afford to lose should be backed up on a daily basis. Use an online backup and recovery service, such as Keep It Safe or Iron Mountain to take care of the heavy lifting for your small business. Crashplan.com is another user-friendly, affordable and effective solution for sole traders.

Laplink PCMover (from €23.95) can be used for all your files, while Dropbox and Onedrive are free online storage services. Use them on an ongoing basis to never lose anything again. Flickr and Google Photos provide almost unlimited storage for image files and videos.

UPDATE AND CLEAN OUT ACCOUNTS

According to Comreg, Ireland still has more than 3,000 active dialup Internet services and more than 100,000 active ISDN lines, most being legacy connections. While some of these connect devices to payment terminals, a great many are simply overlooked. Don’t pay for services you don’t use. Scrutinise your bills and close down any accounts or services you pay for but no longer use. By the same token, clear up unused email accounts and update online directories and social media accounts with current and correct information.

UPDATE YOUR OPERATING SYSTEMS

Ireland’s latest online access figures show that close to 5% of all PCs still use older operating systems, such as Windows 8, Vista or XP. Many of these machines are used for specific utilities, such as hospital scanners and ATMs, but many are still used to run offices and shops. Using old operating systems is negligent, as it opens you up to cyber attacks and malware. Microsoft no longer provides security support for older operating systems.

8 4

Many small business assume that the General Data Protection Regulation (GDPR) is only for large corporations, and that’s not accurate. The GDPR law tightens up data protection and privacy rules while imposing penalties and fines for infringements. Small firms also face administrative fines, rather than just a slap on the wrist. There will be no more court dates, just massive administrative fines.

GO PAPERLESS

Paperless systems save time. When you use paperless methods, you don’t have to waste any more time on filing and shuffling. An increasing number of small businesses are adopting paperless transactions using digital signature software such as Docusign.

If you don’t know the laws, now is the time to brush up on your knowledge, and allocate GDPR duties to a member of staff.

Digital signatures carry full legal effect, and even law firms are using it. Instead of sending out physical letters, law firms send PDF documents by email. Any physical correspondence they receive is date-stamped, scanned and assigned to clients’ digital files.

FIND FUNDING FAST

If your company has an innovative and actionable idea and solid business plan, you should be able to fund it easily with the help of competing state grants and funds. State bodies such as Enterprise Ireland and private venture capital firms place more than €1bn into both Irish start-ups and established companies every year. Frontline Ventures invests between €200,000 to €3m into startup software companies, while Enterprise Ireland invested in 229 companies (average €140,000) in 2016.

PROTECT YOUR PHONE CONTACTS

Tired of losing your phone contacts in the event of a lost or stolen phone? You can now save them to Google Contacts and never lose anyone again. Simply go to ‘settings’ on iPhone or Android and copy your SIM contacts onto the phone, and then into your Google account from where you can always access your contacts.

One in eight applications for Enterprise Ireland’s €50,000 equity investment scheme were granted, which left many business owners disappointed. However, Local Enterprise Boards are on hand with more local aids and grants. Enterprise Ireland also provides hundreds of €5,000 innovation vouchers which can be used to improve your small business’ online capability and modernise your technology.

ADHERE TO GDPR

STRATEGISE ONLINE SALES

The most dangerous thought that crosses Irish business owners’ minds, is thinking that online marketing does not apply to their business. According to Amarach Research, Irish online sales have doubled in the last two years. A third of all sales occur online, compared to only 17% the year before. By the end of 2017, it is expected that 40% of all sales will occur online.

STREAMLINE PAYMENT SYSTEMS

Paying a small fortune for a merchant account with the bank in order to accept credit cards online? Well, you can now save on costs while still having access to merchant services. Companies such as Stripe allow you to accept credit card transactions without the complications imposed by the big banks. If you’ve always wanted to trade online, you can now do so using your website and an online merchant service. Your website administrator will be able to easily incorporate the payment system into your website.

