How Safe Are Your Tech Systems?
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ISSUE 42» JUNE 2017 www.pkffpm.com a newsletter from pkffpm accountants HOW SAFE ARE BREXIT BRIEFING & TAX YOUR TECH SYSTEMS? MATTERS The recent Wannacry with good procedures in place attack can be limited. ransomware attack to protect their office systems There are simple changes FREE INSIDE which disrupted or website. Often, however, your business can implement organisations across businesses do not apply the to enhance security such as: Managing the globe is the latest in a long same level of security to mobile • Using antivirus software line of high profile incidents devices such as phones, USB and firewalls. Working that show how damaging the keys, laptops, tablets and • Keeping systems up to loss of systems and/or data other equipment. This was date and avoiding delay in Capital can be, both for individuals and powerfully demonstrated at applying the security patches Pg2 for organisations. PKF-FPM’s cybersecurity provided by your technology It is estimated that two seminar in February where an suppliers. thirds of businesses were international hacker showed • Keeping your backups up R&D hit by cybercrime last year. attendees how easily the to date and stored securely. Roadshows The problem has become so growth in computer related security of servers and mobile • Implementing strict Pg5 serious that PKF-FPM recently crime is that the complexity phones can be breached. controls for the use of mobile set up a dedicated cyber businesses need to manage is However, where organisations devices including limiting the security team to assist clients. increasing all the time. have good controls in place, use of apps and downloads Tougher One of the reasons for We see many businesses the potential damage of an continued on pg 3 > Stance from HMRC PKF-FPM Win Large Practice of the Pg6 Year and Overall Practice of the Year Leading island hosted by Colm O’Regan, Managing Director, Feargal to win these two prestigious based accountancy attracted a very influential McCormack, stated that he awards”. He added “PKF- practice PKF-FPM audience, including high profile was “humbled and overjoyed FPM always strive to exceed Accountants won leaders from the Irish business for the recognition of the our client expectations by the Overall Practice of the and accountancy sectors. collective PKF-FPM team leveraging technology, the year at the prestigious Irish digital revolution and cloud Accountancy Awards Gala accounting as tools to be the Banquet Ceremony which took business advisor of choice place on Thursday 18th May and help the businesses and 2017 at the Ballsbridge Hotel people we work with become in Dublin. more successful. PKF-FPM HOW WILL After winning the Large will continue to build a strong Practice of the Year earlier integrated client focused BREXIT in the evening against stiff team to ensure excellence competition, the final award in service delivery through of the evening, Overall emphasis on collaboration, AFFECT Practice of the Year, was communications, innovation presented to PKF-FPM with and creative thinking. We YOU? acknowledgement from the empower all TEAM members Brexit will have profound tax judges that PKF-FPM were to live the PKF-FPM Ethos implications for individuals innovative, caring business of positivity, enthusiasm and domiciled in Northern Ireland, advisors with global expertise fun to ensure the best service the UK and Ireland. and local knowledge along Gerry Devitt, Managing Director of Harvest Financial for our clients!” Feargal was with a strong cross border Services presents the Overall Practice of the Year joined at the presentation Find out how you and your focus. award to PKF-FPM Directors, Feargal McCormack, ceremony by a cross section of business will be affected and The Awards Ceremony, Teresa Campbell and Malachy McLernon. members of TEAM PKF-FPM. how to minimise your future tax liabilities. Contact PKF-FPM’s Brexit Global Expertise with Local Knowledge |www.pkffpm.com Centre of Excellence. a newsletter from 2 pkffpm accountants about us NEWS PKF-FPM CORE VALUES Anne Heraty - Keynote Speaker at • Passionately believe in caring for our clients, colleagues and community. PKF-FPM/Ulster University Business • Listen, understand and solve, to make it happen. • Invest in the Best! School Leadership Talk • Pushing out boundaries and “Back yourself, believe in yourself, believe in your with the Ulster University Business School held at the Belfast creating opportunities. idea.” These are just some of the thoughts shared Campus. • A culture of ethical business with business leaders by Cpl Resources plc Chief During the one hour conversation with broadcaster Gerry and trust. Executive, Anne Heraty, as keynote speaker at the Kelly, Anne’s passion for business aligned to a clear set of • An ethos of positivity, PKF-FPM Annual Leadership Talk 2017. The event was part values was evident as she traced her career from telesales enthusiasm and fun! of the 2017 MLM Management Month initiative, in association to becoming the first female Chief Executive of an Irish company to float on the stock exchange. “Have