#2018 #CloudAccounting #Events

Brilliant slideshow video with some of the highlights of the summit. The first summit UHY Farrelly Dawe White has organised – and a very successful one at that. #2018 #CloudAccounting #Events

“Cloud computing is the future of accountancy and finance and businesses need to embrace it now or risk being left behind,” was one of the key messages to come from Ireland’s first ever cloud accounting summit. People from all corners of the country packed the Crowne Plaza in Dundalk last Wednesday to hear leading cutting-edge cloud software/cloud accounting experts as they engaged in talks and networking with representatives from SMEs from Dundalk and throughout Ireland. Hosted by UHY Farrelly Dawe White Limited, the North East Cloud Accounting Summit featured speakers including Tibbs Pereira from Microsoft and Stuart Hurst, head of cloud accounting at UHY Manchester. The speakers discussed why businesses should use cloud accounting and looked at how the technology can help businesses manage their finances in 2018 and beyond. Cloud accounting allows businesses the freedom, flexibility and security to managing its work from anywhere, at any time, from any device. It can simplify and reduce the time businesses spend on time consuming tasks. Some of the benefits of cloud accounting that were explored and discussed at the summit, which was MC’d by RTE’s Michael Comyn, include greater control of a business’s finances, the flexibility to work from anywhere at any time securely and access to real-time data to help businesses make the best decisions. Speaking after the summit, Alan Farrelly, Managing Director of UHY FDW Ltd said “We are delighted to have had so many leading cutting-edge cloud software experts take part in the summit. Cloud accounting is the present and future of accountancy and finance. Figures show that Irish businesses are among the most innovative among the European countries, with 36% of enterprises using cloud computing – the 4th highest in Europe and well above the European average. The aim of the summit was to make sure that this trend continues and that more Irish business continue to embrace cloud software so that we stay to the fore of innovation.” Tibbs Pereira, Microsoft Sales Leader said “Organisations of all sizes are embracing Digital Transformation in a rapidly evolving world, with automation and artificial intelligence becoming ever more pervasive. At the Cloud Accounting Summit, attendees were inspired by leaders in Accounting, Finance and Technology demonstrating the benefits of Cloud solutions for a variety of industries. Thanks to UHY Farrelly Dawe White for organising and hosting this important and successful event.” Xero, World’s Most Innovative Growth Company (Forbes 2014 & 2015) and an integral part of the UHY FDW Ltd cloud accounting package was the lead sponsor of the North East Cloud Accounting Summit. UHY Farrelly Dawe White Limited, based in Dundalk, is a UHY member firm and are one of the leading assurance and advisory firms on the east coast of Ireland, working with clients in both Ireland and Northern Ireland to assist business growth at local, national and international level. UHY FDW’s experienced personnel have been providing taxation and accountancy advice for many years.  UHY FDW has been in operation for almost 30 years, now operating out of four offices in Dundalk, Balbriggan, Dublin and Newry, employing over 50 staff making it the largest firm in the North East. Pictured above main: UHY FDW Ltd MD Alan Farrelly, Gavin Fell from Receipt Bank, Gareth Pugh from Chaser, Glen Foster from Xero and Stuart Hurst from UHY Manchester Find out more about our Cloud Accounting Services #2018 #CloudAccounting #Events

Here is our webinar on PAYE Modernisation, that will take effect from January 1st 2019. UHY Farrelly Dawe White Tax Manager, Jane Jackson takes employers through PAYE Modernisation and what it means for their business. #2018 #Events #Payroll

UHY Farrelly Dawe White is hosting the first ever cloud accounting summit in Ireland. The exhibition will take place on the 26th of September in the Crowne Plaza, Dundalk, Co. Louth. The summit will host global leaders in cloud accounting, finance and technology. These leaders will demonstrate how their services/technologies work and how it applies to your industry. In short, the day will consist of presentations, opportunities to speak to the exhibitors and networking opportunities. The summit will focus on the core theme of cloud accounting, but the scope of what attendees can learn about extends further. The North East Cloud Accounting Summit will host high profile brands in cloud accounting and tech industry spaces. These businesses will exhibit there products/services with the aim to show you how they can improve your business. The head sponsor of the summit is Xero, who is an integral part of our cloud accounting package. Other exhibitors include Receipt Bank, Intuit Quickbooks, Parolla, ID Pal, Surf Accounts, Intact Software, Linked Finance, Flender, Big Red Cloud, Sage, Tanda, LEO Louth, CTI Business Solutions and Cheetah Money (with more to be added). Hear from guest speakers, multi-national businesses and our own UHY FDW Cloud team. The summit will present attendees with plenty of networking opportunities and refreshments throughout the day. To attend the summit, you can register for free through this link. #2018 #CloudAccounting #Events

