Skype: ComerfordFoley or call 051 396703

Advisory services

Exit strategy

As well as assisting businesses in Ireland and the UK through the first challenging few years of their business, we can also help you plan far beyond that. A key consideration at this stage of any start up is the potential exit strategy of the promoters. While it may not be a route taken in the short term, it is an important planning step.

Banking & funding

Without finance even the best business idea will never succeed. The current banking environment makes it extremely challenging to source finance from traditional sources, especially for start-ups. We have extensive experience assisting with putting together funding applications and understanding what is required to succeed in getting approval. We also have experience in assisting with obtaining other forms of finance such as crowd funding, angel investors and grant assistance.

Xero & Cloud accounting

For those businesses in Ireland who are particularly keen to grow, using an online accounting system is your first step to fast and efficient growth.

Business start up

Being in the early stages of our own business growth we understand the importance of the start up phase of your business. We can assist with:
  • Appropriate structure (corporate, sole trader, partnership)
  • Shareholder agreements
  • Compliance requirements and tax registrations
  • Advising on the maintenance of books and records
  • Assisting with the business plan including projections and cash-flows
  • Identifying funding / cash requirements

Corporate Recovery and Restructuring

The first step in putting together a survival solution is to assess the overall viability of the business if the exceptional circumstances it finds itself in are ring fenced. We can help assess this.

Financial due diligence

Whatever due diligence is required, we can help.

Audit & Accounting

Audit Services

We offer a full range of assurance services using the expertise and experience of our audit professionals in their delivery.

Statutory Audit
An annual audit is a statutory requirement for all limited companies that meet certain size criteria under the Irish Companies Acts. As it is a statutory requirement it can be viewed by some as a necessary evil and not adding value to the business Our audit plan is designed to enable us to respond to shareholders and management concerns and to identify risk areas and improve controls. By doing so, we can identify opportunities to improve profit and cash-flow performance and help clients safeguard their business assets. Our audit approach is a risk based approach, identifying audit risk, effective planning and carefully focusing resources. Through regular and effective communication between our engagement team and your finance team we ensure that the audit is completed as efficiently as possible. Our approach follows the International Standards on Auditing (UK and Ireland) and covers the following steps:
  1. Audit planning - Risk assessment
  2. Audit fieldwork - Coordination and timing
  3. Audit completion - Coordination and timing
  4. Communication
  5. Delivery and sign off
All of our audit staff has several years of experience working in large professional services firms with responsibility for audits of varying sizes – from micro company audits to very large multi-national group audits, reporting under but Irish / UK GAAP and I

Internal Audit
We offer a broad range of internal auditing services, either as an external team or as part of your team. Our services include:
  • Outsourced internal audit services
  • Risk Management
  • Internal audit secondments
  • Forensic audits
  • Quality and performance reviews of internal audit functions
  • Agreed upon Procedures
  • Internal audit advice

Systems Control and Review
Our audit team will independently assess your accounting systems, controls and procedures. We will report on the strengths and weaknesses of the current accounting systems and procedures, and provide detailed recommendations for improvement of these with a view to saving cost and improving efficiency.

Assistance with preparing for Year End External Audit
As Auditors ourselves we understand the importance of the Statutory Audit but also the time pressure that this can put your limited resources under. By using the experience and expertise of Comerford Foley to assist in preparing for the Audit you can ensure that your resources are utilised as efficiently as possible. In addition we would expect that with correct planning that the overall Audit Fee would reduce.

Grant Claim Review
Most agencies providing grant aid will require an Accountants Report to be submitted along with an application for payment of funds. We are fully qualified to perform this work and ensure that the grant claim procedure can be completed is an seamless a fashion as possible.

Accounting services

We pride ourselves on our broad range of experience and ability to adapt and design a service that is tailored to your needs.

  • Year End Accounts Preparation
    • Regardless of size, all Irish registered companies have an obligation to prepare year end Shareholder Financial Statements which have to be fully compliant with Irish GAAP and Company Law. We ensure that these accounts are prepared in full compliance with all regulatory requirements.
  • Monthly / Quarterly Management Accounts
    • It is extremely important for business owners to know where they stand financially and performance wise throughout the year. You can receive either monthly or quarterly management accounts with Key Performance Indicators (KPI's) identified and analysed. Our business advisory experience helps us direct you as you review the Financial Statements and discuss their performance.
  • Outsourced Financial Control Solution
    • The ability of any business to have a fully functioning Finance Department complete with a Financial Controller is dependent on its resources. It is unlikely that a start-up or SME will have the resources to fund such a department. This does not diminish the importance of what a Financial Controller can bring to your business. We offer a tailored solution to our clients depending on their needs taking direct responsibility for as much or as little of the finance department they wish. We can look after the routine recording and compliance requirements as well as getting involved at a more strategic or Financial Control level by assisting with budgeting, finance, business plans, banking. This allows your business to have the experience and expertise of having an "in house" financial controller at a fraction of the cost.
  • Bookkeeping / Back Office
    • We provide a full bookkeeping service through our experienced staff. We can work with our clients to ensure that the books and records are maintained in the best way possible for their business. We can also take control of certain back office tasks such as sales or purchase invoice processing, payroll, debtor management to allow the business owners concentrate on what they do best.
  • Payroll
    • Our experienced team provide cost effective payroll services to a wide range of clients from business start-ups to international businesses. By providing us with your employee information, we can become your payroll department. We can help you by running your payroll, ensuring compliance and advising on legislation changes.
  • International Business
    • Ireland is a very attractive place for International companies to establish. We offer a full international business package to manage the entire process from company formation, tax planning, maintaining books and records, operating payroll, preparing management accounts, ensuring company secretarial filings are maintained, liaising with external auditors (including Big4 for large multi-national groups). The experience of all staff in this area ensures we can offer the professional service of a large professional services firm with the personal feel of a small firm.
 

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