In Fitzgerald Power’s interview series, we’re speaking to people with different perspectives who feel they can offer more to the workplace, from the water cooler all the way up to the C-Suite. Today, it’s former investment banker Aoife Matthews of the Irish-founded wellness and supplement brand dedicated to female health, SISTERLY.

The global wellness industry is one that regularly makes the news, and not always for good reasons. Yet, amidst this noise, Dublin-based startup SISTERLY has emerged as a rare success story. Hitting €1M in turnover in its first year, and selling more than 1.5 million sachets across 40+ countries just three years into their journey, the SISTERLY founders – Aoife Matthews, Jennifer O’Connell, and Louise O’Riordan – have just been announced as finalists in the EY Entrepreneur Of The Year Ireland 2026 programme.

As they look to secure their first retail partnerships Stateside – aside from the LA-centric hubs they’re already stocked in – Aoife Matthews of SISTERLY shares how the brand was born of a mutual frustration. “Though my background is in finance, I had actually studied to be a health and wellness coach,” she says. “And as I was coming into perimenopause, I was the person buying lots of supplements. You know, I’d buy things and then not even take them. It was a bit ridiculous. So I did this course, and then so many of my friends were coming to me and asking me about what they should be on, because they were all in the same boat. And I thought, God, even after a one-year course, I have more questions than answers.”

At the time, Jennifer O’Connell, whose sister was a friend of Matthews’, was struggling with her immunity. She also got in touch with Matthews for help. As they both discussed their confusion with the space, Jenny directed Aoife towards a friend of hers in LA, who was working with brands at the forefront of wellness, like Dr Barbara Sturm. “I said, oh my God, that’s Louise O’Riordan – I used to live with her in London!” Immediately, the three bonded over the nature of the industry and decided to take it into their own hands.

They did this by creating The Elevator, the brand’s flagship product, which fused rigorous science with personal need. Created with the backing of a team of experts, including formulation expert Dr Daniel Jones, the SISTERLY founders created a space for their panel to create with absolute freedom, eventually creating a gold-standard product without budget constraints. The result? An advanced daily multi-nutrient packet engineered with 23 bioavailable ingredients specifically optimised for female physiology.

However, then comes communicating that much. “Women don’t have the time to do all the research to figure out what they should be taking,” she says. “So for us, it had to be a very simple, easy solution. And a very trusted one as well.” Crucially, they knew their market – busy 40+ women, who also want to look after their health – needed a trusted one-and-done solution. “The last thing we wanted to do was bring out a range of supplements,” she says. “We just have the one. And we’re also completely open as to what’s in there. That even translates as far as the packaging. Our box is simple; it doesn’t shout out at you. It’s your essentials done really well, like a great pair of jeans and a white T-shirt.”

SISTERLY’s distribution strategy was originally modelled around its dosage requirements: a subscription model that caters to taking one sachet every day. That said, it has also been added to the shelves of a suite of luxury bricks-and-mortar retailers such as Brown Thomas and Harrods. “The majority of our sales are via our website, and the real benefit of that is then you get to know your customer, which is so important for us,” she says. “Because that’s the whole SISTERLY vibe and community.” On the SISTERLY website, consumers can sign up to a one-month or three-month subscription, with a delivery arriving each month. Subsequent boxes come as refills, creating a sustainable model for the discerning shopper. “It’s all about trying to make it as easy for people to actually stay consistent.”

At the same time, Matthews admits, some people will never buy online. “They want to have that touch and feel,” she says. “We always said we would just partner with a couple of retailers at each location, like Meaghers Pharmacy and Brown Thomas, but predominantly our sales are all subscription.” Have they ever had to say no to certain brands who want to stock their products, but don’t align with their values? “Yes,” she smiles. “We’re not a brand that stands out on the shelves. We are very subtle, and that was done for a reason. It’s a considered purchase, so we’re not going to be stocked in a Boots or Holland & Barrett.”

Recently, The Elevator has experienced “phenomenal” success in London, doubling their revenue over the past few months. According to Matthews, this has largely been down to a suite of great ambassadors, like wellness advocate Liz Earle. “When people talk about it, word spreads like wildfire,” Matthews says. “Which is what you want.” The UK market was originally tough to crack, she says, purely down to being bigger than what they were used to with Ireland. But with growth felt there, sights are now firmly set on scaling into the US. “We deliver directly to customers in the US from here, but we’re now just trying a few new distribution channels,” she says. “Tomorrow, we’re launching with TelyRx, which is an online pharmacy chain. So when people get prescriptions via them, they’ll be recommending The Elevator. Which is a different kind of strategy, but I think it’ll be brilliant to see how that works in the US.”

Convincing people they need a premium product is not what SISTERLY is all about. Instead, they stand back and let their formulations do the work. “A lot of people don’t realise that there are variations of all of the different nutrients,” she says. “It’s like buying corned beef versus organic. B12, for example, has two main forms. The bioavailable one is 10 times more expensive than the synthetic version, yet most manufacturers will use that because it’s 10 times cheaper. And how the hell are you supposed to know the difference between the two? So for us, while a bit of education is involved, trust is crucial. And thanks to our panel of experts, our commitment to not using excipients [sugars, fillers and binding agents], and the benefits people get from taking our products, we have thankfully gotten to a place where we have that. We’re very black and white; we’re overly cautious and, ultimately, we left our careers to do this, so why wouldn’t we do it right?”