Like it or not, but your competitors are online. Ireland ranks first place out of 28 EU countries in terms of small businesses incorporating technology. Last year, we were in 3rd place. According to a report by the European Commission, we scored especially well in online sales and e-commerce, compared to other EU rivals. Almost one third of Irish SMEs sell products and services online, which is twice the European small business average. Don’t you think it’s time to pay more attention to your online channels?

BUSINESS BRIEFS However, currency fluctuations with Sterling have partly contributed to a 6.2% fall in visitors from the UK. Tourism Ireland CEO, Niall Gibbons says it’s been a good year to date overall, but there are challenges. He said that there has been a 6.2% decline in British visitors. Britain is Ireland’s biggest market and since the Brexit vote, the decline in the value of Sterling vs the Euro has made Ireland, as well as other Eurozone countries less competitive from a holiday perspective for British travellers.

IRELAND SEES RISE IN TOURIST NUMBERS, BUT BREXIT LEADS TO FALL IN UK VISITORS There has been a drop in the number of British tourists coming to Ireland. Half year figures from Tourism Ireland show the overall number of overseas visitors is up more than 4%.

the weakest reading since the Brexit vote last summer, which infers that earlier consumer optimism about UK economic prospects seems to be undergoing marked reassessment. Another key monthly economic survey, the Ulster Bank snapshot of the building industry, suggests purchasing managers believe construction orders will accelerate later this year, even as the pace of growth in housing and commercial units slowed somewhat for the second successive month in July. KBC Chief Economist, Simon Barry commented that firms reported another substantial increase in new business flows highlighting a greater availability of projects - a sign offering considerable encouragement regarding the health of the sectors near-term outlook. The output of civil engineering firms — the third leg of the industry — contracted again in July. The Government closely watches such private surveys for clues about the direction of its tax revenues. The exchequer returns for July showed tax revenues were rising as expected from a year earlier but with no sign of the windfalls that characterised recent years.

CONSUMERS, BUILDERS IN GOOD HEALTH Consumers and the construction industry are showing increased confidence over future spending plans, separate surveys suggest.They make good news for Government tax revenues as Finance Minister Paschal Donohoe prepares his Budget this October. According to KBC Bank and the Economic and Social Research Institute (ESRI) consumers are feeling at their most buoyant for 17 months — official figures also show that the economic growth is picking up pace. Households were, however, more downbeat about their own finances in the month. This may signal concerns about “limited income growth” and the notion that they are not sharing adequately in the much talked about economic recovery, according to KBC chief economist Austin Hughes. Despite the large mortgage debts faced by many households, consumers appear to be more confident about the economic outlook here than in other countries.In particular, Mr Hughes noted another drop in consumer sentiment in the UK in July,

PAY INCREASES LIKELY AT ONE IN THREE BUSINESSES, SURVEY SHOWS

uncertainty and outcomes of Brexit, as evidenced in consumer sentiment, 2 in 3 business still have ambitions to expand over the next 1 to 3 years. The survey showed that shopkeepers are the most subdued about the year ahead. Improved job prospects mean consumers are more willing to spend than they were a year ago with Dr O’Sullivan noting that consumer confidence has been growing and is now as its peak since Brexit with households adjusting to both Brexit and Trump’s win the US Presidential race. The likely impact of both prompted more than 2 in 5 Irish households to put spending plans on hold because they were unsure of what way economic policy was going to go. However, GDP and the labour market have put in a better-than-expected performance in the first few months of 2017, the initial shock looks to be subsiding with the number now holding out on spending reduced to 1 in 3 in the most recent survey.

A third of businesses are planning to increase pay over the next 12 months while about 40% of workers expect a boost in their wages over the same period, a report published recently shows. The Bank of Ireland Economic Pulse survey, which measures consumer and business confidence, indicates that householders’ and employers’ views of their finances are at their most upbeat in a year, in the wake of Britain’s vote to leave the EU. According to Bank of Ireland’s Chief Economist, Dr Loretta O’Sullivan with regard to wages, one in three firms plan on increasing basic pay within the next 12 months with 2 in every 5 workers expecting a pay rise. She stated that whilst many firms are fearful of the

