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28 Jan, 2019

Ifac Food & AgriBusiness - Taking your business to the next level

The ifac offering to Irish companies in the food and agribusiness sector continues to develop at pace. We work with a diverse range of companies at all stages of development—from agtech start-ups to established businesses with significant international sales.

The ifac offering to Irish companies in the food and agribusiness sector continues to develop at pace. We work with a diverse range of companies at all stages of development—from agtech start-ups to established businesses with significant international sales.

We tailor our offering to fit each company’s business needs, taking into account the strength of the management team. Our approach is to deliver the right mix of skills at the right time. We always have an accountant, tax advisor, and financial solutions person (personal wealth management) on our team and we bring in additional expertise such as audit and payroll when required.

Here are some examples of the type of work we do on behalf of clients.

Strategy / Business Advisory

Our strategic engagement projects with companies range from change management to full business strategy development using tools like the Business Model Canvas. We act as trusted partners working to get the best outcome for each client as they overcome challenges and grow their businesses.

Funding /Corporate Finance

Most of the businesses we work with are growing so funding is a key issue. Our support covers all aspects of financing from state grants to banking and equity investments.

On the state funding side, working on behalf of clients, we have engaged successfully with Enterprise Ireland, Leader, Intertrade Ireland, and the Local Enterprise Office. Believe it or not, there are over 170 state-backed supports available. Grants can be accessed throughout the lifetime of the business from start-up through to scaling established businesses.

We have also worked with companies to raise over €1m of bank finance ensuring each client gets the best deal and that the right mix of finance is accessed.

Finally, we bring venture capital and EIIS investment to the table as well as highlighting alternative funding options such as peer-to-peer lending.

Tax consultancy

Tax consultancy is very important to many of our Food and AgriBusiness clients. We adopt a forward-looking approach helping each business put the right structure in place from both a tax and commercial perspective and highlighting available reliefs such as Entrepreneur and Business Relief. Group structures need to be managed carefully with an eye on future equity investments or spin-outs.

We also work on R&D tax credit claims for a number of clients. These credits offset tax liabilities where R&D investment has been made. In addition, we help clients with patent and royalty income to use the Knowledge Development Box to reduce their tax liability.

Accounting, audit and payroll services

Many SMEs miss out on opportunities to optimise their businesses because they do not produce regular management accounts. We help clients produce monthly or quarterly management accounts linked to the Key Performance Indicators (KPIs) for each business. This is proving invaluable for founders and management teams who use the insights it provides to improve decision-making as they drive their businesses forward.

For businesses who need audited accounts—whether for internal purposes, for funding applications, or because the business has passed the audit exempt limit—we bring in the relevant skills to audit the company accounts.

With PAYE modernisation now in place, our new payroll team in Kilkenny manage the payroll needs of many of our food and agribusiness clients.

Return on investment

When your business engages the ifac Food and AgriBusiness team, our aim is to maximise your return on investment. We are committed to building long-term relationships which add value and help owners/founders/management teams realise their plans. We enjoy being a strategic partner for companies on a growth journey, creating new products and new services for new markets.

We believe in the Food and AgriBusiness sector’s capacity to create wealth and employment in Ireland’s regions. As we continue to grow, we are committed to providing strategic business advice and first-class services to the Food and Agribusiness sector.

If you are interested in hearing more contact me on 087 9908227 or davidleydon@ifac.ie or keep up to date by following us on twitter @ifac_FoodAgri.