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MARCH 2012
SURVEY
Accountants
Who’s Who
Detailed Listing of Ireland’s
Top Accountancy Firms
and the Views of
Managing Partners

Accountants Confront
Competitive Pressures
Fee income for leading accountancy firms has generally stabilised over the
past year, though firms outside the Big Four have to scrap over a smaller cake.
CHRIS SPARKS reports on what managing partners are saying about
current trading and the prospects for the coming year
Ireland’s top accountancy firms stabilised
their fee income in 2011 after falls of
10% in 2010 and 5% in 2008-09. The
market is dominated by four firms –
PwC, KPMG, Deloitte and Ernst &
Young – with these multinational giants
accounting for around 80% of the total
fee income generated by the Top 20
accountancy practices in Ireland. While
all the leading players and the mid-size
and smaller firms face pricing pressure
from clients, generally there is optimism
that 2012 will deliver a better outcome
than last year.
According to Terence O’Rourke,
managing partner of KPMG, technology,
food, drink, agriculture and renewables
are among the sectors showing resilience
and even good growth in cases. “The
private and family-owned businesses we
work with have also shown remarkable
resilience and are driven to come out of
this recession stronger and in better
shape,” says O’Rourke. “In 2011, there
was a strong level of demand for what we
do, in what was a really tough year for
Irish business. I expect this demand will
continue in 2012.”
O’Rourke adds that KPMG clients are
looking for support in reducing costs and
getting a real handle on opportunities,
especially in exploiting export markets or
in areas where they need to restructure or
refinance their business. “We are also
beginning to see projects emerging from
the high-growth BRIC markets that over
time may convert into a significant
revenue stream.”
O’Rourke describes the current state of
the accountancy market as very competitive.
“There is a reasonable level of tender
activity across all services, as clients rightly
shop around for value for money. In almost
all assignments, clients have a genuine
choice in terms of who to appoint.” And he
is upbeat about the prospects for young
people entering the profession. “We are
hiring graduates and experienced
professionals because for the right people
there are genuine opportu-nities to
support our clients. They are looking to do
things quicker, better, more costeffectively,
and they need help in doing so.”
Brendan Jennings, the newly appointed
managing partner of Deloitte, believes
that there are opportunities for growth in
Brendan Jennings, Deloitte:“We do
more work for less”

2012. “In particular, our multidimensional
approach to addressing client issues, using
our combined knowledge across all service
lines to evaluate them in a ‘big picture’
context, will help us capitalise on market
opportunities,” says Jennings.
Services in demand at Deloitte over the
past year include restructuring and debt
advisory, regulation and compliance, and
business transformation and business
analytics. The Big Four firm purchased
Curach Consulting in late 2010, adding to
the practice’s technology consulting
capabilities. “This is also an area in which
we are seeing an increased demand for
services and we are actively recruiting for
it,” says Jennings. “Organisations are
increasingly looking to capitalise on the
efficiencies that innovative technologies
can bring.”
Jennings insists that competition in the
sector is intense. “Today, we do more work
for less, compared to four or five years
ago. That said, organisations are
beginning to recognise how firms such as
ours can add real value to their business, as
well as providing support and help to their
‘Clients have a
genuine choice in
terms of who to
appoint’
strategic plans.” According to Jennings,
Deloitte currently has around 40 vacancies
for experienced hires. Last year, the firm
offered 215 graduate positions, which was
a significant increase on the previous year.
Mike McKerr, managing partner of
Ernst & Young, says the firm traded
strongly in 2011, experiencing doubledigit
revenue growth in revenue. “We
anticipate this trend to continue in 2012,”
says McKerr. “We have experienced
growth across all service lines: assurance,
tax, transactions advisory services and
advisory. As a result, we are in the process
of recruiting 300 more people, including
graduate trainees and experienced hires.
Our transaction and advisory teams are
performing exceptionally strongly, due to
increased demand for corporate recovery
services, working capital and cost
reduction advice.”
McKerr adds that new rules around
transfer pricing have generated extra work
for the firm’s tax advisers, while clients are
also seeking counsel as to how best to take
advantage of revised R&D tax policies.
“Pricing pressure remains a very real issue
for us and our clients and this will likely
continue through the next financial year,
albeit at a much slower rate,” says McKerr.
“While price is key, quality, experience
and expertise must all still be put at the
centre of our service offering.”
He adds: “Our integration into an
EMEIA partnership has allowed the Irish
practice to provide differential service to
international and indigenous clients and to
capitalise on continued growth in
emerging markets. It also allows the Irish
arm of Ernst & Young to make counter
cyclical investments, which positions us to
emerge from recession in a strong
position.”
continued on page 54
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Jim Mulqueen, managing partner of
RSM Farrell Grant Sparks, describes
trading conditions in 2011 as tough. He
explains: “While all service lines showed
some degree of uplift, corporate recovery
and insolvency continued its strong
growth performance. We were pleased
with some significant business wins during
2011 and are projecting top and bottom
line growth for 2012, although we feel that
any gains will be hard won in current
market conditions.”
The firm restructured its service
offerings a few years ago, with a significant
investment in the corporate recovery
team. “Our audit business has also grown
in volume terms in the past year and there
was a reasonable pick-up in corporate
finance activity in the second half of last
year,” says Mulqueen. He adds that price is
always a key factor in winning new work
that is put out to tender. “However it is
important for clients to understand that
quality of service can be adversely affected
below a certain fee level,” he says.
“At another level, the market can be very
uncompetitive, particularly with respect to
audit quotes, as some firms are inclined to
significantly undercut to maintain existing
clients or win new key ones. That is fine so
long as this is not being done with a view
to being in the frame for other consulting
fees from the same clients, as this can lead
to significant audit independence issues.
We would prefer to see more transparency
in this area and we welcome the recent EU
Commission’s proposals which seek to
address this issue.”
Derry Gray, managing partner of BDO,
describes trading through 2011 as
relatively flat, though he expects business
to increase in 2012. “We are investing in
areas that are growing, such as insolvency
and internal audit, outsourcing and
consulting,” says Gray. “We have seen a
surge in demand for outsourcing and
payroll services, specifically when linked
to FDI investment in Ireland. Other areas
of note would be consulting and work-out
solutions.”
In Gray’s opinion, one of the
consequences of the recession is that
there are too many accountancy firms
competing for too little work. “The
market remains extremely competitive
and the pool of potential clients is
significantly reduced from four or five
years ago,” he says. “I believe that the
sector requires a level of merger and
consolidation activity over the coming
years to right-size the industry. Fee
pressure is a huge issue within the
profession. There is a twofold effect from
this pressure on firms: some are unable to
maintain employment levels, while others
are unable to offer as many opportunities
as before to new entrants.”
However, Gray says BDO is continuing
to hire graduates. “Our manpower
structure and planning requires an annual
intake of trainee accountants and tax
trainees. So despite the economic
downturn, over recent years we have
continued to recruit. Our numbers were
slightly reduced in 2009 and 2010, but in

