This week we had another virtual sitdown with BKRM Nexus Director Ciara FitzGerald, a Chartered Accountant and Qualified Financial Advisor. We sat down to take a look at the financial industry, what advice she has for Irish businesses and in general. BKRM Nexus, established in 1981,  are Accountants, Registered Auditors & Business Consultants that are experts in helping you form and build a successful business.

We hope you enjoy the following feature, there are many helpful takeaways.

BKRM Nexus
Ciara FitzGerald / Company Director

Today’s post is all about Accountancy Services as we speak with BKRM Nexus Director Ciara FitzGerald.

Tell us a bit about BKRM Nexus

BKRM Nexus is a firm of professional Dublin Accountants. We provide a full range of accountancy and advisory services to individuals, sole traders and companies. We are based in Blackrock, Dublin.

We have been in business in Dublin since 1981, our team is comprised of both experienced partners and young talent. We’ve got experience, energy and drive. We are approachable and friendly too!

We provide a wide range of services from audit and accounts preparation, payroll, VAT, bookkeeping and taxation and wealth management advice.

Any tips for businesses having gone through a major upheaval that might be experiencing financial difficulties?

Take stock of your business. What are the businesses biggest challenges, what strengths does it have and what are the potential opportunities? Figure out how to address the challenges to minimise impact, applying the strengths your business has to also exploit opportunities the current crisis has created.

We have many clients who are surviving the current crisis by pivoting their businesses and thinking of new ways to generate income where they can, whether this is a move to selling their products online to providing take-aways.

We have been there for our clients to help guide them through this phase, we have helped them improve financing by availing of the various government schemes available.

Why in your opinion should start-up businesses use an accountant?

Start-ups should absolutely engage an accountant! There is a lot to consider in starting your business

A person might be so focused on product development and marketing that they forget the financing and compliance side. There are a lot of legal and regulatory pitfalls that can result in unnecessary costs for an already underfunded start-up.

We can help by managing the compliance and regulatory side so that the business owner can focus on the growth of the business.  We can also offer advice on the marketing and sales plan, we can prepare budgets and cashflow projections which are invaluable in providing focus to a business owner as well as being a tool for monitoring business performance.

Many people are of the opinion that we will be entering the roaring 20’s once the vast majority of the world is vaccinated as many people have not been able to spend their disposable income. Would you agree?

I think this could be true for certain sectors of the economy but for other sectors, like travel, entertainment and hospitality, there is still massive uncertainty over the continued duration of world-wide government restrictions and there is no clear timeline for some companies to plan. How long these restrictions go on for will dictate the likelihood of survival. Only those that have been able to avail of government or outside assistance and those with sufficient reserves are likely to be able to sustain the prolonged restrictions.

But one thing will always remain true: that the laws of supply and demand will prevail. Once the economy opens back up, the demand for services like travel, entertainment and hospitality will increase and this means that existing companies will be able to take advantage and newcomers will enter the market to replace those that didn’t make it.

For people that have saved over the past 12 months, would you encourage them to invest or start a pension?

Cash is not a good investment at the moment. Nobody is earning deposit interest and in fact, some institutions are charging negative interest for keeping large amounts on deposit. For this reason, it may be worth considering investing some surplus cash as you are likely to earn a better return than if you kept it in your savings account. A lot of people resist investing their money as there is always a risk that your investment won’t perform, and you could lose your shirt. However, if you have cash on deposit that you don’t need access to in the short-term, it may be worth engaging an investment professional to guide you through the process of investing your money. These professionals will assess your risk appetite along with your long-term and short-term financial goals and will advise on the best plan of action for you.

Investing in a pension is always a good idea. Though you won’t be able to access it until you retire, it will provide a valuable source of income later in life when you no longer earn a salary. A person can also get tax relief on pension contributions made in a year up to a certain limit so it will also reduce your tax bill!

Although this is a time of disruption, would you agree that it is also a time of opportunity?

As Winston Churchill said: “Never waste a good crisis”. With change, there is always opportunity. That’s why so many businesses have been able to survive these prolonged restrictions because they have been able to identify and exploit opportunities and make them part of their business plan.

How has your business changed in the last year and will any of the changes you made during Covid be made permanent?

We were lucky in that we had developed systems to enable us to work remotely before the pandemic so the switch to working from home was pretty seamless. One of the biggest challenges has been supporting our client base whilst also maintaining our cash flow and quality of service. I think that Covid has forced us to become better communicators. We haven’t been able to meet our clients face-to-face and we have had to improve our communications through telephone, Zoom and email. That is a skill that I think will stick with us.

What is the most positive thing to have happened for BKRM Nexus in the last year?

The pandemic shook up the status quo. It forced us to take stock of our own business, identifying strengths, weaknesses, opportunities and threats so that we could position ourselves for survival first and foremost but also for potential growth. We have become more focused on business development and we monitor performance on a weekly basis.

What is the number one thing you wished people knew about your company?

That we are more than just accountants. We see ourselves as your business partner. We are invested in the growth and development of your business and can provide advice in this respect. We aren’t just number crunchers, we are like a doctor reading an x-ray, providing you with information to make critical business decisions.

If you have any specific questions regarding BKRM Nexus and how they can help you please let us know and we’ll pose these questions on your behalf. Alternatively,  please visit https://www.bkrmnexus.ie/