Above all, SISTERLY has proven that modern wellness products must offer more than what is inside the box if they want success. By building an ecosystem around education, digital content, and support – including a podcast – the founders have grown the business from a sachet on a shelf into a holistic health platform. That said, they’ve remained true to their core beliefs. “We always say that we made this for our mothers, sisters, girlfriends, and ourselves,” she says. “And it’s true. All of our mothers take it, and at the end of the day… you’re not going to give her anything that is not the best.”

The greatest thing she’s learned since starting this journey? “When you have a passion about something, you have to try and deliver it,” she says. “It’s really tough running a business. You know, I worked on the trading floor in London for years. It was exhausting, but this is much more intense, because you’re always thinking about it. But when we get feedback from women, it makes it all worthwhile. I know I can speak for the girls as well when I say we’re so delighted we took that jump, because I think if you want to do something… you have to just do it.”

You can follow Aoife on LinkedIn here, or visit SISTERLY’s website here.

Follow SISTERLY on Instagram, Facebook and TikTok.

The post An interview with: Aoife Matthews appeared first on Fitzgerald Power.

Hiring your first employee is the ultimate litmus test for a founder. It marks the precise moment your passion project evolves into a scalable enterprise. Moving from solo operator to team leader requires a fundamental shift in mindset, operations, and financial planning. And, building a team is the only way to unlock true exponential growth.

However, this milestone brings significant regulatory responsibilities, financial commitments, and cultural considerations. Here is the step-by-step roadmap to taking your business from a solo endeavour to a thriving team.

Step 1. Shifting mindset from maker to leader

As a solo founder, you wear every hat in the organisation. You are the head of product, the marketing team, the customer service representative, and just about everything else. As such, your identity is deeply intertwined with every daily task. Hiring your first employee, then, requires you to let go of absolute control. You must transition from doing the work to managing the outcomes.

Many founders struggle with this transition. The “if you want it done right, do it yourself” mentality is the single greatest barrier to scaling a business. To grow, you must accept that your first hire will do things differently than you.

“The hardest part of hiring your first employee isn’t the paperwork; it’s the psychological transition of letting go of your baby,” says Emma O’Keeffe, Payroll Manager at Fitzgerald Power. “You have to trust someone else to carry your vision forward, which requires changing your role from doer to leader.”

This shift requires clear documentation of your workflows. Before making a job offer, map your internal processes. Create standard operating procedures (SOPs) for the tasks your new hire will manage. This preparation reduces onboarding friction and sets your new team member up for immediate success.

Step 2. Counting the true cost

Many early-stage entrepreneurs mistake the cost of an employee for their base salary alone. In reality, the true cost of employment is significantly higher. Before finalising your hiring budget, consider the following:

• Employer payroll taxes and social insurance contributions.
• Auto-enrollment requirements.
• Healthcare benefits or insurance policies.
• Equipment procurement (laptops, software licenses, desk setups).
• Recruitment costs, advertising fees, and background checks.

A healthy rule of thumb is to expect the true cost to be 1.25 to 1.4 times the employee’s base salary. “Cash flow forecasting changes completely the moment you add a permanent payroll obligation,” continues O’Keeffe. “A solo founder can easily defer their own pay during a slow month, but your employees must always be paid on time, every time, without exception.”

Before posting the job advertisement, ensure your business has a reliable cash cushion. Ideally, you should maintain three to six months of the new employee’s total overhead in a cash reserve. This buffer protects your business from seasonal revenue fluctuations and sudden market shifts.

Step 3. Compliance

Transitioning into an employer in Ireland exposes your business to strict statutory frameworks enforced by the Workplace Relations Commission (WRC). And, failing to comply can result in devastating financial penalties and reputational damage.

Before any payments are issued, prospective employers must register as an employer for PAYE via the Revenue Online Service (ROS) using the PREM registration process. Ireland operates under a strict Real-Time Reporting (RTR) system, which means you must submit payroll information to Revenue on or before the exact calendar day you pay your employee. This reporting allows for the exact calculation and deduction of PAYE, PRSI and USC. You are also legally obligated to provide a detailed, itemised payslip to your employee for every single pay run. Furthermore, you must retain all payroll records for a minimum of six years to satisfy potential Revenue audits.

As of January, the landscape for Irish employers has shifted dramatically with the implementation of the MyFutureFund statutory auto-enrolment retirement savings system. If your first employee meets the age and earnings thresholds and does not already participate in a qualifying occupational pension scheme, you are legally required to register them through the MyFutureFund Portal. There, you must calculate, deduct, and match their retirement contributions directly from payroll. Failing to meet these obligations carries severe financial penalties and risk of criminal prosecution.

Step 4. Cultivating culture

The biggest trap employers fall into when onboarding is hiring a clone of themselves. However, your business’ longevity depends on identifying your personal operational weaknesses and finding someone suitable to fill those gaps.

For example, if you excel at product development but struggle with sales, your first hire should be a business development specialist. If administration eats up your day, hire an operations coordinator to free up your time.

“Your first hire sets the culture for every future employee you bring into the company,” notes O’Keeffe. “When interviewing, look beyond skills and qualifications, as cultural alignment and a shared work ethic are just as, if not more, valuable.”

Finally, early employees need to be highly adaptable. In the early stages, job descriptions can easily evolve. To combat this, look for candidates who exhibit high emotional intelligence, problem-solving skills, and a genuine enthusiasm for building from the ground up.

Step 5. Onboarding

They say that the first 90 days of an employment relationship dictate long-term retention. A chaotic onboarding process? Your employee’s first impression is disorganisation.

Design a structured onboarding plan that spans the employee’s first month. Eg, week one should be focused on technology setup, communications channels, and team introductions, while month one should see them be assigned a small, achievable project to build their confidence and understanding.