2011 we had a strong graduate
recruitment campaign. We aim to hire
even more graduates in 2012.”
Andy Quinn, recently appointed
managing partner of Moore Stephens
Nathans, says the practice traded at a
better level in 2011 than in 2010. “We are
budgeting for a further increase for 2012,”
says Quinn. “This has been the result of
creating new revenue streams to replace
some of the traditional areas of our
business that have been in decline or have
been subject to downward fee pressure.”
Quinn explains that the firm’s financial
and regulatory services division, along
with insolvency and recovery, has been
growing, compensating for the downward
fee pressures on the traditional
compliance areas of the practice. Moore
Stephens Nathans has also enjoyed an
increase in FDI-related activity, as the firm
has developed a niche in the medical
services area. Quinn adds: “We are hiring
to support growth in key areas. The main
difficulty is getting the people who are
technically capable and astute and who
also have a commercial perspective.”
In terms of fee income, Baker Tilly
Ryan Glennon is now among the top 10
accountancy firms in Ireland, improving
its ranking position by two places in the
annual Finance magazine survey of the
sector. The firm currently has a headcount
of 90 people and there are seven vacancies.
Managing partner John Glennon
Derry Gray:“Fee pressure is a huge issue”
attributes recent growth to activity in
corporate recovery and restructuring,
together with increased activity in the
firm’s HR, outsourcing and process
improvement service areas. “We expect to
grow in these areas throughout 2012 as we
continue to help our clients restructure
their operations and strategies.”
Glennon adds: “Clients are discerning
buyers and they are looking for innovative
and integrated solutions, value for money,
quality service, depth of expertise and a
business partnership that can make a
difference to their bottom line and their
future strategies.” He says that the firm’s
corporate finance team is now more
involved in re-engineering businesses and
finding new ways of sourcing financing.
The firm has also geared up for the
imminent changes to the personal
insolvency regime, drawing on the
resources of the practice’s sister firm in the
UK.
“Our performance improvement and
HR consulting service offerings are in
growth mode and we have invested in
developing our expertise in these areas to
meet the demand,” says Glennon. “We
have also built up a really strong
Alternative Dispute Resolution unit.
Clients want a cost-effective way of
resolving disputes early on, both in the
commercial arena and in the workplace,
not just to avoid costly litigation but also to
focus on strategy and bottom-line issues.”
Glennon describes audit and assurance
work as “very competitive”, with a
continuing trend towards reduction in fee
levels. He says tax consulting work is
continued on page 56
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Tom Fitzpatrick:“Increased demand
for insolvency services”
buoyant, as individuals and companies
seek to ensure that their existing structures
are fit for purpose following the credit
crash and the significant taxation changes
of recent years.
At OSK, clients are focused on costeffective
compliance services and valueadded
services like tax planning and
business advisory, according to managing
partner Tadhg O’Sullivan. “The practice
traded well over the past year, with some
areas of growth compensating for the
decreasing areas,” says O’Sullivan. “The
areas that are resilient and showing
growth are the niche areas of expertise.
The market for accountancy services is
very competitive at present and there is
pressure on fee levels and cash collections.
However, clients are still willing to pay
reasonable fees for services where they can
see a direct cost or tax saving.”
Tom Fitzpatrick, managing partner at
chartered accountants FMB, says that
practice fee income in 2011 held its own
against the 2010 outcome. “I expect that in
2012 we will continue to make progress,
56 Business Plus March 2012
notwithstanding the difficult challenges
ahead,” says Fitzpatrick. “We are spending
more time working with clients dealing
with the business strategies to counter the
effects of the recession, and are putting
more resources into dealing with the
increased demand for insolvency services.”
Fiztpatrick adds that requests for fee
reductions by clients, which were a
feature of 2009 and 2010, appear to have
reduced somewhat. “In general our fees
are at a very competitive level and, oddly
enough, it is only at the very small
business level that we have noticed
competitors offering fees at what we view
to be an uneconomic level.”
Gerry McInerney of McInerney
Saunders says his firm is targeting growth
for 2012 through a combination of
business from new clients and an increase
in corporate services and insolvency
business. He adds: “Traditional
compliance services continue to dominate
and we have focused on offering our
clients an opportunity to control their
costs though assisting them in being more
self-reliant, while at the same time being
there to support them when required.
“We have also become more involved
with our clients in providing them with
advisory and support services around
defining their goals, identifying the
barriers preventing their achievement and
facilitating them in unblocking these
barriers. We find that clients expect value
for money services from their trusted
business advisers and that is the market
that we serve.”
Jim Stafford, partner at insolvency
specialist Friel Stafford, says there is
buoyant demand for the firm’s
receivership and personal bankruptcy
services. He adds: “One service that we
always provided was tracing assets that
debtors may have hidden. There is now a
massive demand from banks for assettracing
services. We completed a
recruitment drive late last year and we
recently added 60% of office space to
cope with the extra staff. We will recruit
more staff as soon as the new personal
insolvency legislation is implemented, as
there is a pent-up demand for solutions to
the massive borrowings that many people
have.”
Tony Carey, one of the principals at
Cooney Carey, expects that business
activity for most accountants should
increase in 2012 and the firm is in
recruitment mode. “We are investing in
new hires and have done so throughout
the last couple of years,” says Carey.
“Despite a tightening of liquidity, more
advice and service is required by clients. A
few years ago, advisory services were
focused on development. Now they are
focused on restructure and recovery. The
roots of our firm are in this area and we
were well equipped to adjust.”
Carey’s view is that the market is overly
competitive in the recurring service areas
such as audit and compliance taxation.
However, the market for consultancy
services is less price sensitive. He adds:
“Care has to be taken by business to obtain
good value from competent service
providers, but not to jeopardise a
relationship that provides excellent,
relevant advice when needed, based on a
thorough understanding gained over
many years. A wise business will recognise
that the best advice, rather than the lowest
price, is the cheapest option.”
The growth in cloud computing is
enabling accountancy firms to get
closer to their clients. There are
many accountancy software solutions
available now that allow companies and
their accountants to view financial
information simultaneously. Chartered
accountants Anne Brady McQuillans
DFK was the first Irish practice to go fully
virtual in 2010. According to William
Kingston, corporate governance and IT
manager: “This has had a positive impact
on our costs and business model and we
have been pleasantly surprised by the
range of benefits cloud computing has
provided.
“Firstly, it gives our staff fantastic
flexibility by being able to access their
applications and data from any location
using almost any device. It has also
removed a number of headaches from the
organisation such as backups, anti-virus,
disaster recovery and the general
vulnerability associated with running our
servers on-site. This also frees up time for
us to focus on core business activities,
which directly impact our bottom line.
The cost of running IT has been
dramatically reduced because we have
replaced cyclical capital expenditure with a
lower operating expense.”
Survey continued on page 58