Global M&A investment helped drive the fintech market rebound, with $5.9 billion (€5 billion) in deal value in the second quarter. Comparatively, global venture capital (VC) funding to fintech companies declined slightly, with just over $2.5 billion (€2.1 billion) in funding raised in the quarter. In the Americas, a single deal – the buyout of Torontobased DH – accounted for $3.6 billion (€3 billion) in deal value, contributing to more than half the total fintech funding during the second quarter. This deal aside, the US and Europe saw the vast majority of investment, with each accounting for $2 billion (€1.7 billion). Asia lagged significantly with just $760 million (€640 million) invested in fintech firms during the three months. Deal volume in Europe declined from 110 to 90 quarteron- quarter. Britain saw a major gain a year after the Brexit vote, with $1.4 billion (€1.2 billion) in total fintech funding in the three months under review, a six quarter high, and over $1 billion more than in the January to March period.

FINTECH FUNDING ON THE REBOUND AS IRISH START-UPS PLAY PART Global fintech investment more than doubled from the first to the second quarter on the back of a sharp rise in European funding deals. Ireland played its part, recording venture capital investments of more than $230 million (€194 million). Some €33 million of this related to fintech investments, led by Plynk which raised €25 million in a Series A round from Swiss Privée in June. Total global funding to fintech firms rose to $8.4 billion (€7.1 billion) from $3.6 billion (€3 billion) with European fintech investment jumping to over $2 billion (€1.7 billion). This is well below the peak investment high of $5.8 billion (€4.9 billion) seen in the fourth quarter of 2015, but up on the $880 million (€741 million) reported in the first three months of 2017. KPMG, which conducted the research, said the robustness of the European fintech market has been helped by the presence of an increasing number of fintech hubs, from London and Berlin to Paris and Dublin.

THREE-QUARTERS OF IRISH FIRMS INCREASED CYBERSECURITY AFTER WANNACRY INCIDENT

held to ransom in the past 12 months, 19% of survey respondents stated that they had. If held to ransom, 19% of Irish businesses would pay up to €50,000 to recover their data from cybercriminals who seek to get extra money. This is a substantial increase from a similar survey carried out by DataSolutions 17 months ago, when just 7% said that they would pay a ransom. David Keating, Security Specialist with DataSolutions noted that the survey results highlight that ransomware remains an effective weapon for cybercriminals who seek to extra money from Irish businesses. The ransomware attacks are hugely disruptive and as recent outbreaks highlight, they pose a huge threat to organisations of all types and sizes. In order to secure their interests, companies need to ensure that tried and tested security systems have been implemented.

A survey has found that 73% of companies have made changes to their IT security as a direct result of the WannaCry ransomware incident. In May, approximately 200,000 computers in 150 countries, including Ireland, were infected by the unprecedented WannaCry ransomware attack. Despite widespread upgrades to Irish security systems since the attack, DataSolutions found that a significant 30% of respondents still don’t think that their organisation is capable of protecting itself against emerging threats. As companies remain ill-equipped to tackle cyber threats, the survey results indicate that ransomware remains an issue for Irish organisations. When asked if they had been

ALMOST 50% OF CONSUMERS AVOID SHOPS THAT DO NOT ACCEPT CARD PAYMENTS.

relative newness of contactless payments, it has already made a significant impact on consumer spending habits. A similar survey conducted in 2016 showed that 54% used contactless and 45% used it at least once a week - in just over a year, those numbers have increased significantly, to 73% and 66% respectively. Almost 50% of those surveyed have at one point not purchased goods in a shop that did not offer card or contactless payments. Mr Cleary warned businesses that unless they adopt contactless technology, they risk a sizeable loss of business. He commented that research has suggested that business owners that are unable to sell products online could be inadvertently pushing their customers towards their competitors. The survey also showed that Irish consumers are will to experiment with and adapt to new payment technologies.