Short, weekly feedback sessions should also be scheduled during this probationary period. These checkpoints allow you to address performance issues early and provide positive reinforcement for a job well done.

Take the next step with expert guidance

Navigating payroll, compliance, contract structures, and cash flow adjustments can feel overwhelming while running your daily business operations. Here’s where partnering with an experienced financial advisory team can eliminate the guesswork from your first hire and protect your hard-earned bottom line.

Contact Fitzgerald Power Accountancy and Advisory Services today to streamline your payroll processing, optimise your tax strategy, and build a sustainable growth foundation for your growing workforce. No pressure, no sales pitch, just a team ready to help you build your future.

The post The Business Journey Series: I’m hiring my first employee. appeared first on Fitzgerald Power.

Anyone passing through Greyfriars in Waterford City recently may have noticed something a little different about the Fitzgerald Power office.

And by a little different, we mean fairly difficult to miss.

The exterior of our Greyfriars building has been transformed by a striking new mural created by Melbourne-based artist and illustrator Aurora Campbell, as part of a project with our friends at Waterford Walls.

Known for her vibrant, colourful work, Aurora took her inspiration for the piece from the local flora and natural landscape of Waterford City. The result is a bold botanical mural that wraps around the building, bringing together rich orange tones, intricate illustrations and a distinctly local influence.

Inspired by Waterford

While Aurora may have travelled quite a distance to create the piece, its inspiration was found much closer to home.

Drawing on the plants, flowers and natural landscape of the area, her design celebrates Waterford through a fresh set of eyes. Across the building, oversized botanical illustrations turn what was once a familiar city façade into something completely different.

For us, that local connection made the project particularly fitting.

Fitzgerald Power has called Waterford home for decades, and while our team and client base have grown well beyond the county, we’re still very proud of where we come from.

Bringing art onto the streets

The project was completed through Waterford Walls, whose work has helped bring large-scale street art to buildings and public spaces throughout Waterford.

We’re delighted to have played a small part in adding another piece to that collection – and to give Greyfriars a considerably brighter coat in the process.

A big thank you to Aurora Campbell for bringing her distinctive style to our building, and to the team at Waterford Walls for making the project happen.

If you’re passing through Greyfriars, you shouldn’t have too much trouble finding us now.

For more information on Waterford Walls, check out their website!

For more information on Aurora Campbell, check out her Instagram!

The post Waterford Walls Mural Transforms Fitzgerald Power’s Greyfriars Office appeared first on Fitzgerald Power.

However, when significant assets, property, businesses or family wealth are involved, the tax implications for those receiving an inheritance can be considerable. Planning ahead can help families understand their potential exposure, make use of available reliefs and exemptions, and avoid an unexpected tax liability at an already difficult time.

So, what do you need to know about inheritance tax in Ireland?

What is Capital Acquisitions Tax?

Capital Acquisitions Tax (CAT) is the tax that can arise when someone receives a gift or inheritance.

A person can receive gifts and inheritances up to a certain tax-free threshold before CAT becomes payable. The threshold available depends primarily on the relationship between the person providing the gift or inheritance – known as the disponer – and the person receiving it – the beneficiary.

The current rate of CAT is 33% and applies to the taxable amount above the relevant tax-free threshold.

Importantly, the thresholds are not necessarily available afresh for every inheritance. When calculating CAT, taxable gifts and inheritances previously received within the same group threshold on or after 5 December 1991 generally have to be taken into account.

What are the inheritance tax thresholds in Ireland?

There are currently three CAT group thresholds:

Group A – €400,000

The Group A threshold generally applies where the beneficiary is a child of the person providing the gift or inheritance. A child includes an adopted child and stepchild, while certain foster children may also qualify. Group A can also apply in some other specific circumstances, including certain inheritances received by a parent from a child.

Group B – €40,000

The Group B threshold generally applies to gifts and inheritances received by certain relatives, including brothers, sisters, nephews, nieces, grandparents and grandchildren. It can also apply to parents in certain circumstances.

Group C – €20,000

The Group C threshold applies where the relationship between the disponer and beneficiary does not fall within Group A or Group B. This can include, for example, cousins, friends and certain other relatives.

Gifts and inheritances between spouses or civil partners are exempt from CAT.

These thresholds apply to gifts and inheritances taken on or after 2 October 2024.

How is inheritance tax calculated?

Let’s take a straightforward example.

Áine previously received a gift of €80,000 from her parents towards the deposit for her home. She subsequently receives an inheritance of €400,000 from her parents’ estate.

For CAT purposes, assuming both benefits fall within Group A and no exemption applies, the taxable benefits are aggregated.

Áine has therefore received a total of €480,000.

Her Group A tax-free threshold is €400,000, leaving €80,000 potentially subject to CAT.

At the current CAT rate of 33%, this would result in a potential CAT liability of:

€80,000 × 33% = €26,400

The exact calculation in any individual case can depend on previous gifts or inheritances, available exemptions and reliefs, and the nature of the assets involved.

Reliefs and exemptions from inheritance tax

A number of important reliefs and exemptions can reduce or, in certain circumstances, eliminate a CAT liability.

However, these reliefs are subject to qualifying conditions, so it is important not to assume that an exemption automatically applies.

Dwelling House Exemption

An inheritance of a dwelling house can be exempt from CAT where certain conditions are satisfied.

Broadly, for an inheritance, these conditions can include:

• the property being the only or main residence of the person who died at the date of their death;
• the beneficiary having occupied the property as their only or main residence for the three years immediately before the inheritance;
• the beneficiary not owning, or having an interest in, another dwelling house at the date of the inheritance;
• the beneficiary not acquiring an interest in another house from the same disponer between the inheritance date and valuation date; and
• the beneficiary continuing to occupy the property as their only or main residence for six years following the inheritance.