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BP SURVEY
Accountants
‘We have seen no material improvement in the
availability of credit to the SME sector’
Nobody knows better than accountants about how the economy is performing
and the issues facing large and small businesses. NICK MULCAHY canvassed
managing partners for their insight into liquidity, credit conditions
and prospects for the economy in 2012
Mike McKerr
Ernst & Young
Our forecasts
show
economic
growth
struggling at
just 0.5% in
2012, largely
as a result of
weak domestic
conditions and
falling
demand for
exports.
However, our
forecasts
indicate
Mike McKerr,
Ernst & Young
Ireland will perform strongly in 2013,
with GDP growth picking up to an
average of 4.1% per annum over the
period to 2020, as the economy’s core
strengths come to the fore once more.
Our exports remain remarkably resilient
and have grown at a time when countries
including France and Germany saw their
exports decline.
Liquidity and credit conditions for
SMEs have changed very little over the
past 12 months. Businesses that
performed well last year, and continue to
perform well this year, are still accessing
credit to some extent, particularly from
foreign banks. Businesses that are still
seen as ‘unbankable’ 12 months on
continue to struggle to access credit.
Liquidity for SMEs is generally far
worse than for multinationals, not just in
terms of access to growth capital but also
in terms of accessing working capital,
which is the lifeblood for any successful
business.
There has been a real and rapid
improvement in the cost competitiveness
of Irish businesses, reversing the trend
observed in the years since adopting the
euro. Many Irish businesses are
expanding their horizons by breaking
into new markets. We are seeing
successful entrepreneurs taking existing
generations of products and applying
them to emerging markets, while
continuing to innovate with nextgenerations
in markets closer to home.
Last December, Ernst & Young
presented its findings to the G20 on the
best approach for governments to create
an entrepreneurial culture. The five key
steps include linking entrepreneurship
strategy to job creation, creating policy
that helps funding access, establishing
pro-entrepreneurial tax policy and
creating better links between state
agencies to help support entrepreneurs.
Paul McCann
Grant Thornton
I think that the
Irish economy
is nearing the
bottom, but the
environment
still remains
difficult. Only
the fittest
companies
can survive.
Liquidity and
credit
conditions for
SMEs have
remained in a
difficult
position over
Paul McCann,
Grant Thornton
the past year; in other words, they are no
better or worse off than the previous
year. Trading in 2011 was mixed for
Grant Thornton, according to different
service lines, but we are optimistic going
into 2012. Our risk area has increased,
particularly in financial services, and
regulatory compliance has become
increasingly more important to firms in
these difficult times. Our recovery and
forensic practices are busy, and we are
actively moving towards helping
businesses get ready for the future.
We hope to hire approximately 30
graduates this year, along with a further
20 people in certain niche areas.
Jim Mulqueen
RSM Farrell Grant Sparks
I don’t believe
we have
necessarily hit
the bottom yet.
Certainly the
property market
would appear
to have another
10-20% to go
this year, based
on recent
commentary.
While some of
the banks have
been recapitalised
Jim Mulqueen, RSM
and are looking
Farrell Grant Sparks
to lend again, there is a very large
proportion of companies who simply do
not, and probably never will in the short
term, fit the profile for refinancing or
extension of banking facilities.
Despite the government’s efforts, very
few SMEs have managed to increase
58 Business Plus March 2012

BP SURVEY
Accountants
their level of facilities or bank support
in the past 12 months. A reduction in
overdraft limits and a push for higher
interest margins by the banks are
together having a very damaging effect
on a segment of the economy that is
already fragile. The only way in which
bank credit will really begin to flow
again in the SME sector is if
government intervention forces the
banks to lend to it in greater volume.
Our recovery is dependent on a
number of factors, including the
preservation of our corporate tax rate,
stability within the eurozone, and the
performance of the economies in our
key export markets, including the UK
and USA. Unlike certain other
European countries, Ireland has a
strong underlying economic base, and
recovery is inevitable; it’s just a question
of when. The commitment to the
current corporation tax rate needs to be
maintained at all cost. Foreign direct
investment needs a continued focus, as
Ireland remains an attractive destination
for many multinationals for all of the
same fundamental reasons that existed
before.
Andy Quinn
Moore Stephens Nathans
We have seen no material
improvement in the availability of
credit to the SME sector over the last
12 months. Those firms and
companies that have survived have
done so through continuous and
careful management of cashflow.
While the economy appears to have
stabilised and we do see early signs of
growth in some sectors, the ongoing
instability in Europe and the wider
global economies still leaves us open to
the risk of an extended period of
recession.
The government should foster a
culture of cost competitiveness and
continued innovation. It also needs to
ensure the banking situation is
Andy Quinn,
Moore Stephens Nathans
resolved, as there continues to be too
much uncertainty. This has the effect
of holding back transactions (purchase
and sale of companies, properties, etc)
with the consequence that people are at
this point almost over-cautious. And
the whole area of personal insolvency
needs to be addressed and reformed as
soon as possible.
continued on page 60

