Roy Finucane is the Owner / Director of TaxAssist Accountants in Limerick City. Roy in his own words reveals to IIBN that we allow business owners (Sole traders & Limited Companies) to focus on what they do well, by providing a one stop shop for all their accounting, tax & financial requirements. We provide start-up advice to ongoing payroll & bookkeeping support, right the way through to year end accounts & tax filings. We like to position ourselves as the ideal outsource partner to the small business owner in the region. We offer a very personal service, with walk in consultations facilitated, with a fixed fee pricing model.
You can visit TaxAssist Limerick City here
What are your main priorities and goals in your role?
Continue to expand the Client base. Expand the number of clients availing of more than one service. Continue to evolve the service offering, moving towards a more, straight through process and expanding software solutions where possible. Expand the advisory role of the staff through reducing manual processes.
What are your biggest challenges?
Trying to differentiate the business/ brand in a very crowded market. Evolving the service offering, through the adoption of more software based online solutions and bringing the client on that journey!
How has your business strategy been adapted in the context of the Covid-19 crisis?
Absolutely, we introduced Receipt Bank a couple of years ago (a date capture tool app, which allows clients to upload invoices into our accounting system through their mobile phone) thereby reducing paper! However, the take up wasn’t as high as we’d hoped, however during lockdown when clients were unable to visit the office, the conversion rate to Receipt bank really increased.
We have also introduced Docusign to our service offering, which reduces the need for physical attendance both in terms of signing documents & returns.
What are the challenges facing your industry going forward?
We’re seeing a move towards a lot more real time online compliance with Revenue, we had PAYE Modernisation a number of years ago, businesses can expect something similar with VAT and Accounts, if the Making Tax Digital project in the UK is anything to go by.
What new trends are emerging in your industry?
As mentioned previously, its all about moving online, eradicating manual processes and receiving data and processing data in a straight through fashion. This allows Accountants to spend less time on compliance and be available to be more of advisors to our clients.
Are there any major changes you would like to see in your sector?
No, however recent changes have been welcome, whether that be changes to the Companies Act, making it easier for people to set up Companies & Revenue are constantly evolving how they wish reporting to be streamlined. Ongoing Government support would however be welcome for the SME sector in light of the impact of COVID 19.
Are you finding any skills gaps in the market?
No, we are lucky in that we have had consistency of staff over the last number of years, we are unique in that we don’t hire trainee’s, all our staff are experienced & qualified & our staff welcome the introduction of software solutions to processes that were done manually previously.
How will Brexit affect you, or have you started to feel the effects already?
Most of our client base is local or national, we haven’t felt the impact of it as of yet, however we could be trading through a perfect storm presently when you add the economic impact of COVID 19 to Brexit!
How do you define success and what drives you to succeed?
Success is being healthy & doing what you love, jumping out of the bed each morning and looking forward to the day/ week ahead!
What’s the best advice you’ve been given, or would give, in business?
Do what you love, always be guided by your Integrity in business, my personal integrity is everything.
What have been your highlights in business over the past year?
Retaining staff, increasing turnover, introducing a number of online solutions to the service offering.
What’s next for your company?
Just try and consolidate the business for the remainder of 2020 and see how the market is at the turn of the year.
What opportunities or plans for growth do you see in 2020/21?
We were very visible & proactive to our clients with relevant updates and support during the lockdown, hopefully that word might spread & businesses that didn’t get that level of service may consider switching!!
Where do you want your business/brand to be this time next year?
Still evolving & still growing.