There are exceptions to some of these conditions, including in certain circumstances for people aged 65 or over, dependent relatives and where a person is required to live elsewhere because of employment or infirmity.

The rules applying to a gift of a dwelling house are more restrictive. Broadly, the beneficiary must be a dependent relative and meet the other relevant qualifying conditions.

Small Gift Exemption

You can receive a gift of up to €3,000 from any one person in a calendar year without paying CAT on that gift.

Importantly, gifts qualifying for the Small Gift Exemption do not reduce your available Group A, B or C lifetime threshold.

This can make the exemption particularly useful as part of longer-term family wealth and succession planning.

For example, two parents could each give a child €3,000 in a calendar year, allowing that child to receive €6,000 tax-free under the Small Gift Exemption.

Where gifts are made to several family members, the exemption can potentially be used separately for each recipient.

Agricultural Relief

Where a person receives qualifying agricultural property by gift or inheritance, Agricultural Relief can reduce the taxable value of that property by 90%, subject to the relevant conditions.

Among the key requirements are an asset test and an active farmer test. Broadly, at least 80% of the beneficiary’s property must consist of agricultural property at the valuation date, and qualifying farming or leasing conditions must also be satisfied.

Given the value of agricultural assets, this can be a significant relief, but careful consideration of the qualifying conditions is essential.

Business Relief

Business Relief can also reduce the taxable value of qualifying business property by 90%.

The relief can apply to qualifying businesses, interests in businesses and shares or securities in certain companies. However, detailed conditions apply and certain assets can be excluded.

For business owners considering succession, understanding whether Business Relief is available well in advance of a transfer can be particularly important.

Section 72 Life Assurance

A Section 72 life assurance policy can also form part of inheritance tax planning.

A qualifying policy can be taken out specifically to provide funds to meet an inheritance tax liability arising on death. Subject to the relevant conditions, policy proceeds used to pay qualifying inheritance tax can themselves be exempt from CAT.

For individuals with significant estates or assets that may be difficult to convert quickly into cash, a Section 72 policy can provide beneficiaries with liquidity to meet an inheritance tax bill without necessarily having to sell inherited assets.

Other inheritance tax planning considerations

Inheritance tax planning isn’t simply about reducing a future tax bill. It should form part of a wider conversation about how and when assets are transferred.

For example, it may be worth considering whether assets should be transferred during a person’s lifetime or passed through their Will.

The tax consequences can be very different.

A lifetime gift may potentially have Capital Gains Tax (CGT), Capital Acquisitions Tax (CAT) and Stamp Duty implications, depending on the circumstances.

By contrast, a transfer of assets on death does not generally trigger CGT on the deceased’s death or Stamp Duty on the inheritance itself, although CAT may arise for the beneficiary.

That doesn’t necessarily mean waiting until death is always the better option. Where an asset is expected to increase substantially in value, an earlier transfer may form part of an effective succession strategy.

The important point is to consider the overall tax position before making the transfer rather than afterwards.

When do you have to file and pay CAT?

The CAT filing and payment deadline depends on the valuation date of the gift or inheritance.

Where the valuation date falls between:

• 1 January and 31 August, the normal pay and file deadline is 31 October of that year; or
• 1 September and 31 December, the normal deadline is 31 October of the following year.

A CAT return is generally required where the total taxable value of benefits taken within the relevant group exceeds 80% of the applicable group threshold, even where no CAT is ultimately payable.

A return is also required when claiming Agricultural Relief or Business Relief, even where the 80% threshold has not been reached.

For 2026 specifically, Revenue has extended the deadline to 18 November 2026 for qualifying taxpayers with relevant valuation dates in the year ended 31 August 2026, provided both the CAT return and payment are completed through ROS.

What happens if you file your CAT return late?

It pays to get the deadline right.

Revenue currently applies a surcharge of:

• 5% of the CAT due, up to a maximum of €12,695, where the return is filed less than two months late; or
• 10% of the CAT due, up to a maximum of €63,485, where it is filed more than two months late.

Interest may also apply to late payments. The current daily interest rate for relevant late CAT payments is 0.0219%.

Rather than waiting until a filing deadline is approaching, inheritance and succession planning should ideally begin much earlier.

Why get tax advice on inheritance planning?

No two families, estates or businesses are exactly the same – and inheritance tax planning shouldn’t be approached as though they are.

At Fitzgerald Power, we work with individuals, families and business owners to understand what they want to achieve and the tax implications of transferring wealth to the next generation.

That can include reviewing potential CAT liabilities, succession planning, lifetime gifting, business and agricultural reliefs, dwelling house exemptions and the wider tax implications of transferring property and other assets.

The earlier these conversations happen, the more options there are likely to be.

If you’re considering succession, transferring assets or simply want to understand the potential inheritance tax exposure for your family, speak to Brian Kelly and our Taxation team.

The post Inheritance Tax in Ireland: Planning for the Future appeared first on Fitzgerald Power.

Starting a business is one of the most exciting leaps you can take. However, turning a great idea into a sustainable enterprise requires more than just passion, it demands a calculated strategy.

As such, to build a business that thrives, you need a repeatable playbook. Here is the step-by-step roadmap to taking your business from a simple napkin sketch to bonafide market leader.