BP SURVEY
Accountants
Derry Gray
BDO
I expect things to remain flat for the first
two quarters of 2012 but activity may
pick up in September. If that sets a tone,
then we may avoid a double dip. There
is still a large amount of fear among
consumers and it is fear that is really
holding back growth. I don’t think there
has been any significant improvement in
liquidity and credit conditions for SMEs.
If anything, it is the volume of
applications for funding that has
dropped off, as the expectation levels of
success have deteriorated. A key issue for
the future is competition. It is a concern
that in the medium-to-longer term there
may be a significant lack of choice of
potential funding institutions in the Irish
market.
Rebuilding confidence is the key to
recovery. In this regard, the following
initiatives would help:
The state-owned pillar banks should
provide more working capital to
businesses that have sustainable models
and robust business plans.
State development of key
infrastructure projects like hospitals,
where long-term savings and
efficiencies can be driven to ultimately
pay for the initial capital expenditure.
This investment will retain key
construction, project management and
architecture skills in Ireland.
Accelerate the sale and transfer of
Derry Gray, BDO
assets from Nama into appropriately
funded private or JV hands. By getting
our fixed asset and building stock into
new ownership, new and less costly
options will be made available for
business, which will act as a pump
primer for the economy.
Tackle public sector reform and
alleviate fears among the business
community that the disproportionate
cost of our public sector is a key barrier
to our future growth.
Ireland has many friends globally.
We need to have a government
department focused on overseas links
and connections to filter investments,
projects and activities linking Ireland
with its connections.
Tony Carey
Cooney Carey
I believe that we need to stop looking to
the past and encourage business to work
for the future. However, the economy’s
well-being is intrinsically linked to our
ability to export and attract foreign
business. Therefore our ability to direct
our future and avoid a double-dip
recession substantially depends on the
performance of the larger economies we
are linked with.
Over the past
year, the banks
have designed
policies and
refocused to
enable them to
lend, so there is
hope for the
coming year.
Lending
criteria are
rightly focusing
on cashflow
rather than
asset value. The
challenge to the
Tony Carey,
Cooney Carey
borrower is to prove to the bank that a
solid business exists, irrespective of
underperforming loans associated with
property investment. The challenge to
the bank is to restructure such loans to
enable it to lend to good businesses.
There is an urgent need for the
government to provide liquidity.
60

BP SURVEY
Accountants
Put €100 into the market and it will
circulate to produce €1,000. Those who
have the courage to operate a business
and provide taxation and employment
should be recognised by government
bodies and agencies. The feeling is quite
the contrary at the moment and is most
discouraging.
Terence O’Rourke
KPMG
Given the importance of export markets,
the outlook for Ireland’s economy
depends on the international situation.
But things will be tough for some time
and no one in business is under any
illusions about the challenges. Access to
finance remains a major issue. More
needs to be done to ensure that
successful businesses are not starved of
the working capital they need to manage
the cyclical nature of their business. It’s
also clear that more financial support is
needed for high potential startups.
Terence O’Rourke, KPMG
Amongst its priorities, the
government must remain steadfast in its
commitment to retain our 12.5% rate of
corporation tax, continue to roll out the
recommendations of the Innovation
Task Force, tackle the cost of publicly
supplied services to business and
continue to work hard promoting
Ireland overseas.
Brendan Jennings
Deloitte
The one thing that is certain with
regards to the Irish economy is that it is
hard to be certain. This uncertainty is
likely to be felt quite keenly for the first
half of 2012. Ireland’s economic
performance is extremely dependent on
what happens at both a European and
global level. That said, we must remain
positive about the strengths of the Irish
economy. We know that 2011 was
another strong year for exports and we
have also shown great flexibility as an
economy. The marketplace remains
challenging, but many Irish companies
are demonstrating resilience and
innovation.
The cost and availability of credit
remains a key concern among many
SMEs in Ireland. Banks have had to
change the way in which they manage
the process of giving credit, and it is now
quite a rigorous process. Our advice to
continued on page 62
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BP SURVEY
Accountants
Brendan Jennings, Deloitte
companies is to engage early with your
financial institution; communication is
extremely important. Banks need to
support and help those companies that
have demonstrated good track records.
Cashflow is the lifeblood of any business
and it is important that indigenous firms
are supported in this regard.
Irish businesses have recognised that
one of the key ways to achieve
sustainable growth is to look at foreign
markets. It was encouraging that Budget
2012 included a number of measures to
help in this regard, such as the measure
to incentivise investment in the BRIC
countries. Building the reputation and
attractiveness of Ireland internationally,
as a location for business, should always
be front of mind and a key area for
government action.
John Glennon
Baker Tilly Ryan Glennon
Access to cash continues to be a major
limiting factor for businesses that are
seeking to grow. Our clients tell us that
they continue to find banking difficult,
with maintenance of existing facilities
being their first priority. Stories of
attempts by banks to increase margin
are commonplace.
I think all businesses need to work on
their business plans to reinvent their
companies for the new environment. As
businesses climb out of the recession the
focus will be on reinvention and
transformation. Then, the really hard
question arises: What next Some will
attempt to tread water in the hope of
surviving until the pick-up. For others
though, innovation will be central.
However, if the downturn has taken its
toll to the extent that you are now
trading at a loss, my best advice is to
John Glennon,
Baker Tilly Ryan Glennon
proceed with caution. Calling it a day is
the most difficult decision any
entrepreneur can make but often one of
the wisest.
The government is facing a difficult
job to reform a country gripped by
anger and blame. They are also finding
that raising tax rates and raising tax
revenues are two different things. I
believe that we have reached the tipping
point, whereby the burden of taxation
has a negative effect on the economic
activity in the country. There is a fine
balance required to ensure fiscal
rectitude and recovery from recession.
It seems that perhaps we have got that
balance wrong, with an emphasis on
taxation rather than a tackling of the
fundamental restructuring required.
Anne Brady
Anne Brady McQuillans DFK
Our firm represents a number of
information technology companies who
are export-driven, and in general they are
performing better than companies
trading on the domestic market. Our fee
income in 2011 was up from the previous
year. We fully expect business in 2012 to
increase and we are constantly working
towards winning new clients, offering a
service that is second to none.
Conditions for lending are increasing
and are more difficult for the business
person to agree to. Regarding the
Chartered Accountants & Registered Auditors
Accountants of Choice
Cloud Computing
Consultants
T: 353 1 4786600
F: 353 1 4750170
E: info@annebrady.ie
W: www.annebrady.ie
Iveagh Court, Harcourt Road, Dublin 2
62

