Measure, Analyse and Improve Marketing can take many forms. The goal of one campaign might be to raise awareness of your business with target customers, while the goal of another might be to encourage people to visit you at an industry event. In both cases the final aim is the same of course: to attract business and grow revenue. So how do you know if you’ve succeeded? On the surface, that might seem obvious. If your revenue is growing, your marketing would appear to be working. But measuring marketing success and the return on your investment – is much more nuanced than that. To keep refining your marketing activities and reaching more of the high value customers you need, you need to track a range of factors. For example, which marketing channels work well for you? Maybe social media draws a bigger response than email. Perhaps a series of sponsored articles in an industry publication was especially successful. Then there is the question of what is meant by success. A high profile marketing campaign may have attracted interest, but did the extra revenue it generated justify the considerable cost in money and manpower? There are scores of questions like these you need to answer to be certain that your marketing budget is being spent in the most efficient way. It is essential that you measure the return on that investment, so you can continually refine and improve your marketing strategy over time. WHERE YOU ARE AND WHERE YOU WANT TO GO Measuring marketing success is not straightforward, because it involves attributing a growth in revenue or customer numbers to specific marketing activities. You might not be sure if the email campaign worked or whether it was the pay-per-click advertising. Maybe one activity created more ‘buzz’ in terms of likes and shares, but another led to more genuine interest. When you have answers to these kinds of questions, you can do more of the things that work. Start with the basics. How many new sales or accounts does your business attract in an average month or quarter? If you’re planning a new marketing campaign, you want to know how much it improves this figure. But that is not all. You also want to know how much it costs to attract each new customer, and how that compares to previous campaigns. In many businesses – especially B2B – marketing doesn’t directly lead to revenue. It might lead to expressions of interest, then requests for more information, and eventually to discussions with your team. It can be a long process. In that case, there are several potential weak points in your marketing funnel. You might need to measure a range of more detailed metrics, like the increase in traffic to your website for the life of a campaign, or the number of times someone clicks on one of your social media adverts to ask for more information. The precise metrics to measure will be different for each business and each campaign, but the right ones will provide nuanced insight into the success or otherwise of your marketing efforts. For example, if a marketing campaign is driving increased traffic to your website but very few of those leads become customers, it might suggest problems with your homepage layout or content. By the same token, if sales teams are seeing lots of new leads but closing very few of them, it may suggest an issue with your sales scripts or even the knowledge levels of staff. RELEVANT AND MEASURABLE INDICATORS To find the data you need, you will need to establish a set of relevant and measurable Key Performance Indicators (KPIs). You will need the right KPIs for your business, but some obvious ones are: Sales growth : did a campaign lead to more sales, either immediately or eventually? How many more, and how does this compare with the impact of previous campaigns? Drop-off rate : when do people leave your sales funnel, that is, the journey from showing initial interest in your service to becoming a paying customer? This may pinpoint weaknesses in broader marketing and sales activity. Click-through rates : for online activity, how often do people see your ads, blog posts or reports and initiate a follow-up action, like clicking on a link or requesting a callback? Compare this with previous campaigns. Return on marketing investment (ROMI) : divide your total revenue by your marketing investment and you have a figure for ROMI. Measure the impact different activities have on it. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2024 #LatestTopics #ThoughtLeadership #UHY

Helping our SME clients grow with funding advisory UHY Farrelly Dawe White Limited is delighted to announce our strategic partnership with Swoop. This partnership allows us to expand our advisory services by providing you with the best options across the full funding suite. Since its launch in May 2018, Swoop has helped thousands of businesses find millions of pounds in funding. Swoop gives every customer access to the best deals on the market from finance solutions to money-saving deals on banking and FX. By partnering with Swoop, we can provide you with the solutions to grow your business by combining our unique knowledge of your accounts with the accessibility of Swoop’s funding solutions across grants, loans, savings, and equity. We have partnered with Swoop to ensure we are able to best help you should you need any type of funding – loans, equity, savings and grants. With Swoop we can offer simple and clear comparisons that allow you to make choices on the most