A new survey has found that 43% of Irish consumers will avoid shops that do not accept card payments. The study of 1,000 adults conducted by Amarach Research found that almost 75% of card holders here use contactless payments, with ‘‘millennials’’ (25 to 34 year olds) being the most prolific users on 81%. Bank of Ireland (BOI) commissioned the survey which says that 53% of people still prefer to shop in person, but it is warning stores risk losing business if they do not provide card payment options. Brian Cleary, Managing Director of BOI Payment Acceptance (BOIPA), said that despite the

Meet the Team John Slye FCPA

Seamus Cotter AITI, FCPA

Partner

John is the founding partner of the practice which was set up in 1981. He is based in the Tralee office. He specialises in business advice and support. John provides tax consultancy and business advisory services to an extensive portfolio of clients including retail, pharmaceutical, hospitality, medical, construction, farming and service industries. He offers innovative solutions regarding financial and succession planning. John is a qualified accountant and a Fellow of the Institute of Certified Public Accountants for over 30 years.

Seamus is a qualified accountant and tax advisor with over 25 yearsâ&#x20AC;&#x2122; experience and is based in Tralee. He joined the practice in 2000 having previously worked at a managerial level in a large nationwide practice. He manages an extensive portfolio of clients across many different sectors. He specialises in providing business advisory, tax planning, financial reporting and accounting services to our broad range of small and medium enterprise clients. Seamus is a Fellow of the Institute of Certified Public Accountants and an Associate of the Irish Taxation Institute.

Neal Peevers, FCPA

Noel Fitzgerald CPA

Partner

Neal joined the partnership in 1984 and together with Noel Fitzgerald, he manages the Killorglin and Cahirciveen offices. Prior to this he worked in Dublin for many years, where he gained invaluable experience. He continues to operate a sub office in Dublin. He specialises in SME compliance and new business support and advice. He has extensive knowledge across many sectors including hospitality, construction, manufacturing, farming, medical etc. Neal is a Fellow of The Institute of Certified Public Accountants in Ireland for over 30 years.

Noel is a member of the Institute of Certified Public Accountants in Ireland and has been a qualified accountant since 1990. He is the audit compliance partner. He joined the practice in 2004, bringing with him an extensive knowledge of business development and management consultancy together with a diverse accountancy knowledge gained while working in a wide range of financial sectors. Noel qualified as an Insolvency Practitioner in 2012 and has undertaken a number of liquidation assignments in recent years.

Michael Daly

Francis Moriarty FCA, AITI

Limerick Branch Manager

Director of Taxation

Michael qualified as an accountant in 1981. He joined the practice in 2011 and brought with him a wealth of knowledge in the areas of auditing, accounting and taxation. He developed and is responsible for our corporate finance department. He has extensive experience in advising clients in areas such as bank and investment fundraising, debt restructuring, state aid and investment packages and business restructuring and insolvency. Although based in our Limerick office he regularly attends all of our offices to provide these specialised services throughout the firm.

Francis heads up the Taxation department - PSC Taxation Services. This is a leading tax company that advises both companies and individuals. Francis is a highly experienced tax professional who advises clients in all areas of tax and has particular expertise in the areas of tax planning for privately owned companies; succession and retirement planning; and property transactions. Francis is a member of both Chartered Accountants Ireland and the Irish Tax Institute. Prior to taking up his current role, Francis worked as Tax Director in KPMG for 16 years.

Siobhán Rivas May FCA

John Fitzgerald AITA, FCA

Director of Auditing

AUDIT SENIOR – KILLORGLIN

Siobhán is a DCU graduate, where she obtained an honours degree in Accounting and Finance. She qualified as a Chartered Accountant in 2002 having completed her training with PWC. She then took up a senior accounting role in a multinational company for 2 years prior to joining the practice. Siobhán has extensive experience across a wide range of industries. She heads up the auditing division and specialises in the provision of audit, accounting and assurance services to medium to large sized companies, charities and owner managed businesses in all sectors of industry.

John graduated with a Bachelor of Commerce (Hons) degree from NUIG and qualified as a Chartered Accountant with a top ten accountancy practice in the midlands. On joining PSC in 2005, he became an associate with the Irish Taxation Institute. He works in the audit and accounts department and leads a number of assignments for large companies and SMEs within a wide variety of industries. He also provides financial and tax planning advice for a number of clients with particular emphasis on reviewing strategies to assist clients in reaching their goals.