BP SURVEY
Accountants
Anne Brady,
Anne Brady McQuillans DFK
economy, we are certainly not at the
bottom yet. However, while business
confidence has not yet been restored,
over half of Irish business leaders are
planning for growth. The ongoing
implementation of a robust national
recovery plan and public sector reform
are top priorities for government if it is
to be successful in restoring confidence
and stimulating economic growth.
Tadhg O’Sullivan
OSK
The majority of small and medium-sized
businesses in Ireland are dependent on
the domestic market. Strong export
growth over the last number of years has
hidden the true challenges facing most
domestic firms. Since late 2008,
businesses have concentrated on the
reduction of overheads to counteract
declining income. With costs reduced to
the minimum, now the challenge for
cash-strapped businesses is return to
positive growth.
In our opinion, liquidity and credit
conditions for SMEs have deteriorated
over the past year. Banks have tightened
up in relation to the processing of any
new applications or renewal of credit
facilities. Additionally, the amount and
detail of information requested is
putting a further burden on businesses.
Tadhg O’Sullivan, OSK
The usual credit terms of 30 days or 60
days agreed between businesses no
longer apply, due to the lack of banking
credit available to businesses. The result
is that the majority of our clients are
operating at the bare minimum in
relation to resources.
continued on page 64
63

BP SURVEY
Accountants
Many businesses have reduced their
cost base to cope with a reduced income
level. However, excessive rent and service
charges by landlords fixed in the Celtic
Tiger era have not been reduced, and this
is a significant factor forcing many
businesses into liquidation. To get the
economy moving, consumer spending has
to be increased. Employers should be
incentivised to take people off the dole,
with salary contributions and training
grants being offered across the board.
Jim Stafford
Friel Stafford
As a specialist corporate recovery and
insolvency firm, it is a reflection of the
times that we have never been busier. A
significant driver of receivership work
this year will be the number of
developers moving to the UK to become
bankrupt, which will force the banks to
appoint receivers to protect their assets.
The government has simply been too
slow in bringing forward personal
bankruptcy reform.
A negative side effect of the economic
crisis is that it is taking much longer to
sell property, which means that all of the
insolvency practices are carrying forward
a backlog of work.
Selling apartments, particularly, has
become more difficult following the
passing of the Multi-Unit Development
Act.
Jim Stafford, Friel Stafford
Certain sectors, such as printing,
hospitality and construction, will
continue to decline, but other sectors are
performing strongly, such as agriculture
and the food and drink industry.
While our competitiveness as a nation
is improving, particularly with
commercial rents declining, the
government needs to become more
decisive on the real issues. In particular,
the Croke Park agreement needs to be
urgently re-negotiated. It is staggering
that the government has done little to
reduce the future bill for public
pensions, which currently stands at
approximately €120bn, a figure that
dwarfs the cost of the banks bailout.
Tom Fitzpatrick
FMB Chartered Accountants
In my view, the Irish economy has been
bouncing along the bottom for the last
12 months and I expect a modest
improvement towards the end of 2012,
on the assumption that the government
is effective at cutting costs and that the
eurozone crisis stabilises. To foster
confidence,
banks need
to offer
mortgage
facilities to
creditworthy
Irish
purchasers
of residential
property.
An increased
number of
transactions
would have
the effect of
bottoming
out the
continuing
devaluation
of residential
Tom Fitzpatrick, FMB
property.
Over time, an increase in property values
would improve confidence and cause
increased spending by property-owning
consumers. This would be an important
step in rehabilitating the indigenous
economy.
Guiding Your Business Through Uncertain T imes
64

BP SURVEY
Accountants
Gerry McInerney
McInerney Saunders
Liquidity and credit conditions have
deteriorated in comparison to this time
last year, primarily due to all of the
banks seeking to deleverage at an
increasing pace. It’s as if they are
attempting to achieve a reduction in
their loan books before it becomes
impossible for them to do it in an even
more depressed environment.
I don’t think any right-minded person
believes that the government is not
already acting in the best interests of the
economy. We might deplore certain
aspects of the public sector cost structure
and the inefficiencies and work practices
that bear no relationship to how the
private sector operates. Unfortunately, it
seems that the government cannot
change these things overnight. But there
needs to be strong leadership that comes
out and drives the public debate that
Gerry McInerney,
McInerney Saunders
brings about cultural change. This
process in itself will foster confidence
both nationally and internationally.
If opposition parties are to have any
credibility, they need to seriously enter
this debate, not as an opposition to
government but as an opposition to
inaction around such change. Today,
everyone is looking for value; a fair
return for a fair wage. Let’s have
benchmarking.
Brian Conroy
Horwath Bastow Charleton
In talking to our clients, most businesses
appear to have reached the bottom and
are showing more signs of optimism for
2012 and beyond. Business that are
heavily exposed to domestic consumer
spending, such as retailers and hotels,
are the most vulnerable because of the
poor consumer confidence and the
impact of fiscal corrections. However,
even in these sectors we are seeing early
indicators that the worst is behind us.
We are encouraged by the government’s
support of business investment by SMEs
through measures such as R&D grants,
film relief, the Employment and
continued on page 66
65