appropriate financial products and services. Swoop works with over 500 institutional and fintech lenders, so whether you need extra stock to get through an upcoming busy season, a VAT loan to help manage cashflow, want to purchase new equipment or are thinking about expanding we can identify the best financing options for you. You will not only find lenders who specialise in your industry, but you’ll also find lenders most likely to give you an offer (and the quickest). SMEs are 4 times more likely to secure funding when working with their accountant. Work with us to grow your business! To learn more about this partnership and what it means for you and your business, book in a meeting with us. We look forward to discussing your growth plans and goals for the coming year. Set up an account on our portal here  to compare and select the right funding options for your business, covering loans, grants, equity and to see how your business can make savings. Our other payroll related articles:  Auto-Enrolment Statutory Sick Pay Leave – Common Questions #2024 #Funding #Swoop

WITH ECONOMIC ACTIVITY SUBDUED, IT MAY BE PRUDENT FOR COMPANIES TO APPLY ‘FINANCIAL HYGIENE’ STRATEGIES. WE ASKED UHY PROFESSIONALS FROM ADVANCED ECONOMIES AROUND THE WORLD TO DISCUSS WHAT THIS MEANS AND WHY IT MATTERS. The April 2024 International Monetary Fund (IMF) forecast talks of a ‘steady but slow’ global economic recovery that would largely be driven by growth in emerging markets. Its prediction for advanced economies was an underwhelming 1.7% growth in 2024 and 1.8% in 2025. The pandemic may be starting to feel like a fading bad dream, but its economic impacts are still readily apparent. Around the world, central banks reacted to the soaring inflation of the post-Covid era with interest rate jumps, and borrowing costs remain well above pre-pandemic levels in many countries. Added to that, the world is experiencing a new era of geopolitical tension, ramping up the sense of economic uncertainty. Against this background, and after several years of disruption, businesses in many sectors continue to struggle. To survive, they need to dig deep into stores of resilience, and exercise iron financial discipline. According to our experts, the businesses that endure in a subdued economy are often those that maximise cash flow while cutting costs and putting plans in place to grasp opportunities as soon as conditions improve. In other words, their operations have ‘financial hygiene’ at their core. UNSTEADY ECONOMIC RECOVERY Many advanced economies are struggling with stubborn core inflation and interest rates that remain well above pre-crisis levels. But different countries face different challenges, and some are emerging from the post-Covid downturn more quickly than others. “The New Zealand economy slipped into recession in the December 2023 quarter with a per capita contraction of -0.7%,” says Sungesh Singh, managing director of member firm UHY Haines Norton (Auckland) Limited. “Very weak or negative economic growth is expected to continue throughout 2024 and into 2025.” Spain has avoided recession and can expect modest growth in the next two years, according to Joseph Fay, managing partner at Spanish member firm UHY Fay & Co. “Even though GDP growth in Spain has been revised upward (from 1.5% to 2.1% for 2024), it is expected that the economy will be weighed down by certain factors, the first being the impact of interest rate hikes during 2023, which take a long time to filter through.” “Ireland is likely to recover to some extent from a difficult 2023,” says Alan Farrelly, managing director of UHY member firm UHY Farrelly Dawe White Limited. “Irish inflation would seem to be under control and expected to run at 2.2% in 2024. Our economic growth is expected at 2%, bouncing back from negative growth in 2023 of 1.9%.” The US has proved one of the most resilient of all developed economies, with growth forecasts of 2.4% for 2024 as a whole. But here too, significant challenges remain. “Economic progress in 2024 and beyond is challenging to forecast and is heavily dependent on how the world navigates the various economic, geopolitical and social conflicts it faces,” says Howard Foote, managing partner for US member firm UHY LLP’s New York office. “Interest rates and inflation are the most significant concerns. The situation is among the most challenging that businesses and individuals have had to navigate in recent times.” FINANCIAL WELLBEING Against this background, businesses have to continue to create or sell products, provide services and make enough UHY GLOBAL July 2024 11 money to pay staff, suppliers and bills. They also need to be in a position to spring into action when opportunities arise. This can be diffi cult in a tough economic climate, but it seems part of the solution is to practise financial hygiene. “Financial hygiene is the series of practices and behaviours that individuals, businesses, organisations and even governments need to adopt to maintain healthy financial wellbeing,” says Howard. “It involves tasks such as budgeting, saving, investing wisely and managing debt responsibly.” Sungesh agrees, adding: “It is the policies, processes and habits of an organisation that ensure that a business maintains its finances in a healthy manner. For example, it includes efficient record keeping, cashflow management and accurate forecasting and budgeting.” In short, financial hygiene ensures businesses have