As published in Business plus, March 2024.

Managing Partner of RSM Ireland, Niall May, spoke to Business Plus Magazine for the annual Accountancy and Business Advisory survey.

Activity

Globally, RSM achieved double-digit growth for the third successive year with a 16% increase in revenues in 2023, reaching a record $9.4bn. This marks a 50% increase over the last three years for RSM, which is ranked as the 6th largest network of assurance, tax and consulting firms globally.  RSM Ireland also experienced strong double-digit growth in 2023, achieving revenue and people growth of 19% and 21% respectively. 

These results were powered by significant demand across all service lines, particularly in the areas of audit and tax where year-on-year growth came in at 32% and 31% respectively.  Particular demand was seen in the areas of Financial Services, Life Sciences and Technology, and we continued to expand our already notable service offering to Public Sector clients. 

The value of our international referral work from the network increased by 39% in 2023.  We are seeing a continued evolution of a diverse, globally active client base, with over 60% of our client base operating internationally.  In 2023, the firm also announced a major strategic investment from RSM UK which will accelerate our ability to create long-term growth and increased competition in the professional services sector in Ireland.  As well as driving an increase in the firm’s physical footprint, it will also establish new and exciting career opportunities for our people at RSM. 
 

AI 

We recently launched a digital platform to engage our clients with new forms of technology as we execute and deliver our client engagements. The platform should enable us to embrace the AI revolution and continually enhance our service delivery.  As an initial focus, the platform enables us to embed applications that reduce repetitive tasking, so our teams get more time to focus on client deliverables. 
 

Profession

I would hold the view that an accountant is focused not only on understanding the ledgers but, more importantly, on understanding the wider business and its operations, marketplace, and the risks it faces.  It is only when the accountant does so that they can add true value to their clients. 
 

Outlook

Ireland’s business leaders deserve to feel an increased level of optimism as they consider the year ahead.  That said, resilience will be tested again before long with new challenges on the horizon, and considered business leaders will be aware of multiple change factors brought about by matters like ‘Pillar Two’ tax reform, sustainability, AI disruption, the continued war for talent, and potentially a new (and possibly volatile) US administration. 

Perhaps embracing the only real certainty being uncertainty itself is a philosophy that gives those resilient business leaders the right to maintain that optimism into the months ahead.  After all, they’ve gotten this far.