RBK is the largest independently branded accounting firm in Ireland, with offices in Dublin, Athlone and Roscommon.
Activity: We have been extremely busy supporting our clients by the provision of timely up to date information, giving them guidance on qualification criteria for various Governmental supports, tax warehousing and assisting in negotiations with their funders with obtaining loan forbearance.
A crucial part of supports we give to clients, particularly those who are struggling with the effects of the Covid crisis, is assisting them with their strategic and viability plans. We have a broad range of clients operating in different sectors, some of which have done reasonably well, eg Food/Retail/Pharma, etc. while others have been badly affected including hospitality, travel and high street retail.
We managed to maintain a high level of service to our clients and the pandemic has not impacted on the delivery of our audit and consulting services. The pandemic has resulted in the speeding up automated processes which the Firm has successfully implemented having made additional targeted technology investments.
Remote Working: Fortunately, we had in place pre pandemic remote working facilities for our staff. Remote working has worked reasonably well with us and we have managed to maintain a high level of client services. The use of video conference facilities for clients meetings has gone well and with travel time savings for all involved, will remain a feature in the provision of services post pandemic.
Business Supports: Businesses operating in low margin sectors and sectors that have been badly hit by the pandemic such as hospitality will have great difficulty in surviving if governmental supports are fully withdrawn.
Those at particular risk are businesses that came into the crisis with weak balance sheets and in a weak cash flow position. They certainly will not be in a position to repay debts warehoused in addition to their day to day ongoing costs. We are working with a number of businesses with a view to seeking alternative options for them such as mergers, changing their business model, increasing their on line presence, etc.
Enterprise: Irish business owners are very resilient and when presented with challenges as a result of the pandemic, have been very innovative in changing their business model. For instance, we have assisted a number of clients to increase their on line presence, obtaining new customers, developing new service offerings and changing the ways they deliver goods and services to their customers. We have also assisted such clients in availing of supports provided by Enterprise Ireland and local Enterprise Boards.
Business Plus - March 2021
