ACTIVITY

2024 was another great year at Ifac.

We have acquired a number of SME accounting firms over the past 12 months, and we’re assembling them into a division focused on the mid-to-large SME market.

Ifac has 30 offices around the country and this is a new centralised model for fast-scaling, ambitious SMEs.

There are about 35 people in our mid-to-large SME group and we expect to grow quickly in this space.

The team is led by James Farrell, partner & head of SME.

We already service thousands of local SMEs in the towns we work in.

We see a large opportunity in adding specialist advisory services to a largely compliance-driven market.

Many scaling SMEs require advice on how they can develop their businesses, maximise profits and opportunities and optimise their tax structures.

A particular focus is large regional businesses where we would have a very strong affinity and alignment.

Our agrifood consultancy continues to be very successful, advising on go-tomarket strategies, digitalisation, business development and transformation projects.

Tax advisory, financial planning and corporate services are also big growth drivers for us.

DEVELOPMENTS

Sustainability remains a central focus for all of our clients and last year we appointed Rosie O’Neill as director of sustainability.

Another significant senior appointment is David Leydon to the newly created role of group head of growth and agrifood consulting.

Ifac now provides a wide range of expert-led consultancy services including strategic planning, market research, food business and retail advisory; strategic marketing and communications, sustainability and ESG and funding and management accounting.

All are growing quickly.

TECHNOLOGY

Innovation is strong within the Irish food, agtech and agribusiness sectors.

When it comes to emerging technologies, our research indicates that only one in six business leaders have a good understanding of the applicability of AI for their business.

Ifac advises a considered and strategic approach and keeping the business case front and centre for any investment.

TRUMP EFFECT

The tariff threat is definitely a big issue. Many clients see the US as a natural market, and they’re wondering now about its profitability.

Tariffs have the potential to significantly reduce margins, which are usually fairly tight for export products.

The other risk is Ireland’s tax flow from US companies.

There are definitely challenges ahead, and we feel it’s time for the government to really focus on indigenous businesses that have the capacity to create quality, long-term employment in regional communities.

FDI is brilliant, but it’s now under some level of threat.

CLIENT CHALLENGES

The most pressing concern facing the farming sector is the potential loss of Ireland’s nitrates derogation.

At Ifac we are conducting stress testing with dairy farmers to assess various scenarios, including reduced herd sizes, expanded storage facilities and land acquisition strategies.

OUTLOOK

Export markets present opportunities for growth for many of our clients, and expansion into larger markets is crucial for our food producer clients.

The road ahead requires investment in sustainability initiatives, careful strategic planning, and continued innovation — whatever business you’re in.