Step 1. Validating the problem, not just the idea

Anyone can have a good idea. The trouble is that too many founders build a product or service before confirming if anyone actually needs it. True business success lies in solving a specific pain-point for a clearly defined audience. This is why the first step in any business journey should centre around market research, talking to potential customers, and testing your Minimum Viable Product (MVP).

“It’s never been about falling in love with the solution, and has always been about falling in love with the problem,” Fitzgerald Power CEO Stuart Fitzgerald says. “Your initial idea will change, but if you are obsessed with solving the customer’s pain point, you will always find yourself back on the path to profitability.”

Step 2. Writing your business plan and choosing a business name

When you’re satisfied that your idea is viable, the next step is developing a business plan. A business plan outlines your company’s goals and how you expect to achieve them, and is a document you’ll need if you’re applying for a loan or a business grant, or pitching to investors.

Furthermore, your company will need a name. In Ireland, you must register the business name with the Companies Registration Office (CRO). You can either do this by downloading and completing the paper form RBN1 (pdf), which incurs a €40 charge. Or you can register online using CORE (Companies Online Registration Environment), which incurs a €20 fee charge.

You’ll need the Certificate of Registration to open a business bank account, and to prominently display at your place of business.

Step 3. Choosing a legal structure

Decide whether you will operate as a Sole Trader, Partnership, or register a Limited Company. As a sole trader, setup is faster, but you hold personal liability. A limited company protects your personal assets but requires more reporting. Once selected, register your business name and company details with the Companies Registration Office (CRO).

“Each of these structures have meaning down the line – personally and professionally – so it’s crucial to get this right,” Stuart continues. “The tax implications alone are worth considering, so seeking advice here is a crucial step.”

Step 4. Designing a business model with scalability

You have your idea, you’ve pinpointed your product, now it’s just about mapping out how that product will make money. Here is where you need to consider suppliers, distribution channels and pricing strategies, and how they all work together.

Start by finding out more about the businesses you’ll be competing with. How do they manage to turn a profit? Do they get a break on their overheads or other operating expenses somewhere down the line? How much business does their advertising and other marketing investments pull in? Where are their customers coming from, and what’s the best way for you to reach these people?

Balancing immediate survival with future growth is crucial if you want to make your good business model a great one. You need a structure that fits your business today, while ensuring there is plenty of room to scale tomorrow.

Step 5. Building a bulletproof financial foundation

You can have the best marketing strategy in the world, but if your financial foundations are weak, the business will collapse. Cash flow is the lifeblood of any start-up. You must understand your burn rate, track your margins, and keep a meticulous eye on compliance from day one.

“The biggest mistake early-stage founders make is treating accounting as an afterthought,” Stuart continues. “You cannot steer a ship if you are blind to the metrics. Getting your corporate structure, tax planning, and cash flow forecasting right from the very beginning saves you thousands in mistakes later.”

Step 6. Assembling the right team

You cannot do everything alone. As your business gains traction, your job shifts from doing the work to leading the people who do the work. Assess your blind spots, then hire for them.

Here is where trusted advisors who can navigate your strategic alignment come in. As you move along your entrepreneurial journey, your business will grow, and as such, it’s vital that your support team grows with you.

With Fitzgerald Power, you aren’t just getting an accounting service; you are gaining an elite suite of advisors who have seen everything this industry has to offer. Our advisory team doesn’t just manage the numbers; we help efficiently and proactively plan ahead. Acting as a trusted advisor to your business, our award-winning team can help you navigate start-up funding, build robust financial models, and ensure you remain fully compliant as you grow.

For those ready to take the next step with their business, reach out to the team at Fitzgerald Power today. No pressure, no sales pitch, just a team ready to help you build your future. 

The post The Business Journey Series: I’m starting a business. appeared first on Fitzgerald Power.

In Fitzgerald Power’s interview series, we’re speaking to people with different perspectives who feel they can offer more to the workplace, from the water cooler all the way up to the C-Suite. Today, it’s Ger Toher of Motion, Ireland’s leading automotive technology and media businesses and parent company of Carzone, CarsIreland and Cartell. 

Can a corporate hack it on the shop floor? Just ask Ger Toher, the newly appointed chief executive of Motion, who, in 2011, joined CarsIreland as the organisation’s first employee. Prior to joining, Toher worked in vehicle retail, and since then, he has spent the past 16 years helping to shape the business into the leading automotive technology group it is today. And with more than 20 years of experience across the Irish automotive sector, he has played something of a central role – including the acquisitions and integration of Cartell in 2020 and Carzone in 2022 – in the company’s growth and evolution. “It’s been a different company, multiple times, through that period,” he smiles from his new desk. “There were only three of us at the start, and we’ve grown a fair bit. And then obviously we’ve had acquisitions since. So yeah, even though it’s the same place for 16 years… It doesn’t feel that way to me at all.”

According to Toher, his journey into the seat he’s in now started when he was a kid, and not by design. “It seemed like I was destined to be in cars,” he smiles. “My family business was fruit and vegetables wholesale and delivery. And I had an uncle that worked in car sales and was relatively successful in it. So when I went to college, I went for marketing and e-business, which was as generic as I could possibly find. Then, bizarrely, I did my dissertation on car websites. I couldn’t tell you why. And this was at the time before car sales websites were even a thing.” Fresh from DIT Aungier Street, Toher began working with his uncle. By 11am on his first day, he’d sold five cars. “It was the height of the Celtic Tiger, and my uncle was giving me €100 per car. It was like taking candy from a baby, and so that’s what got me into the motor industry.”