In our Autumn 2018 issue: Every little tax break counts! Keep It In The Family! Family Investment Companies Investors And Entrepreneurs – There’s A (Tax) Difference! Straightforward Asset Protection Can I Claim My Costs For Re-Mortgaging? Benefiting From The Favourable Company Taxes Read the Autumn Newsletter #2018 #UKNI

UHY Global, a bi-annual magazine, gives you insight into international business topics, featuring thought-leading opinions and experiences from global contributors including UHY member firms, leaders of UHY service and industry groups and external sources. UHY Global goes digital! In this issue of UHY Global we look in detail at: DIRECTION OF TRAVEL –  The changing face of global tourism PITFALLS OR POTENTIAL – The uncertain world of bitcoin THE RISE AND RISE OF THE ELECTRIC CAR IS THERE AN APP FOR THAT? – Keeping up with the Fintech revolution #2018 #BusinessAdvisory #UHYGlobalIssue

“ In the top five best countries to do business ” – Forbes Magazine 2014 Just one of the many attractive aspects of establishing a company in Ireland is the employable workforce. Irish people have a strong work ethic and this is reflected in the rate of employee turnover that tends to be well below the European average. Ireland produces a high level of quality graduates given the educational system is among the best in the world. Furthermore, setting up in Ireland allows companies to avail of workforce talent across Europe due to the EU open labour market. The Irish government recognises the importance of inward investment as a provider of high-quality employment and has invested substantial resources to identify potential skill shortages and provide an education and training system designed to meet the requirements of businesses. There are strong links between industry and educational establishments, particularly in emerging high technology sectors. Generally, European Economic Area (EEA) nationals and Swiss nationals are allowed work in any European country without a work permit or visa. A non-EEA national wishing to start up a business in Ireland, or an employer wishing to employ non-EEA nationals in Ireland, may require visas and permits. For employees coming to work in Ireland there are several tax reliefs and incentives. These tax reliefs include ‘Entrepreneurs Relief’, ‘Key Employee Engagement Program’, tax relief on certain relocation expenses and more. How can UHY Farrelly Dawe White help your firm? Company set-up Tax registration Intellectual Property Planning Full use of tax benefits Minimise tax costs Grant application VAT and customs duty Accounting advice and assistance Corporate structures R&D tax credits Routine compliance matters Check out our €995 Be Brexit Ready package here! #2018 #Brexit #BusinessinEU

