As published in Business plus Accountancy and Business Advisory firms issue.

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

 

ACTIVITY

2022 marked another successful year for the RSM network, which is ranked sixth largest globally, with revenue growth of 15% reaching $8 billion. Global headcount grew to 57,000, with 830 offices in 120 countries. As the leading provider of professional services to the global middle market, RSM has seen its worldwide fee income leap by over 40% in the last three years.

This double-digit growth was reflected locally, with RSM Ireland experiencing growth of 16% in 2022. We have seen an increase in work from international referrals, mainly from the UK and US, with our international referral revenue up by 30% in 2022.

Our client base is becoming increasingly active globally, with around 50% operating internationally. We have also been developing our sector specialisms, resulting in growth across several industries including technology, which grew by 44% in 2022, and life sciences, which grew by 48%.

Our domestic Public Sector offering remains strong and in 2022 included HR, Transformation and Change Consulting, Resourcing Solutions and Economic Consulting. The firm’s significant growth trajectory has created opportunities for new talent to join our teams, with our headcount growing by 15% in 2022.

SERVICES

Despite significant disruption in Europe, including the war in Ukraine, skyrocketing energy prices, global supply chain issues, and labour shortages, Irish businesses have their sights firmly focused on future growth. Demand for Tax advisory services to meet the needs of regulatory changes and increased tax complexity resulted in 19% growth in 2022. Our Audit practice grew by 36%, our strongest year ever.

Looking ahead, we predict businesses will accelerate organisational change and prioritise innovation, considering ways to integrate automation technology, build and reskill teams, and leverage data analytics and outsourcing, to protect and boost performance.

STAFFING

We have embraced innovative resourcing solutions by engaging with our member firms in India, Philippines, Cyprus, and South Africa, allowing us to tap into international knowledge and expertise as well as ensuring we continue to source the best talent worldwide.

THE NEW WORKPLACE

We have wholeheartedly embraced and committed to hybrid working, which is aligned to one of the firm’s key strategic goals of providing a good work life balance for our people. This is largely a remote-first model, with staff typically coming in just one day a week. There is no compulsion to go to the office, and in line with that we have downsized our office space. We are a firm that runs on mutual accountability, and I believe this empowerment is the key to making it successful. This transformation has enabled the business to grow since lockdown, and both our private and public sector clients have embraced this new way of working.

OUTLOOK

Given recent economic and political uncertainty, there’s an understandable level of caution in the market. Businesses recognise the need for a balancing act between daily operations and long-term transformation for them to adapt and thrive.

We have entered a new and transformative business age, characterised by digital-first, data-driven technological products and services, novel approaches to working, and a clear focus on sustainability and purposedriven action.

As a firm, we continue to develop and equip ourselves with strong consultancy, accounting, and auditing arms in the business to support our clients in transforming their operations. Our own accelerated transformation will ensure our growth continues at pace, instilling within all of our clients a fundamental confidence to thrive.