no fear of failure. Success and failure are two sides of the same coin,” PKF-FPM says Anne. “Both are just experiences and each set different CORE FOCUS challenges for you.” Anne’s success in the business world has also been widely • Caring and proactivity are at the heart of everything we do; recognised by a raft of prestigious awards including the Ernst & Young Entrepreneur of the Year (2006), Business & Finance • We commit to helping you maximise your wealth and Business Person of the Year (2014) and Image Business lifestyle aspirations, through Woman of the Year (2015). In September 2016 she was understanding you and your elected the President of IBEC, the group that represents Irish business; and business. • We have a proven track Speaking at the event, which attracted a capacity audience, record in delivering simple PKF-FPM Managing Director, Feargal McCormack, stated solutions to complex problems. that Anne’s approach to leadership underpinned by values of honesty, respect and accountability was truly inspirational. “Anne Heraty is a role model in so many ways and a person PKF-FPM who has quietly and very effectively made a significant mark on THREE UNIQUES Ireland’s economic landscape.” (1) We ‘get’ you, and foster a Professor Mark Durkin, Executive Dean of the Ulster sense of urgency, with a bias University Business School, Anne Heraty and Feargal towards passionate thoughtful McCormack. action – (we’re business owners ourselves). (2) We’re different (“brave, bold and gutsy”, we tell you what we think, rather than what you would like to hear). Managing Working Capital (3) Acknowledged independently at local, regional Careful management of capital. Keep your overheads under and national level as “best in working capital will be critical review and look for opportunities to class” with unique Cross Border as business prepare for Brexit. substitute cost-effective alternatives expertise. Improving working capital builds where appropriate. resilience and is a cost-effective way to Speakers also covered the difference protect your company’s profitability and between cash and profit and provided a fund growth. wealth of practical tips including advice Last month (May 2017) PKF-FPM on how to move away from focusing on hosted a series of practical seminars in what credit the banks will provide for Belfast, Newry and Balbriggan to help your business to generating cash within businesses get a grip on their working your business so as to become self- capital management. sufficient from a working capital / day to Newry Office: Practical strategies discussed at the day operations perspective. Dromalane Mill, seminars included: The importance of robust, rigorous The Quays, Newry • Managing customers: Prompt and regular reporting on cash flow - T 028 302 61010 invoicing and effective control of daily bank reconciliations, weekly and account receivables and debtors which monthly forecasts - was also highlighted. Belfast Office: minimises payment times and provides In addition to these practical strategies, 1 - 3 Arthur Street, Belfast T 028 9024 3131 an early warning of potential bad debts. options such as sales credit insurance, Examine how long it takes to bill your leasing, asset-backed finance, debt Dungannon Office: customers and look for ways to reduce factoring, invoice discounting and 30 Northland Row, Dungannon this time and build efficiency. effective tax and VAT planning may also T 028 8775 0400 • Managing stock and Work-in- have a role to play depending on your Progress (WIP): Businesses sometimes business circumstances. Mallusk Office: Unit 1, Building 10, Central Park, make the mistake of allowing too much The seminars, run in association with Mallusk Road working capital to get tied up in stock Kevin Kelly from Management Credit Risk Brokers and Euler Hermes, T 028 9083 0801 and WIP. Implementing a robust stock Leadership Network addressing attend- were designed to help businesses and WIP management system that ees at the Belfast Seminar. understand the critical importance of Dundalk Office: keeps stock to a minimum will improve tracking and managing cashflow for Block 5, Quayside Business Park your working capital. Always remember growth, resilience and for peace of Dundalk, Co Louth. that the value of WIP normally reduces T 042 9388898 mind. over time as customers / clients may For information on how PKF-FPM Balbriggan Dublin North Office: forget the value of the service provided. can help your business improve your Balbriggan Business Campus • Managing suppliers: If your business working capital management, please Balbriggan, Co Dublin does not have a system that provides contact a member of our team. T 01 6913500 regular reliable data on how much you are spending with individual suppliers, www.pkffpm.com you may miss out on opportunities to Pictured (from left) are Cormac Harty [email protected] negotiate better terms. (Cormac Harty Insurance Services), Mike Buggy (Euler Hermes Ireland), • Managing overheads: Cost control Feargal McCormack (PKF-FPM and the elimination of unnecessary Accountants) and John Simpson expenses will improve your working (Credit Risk Brokers Limited).