Bitcoin – Pitfalls or Potential? THE BITCOIN BUBBLE MAY BURST, BUT THAT DOES NOT MEAN THE VIRTUAL CURRENCY – AND THE TECHNOLOGY THAT SUPPORTS IT – WILL DISAPPEAR Nobel prize-winning economist Joseph Stiglitz wants it outlawed. Billionaire investor Warren Buffett says it will “come to a bad end”. During the early months of 2018, the hitherto wildly fluctuating value of bitcoin appeared set on an inexorable downward trend – with the most famous cryptocurrency losing support as quickly as it sheds value. But advocates remain. Japanese businesswoman Mai Fujimoto, who goes by the nickname ‘Miss Bitcoin’, told newswire AFP in January: “I convert all my disposable income into cryptocurrency. I have been doing this for nearly a year now. I convert all my savings into cryptocurrency instead of putting them in a bank.” It is a conundrum. Experts around the world warn of the imminent burst of the bitcoin bubble, and many governments are openly hostile to its very existence. But enough ‘Miss Bitcoins’ have bought and traded the currency to take its value on a wild and unpredictable ride. Short-term speculation certainly plays a large part – although Mai Fujimoto started using bitcoin to cut out bank fees when sending money abroad. For all the anxieties around its reputation as the payment method of choice for criminals and terrorists, there are legitimate reasons for ordinary people to use a decentralised currency, free from the control of banks and governments. JAPAN LEADS THE WAY Some countries have recognised that fact. In April 2017, the Japanese government passed a law recognising bitcoin and other virtual currencies as legal tender. Morito Saito, senior vice president of UHY FAS Ltd in Tokyo, believes that several factors have helped to give bitcoin legitimacy in Japan. “Firstly, Japan’s Financial Services Agency (FSA) started regulating bitcoin, and that led to its credit rising,” says Morito Saito. “The FSA issued a licence to cryptocurrency exchanges, also requiring them to have minimum capital reserves and anti-money laundering checks in place.” With official sanction and oversight, bitcoin’s credibility rose. Morito Saito says that another decisive factor was the decision of several leading financial institutions – including major Japanese banking groups SBCC Venture Capital, Mizuho and Mitsubishi UFJ Capital – to invest in Bitflyer, the country’s leading bitcoin exchange. “Major retailers, such as Bic Camera and Marui, started partnerships with Bitflyer, which also raised the credibility of bitcoin,” he adds. In fact, this raised bitcoin’s credibility to the point where, today, a number of major Japanese retailers accept bitcoin payments, and at least one company has offered to pay part of its employees’ salaries in virtual currency. In the Ukraine, by contrast, the focus is as much on bitcoin mining (the process of creating bitcoins by using special computer equipment to solve complex mathematical problems) as investing. Alexander Koinov, managing partner at UHY Prostor Ltd in Kiev, says: “The mining of cryptocurrency is very profitable in Ukraine, because the price of electricity for businesses is very low, and there are many suitable and cheap premises and technically well-educated staff.” Read the full article in the most recent issue of UHY Global UHY Global goes digital! In this issue of UHY Global we look in detail at: DIRECTION OF TRAVEL – The changing face of global tourism PITFALLS OR POTENTIAL – The uncertain world of bitcoin THE RISE AND RISE OF THE ELECTRIC CAR IS THERE AN APP FOR THAT? – Keeping up with the Fintech revolution Read the full interactive digital version here Request a Call Back From Our Team #BusinessGuide #2018 #UHYGlobalIssue #Finance #Technology

In our Summer 2018 issue: Can A Business Pay For Your Child’s Or Parent’s Long-Term Care Gifting The Family Home – An IHT Trap Director’s Loan Accounts: No Turning Back! The ‘Reasonable Excuse’ Exception From Penalties The Power To Vary A Valid Nomination Timing Of A Bonus Payment Read the Summer Newsletter #2018 #UKNI

In this piece, we share actionable tools and frameworks that can create a Blue Ocean Strategy that can give your company a competitive edge. Value Innovation This is the cornerstone of Blue Ocean Strategy. The company should attempt to make their competitors irrelevant. Within this strategy, there should be an equal emphasis on innovation as there is on value. Here the company should increase value whilst reducing costs. Looking at the possibility of altering the cost structure for company and client (decreasing cost) and simultaneously increase the buyer value. Strategic Canvas To move forward with the model, and thus the company’s new Blue Ocean Strategy, the use of the strategic canvas can be one of the most crucial aspects of the planning of the strategy. The canvas can be split between a diagnostic framework and an action framework. The diagnostic framework is somewhat of a situational analysis. It looks at the current state of play, what the competitors are doing and investing into, and the competing factors of an industry. The action framework is the part of the canvas that formulates the offering level that buyers receive across all key competing factors. Here, the company would start to think about alternatives instead of competitors, to think about non-customers instead of customers. Four Actions Framework In short; reducing, eliminating, increasing and creating competing factors are the four choices within the four actions framework. Your company could reduce certain elements well below the norms of the energy management industry. It could eliminate the elements that aren’t necessary. The firm can look at either reducing or eliminating competing factors from their own current strategy. The company could raise certain competing elements well above the norms of the industry. Creating new elements that ultimately provide value is a way to enter a new space in the market. Value can be increased by raising or creating competing factors that the industry has never seen. This, in turn, creates a new value curve that has a distinctive shape against the competitors. A company can use the Eliminate-reduce-raise-create grid to help with the four actions framework. This is a tool to simply plot the four actions framework and present it in a digestible format. Six Principles There are six principles that the company should be conscious of. They are split between formulation and execution principles. They should be remembered throughout the planning and implementation of the model. Formulation Can the company reconstruct market boundaries? Does the blue ocean strategy focus on the big picture as opposed to numbers? Does the new strategy reach beyond existing demand? Does it get the strategic sequence right? Execution A company needs to overcome organisational hurdles and the execution needs to be built into the strategy. In terms of organisational hurdles, there are four main components that companies need to be conscious of. Cognitive hurdles (when the company is ‘stuck’ in the status quo). Hurdles due to limited resources (denying the initial change/alteration in strategy). Motivational hurdles are related to the cognitive hurdles in that employees could have little motivation to move out of the status quo. The political hurdles then consist of opposition from powerful interests. The company could plan with all the hurdles accounted for. 3 Important Characteristics The company should be aware that three characteristics of a good strategy are focus, divergence and a compelling tagline. These are actionable tools and idea generation processes that can help your company implement a Blue Ocean strategy. Let us know what you think of this piece! Read more… #2018 #BusinessGuide