BP SURVEY
Accountants
competitive, have stabilised. While
clients always have one eye on price, the
key influencing factor in choosing an
advisor is nearly always based on the
client’s confidence in receiving a highquality
service delivered by experienced
advisors. Our ability to demonstrate
these qualities has ensured that we get a
lot of repeat business and word-ofmouth
referrals.
Brian Conroy,
Horwath Bastow Charleton
Investment Incentive Scheme and
Enterprise Ireland seed capital funds.
While credit conditions have not
deteriorated within the past year, the
credit market is still extremely difficult.
Banks are not in a lending mood as they
try to contract their balance sheets and
realign their debt to deposit ratios.
There are few active lenders in the
market and even then their lending
criteria are onerous. The lack of a
functioning debt market can be seen in
Nama’s recent initiative for ‘staple
finance’ as a means of generating sales in
the commercial property market. Given
the due diligence requirements of
lenders, we advise our clients to prepare
a comprehensive business plan setting
out the rationale to support their
funding requests.
In our experience, fees, while still very
Paul Wyse
Smith & Williamson Freaney
All sections of our business enjoyed
some growth in 2011. We have
increased our presence in the insolvency
and restructuring marketplace and our
insolvency team continues to grow.
Competition is greater for everyone and
although volume levels are increasing
pricing and rates charged have
decreased.
We also put in place an investment
management team of 12 people. This
service is doing particularly well as
many people have concerns about their
savings due to the current lack of
confidence in the banking sector and
the eurozone generally.
The economy appears to be
bottoming out, though domestic
economic conditions will remain
challenging. It is still a very difficult
trading environment for SMEs,
especially those trading in the local
Paul Wyse,
Smith & Williamson Freaney
market only. Renewing existing facilities
continues to be challenging when
dealing with the banks. Bank of Ireland
appears to be more active than a year
ago but it is still difficult to obtain credit
from the banks generally. Insolvencies
continue to have a detrimental effect on
liquidity conditions and knowing your
customer and their trading position is
obviously critical in today’s market place.
The banks need to be encouraged to
deal with enterprises and individuals
realistically where debt levels are
currently unsustainable. The liquidity
crisis has focused companies on shortterm
strategies of cash preservation
rather than longer-term growth
strategies. By addressing the liquidity
issues companies can then refocus their
efforts on areas for and the financing of
potential growth.
66

BP SURVEY
Accountants
What impact is the euro crisis having
on your clients’ behaviour
Terence O’Rourke (KPMG): It
creates uncertainty and that
isn’t welcome given the already
challenging economic environment.
Recent downgrading of
growth forecasts shows just
how important export markets
are to the whole economy.
Brain Conroy (Horwath Bastow
Charleton): The euro crisis has
given rise to complex issues for
many clients. Our wealth
management team in particular
are being challenged by
concerns surrounding sovereign
risk and capital transaction
taxes, which in effect appears to
be a form of exchange control.
These are prominent issues for
pension funds and not-forprofit
organisations.
Paul Wyse (Smith &
Williamson Freaney): There
has certainly been a movement
out of Irish euro into sterling,
US dollar and German euro as
a currency protection measure.
This obviously reduces cash
available for investment in the
short term.
Tadhg O’Sullivan (OSK): For
many clients, the euro crisis
does not directly affect their
day-to-day business. However,
the constant negative reporting
surrounding the euro crisis
affects business confidence.
This lack of confidence results
in clients putting certain
investment decisions on hold
until the crisis is over. Queries
are arising in relation to gold,
the BRIC economies etc, where
previously it was all propertyrelated
investment queries.
is causing a slight delay in their
decision-making processes.
With regard to our domestic
clients, we are certainly seeing
them placing more cash on
deposit in other currencies.
Jim Mulqueen (RSM Farrell
Grant Sparks): Our clients are
not committing to any significant
investment or expansion
plans while the crisis in Europe
persists. Multinational clients
are concerned about any
uncertainty regarding the Irish
corporation tax rate, as well as
general concerns about further
expansion into Europe,
currency exposures and how
their Irish operations might be
positioned if the eurozone were
to break up. This uncertainty
means that no major decisions
are being made.
Brendan Jennings (Deloitte): I
believe that many Irish
companies have proved
themselves to be extremely
adaptable. Operating in an
uncertain marketplace is now
the norm and they are
becoming more and more
adept at responding to the
fluctuations that the
marketplace presents. I believe
this is extremely positive and
bodes well for the future.
Andy Quinn (Moore Stephens
Nathans): In the main we find
clients to be pretty resilient
and they are continually
looking to take an optimistic
outlook as they strive to
maintain, grow and expand
their businesses where
possible.
improve our finances and both
of these issues are significantly
affected by the euro crisis.
Mention of a crisis affects
spending and confidence.
Anne Brady (Anne Brady
McQuillans DFK): Many
clients are inquiring which
currency would we
recommend they change their
savings to in order to
safeguard their assets.
Gerry McInerney (McInerney
Saunders): Clients are cautious
and risk averse. Those with
cash assets have taken
precautions to safeguard their
assets through diversification
●
●
●
●
●
●
●
into German treasury bills and
German euro bank accounts.
Mike McKerr (Ernst & Young):
Businesses are extremely
cautious, recognising that
resolution of the ongoing crisis
is outside their control.
Therefore, there is real
reticence to take risk, with the
need to survive driving
corporate strategy. Hence,
short-term cash preservation,
continued focus on efficiency
and cost reduction remain key
priorities, often at the expense
of capital investment or pursuit
of a long-term growth strategy.
Auditors and Accountants
Business Advisors
Taxation Consultants
Corporate Finance
Company Secretarial
Outsourcing
Insolvency
Longboat,
56 Sir John Rogersons Quay,
Dublin 2
Ph: +353 (1) 645 2002
Fax: +353 (1) 645 2049
Email: info@fmb.ie
Web: www.fmb.ie
Survey continued on page 68
Paul McCann (Grant Thornton):
With our multinational clients,
we have noticed the euro crisis
Tony Carey (Cooney Carey):
Ireland is relying on exports
and inward investment to
67

