Stability & Experience are the hallmarks of the IFAC Service
Business owners and managers want to build a professional relationship with their accountant. They need sound practical advice to help run their business and they need this service on a continuous basis from practitioners they know and trust. Our Branch Managers, the majority with over 15 years experience, with back up from our National Tax Department headed by Declan McEvoy A.I.T.I. T.E.P. C.T.A. provide this service.
10th largest accountancy practice in Ireland
With a client base of approximately 17,000 clients, IFAC is the largest Farm Accountancy Practice in the country servicing all 26 counties through a network of 160 Recorders and 26 Branch Offices. IFAC is the 10th largest accountancy practice in Ireland (including all the large Dublin practices) Finance Magazine 2016.
IFAC offers a range of services to farmers which are not available from most other accountancy practices e.g. recording service, management reports, consultancy services etc. IFAC’s expertise is acknowledged by other bodies. IFAC has provided consultancy services and expertise to IFA, Macra, the Banks, and other accountants.
Value For Money
Other agents who charge more, but provide less than IFAC often ask the question – how can IFAC do it ?? The answer is simple – efficiency ! The efficient use of computer technology lowers unit cost while also enabling IFAC to provide clients with a detailed comparison of costs and returns with other similar farms. By specialising in farmer taxation, IFAC has developed an expertise in farmer tax which other accountants with a more mixed bag of clients find difficult to match. IFAC, because of its size, can provide specialist national back-up services which smaller accountancy practices do not have, yet the service is very much based on personal contact with clients through Recorders, local Branch Managers and staff.
An Eye to the Future
IFAC has always held the view that data which has to be collected for completing tax returns, should also be used for management purposes to help farmers run their business more efficiently. You can now access your Financial Management Report, complete your Teagasc Profit Monitor and carry out Cost Budget Analysis by comparing actual costs on an ongoing basis with your budget costs through our online systems. The data collected by your recorder on each visit is loaded onto the IFAC website and you can compare your actual (incremental) costs todate with the budget values you have set for that accounts year. This gives you real power to cut costs because it shifts the balance of ‘how your actual compared with forecast’ to ‘how your actual is comparing to budget forecast’. You work in the present rather than the past. This is made possible by the IFAC book-keeping service and on-line Cost Budget Analysis.
These are examples of IFAC changing to meet our clients’ needs, combining forefront technology with shifting regulations. This is evidence of IFAC Accountants helping farmers adjust to CAP Reform