Short-Term Finance Outsourcing Provider for Cork City FC

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Short-Term Finance Outsourcing Provider for Cork City FC

Cork City FC are a League of Ireland soccer club.

While recruiting for an in-house bookkeeper, the client needed a short-term resource solution. They approached Crowleys DFK to manage their day-to-day finance function until a permanent hire.

Initial Review

At the start of the engagement, we carried out a comprehensive review of the organisation’s financial processes and procedures. During this review, we identified opportunities to automate work processes.

Financial Systems Developments and Transformation

Following our initial review we introduced time-saving technological solutions for bank payments (Parolla), debt collection, bank feeds to Xero and the automation of their fixed asset register and monthly depreciation calculations.

Temporary Outsourced Finance Function 

In our role as their short-term finance outsourcing provider, we handle tasks such as processing sales and purchase invoices, managing bank reconciliation, maintaining the general ledger, conducting monthly balance sheet reconciliations, preparing monthly management accounts, and generating weekly debtors and creditors reports. The organisation has a tailored technology driven solution in place which seamlessly integrates Xero with Shopify, Hubdoc, Parolla, and live bank feeds.

Our payroll team manages their weekly payroll needs and undertake special assignments as requested. This includes preparing payroll forecasts and providing insights on projections.

Benefits to the Client

  1. Our outsourced cost-effective technology driven solution provides the management team with real time financial data and financial insights to support them to drive strategy and growth.
  2. Improved financial work practices have reduced the time spent by management dealing with financial queries which allows them to focus their efforts on their core business activities.
  3. The organisation can now track the investment required for each team following the introduction of departments on Xero.
  4. As part of the annual Club Licensing process, the Football Association of Ireland (FAI) requires submission of detailed financial information for each club. Our outsourced solution ensures our client has the relevant information available to them to complete the annual FAI Club Licensing submissions while adhering to the strict deadlines enforced by the FAI.
  5. At the end of our assignment, we will provide the necessary support and training to onboard their new in-house bookkeeper.
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Providing Outsourced Services to Kinzen

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Kinzen are a global leader in protecting online communities from harmful content.

We provided a fully outsourced finance function to Kinzen, delivering:

  • Bookkeeping
  • Management reporting
  • Projections
  • Cashflow forecasting
  • Payroll services
  • Maintenance of share cap table

We also carried out year-end compliance work, including:

  • Preparation and audit of the financial statements
  • Corporate tax compliance including R&D tax claims
  • Company secretarial compliance

Additionally, we provided various other advisory services, including:

  • Employee share option schemes
  • Tax advice on employing staff in other jurisdictions including working with DFK member firms’ partners in other jurisdictions to run payroll for remote employees

In 2022, Kinzen were acquired by Spotify and we were heavily involved in this transaction.

“The team at Crowleys were an extension of the team at Kinzen. Their attention to detail, rigour, strategic advice, forecasting, insights and work ethic was critical to the success of Kinzen and its eventual acquisition by Spotify.”

– Áine Kerr, Co-founder and COO, Kinzen

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Co-Ordinating a One-Stop Shop Global Service for LocalEyes

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This large Italian IT service management company wanted us to expand our service offering to their offices located in 6 countries around the world.

Initially, we were engaged to provide management accounting and payroll services to the Irish subsidiary of this client. As our relationship developed, the client recognised the benefit of utilising our DFK network to provide services to their worldwide offices.

Working closely with our DFK colleagues, we now provide an integrated and robust global service to include:

  1. Audit.
  2. Corporation tax.
  3. Management accounting.
  4. Corporate compliance (including provision of registered office).
  5. Payroll.
  6. HR consultancy.
  7. Business consultancy.

Crowleys DFK coordinate the one-stop shop global service and act as the single point of contact for the client. This ensures the efficient and timely review, approval and sign-off of payroll, management accounts, VAT and various ad-hoc queries between the client and advisors in DFK firms across 6 different countries.

“LocalEyes has worked closely with Harry O’Sullivan and the teams at Crowleys DFK for a number of years for tax advice, accounting and audit services. Crowleys DFK’s partners (Harry-Advisory, Tony-Audit, Siobhan-Tax) have provided LocalEyes with the highest level of service in Ireland and European locations and assisted in the evolution of the company. We look forward to a continued business relationship.”

– Max Landoni, CFO, LocalEyes

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New York based software development company chooses Dublin as its EU base

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This New York based software development company chose Dublin as its EU base to develop a new suite of software products.

We advised the company on the optimum corporate structure, with the objective of qualifying for Ireland’s corporate tax rate of 6.25% available for activities within the Knowledge Development Box (KDB).

In addition, we assisted the company with decisions to assign, transfer or retire existing IP, establish separate group companies for developing new IP, advised on re-location of US/Non-US employees.

Working with Enigma’s other tax and legal advisers (in various jurisdictions) we advised on share-for-share group transaction and associated Stamp Duty Relief advices and claim.

We provide a fully outsourced finance function to our client who has no in-house finance staff.

Working with the US based Group CFO, services we now provide:

  1. Monthly payroll and management reporting services.
  2. VAT advisory with regard to its e-commerce resellers.
  3. Statutory audit & preparation of statutory financial statements.
  4. Tax compliance and advisory services.

We are trusted advisors at the Board table providing continuous advisory services within the team of tax advisers, accountants and lawyers from several countries.

“If you setup your business in Ireland, do not look for anybody else other than Eddie Murphy at Crowleys DFK. The Firm and the man are serious professionals. I endorse these folks!”

– Alvin Estevez – Shareholder and Advisor to EnigmaSoft Ltd

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