BP SURVEY
Accountants
LISTING DATA
Descriptions are drawn from
submissions and the firms’
websites. Fee income figures
compiled by Finance magazine
relate to 2010/2011, with the
previous year’s figure in
brackets.
Accountants
Who’s Who
PricewaterhouseCoopers
www.pwc.com/ie
Fee Income: €299m (€307m)
Managing Partner: Ronan
Murphy
PwC is the largest professional
services firm in Ireland and provides
integrated audit, tax and advisory
services across all industries.The
company announced a graduate
recruitment drive in late 2011, with
300 places on offer across all areas
of the business.
KPMG
www.kpmg.com/ie
Fee Income: €233m (€231m)
Managing Partner: Terence
O’Rourke
KPMG in Ireland has 77 partners
and 1,800 people in offices in
Dublin, Belfast, Cork and Galway.
Globally, KPMG has been ranked as
the second most attractive employer
in the world. Says managing partner
Terence O’Rourke: “For me, this
reinforced the fact that we have
such a compelling range of clients,
all looking to work with great
people tackling really exciting
business challenges – in essence
exactly what we are all about.”The
firm’s online guide Investing in
Ireland is by far the most
downloaded of all its business
guides. Notable publications in the
past year include Tax Advice For Irish
Family Businesses, written by tax
partner Mike Gaffney.
Deloitte
www.deloitte.com/ie
Fee income: €135.4m (€145.7m)
Managing Partner: Brendan
Jennings
Deloitte employs 1,100 people in
Dublin, Cork and Limerick. In mid-
2011, Brendan Jennings became
managing partner, having joined the
firm in 1981. Last year Deloitte was
named as one of the ‘Best
Workplaces in Ireland’ for the ninth
year in a row, as well as Ireland’s
most popular graduate recruiter at
the Graduate Recruitment Awards.
Deloitte won the private sector IT
Project of the Year award at the 2011
ICT Excellence Awards, while notable
recent publications include Planning
for Family Business Succession by tax
partner Niall Glynn.
Ernst & Young
www.ey.com/ie
Fee Income: €125m (€118.8m)
Managing Partner: Mike McKerr
Ernst & Young grew fee income by
5% in 2010/11 and the firm is
currently recruiting 300 new hires, in
addition to another 300 recruits
announced a year earlier.According
to managing partner Mike McKerr:
“We expect to substantially increase
our revenues from key rapid-growth
sectors within the next three to five
years.The latest recruitment drive
will increase Ernst & Young’s
workforce in Ireland by over a
third.” Last autumn E&Y launched
three new dedicated business units
covering the healthcare, transport
and cleantech sectors. In 2008, Ernst
& Young announced the integration
of all its 87 Europe, Middle East,
India and Africa country practices,
including Ireland, into a single
operating unit comprising 3,500
partners, with 60,000 employees
operating as a single EMEIA unit led
by a single executive team. Ernst &
Young is currently the only member
of the so-called ‘Big Four’ to have
accomplished this level of
integration.
Grant Thornton
www.grantthornton.ie
Fee Income: €71m (€53m)
Managing Partner: Paul McCann
New managing partner Paul
McCann took the helm in January
2012. Grant Thornton has over 400
partners and staff and operates in
Dublin, Limerick, Newbridge and
Galway.The Galway office opened in
early 2011 and is mainly a recoverybased
practice at the moment.
However, the firm plans to offer
extra services such as tax this year.
Grant Thornton says it is also
focused on delivering services to the
regulatory sector in 2012, e.g. its
strategic review of Credit Unions.
Fee income grew by 34% in 2010/11
to a record level of €71m.
BDO
www.bdo.ie
Fee Income: €54.6m (€63m)
Managing Partner: Derry Gray
With offices in Dublin, Limerick and
Belfast, BDO says it is the only multidisciplined,
relationship-based
accountancy firm focusing on
entrepreneurial and growing
businesses in Ireland. Derry Gray
became managing partner in June
2011.A qualified engineer, Gray was
partner in charge of BDO’s
consulting team for the previous 10
years.According to Gray, over the
past year BDO has made significant
investment to create leading teams
in insolvency, recovery, consulting
and internal audit
RSM Farrell Grant Sparks
www.rsmfarrellgrantsparks.ie
Fee Income: €32m (€31m)
Managing Partner: Jim Mulqueen
The firm is the Irish member of
RSM International, the sixth-largest
network of independent
accounting and consulting firms
worldwide. “This has enabled us to
significantly enhance our audit, tax
and advisory offering for both Irish
and international companies,” says
managing partner Jim Mulqueen.
The firm was re-branded during
2011 and is now very focused on
dealing with overseas companies
with Irish operations and advising
existing clients on expanding their
businesses internationally. The firm
says it has significantly
strengthened its corporate
restructuring and corporate finance
teams during the past year to meet
increased demand for expertise in
these practice areas.
Mazars
www.mazars.ie
Fee Income: €27.5m (€26m)
Managing Partner: Joe Carr
Mazars is based in Dublin and
Galway with a staff of over 200
people and is part of the integrated
international firm, Mazars. Its
services include audit and
assurance, consultancy, corporate
finance and taxation services.
Baker Tilly Ryan Glennon
www.bakertillyrg.ie
Fee Income: €13.7m (€13.4m)
Managing Partner: John Glennon
Baker Tilly Ryan Glennon has 16
partners and 120 staff. Last year
the firm joined forces with Polaris
68 Business Plus March 2012

BP SURVEY
Accountants
HR to create a new HR Consulting
team in the practice. BTRG now
also offers an extended service
with its new office in Galway. Over
the past 12 months, the firm also
added expertise in areas such as
corporate recovery, internal
operations and process
improvement.
Moore Stephens Nathans
www.moorestephensnathans.com
Fee Income: €13.7m (€13.6m)
Managing Partner: Andy Quinn
Moore Stephens Nathans is a
leading Irish-owned provider of
accountancy and advisory services
for what the firm describes as
“smart, commercially ambitious
enterprises seeking the highest
standards in client service and
expertise”. The practice has 10
partners and over 100 staff at
offices in Cork and Dublin.
According to Andy Quinn, the firm’s
new managing partner: “We have
fine tuned our service offering
along key industry sector lines.
Examples of this include an
increasing presence in credit
unions, funds and aviation. We
have also moved into other niche
areas such as maritime and
shipping, and our global foothold
allows us to advise international
groups and entities on how best to
establish a presence in Ireland.”
Horwath Bastow
Charleton
www.hbc.ie
Fee Income: €12.6m (€13.5m)
Managing Partner: Brian Conroy
HBC is the representative firm in
Ireland of Crowe Horwath
International, a worldwide group of
more than 140 independent
accounting and advisory services
firms in more than 100 countries.
During the past three years the
firm has invested in new service
lines and reinvented certain parts
of the practice. “This is now paying
dividends and during 2011 we saw
growth across our advisory
services,” says managing partner
Brian Conroy. “Our wealth
management division is growing
and our dedicated film financing
division is a clear leader in the
industry. Another growth area is
our insolvency and restructuring
teams, who provide a range of
services to support banks, Nama
and business owners.”
IFAC Accountants
www.ifac.ie
Fee Income: €12.1m (€12.6m)
CEO: Willie Fahy
IFAC is a farm accountancy
practice, offering a range of
services to farmers such as
recording service, management
reports, consultancy services, etc.
Russell Brennan Keane
www.rbk.ie
Fee Income: €9.5m (€10.2m)
Managing Partner: Liam Rattigan
RBK has 11 partners and 130
employees operating from offices
in Dublin, Athlone and
Roscommon. The firm’s services
span audit, corporate compliance,
corporate finance, restructuring, HR
solutions, strategic planning,
taxation, technology solutions and
wealth management.
Smith & Williamson
Freaney
www.swf.ie.
Fee Income: €6.8m (€6.8m)
Managing Partner: Paul Wyse
With more private clients looking
outside Ireland for investment
ideas, the firm has introduced an
investment management team
operating in the Irish market. In
continued on page 70
Moore Stephens Nathans
The smart choice for business
Moore Stephens Nathans – Dublin
Ulysses House, Foley Street, Dublin 1
Republic of Ireland
T +353 1 888 1004
F +353 1 888 1005
Moore Stephens Nathans – Cork
83 South Mall, Cork
Republic of Ireland
T +353 21 427 5176
F +353 21 427 7305
www.moorestephensnathans.com
PRECISE. PROVEN. PERFORMANCE.