He cut his teeth on the shop floor and stayed there happily, due to a love of dealing with people. “It’s the second biggest purchase people typically make,” he says. “And whatever reason people are buying for, there’s so much joy and excitement to be had. The flip side of that is when it goes wrong, of course.” Then Toher’s uncle, based on the business’ previous success, decided to pivot to digital, taking Toher with him. “He wanted to start selling cars online with no premises, which was unheard of at the time,” he says. “So that was a really interesting angle for me to get into. We were one of the first to start selling cars online with no physical garage. It seemed unthinkable that people would buy cars without going to a garage and all that. But it made me extremely focused on the digital experience.”

Toher landed in CarsIreland after being poached from a similar business, one he loved. The reason he took the job? Ironically, less time in the car. “It was two hours each way on the M50, and the founder gave me a really good offer.” The company had just gotten a big investment from the Irish Independent at the time for a joint venture, and Toher was to be the first spend. On that first day, did he ever allow himself to imagine taking the seat he’s in now? “You know, most people would answer that question and say no. But in reality, I think in the back of my head somewhere, I did. Not because I believed in myself that I could do it. But my father and my uncle used to always tell me that if you just keep working hard and you do the right things and you always make your decisions for the best of the business, stuff like this just comes to you. And that’s been my experience.”

Today, the automotive sector continues to evolve at pace, creating opportunities for innovation, technology and customer engagement. Motion’s main aim is to bring together some of the greatest minds in the motor industry to collaborate, develop new products and technologies, and ultimately, transform the way motorists buy, sell and use vehicles in Ireland. But as the world continues to evolve itself – wars, fuel hikes, climate change – challenges uniquely tailored to the motor industry are aplenty. “In the industry, the pace of change is simultaneously incredibly quick, and quite slow,” he says. “People used to look at a weekly magazine to decide what car to buy, and now all that information is available to you with the touch of a button. That said, it’s all still the same problem and frustration point: most people find the process of buying a car frustrating. And we’re trying to solve that problem all the time.”

Then there are the logistical issues. “The government made a decision a number of years ago that everyone should go electric. And I understand why they did, but it was the horse before the cart in the sense that there’s no charging or electrical infrastructure to handle it. And as such, the more successful it becomes, the more problems it creates. So you’re in this constant battle of helping people solve the problem of what’s the right car and making it easy to find it, and then the technology and the rate of change happening is not parallel with that. And look, that’s what creates the opportunities for us in our business – and that’s what we’re always trying to solve.” Is there a mantra he turns to when everything gets a bit much? “No matter whether things are going good or bad, providing people with absolute clarity and trying to really grease the wheels of communication amongst your team and your people is the thing that stands out to me,” he says. “I’m constantly reviewing everything that doesn’t go our way – and 95% of the issues that arise are because of communication issues.”

In simple terms, transitioning from first employee to CEO means mastering every role in the company, or at least most, and hiring for your blind spots. In recent years, a suite of notable leaders have followed the same path as Toher – YouTube’s former CEO Susan Wojcicki or Kin + Carta’s Kelly Manthey – each of them going from the early days of wearing multiple hats to long-term and shrewd direction. For employees reading Toher’s story and are keen to emulate a similar path, the steps they should be focusing on, according to Toher, are everywhere. “As aforementioned, doing the right thing for the business is obviously important,” he says. “But the other thing I would say is you have to be really interested in everything that’s going on, particularly the things you’re not involved in at all. Like, I was a salesperson at one point. And I could have just been a salesperson and made loads of money focusing on that. But if you’re interested and curious about what’s happening in the rest of the business all the time, people will start to notice that. Me, I was always fascinated by the experience of customer support. I was always fascinated by what the product team or the development team were doing – and like it’s quite scary, because you’re out of your depth. But then later you find that it comes up and you’re able to hold the conversation, or at least understand it, and I think that goes a long way.

“So yes, you have to make the right decisions for the business all the time, but that in isolation will only get you so far. Say, if I see someone in our company whose behaviour speaks to this genuine interest and curiosity, I can see their trajectory over the next five years. And typically, they won’t even have to do anything more than they’re already doing, and they’ll succeed.”

You can follow Ger on LinkedIn here, and Motion on the brand’s official website here. 

The post An interview with: Ger Toher appeared first on Fitzgerald Power.

Without realising, the NBA has created a perfect example of how incentives can shape organisation-wide behaviour. In a league where poorer performances improve a team’s chances of securing elite draft talent, losing pivots from a kick in the teeth to a rational, long-term strategy.

As displayed recently by the Washington Wizards, this phenomenon is known as tanking, and sees teams routinely rest healthy star players, accept short-term failure, and actively trade away immediate assets. Through this, their goal shifts from winning games to systematically improving their draft position.

Tanking is a system that rewards behaviour that directly contradicts the main purpose of competitive sport: winning. The consequences of following this pattern are damaging, and hard to ignore: fans pay premium prices to watch weakened rosters, the integrity of league competition suffers, and sports organisations drift away from their core identity.

Suddenly, what was designed to help struggling franchises regain competitiveness has, instead, created a framework that encourages intentional failure.

The Cobra effect

Economists use the term ‘the cobra effect’ to describe these incentives. With the cobra effect, the underlying principle is clear: when incentives attach to the wrong measure, people optimise for the reward, rather than the actual objective.

And while this can and does happen on basketball courts, the underlying behavioural incentive systems are surprisingly similar within the Irish pharmacy sector. For example, if a pharmacy business focuses purely on top-line revenue, growth often comes at the expense of true profitability:

The illusion of e-commerce scale

Driving online activity can indeed heavily boost gross revenues, making a pharmacy look highly successful on paper. However, digital expansion requires significant capital. Once you factor in the real costs – digital advertising, specialised order fulfilment, rising postage rates, and product returns – the net margin quickly gets squeezed out.