the money they need to operate effectively, both today and in the future, without piling on debt they might find hard to service. “The more they exercise financial discipline and hygiene, the more resilient companies will be while economic activity is subdued,” says Joseph. “Yes, for our clients it is the same,” says Alan. “Financial hygiene as we see it is good business management, including keeping proper books and records that allow management to make informed decisions.” AREAS OF FOCUS Within the broad area of financial hygiene, there are certain factors organisations need to focus on to promote resilience. Maintaining cashflow is essential, and businesses need to keep tight control of incomings and outgoings. This is especially true during an economic downturn, when inflows tend to reduce. When that happens, savings may need to be made. “Ensuring adequate liquidity to cover expenses and manage financial obligations is crucial,” says Howard. “This is a multi-step process but is vital in helping businesses ensure they are as resilient as they need to be. Certain best practices include forecasting cashflow on a regular basis, invoicing promptly and managing receivables to make sure you are receiving payments when they are due.” Sungesh adds: “Maintaining cash reserves can keep core business intact during a slowdown. Up to date management accounts can alert owners to declining profitability very quickly, allowing them to take action before the situation becomes irreversible. Also, companies need to keep a close eye on overdue debtors and be particularly careful about extending credit.” Alan agrees that current and reliable business information is key to resilience during times of economic uncertainty. “Managers need to remain calm and fully understand the underlying cashflow trends of the business,” he says. “Strong financial controls allow for good decision making.” Larger companies tend to be quite sophisticated in these areas, but small firms often less so. “Smaller companies tend to lack a culture of monitoring cashflow, budgeting, and managing debt,” says Joseph. “It is important they develop that culture at a time like now, when keeping the core business afl oat becomes more challenging.” Read the full article in the latest issue of UHY Global For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #ThoughtLeadership #UHYGlobal #2024 #LatestTopics #UHY

How to Make Clients Feel Like Partners Everyone in business knows that the relationships we develop with clients and customers are crucial. The closer those relationships are, the more successful both parties tend to be. But in a world that is both digitally focused and increasingly competitive, providing good products or services is not, on its own, enough. There may be five other businesses in the same city or region with similar technical skills or an identical product range. There may be 100. The difference between you then comes down to the concept of client advocacy. To my mind, client advocacy is simply the notion that customer needs come first. When you nurture a client-first mindset, your customers naturally come to think of you as a business partner rather than simply a provider of services or products. In a B2B environment their trust in your judgement will grow and they will seek your advice in relevant areas.  You become an integral part of their success. Another positive aspect of client advocacy is that it produces mutually rewarding relationships. Your client uses your services, and you help to solve their business challenges. You refer customers to each other. You become ambassadors for each other’s businesses. All in all, client advocacy is the way modern businesses thrive, especially in the B2B space BECOME MORE THAN A SERVICE PROVIDER So how do you become more client-centric, and tap into the benefits of these mutually supportive relationships? There are a number of ways. Get to know your client – inside out. Provide the services asked of you and then go further. Get to know your client’s business and the industry it operates within. Ask questions and talk to people in different parts of the organisation. In that way, you’ll be able to tailor your service much more precisely to your client’s needs and suggest better ways of doing things. At UHY our ethos is to be seen as advisors as much as service providers. Understand client motives. Different clients have different requirements. Some may want nothing more than a basic technical service, in which case deliver it supremely well. Others will be price-focused. And then there are those with more complex needs, who may appreciate your advice or an introduction to a valuable contact. Going the extra mile in these circumstances builds trust and confidence – the first steps on the path to long-term partnerships. Encourage referrals. You may have many clients in many different sectors – might any of them benefit from the services of another? Start connecting businesses in your network and you become the hub of a mutually supportive business ecosystem. At UHY, our global network is a good example of this, with member firms referring business to each other to better serve international clients. Handle challenges professionally . Every relationship can occasionally be challenging. If you make an error or your service falls shot in some way, act quickly and decisively. Listen to the client’s concerns, investigate relevant systems and processes to find the source