Fee income for the year to August 2018 rose by 14%. The firm has 47 staff, including 22 qualified accountants, 11 trainees, and two tax trainees.
We had growth across all our service lines last year, most notably in advisory and outsourced managed services. There has been a large increase in the number of enquiries from UK companies looking to set up in Ireland. We have expertise in supporting FDI companies and, with our extensive international contacts, have generated significant new business in annual compliance and payroll services.
The dominant issue facing all clients is Brexit. However, clients are challenged on other fronts too as they contend with significant issues in the marketplace. The major issues are talent, pressure on margins and major disruption from online competitors that have little or no fixed overheads, an
ability to scale their models with relative ease and an opportunity to exert downward pressure on prices.
We have been working closely with our clients in preparing for the risks associated with Brexit and helping them to identify and take advantage of opportunities arising from Brexit. We have assisted some clients in establishing a presence in the UK and in some cases forming alliances with UK competitors. Other clients have started to develop other export markets beyond the UK.
McInerney Saunders is one of the founding members of the Treasury Hub, in partnership with Treasury Solutions Ltd and three other Irish accountancy firms. Treasury Hub enables us to offer clients an enhanced and specialised treasury management service. The Hub also provides a loan benchmarking service, so we are able to identify the best available lending terms from financial institutions in specific sectors, based on similar transactions previously completed.