Stephen Lynn & Co is focused on helping our clients meet their compliance requirements and achieving their financial goals. We are a full-service financial firm with four businesses under one roof: accountancy, audit, tax consultancy and financial services providers.
In addition to ensuring our clients are tax compliant, we focus on helping them grow their wealth to improve their quality of life and gain financial independence at a reasonable age.
My area of expertise is tax advice. I provide a wide range of services in this area such as succession planning, company sales and acquisitions, company restructuring and assisting clients through revenue audits.
We provide a full suite of tax consultancy services with a high level of professionalism, and have the specialised experience and qualifications to provide strategic tax and business advisory services.
The pandemic has shown us that risk can rapidly move from a distant concern to an immediate business threat
Looking to the year ahead, our goal is to improve the way we work by embracing new software. We plan to install new software to auto-enter invoices and bank transactions. It will mean far less time spent on collection and processing, and more time dedicated to providing value-added services in areas such as pension and tax planning.
I would say the outlook among our clients is mixed. While certain businesses are slowly getting back to pre-pandemic levels of sales, there are many challenges ahead, among them high energy costs, lack of supply of raw materials and shortage of skilled labour.
The threat of climate change is also growing exponentially, and businesses are starting to feel the impact. The pandemic has shown us that risk can rapidly move from a distant concern to an immediate business threat.
During the pandemic, the government can be commended for introducing financial supports to affected businesses. The most positive action the government could take to support businesses right now would be to not turn off the tap too quickly. It will take a long time for businesses in the hospitality sector, for example, to get back to pre-pandemic levels of profitability.
The most positive action the government could take to support businesses right now would be to not turn off the tap too quickly
Government focus is often on the multinational sector, at the expense of the SMEs that generate so much economic activity and employment. Take the recent announcement of a mandatory sick pay scheme that aims to bring Ireland in line with other European countries and the imminent introduction of an auto enrolment pension scheme.
While I welcome these benefits for employees in general, they bring extra costs that, compounded with current inflationary pressures, will have a negative impact on struggling SMEs in the years ahead. The government could offset these additional costs by reducing the lower rate of employer’s PRSI (8.8%) for employees earning up to €410 per week.
The pandemic made me rethink my priorities and remember how precious life is. It has been a reminder to appreciate the things I often take for granted such as family, friends and my health. We all need to enjoy life – this is not a dress rehearsal.
The most important business lesson I have learned in my career is to never stop learning. If you decide that you are ‘done’ learning, you will be left behind within a matter of a few years, if not sooner.
The idea that you can’t teach an old dog new tricks is false. You will never wake up and regret having invested in your mind by learning something new.