All of a sudden, what looks like an expanding retail footprint is, in reality, high-volume activity without baseline value. Pharmacy owners end up working harder to process more orders while taking home less profit.

Static till pricing and festive stocking

In the months leading up to Christmas, Irish pharmacies purchase significant front-of-shop stock to capture seasonal demand. As regional hubs for last-minute presents, this makes sense. And as planned, this drives revenue levels sharply upwards during the festive trading period.

However, if cost prices are not regularly updated on the till system to reflect inflation and supplier price hikes, a sizable vulnerability emerges. Then, what looks like a remarkably strong trading period on the surface masks a squeeze in net profitability.

While financial focus remains fixed on the registers ringing, back-end margins quietly erode because pricing is not reviewed continuously.

Misaligned OTC staff bonus schemes

Imagine a community pharmacy that introduces a monthly staff bonus based solely on over-the-counter (OTC) sales growth. The commercial reasoning is understandable: increase revenue while encouraging staff to engage proactively with customers. However, this quickly distorts clinical behaviour. Staff may then begin to recommend premium products that are only marginally beneficial, or encourage patients to purchase volume deals they do not need.

This shifts the staff’s focus from providing impartial clinical advice to hitting a daily sales target, and patient conversations switch from problem-solving to product-pushing. In a community healthcare setting, this behaviour damages the pharmacy’s brand, credibility, and long-term patient loyalty. And the subsequent bonus rewards transactional behaviour at the expense of patient trust.

Designing better pharmacy metrics

Effective KPI measurement remains one of the most powerful management tools available to pharmacy owners. However, every metric and scheme can send confusing messages to your team about what success looks like. When the metric itself becomes the objective rather than a guide toward healthy growth, organisational behaviour changes in a number of unintended ways.

To protect your business from the cobra effect, shifting management focus from blind revenue targets to long-term goals – gross profit margins, inventory turnover rates, patient satisfaction scores – creates a system that celebrates sustainable business health rather than short-term spikes.

Want to ensure your pharmacy’s incentive structures are driving genuine profitability rather than just busy work? Navigating the balance between revenue growth and margin protection requires specialised sector expertise. At Fitzgerald Power, we provide industry-leading accountancy and advisory services tailored specifically to the Irish pharmacy sector, helping you design KPIs that truly focus on your long-term goals. Contact Fitzgerald Power today to optimise your financial strategy and protect your bottom line.

The post What Basketball Can Teach Pharmacy Owners About Better KPIs appeared first on Fitzgerald Power.

When auto-enrolment launched earlier this year, many employers understandably had one goal: get it up and running correctly.

Fast forward a few months and the next milestone has arrived.

From July 2026, the first employees automatically enrolled into My Future Fund will reach the point where they can decide whether to remain in the scheme or opt out.

For employers, this isn’t about pressing the panic button. It’s simply the next stage of the process – and a good opportunity to make sure your payroll processes, systems and internal procedures are working exactly as they should.

A Quick Refresher

Under Ireland’s new auto-enrolment pension scheme, eligible employees began joining  My Future Fund earlier this year.

Once an employee has completed their initial six-month participation period, they enter an opt-out window, during which they can choose to:

• Remain enrolled in the scheme.
• Opt-out within the permitted timeframe.
• Receive a refund of their own employee pension contributions made during the qualifying period, in accordance with the scheme rules.

The important point to remember is this:

The decision belongs entirely to the employee.

An employer’s role is to administer the scheme correctly, provide factual information where appropriate, and continue to meet their payroll obligations.

How Does the Opt-Out Process Work?

One of the most common questions we’re hearing is:

“If an employee wants to opt out, what happens next?”

The good news is that employers are not responsible for processing opt-out requests themselves.

Instead, the process is managed by My Future Fund (NAERSA).

The process is straightforward:

1. The employee completes their initial six months of participation.
2. My Future Fund notifies the employee when their opt-out window opens.
3. The employee submits their opt-out request directly through the My Future Fund online portal.
4. NAERSA confirms the request and notifies the employer.
5. The employer updates payroll and stops future deductions from the date instructed.

A Helpful Reminder

Even if an employee tells you they wish to opt out, don’t stop payroll deductions until you’ve received formal confirmation from NAERSA.

This helps ensure compliance and avoids payroll errors.

What Does This Mean for Employers?

For many businesses, this will be the first time employees begin making different decisions about their pension.

Some will remain enrolled.

Some will choose to opt-out.

Others will simply have questions.

That means payroll, HR and management teams should be prepared to respond consistently and understand how the process works.

Fortunately, if your payroll systems and internal procedures are already in good shape, there shouldn’t be any major surprises.

Now Is a Good Time for a Payroll Health Check

Before opt-out requests begin arriving, it’s worth taking a few minutes to review your processes.

Ask yourself:

• Are your payroll systems fully up to date?
• Are employee records accurate?
• Does your payroll team understand how opt-out notifications will be received and processed?
• Are your internal HR procedures clear and consistent?
• Is everyone responsible for payroll aware of the latest scheme requirements?

Like most payroll matters, small issues are much easier to resolve before they become larger administrative headaches.

Communication Matters

Auto-enrolment is still relatively new, so it’s perfectly natural that employees will have questions.

The best approach is a simple one:

Provide clear, factual information and direct employees to the official My Future Fund guidance where appropriate.

Avoid encouraging or discouraging participation. The legislation has been designed so that remaining enrolled – or opting out – is entirely the employee’s decision.

