Accounting for Growth: In Conversation with Malone & Co. Principal Damien Malone
29 Mar, 2022
The calamity of Covid-19 of the past two years has left no business unscathed. The familiar facades of many local shops and long-standing community businesses have been erased or replaced. But many enterprises have not only managed to weather the storm but found opportunity within it.
“It’s out of such economic challenges that opportunities arise” says Damien Malone, founder and Managing Partner of the Dublin and Kildare based Accounting and Tax firm, Malone & Co.
It’s no surprise that Damien is optimistic. His business has grown significantly in the past two years and the team now includes 20 accountants from three professional institute bodies, four tax advisors, a solicitor, two bankers and accounting and payroll technicians. Along with the day job, Damien is the chairman of the Damone Investment group that is a niche micro and small asset/investment group with equity, debt and property holdings in Ireland and the UK.
What has allowed Malone & Co. to prosper despite the pandemic? According to Damien, it’s simplicity and communication — They offer clients a no-frills, value adding, customer centric based compliance and advisory service where the focus is on the constant evaluation and improvement of their client’s businesses and profitability. They recognise that all business owners’ primary objectives are the safeguarding and maximization of their hard-earned profits and cashflow.
In short, Malone & Co. has succeeded by helping others to survive and thrive during an unpredictable and difficult time.
“We work with SMEs and business owners who want to build bigger, better, scalable more profitable, sellable businesses for themselves and their families,” Damien says. “Our client base includes some of the most entrepreneurial minded business owners in Ireland, indigenous companies looking to enter and crack new markets, and international brands and investors that have commercial interests in Ireland.
“We also have a niche area which is working with SME owners that have a desire to build property portfolios through leveraging their business profits.”
Building a Strong Team
Malone & Co. also has its own internal tax department that employs former “Big 4” and “Top 15” staff. By adapting a policy of only recruiting top, experienced talent, the business has built a team of multidisciplined professionals who are routinely retrained on emerging regulatory requirements, amendments in legislation and, of course, the “tricks of the trade” to ensure clients’ affairs are structured as efficiently as possible from a tax perspective.
Recent recruits include Director of Client Services Lesley Mac Cormaic, a practice veteran with 20 years’ experience across a diverse range of owner-managed companies, professional firms, regulated entities and the not-for-profits. Another recent recruit is Joanne Kelly, who is well known in banking circles and now the in-house Anti Money Laundering Compliance lead for Malone & Co.
Eyes Toward the Horizon
Damien has exciting and ambitious plans for 2022 with expected, continued growth and further international expansion: “We want to try and get as close to Big 4 style service, delivery and advisory whilst adhering to our core principle which is cantered around cultivating our client/trusted advisor relationship.”
As Ireland continues to attract unprecedented levels of foreign direct investment, not only does Malone & Co. support international entrepreneurs and corporations looking to expand into the Republic of Ireland, it also helps Irish SME clients do business internationally. This is aided by its membership of several international professional service networks and associations such as IR Global, Centuro, ISFIN and Fusion Tax Network.
Malone & Co. streamlines the complexity of doing business internationally by staying on the cutting edge of modern practice. Damien explains: “We use automated solutions that make it easy for clients to upload bills and receipts using their desktop, mobile device, email, or scanner – giving us access to the documents you need, when you need them”
SMEs doing business in the Republic of Ireland would be wise to take a note from Malone & Co. Where some see difficulties, others find opportunities.
Malone & Co. provides accounting, auditing, bookkeeping, VAT, payroll, company secretarial services, and corporate services. This also includes tax evaluation and planning for business, personal and family, tax residence planning for internationally mobile clients, tax efficient remuneration of owners and key staff, and revenue audits and investigations.
Malone & Co. is an established firm of Chartered Tax Advisors affiliated to the Irish Taxation Institute, the premier Irish body for Tax Advisors and members of the Association of Chartered Certified Accountants. They have offices in Rathcoole West Dublin and Naas in Co. Kildare.