BP SURVEY
Accountants
addition SWF has added a
pensions advisory and fund
management skillset to its
service offering. Smith &
Williamson Investment
Management has been operating
for over 100 years in the UK and
has £12bn under management.
The investment management
business operates in Ireland as a
deposit taker and is totally focused
on private individuals and
charities.
PKF O’Connor Leddy
Holmes
www.pkf.ie
Fee Income: €4.9m (€4.9m)
Managing Partner: Donal
O’Leary
The firm works mainly with
medium-sized, owner-managed
businesses from a variety of
sectors, specialising in audit and
accounting, taxation, private
client services, insolvency and
corporate recovery, corporate
secretarial and other business
services.
Ormsby & Rhodes
www.ormsby-rhodes.ie
Fee Income: €4.7m (€4.7m)
Managing Partner: Geoffrey
Lewis
The firm currently comprises six
partners and upwards of 50 staff.
Niall O’Connor joined the
company as director of tax and
legal services in 2011, having
previously held senior tax
positions with PwC, Grant
Thornton and Deloitte.
JPA Brenson Lawlor
www.brensonlawlor.ie
Fee Income: €4.6m (€4.8m)
Managing Partner: Patrick
Lawlor
Established over 30 years ago,
this four-partner firm employs
over 60 people in Donnybrook
and the city centre. Says the
firm: “We have carefully
assembled a multi-disciplinary
team of true professionals,
combining specialists in such
areas as corporate and
personal taxation, corporate
finance solutions, financial
management, information
technology, marketing, audit and
company secretarial and
corporate legal.”
OSK
www.osk.ie
Fee Income: €4.3m (€5.1m)
Managing Partner: Tadhg
O’Sullivan
OSK acts for a wide range of
clients, including companies,
individuals, partnerships, the
public sector, sole traders
and trusts. Services include audit
and accounting, accountants
for contractors, company
secretarial, small business support,
company set-up, taxation,
payroll, bookkeeping and
management accounting. The
firm says that over the past year it
has continued to invest in
information technology and
document management systems
to facilitate electronic filing
and remote-working for
employees.
Hughes Blake
www.hughesblake.ie
Fee Income: €4m (€4m)
Managing Partner: Neil Hughes
With offices in Dublin and
Enniscorthy, Hughes Blake has been
in existence since 1922. The firm
has three partners and is one of the
country’s top corporate recovery
and insolvency firms. “Troubled
companies trust us to help them
get back on their feet,” says the
firm. “You’ll find us dynamic and
focused on what your business
needs, helping you navigate
through difficult economic waters.”
McInerney Saunders
www.mcinerneysaunders.ie
Fee Income: €2.9m (€3m)
Managing Partner: Gerry
McInerney
This Swords-based firm has six
partners and employs 30 people.
The firm offers advisory,
management support, compliance
and forensic investigation services,
as well as wealth management
and protection, recovery and
advisory
compliance
management support
outsourcing
and
wealth management
38 Main Street, Swords, County Dublin, Ireland.
T: +353 1 840 4029 F: +353 1 840 7496 E: info@mcinerneysaunders.ie W: mcinerneysaunders.ie
70

BP SURVEY
Accountants
insolvency, and online accounting
expertise. Business development
over the past year has been
focused on owner-managed
businesses, startups, foreign
businesses in Ireland, credit
unions, professional practices and
insolvency services.
OTHER ACCOUNTANCY
FIRMS FEATURED IN
THIS SURVEY
Friel Stafford Corporate
Recovery
www.liquidation.ie
Partners: Jim Stafford, Tom
Murray
The firm provides the full range of
corporate recovery and insolvency
services, including liquidation,
receivership and examinership. Friel
Stafford also has extensive
experience of cross-border
insolvencies. A dedicated forensic
accounting team, with extensive
experience in carrying out
investigations and providing expert
witness reports, forms part of its
service.
Anne Brady McQuillans
DFK
www.annebrady.ie
Managing Partner: Anne Brady
A member of the DFK
International network, the practice
provides accounting, taxation and
related services to a client base
that includes multinational
corporations, public sector clients,
owner-managed companies,
partnerships and sole traders. The
firm was named DFK Firm of the
Year for the EMEA region in 2011.
An enthusiastic adopter of cloud
computing, the firm says it is
constantly trying to drive costs
down so that savings can be
passed on to clients. The firm
provides clients free extra-value
services such as regular seminars
on topical subjects.
Cooney Carey
www.cooneycarey.ie
Managing Partner: Tony Carey
Established in 1983, initially as an
advisory and corporate recovery
practice, Cooney Carey has since
grown to offer auditing, taxation,
company secretarial and general
business advisory services. Over
the last three years the firm has
provided recovery and
restructuring services in relation to
over €20 billion in debt. To meet
new needs, staff have earned
qualifications in mediation and
forensic accounting. According to
managing partner Tony Carey:
“We have focused on outsourcing
payroll and company secretarial
and we are now investing
significant funds in further
technology to make us more
efficient and better value for
money.”
FMB Chartered
Accountants
www.fmb.ie
Managing Partner: Tom
Fitzpatrick
FMB’s primary service areas are
audit and accounts, taxation,
corporate finance, management
services such as preparation of
business plans, insolvency, and
company secretarial. With a broad
client base across a great variety
of sectors, the firm works
particularly closely with
professionals and legal practices,
distribution, hotel, travel industries
and credit unions. Says the firm:
“Whatever way you look at it,
these indeed are taxing times and
at FMB we are dedicated to
making business less taxing.”
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