Looking Beyond July

The opening of the opt-out window is another reminder that auto-enrolment isn’t a one-off payroll project.

It’s now part of the ongoing employment landscape.

Businesses with robust payroll processes, accurate employee records and clear internal procedures will find future milestones much easier to manage.

In other words, a little preparation today can save a lot of administration tomorrow.

Frequently Asked Questions

Can an employee opt out immediately?

No. Employees must first complete the initial six-month participation period before they become eligible to opt out.

Does an employee opt out through their employer?

No. Employees submit their opt-out request directly through My Future Fund. Employers will receive formal notification from NAERSA once the request has been processed.

Should employers stop payroll deductions if an employee asks?

No. Payroll should only be updated once official confirmation has been received from NAERSA.

Will employees receive their pension contributions back?

Employees who opt out during the official opt-out window will receive a refund of their own employee contributions in accordance with the scheme rules.

Can an employee rejoin the scheme later?

Yes. Employees may choose to opt back into the scheme, and eligible employees may also be automatically re-enrolled under the legislation.

How Fitzgerald Power Can Help

Auto-enrolment has introduced a new layer of payroll administration for employers across Ireland, and the opening of the opt-out window is another important milestone.

Whether you need support reviewing your payroll processes, ensuring compliance, or understanding how auto-enrolment fits into your wider payroll and HR procedures, our Payroll team is here to help.

If you’d like to discuss how the July opt-out window could affect your business – or simply want reassurance that your payroll processes are ready, get in touch with us today.

The post Auto-Enrolment: What’s Next for Employers? appeared first on Fitzgerald Power.

Let’s just say what everyone’s thinking. Changing accountant probably sits somewhere between cleaning out the shed and cancelling that subscription you forgot you had! In other words… It’s on the list, but it never quite makes it to the top.

The good news? Switching accountant is a lot easier than most people think. In fact, we handle most of the work for you.

Book A Discovery Call HERE

 

Do any of these sound familiar?

• You only hear from your accountant once a year.
• You have questions but don’t know who to ask.
• Your accounts are historical, not helpful.
• Tax deadlines arrive as an unpleasant surprise.
• You feel like you’re getting compliance, but not advice.
• You’re growing but your accountant hasn’t grown with you.

If you found yourself nodding along to any of the above, it might be time for a different conversation.

 

Switching Is Simple

No drama. No disruption. No form-filling marathon.

Why Businesses Make The Move .

Most businesses don’t switch because something has gone wrong.

They switch because they want:

✔ Better visibility.

✔ More proactive advice.

✔ Faster responses.

✔ A trusted sounding board.

✔ A partner that helps them plan for the future.

The post Switching accountants is easier than you think appeared first on Fitzgerald Power.

While the change is positive news, it also requires careful planning. Businesses will need to ensure their systems, pricing and cash flow forecasts are updated ahead of the implementation date to avoid unnecessary issues.

Here’s what you need to know.

Which Businesses Are Affected?

The reduced 9% VAT rate applies to most food and certain drinks sold by:

• Restaurants
• Cafés
• Hotels
• Bars
• Takeaways
• Other catering businesses

However, not everything qualifies.

Soft drinks and alcoholic beverages will continue to attract the standard 23% VAT rate, while accommodation services and admissions to tourist attractions remain outside the scope of this change.

Understanding which products qualify is essential to ensure VAT is applied correctly from 1 July.

Review Your Systems Before 1 July

One of the most important steps businesses can take is to review their Point-of-Sale (POS) and accounting systems.

Businesses should ensure:

• Qualifying products are updated to the new 9% VAT rate.
• Non-qualifying products remain at the correct VAT rate.
• Accounting software reflects the changes.
• Menus, price lists and online ordering systems are updated where necessary.

Applying the incorrect VAT rate could result in unnecessary Revenue queries, penalties or unexpected tax liabilities.

Pricing Decisions: Pass It On or Protect Margin?

The VAT reduction also presents an important commercial decision.

Businesses must decide whether to:

• Pass the full VAT saving on to customers through lower prices.
• Retain some or all of the saving to help offset rising operating costs.
• Take a balanced approach that supports both competitiveness and profitability.

With continued pressure from wage inflation, energy costs and supplier increases, many businesses may see this as an opportunity to strengthen margins.

However, it’s important to consider customer perception. If prices remain unchanged despite the reduction in VAT, businesses should be prepared to clearly communicate the wider cost pressures they continue to face.

Don’t Overlook Cash Flow

Although a lower VAT rate means less VAT is ultimately paid to Revenue, it can also affect working capital.

Many businesses naturally benefit from the timing difference between collecting VAT from customers and remitting it to Revenue. With less VAT collected, there may be less cash available in the short term.

This makes accurate cash flow forecasting even more important.

Now is a good time to review your cash flow projections and ensure your business has the right financial information to support day-to-day decision making.

More Than a Tax Change

The reintroduction of the 9% VAT rate was a commitment under the current Programme for Government and is intended to provide meaningful support to Ireland’s hospitality sector.

For individual businesses, however, the impact will depend on how well they prepare.

Those who review their systems, pricing strategy and financial forecasts now will be best placed to take advantage of the change while avoiding unnecessary disruption.

How Fitzgerald Power Can Help

Our Tax team works with hospitality businesses across Ireland to ensure they remain compliant while making commercially informed decisions.

If you’d like advice on how the VAT changes could affect your business, or support in preparing for the 1 July implementation date, we’d be delighted to help.

Get in touch with Jennifer Power or a member of our Tax team to discuss your business.

The post VAT Reduced to 9%: What Irish Businesses Need to Know appeared first on Fitzgerald Power.