UHY Study European economies face tax burden nearly twice as high as major emerging economies Other Western economies could be inhibiting growth with higher relative tax takes The Republic of Ireland has a tax burden of 26% of Gross Domestic Product (GDP), over a third (39%) lower than the average rate for European economies (43.3%), shows research by UHY, the international accounting and consultancy network. Ireland’s government’s tax take is also lower than the global average (28.2%) in the study – the only Eurozone country studied to be lower. Ireland was ranked 19th in the study. UHY studied 34 countries around the world, calculating what percentage of that country’s GDP is taken by the Government in tax (see chart below). UHY says that the Republic of Ireland offers many companies major tax incentives to base themselves in Ireland in addition to the 12.5% standard corporation tax rate. For instance, the Government offers a tax credit of 25% of qualifying expenditure spent on Research and Development that can be offset against a company’s corporation tax liability. Generally, European economies dominated the top of UHY’s table of the highest taxes. European countries, on average, have a tax burden of 43.3%: over 50 percent higher than the global average (28.2%) in the study. Denmark came top of the study with the Government’s tax take representing 53.5% of total GDP. Emerging economies in general have seen much lower levels of Government tax ‘take’, including many in the ASEAN (Association of Southeast Asian Nations) trading bloc such as Malaysia (16.5%) and the Philippines (13.9%). Alan Farrelly of UHY member firm UHY Farrelly Dawe White in the Republic of Ireland, comments: “Lower personal and business taxes can help the Irish economy spur growth and create incentives, particularly for investors and larger, more globally-focused businesses.” “Along with tax incentives and a lower overall burden of taxation, the Irish Government offers many companies other inducements to invest in the country. For example, the Government can even give financial assistance – administered either by Enterprise Ireland or Shannon Development.” “The availability and level of Government assistance is largely dictated by where the company is based to increase economic activity across all areas of the country, but particularly in the midlands and western regions of Ireland.” “However, in recent years the European Commission has been applying increasing pressure on the Irish government over its comparatively lower tax rates and wants it to reduce the amount of tax benefits given to foreign-based companies. Businesses will largely want the government to resist that pressure.” “For more developed economies it can often be harder to balance an ageing population with trying to reduce the tax rate, but Ireland is currently leading the way.” Levels of tax take by national Governments are of growing interest, particularly for the EU at the moment with Brexit on the horizon, to secure Government funding in the short term and encourage growth in the long-term. Recently, the European Commission suggested that EU countries may have to consider changing tax policies to help fill the €15 billion annual budget hole left by the UK’s Brexit. These could include proposals such as using a portion of corporate tax receipts from national treasuries for the EU’s common funds and programmes. THE REPUBLIC OF IRELAND SEES A TAX BURDEN OVER A THIRD LOWER THAN THE RATE OF EUROPEAN ECONOMIES [table id=23 /] UHY Global UHY Global goes digital! Read about the diversity, the thinking and the difference that a truly global team can make… Our latest issue of UHY Global includes the following key business topics: GLOBALISATION IN RETREAT? Is it on the wane or just evolving? GETTING THE GIG – The global rise of the independent worker RETHINKING EUROPE – Growth and potential shifts eastwards TAXING THE WORLD Read the full digital version here Request a Call Back From Our Team #2018 #BusinessinEU #CaseStudy #UHYGlobal