of dissatisfaction, and put measures in place to correct the issue. Long-term clients will rarely jump ship after an isolated problem, but they will want to see that you are efficient and proactive in solving problems. CREATING A CLIENT-CENTRIC MINDSET Those are the kind of steps that build client advocacy with a customer. But how do you entrench the idea of client advocacy in your firm’s DNA? It begins with internal communication. For example, the account manager or client lead should have an in-depth understanding of your client and their challenges and ambitions, and that information should also be available to everyone in the service delivery team. Anyone who attends meetings with clients at any level should have something useful to contribute, based on specific knowledge. Based on the UHY way of working together, a couple of my blogs from last year talk more about sharing knowledge within organisations and offer some tips for better internal communications . After that, client advocacy is a case of tracking the success of your engagement and looking for ways to improve those statistics. If it’s not the sort of service that automatically produces statistical data, ask for client feedback. Or ask for it anyway! What does your client think you are doing well? What might you do better? Even the process of asking will be seen as a client-centric activity, but you should also act on the results. In the end, it is all about customer satisfaction. That needs to be a priority for your firm, ahead of almost everything else. In a world where client advocacy is the key to long-term success, continually improving customer satisfaction scores are the most valuable indicators of success. It is a mindset that’s deeply embedded in UHY’s culture – get in touch if you’d like to know more about how we deliver it for our own clients. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2024 #LatestTopics #ThoughtLeadership #UHY

Navigating Farm Succession Planning: Expert Advice and Support Available There has been a very welcome change to the succession planning advice grant rules for farmers. Chartered Tax advisors are now added to the list of accredited professionals under the scheme. The scheme provides a grant for qualifying farmers to receive up to €1,500 towards the costs of succession planning advice. The key conditions for the grant are as follows: a farmer aged 60 years and above who is currently not in a succession partnership farming at least a minimum of 3 hectares of land at the time of the application farming for a minimum of 2 years prior to application Farm succession planning is a critical yet often challenging process that can lead to family disputes if not handled carefully. The topic of transferring the family farm is one that every farm family should consider and plan for well in advance. Early succession planning allows families to address and resolve key issues before the actual transition begins, reducing the potential for conflict. While the idea of succession can feel overwhelming, having the right tools and information at your disposal can make the journey much more manageable. Our tax experts have extensive experience in guiding farmers through the complexities of succession planning. If you’re considering transferring ownership of your farm or agricultural holding to a family member, our team is here to support you every step of the way, ensuring a smooth and informed transition. Start the process today: Our tax experts are all Chartered Tax Advisors and would be happy to speak to you about your options. Contact us to arrange an appointment using the form below. To apply for the grant, you must submit a completed  application form (pdf) For more information on the Succession Planning Advice Grant, see the  scheme terms and conditions (pdf) #2024 #Farming #FarmingampAgriculture #TAX

1 September 2024 marked the amalgamation of CPA Ireland and Chartered Accountants Ireland becoming the largest professional body in Ireland. Commencing on 1 September, CPA Ireland members, students, staff, and services officially joined Chartered Accountants Ireland, forming the largest professional accountancy body in Ireland. UHY FDW is pleased to have provided financial and tax due diligence services to CPA Ireland. The team was led by Derek Dervan, Alan Farrelly and Niall Donnelly, supported by Amy Hayes and Dillon Wall. “We are extremely proud to have advised CPA Ireland on their amalgamation with Chartered Accountants Ireland in what is a landmark transaction in Ireland.  The combination of these institutions to create a single body to represent the interests of its members, the accountancy profession, and the wider public is a welcome advancement for our profession.” – Derek Dervan, Head of Corporate Advisory #2024 #BusinessinIreland #CPAIreland #CharteredAccountantsIreland #Amalgamation