Colette Laide

Deborah Flynn

Office Manager - Tralee

Office Manager - Killorglin

Colette has also been with the practice since its inception. She is involved in most aspects of the office. In addition to managing the office, she has extensive knowledge of bookkeeping and compliance. She oversees a department which provides efficient bookkeeping, VAT, payroll, RCT and other services to a diverse range of clients. Over the years she has gained experience in dealing with the Revenue, Department of Social Protection etc. on behalf of our clients. She works closely with clients to ensure that their affairs are dealt with in a timely manner.

Deborah has been with the practice in Killorglin since 1984. She manages the office while at the same time provides a seamless bookkeeping service, including VAT, payroll and RCT to a large portfolio of clients. She has gained vast experience over the years in dealing with the Revenue and other regulatory bodies. She has developed a very close working relationship with our clients in order to ensure their accounting needs are met. Her portfolio of clients covers a broad range which includes farming, construction, pharmaceutical, retail, services and more.

Phyllis Mason

Phyllis Blacklaw

Company Secretarial Manager - Tralee

Company Secretarial Manager - Killorglin

Phyllis has been with the practice since its inception. She has been involved in almost every aspect of the office and for the past number of years has specialised in company law. She manages the company secretarial department in Tralee which provides compliance and other company secretarial services to an extensive client listing. Phyllis ensures that all our clients filing and reporting deadlines are met while also keeping up to date with the latest legislative changes. Phyllis also has extensive knowledge in the preparation and audit of financial statements.

Phyllis joined the practice in 1997 after gaining extensive experience from her previous roles, including multinational companies. She is based in the Killorglin office and works in all aspects of audit and accounting but has specialised in company law. She manages a large portfolio of clients and provides compliance and company secretarial services to them. Phyllis ensures that all our clients’ company law filing and reporting deadlines are met while also keeping up to date with the latest legislative changes. Phyllis also works closely with clients to assist them with internal control procedures, system updates and financial planning.

RANGE OF SERVICES AUDIT, ACCOUNTING & ASSURANCE

COMPANY SECRETARIAL

•• •• •• •• •• •• ••

•• •• •• •• •• •• •• ••

Preparation of Financial Statements Systems Analysis Audit Exemption Pension Planning Grant Applications Financial Projections Management Accounts

TAXATION •• •• •• •• •• •• •• ••

Company Incorporation Registration of Business Names Annual Returns Compliance Maintenance of Statutory Books Changes in Directors, Secretary or Address Registered Office & Secretarial Services Restoring Companies to the Register Completion of Voluntary Strike Off

BUSINESS STARTUPS

Personal Tax Compliance & Planning Succession Planning Corporate Tax Compliance CGT & CAT Compliance Property Transactions Tax Incentive Schemes Employer Related Tax Returns Internal Tax Issues

•• •• •• •• •• ••

Advice on Most Tax Efficient Structures Advice on Maintaining Books & Records Compliance Duties, Revenue & Companies Office Business Plan & Cash Flow Projections Liaising with Financial Institutions Advice on Accounting Software

BOOKKEEPING & PAYROLL SERVICES

CORPORATE FINANCE, RECOVERY & INSOLVENCY

•• Legislative Compliance including: -- VAT Returns -- PAYE Returns -- P35 Returns & P60 -- Relevant Contracts Tax •• Revenue Audits & Investigations •• Maintaining Books & Records

•• •• •• •• •• •• ••

Financial Reviews & Personal Debt Solutions Independent Business Reviews Statement of Affairs Strategic & Business Planning Corporate Recovery & Insolvency Liaising with Financial Institutions Forensic Accounting & Liquidation

KERRY TRALEE

KERRY KILLORGLIN CAHERCIVEEN

LIMERICK

Riverside House Dan Spring Road Tralee Co. Kerry

Beech Tree House Market Street Killorglin Co. Kerry

Cresent House Hartstonge Street Limerick

Phone: +353 66 7126333 Fax: +353 66 7124546 Email: info@psc.ie

Phone: +353 66 9761275 Fax: +353 66 9761960 Email: info@psc.ie

Phone: +353 61 319603 Fax: +353 61 319541 Email: info@psc.ie