We partnered up with Swoop to expand our service offering to our clients and to answer a common client question… “Where can I get access to funding for my business?” In order to grow, your company is likely to face the need for additional capital, which can be obtained in one of three main ways: equity, debt, or grant. This blog aims to simply explain these options to enable you, as a small business owner in Ireland, to make better decisions about your company’s financial future. Equity Finance for SMEs Equity financing involved the sale of your company’s shares, and giving a portion of the ownership of the company to investors in exchange for funds. The proportion of your company that will be sold depends on how much has been invested in the company, and what that investment is worth at the time of the financing. In the very early stages of business, the most likely route to equity funding is through Angel investment. If your business is a little more established, generally over two years old and you can show some level of success, you may find interest in venture funds, family offices, and tier one investment. We can help you examine the pros and cons of all these options, and more. Debt Finance for SMEs  Debt finance is simply the term used for different ways of borrowing money or taking out loans. It is an arrangement between you and the lender to borrow a capital sum on the condition that is paid back in full at a later date. Interest is accrued on the debt and paid independently of the capital repayment schedule. Unlike equity, debt does not involve relinquishing any share in ownership or control of your business. In the very early days there are startup loans available, and you may consider leasing or hire purchase. Beyond this stage there are numerous financing options available – peer to peer, invoice finance, crowd funding, IP funding, asset finance, and merchant finance, to name a few – the most suitable for your business will depend on a number of factors. We can walk you through your options and ensure you are the only put forward to the most appropriate providers. Grants for SMEs Small business grants, although not easy to win, remain one of the best sources of funding available to new, developing and established small businesses. The majority of business grants are funded by national, local or European government to; support key grown regions, stimulate technological advance through research and development, support our aging society, promote sustainability and clean growth, improve the future of mobility, and to make the economy (local and national level) more competitive in a specific sector. Overall these grant schemes generally seek to empower small and medium businesses to grow the economy and in the process, create jobs. Grant offerings are opening and closing continuously, making it difficult to keep track, so Swoop’s platform provides constantly updated access to numerous grant providers. Swoop also recognise the specific skills required to fill out grant applications, and provide an expert service in assistance with this. Through a combination of Swoop’s funding experience, superior technology and 1000+ providers, Swoop can assess your needs quickly and match you to the right funding solution. In order to get your company in front of your potential investors, the platform only requires you to fill in one super-form, and within a few minutes Swoop will be able to assess and match you to suitable providers. On top of that, as your information changes and the market changes, they will update you in real time with funding solutions that best suit your market needs. To learn more about this partnership and what it means for you and your business, book in a meeting with us. We look forward to discussing your growth plans and goals for the coming year. Set up an account on  our portal here  to compare and select the right funding options for your business, covering loans, grants, equity and to see how your business can make savings. Read our previous article on Swoop Funding:  UHY Farrelly Dawe White Limited Partner with Swoop Funding #2024 #Funding #Swoop

As we celebrate the amalgamation of Chartered Accountants Ireland and CPA Ireland, it is important to reflect on previous impactful leaders. CPA Ireland published the final edition of the Accountancy Plus journal, with a cover that featured CPA President and Vice Presidents, Past Presidents, Council Members, Liam Donnelly winners and CPA Staff who came together to celebrate CPA Ireland. Alan Farrelly, one of the founders of UHY FDW and Managing Director, was Chairman of the Leinster CPA Society and President of CPA Ireland. Alan was elected president of the Leinster Society of CPA in 1998 then went on to be elected president of The Institute of CPA in Ireland in 2004. At age of 38 at the time, he was the youngest ever CPA Ireland president. “An Institute that knew its members and a membership who trusted their Institute.” Alan Farrelly, Past President, CPA Ireland Read the final issue here #2024 #BusinessinIreland #CPAIreland #CharteredAccountantsIreland #Amalgamation

How a business acquires funding can make all the difference. What do businesses need to consider when they are raising funding? First, the need for funding is crucial to ensure that products can be developed at a pace so that they can be relevant to their target market. The world moves fast, and delays in R&D can result in obsolescence before a product has even gone to market. Equity investment is a clear opportunity as well as providing the all-important funds, VCs will have networks of helpful individuals who will be able to advise and accelerate growth of the business. They will be able to spot and correct weaknesses in the journey from idea to market, suggest fruitful collaborations and see the bigger picture when it comes to new opportunities and novel applications. Swoop provides an equity support package where they act as an introducer and matchmaker to their large investor network of around 250+ active contacts within VC funds, angel syndicates, individual angels, and family offices. Where do grants fit into the picture? Grant funding can make a big difference not just to the bottom line, but also to the viability of new innovative products or services. While the offer of grant funding is attractive, business owners should be aware that funds often come with strings attached: you as a business may be limited in how you can use the money, it is often paid in arrears (so you may have to borrow to cover costs in advance) and you will need to ensure that your business and project are eligible under each competition. You may decide that the upsides of a successful application for the right kind of funding outweigh the downsides. Apart from having the money in your bank, a successful grant application can make your business more attractive to investors. How Swoop can help: the Grant Finder tool on the Swoop platform makes it easy to check which grants you may be eligible to apply for based on your sector and location.  Swoop can help you at every stage of the funding journey, from acquiring start-up capital to making the business investible and connecting with the right people to see your idea thrive in the market. To learn more about our partnership with Swoop and what it means for you and your business, book in a meeting with us. We look forward to discussing your growth plans and goals for the coming year. Set up an account on our portal here  to compare and select the right funding options for your business, covering loans, grants, equity and to see how your business can make savings. #2024 #Swoop

WELCOME TO THE 2024 UHY GLOBAL REAL ESTATE GUIDE In a globalising world, many investors, both corporate and private, are looking for opportunities internationally. While real estate is one of many investment options, the venture is unique in that it cannot be physically moved as most other assets can. Consequently, investors must conform to the rules and regulations of the country where the property is situated. Like other major investments, proper planning is needed to avoid any pitfalls that may lie along the way and to minimise tax exposure. The purpose of this Guide is to identify regulations (for example, the deduction of expenses and interest) and tax rates (for example, *VAT, wealth tax and inheritance tax) found in various countries that may affect property investments. The contents have been carefully compiled by UHY experts in over 50 countries included in this Guide but are intended for general guidance only. Since legislation changes, you should refer to the appropriate UHY source or professional advisor for the most up-to-date details, or for more specific information. We hope you find the UHY Global Real Estate Guide a valuable tool and introduction. Our team look forward to helping you with your real estate ambitions. Read it now #2024 #RealEstateGuide #UHY

Digital Strategy – Delivering Better Customer Experience In 2024, every business needs a digital strategy. That is not the same as having a website and email address. It is about using digital processes, not only throughout your business but also, and perhaps most importantly, in the continual quest to improve customer experience, satisfaction and loyalty. Like everyone else, business people live their lives in a world of apps and instant access. As consumers, they self-serve using banking apps, download train or concert tickets to digital wallets, and interact with brands via AI-powered chatbots. While they might not expect quite the same level of convenience and accessibility at work just yet, the gap between business experience and consumer experience is closing fast. Increasingly, our member firms’ clients, for example, expect digital communication channels, self-serve options and cloud-based accounts they can access from anywhere. They want the service they receive in a virtual world to be as seamless and professional as the one they receive in its physical equivalent. WHAT IS DIGITAL CLIENT EXPERIENCE? A good digital experience offers clients easy, intuitive routes to the information or services they seek. On one hand, that might be something as simple as making sure web pages and blogs link to the most relevant and up to date sources. On the other, it might mean offering clients self-serve account options, allowing them to pay bills or alter account details without having to pick up the phone. Self-serve is increasingly popular in business-to-business (B2B) settings. A 2021 Gartner survey found that 43% of B2B customers would prefer to not interact with a salesperson at all. They want an entirely digital, self-serve process. With that in mind, the digital experience you offer needs to be both comprehensive and tailored to your own unique circumstances. For some, better client experiences might come from a cleaner, more logical website layout, while for others they may come from omnichannel communications (integrated email, instant message, chat and voice services). Or they may come from offering a simple and secure digital document repository. Good digital plans can also have positive impacts in unforeseen ways. For example, when initiatives remove tedious and repetitive tasks from an employee’s day, it gives them more time to spend on higher value work, which might include forging better relationships with clients. DIGITAL EXPERIENCES REQUIRE CONSISTENT STRATEGIES It is clear that digital innovation for better client experience has to touch every part of your organisation, integrating tools and information flows across teams and departments. This is why digital transformation should be driven by an overarching strategy. The ad hoc implementation of digital tools across an organisation can lead to information silos, fragmented services, and ultimately frustrated clients. A seamless digital experience requires consistency around planning, implementation and operation. Digital innovation might be led by IT professionals, but it must be championed by committed leaders across the business. Employee education and training is essential. If you are giving clients digital options, colleagues have to know how to use the relevant tools, as well as understanding the benefits and implications for their own roles and workflows. This leads us to consider that a digital strategy is a journey rather than a destination. Technology does not stand still. If you offer a digital experience (and you should) clients will expect you to keep up-to-date. For example, artificial intelligence (AI) can offer clients more personalised and customised services. If you are not looking into the potential of AI in your business now, you probably should be soon. It is important to explore new ways to regularly innovate and improve the digital experience – and reach new customers. DIGITAL IS INTEGRAL TO THE WAY BUSINESS HAPPENS TODAY Having said all of this, digital strategies are not one-size-fits-all. Some markets are more digitally advanced than others. Expectations may differ from region to region, or from one industry to the next. Businesses need to pick the best-fit digital strategy for their resources and circumstances. The crucial point is that everyone should be doing something and doing it with a clear vision. In my profession, our member firms and their clients increasingly expect smooth and seamless digital experiences, and many prefer to interact virtually, at least some of the time. Whatever the details of your own digital strategy, the key is to commit to it wholeheartedly. Digital is not a bolt-on or a nice-to-have anymore. It is integral to the way business happens today. 1 Source: Gartner Keynote: ‘B2B Sales Must Focus on Seller-Assisted Digital Experiences’ For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

Amendments to the Debt Warehousing Scheme, 5 February 2024 On 5 February 2024, the Minister for Finance announced that the interest rate applicable to warehoused tax debts will be reduced to 0%. In addition, Irish Revenue have confirmed that, where a business has already paid warehoused debt, which was subject to interest at 3%, it will get a refund of that interest. This will ensure that all taxpayers are treated fairly. An Overview of Debt Warehousing Warehousing of tax debt assisted businesses who experienced cash-flow and trading difficulties during the COVID-19 pandemic. Under the scheme, you could defer paying some eligible tax liabilities until you were in a position financially to deal with the debt. The interest rates that previously applied to warehoused debt were as follows: 0% during period 1 and period and 3% from the start of period 3 to the repayment date Period 3 interest of 3% has now been reduced to 0%. Businesses availing of the Debt Warehousing Scheme have until 1 May 2024 to either: pay their warehoused debt in full, if they can or engage with Revenue on addressing the debt, including arrangements for a Phased Payment Arrangement (PPA). Businesses will be provided with every possible flexibility in managing the payment of their warehoused debt. This includes: the level of down payment, if any, to commence the payment arrangement an extended payment duration and the availability of payment breaks and payment deferral if temporary cash flow difficulties arise during the arrangement term. It is essential that businesses keep up to date with current tax returns and tax payments as they fall due and engage with Revenue about dealing with the warehoused debt.​ Failure to meet these conditions will result in the business being removed from the Debt Warehousing arrangement. Where a business is removed from the warehouse, periods which had been warehoused: will become payable immediately may be subjected to debt collection enforcement action and will be subject to interest charges of 8% or 10% per annum Benefits of engaging early There are several benefits to engaging with Revenue early in relation to the repayment of warehoused debt such as: providing certainty for businesses in their financial position and allowing future cashflow to be planned allowing time to agree the best repayment solutions appropriate to the business payment arrangements that can be activated now with a minimal down-payment and monthly repayments commencing later in May 2024 and if circumstances change in the interim, the payment schedules can be adjusted. How UHY FDW can help If your business has availed of the Debt Warehousing Scheme, you must engage with Revenue prior to May 1, 2024. Our tax experts are available if you would like further information on how the changes to the Debt Warehousing Scheme may affect your business. Sources: Revenue https://www.revenue.ie/en/starting-a-business/paying-your-tax/debt-warehousing/index.aspx Gov.ie https://www.gov.ie/en/press-release/eb94d-minister-mcgrath-announces-interest-rate-reduction-to-0-for-tax-debt-warehousing-scheme/ #2024 #DebtWarehousing #LatestTopics #TAX