Practice Profile visits FPM in Newry
Author:
Daisy Downes
FPM, a three partner practice with a full time staff of 43 and offices in Newry, Dungannon and Dundalk, was established by Feargal McCormack (pictured centre in the photo opposite) in 1991. Since then, the firm has enjoyed a consistent annual growth rate of about 30%. Paddy Harty (pictured opposite right) was admitted as an Equity Partner in 1995, and Michelle Hawkins (pictured left) became a partner in the firm in October 2000.
Although an independent firm, FPM is a member of Polaris International, a network of over 170 independent accountancy and consultancy firms.
Last year, the International Service Microscope Benchmarking Initiative (January 2004) reported that: “FPM Chartered Accountants are both a world class organisation and at the top end of the industry sector”.
Walking into FPM’s offices at Dromalane Mill near the Quays Shopping Centre in Newry on a cold February morning, the first thing that struck me, apart from magnificent views out across the canal towards Carlingford Lough, was a huge TV screen with Sky News, sound muted, playing in reception. Feargal had been delayed by snow on a flight from the UK so I had 20 minutes to spare - time to catch the headlines and take stock of the impressive collection of awards lined up on the window ledges, before settling in to a bit of Internet surfing on an Apple Mac conveniently located on the coffee table in the reception area.
People-focused and relationship-focused, FPM has a reputation for being passionate about quality and customer service. It was the the first accountancy practice in Ireland to achieve ISO 9001 in 1993, and two years later became the first practice to secure Investors in People. More recently, the firm won an ‘Opportunity Now’ award for promoting opportunities for women in the workplace.
Interestingly, the firm has introduced flexible working arrangements for staff. I asked Feargal about the thinking behind this:
“Over 50% of young Chartered Accountants are female and to attract the best people we had to create the right environment”, he explains.
Staff are allowed to define their own working week and the firm has a significant number of people with flexible working arrangements - some starting early in the morning during the week so they can finish work at lunch time on Fridays. The flexibility is attractive to staff but is also makes business sense and supports one of FPM’s core values which Feargal explains is:
“to attract, develop and reward the very best talent to ensure our business and our clients’ future success”.
Although the offices at Dromalane Mill are large, already FPM is looking for additional space to accommodate growing staff numbers.
Competition amongst accountancy firms is particularly strong in Newry. But Feargal, a strong believer that competition is good for business, says that all of the accountancy firms in the town are doing well.
Niche market
Like David Simpson and Anthuan Xavier of BDO Simpson Xavier, Feargal and his partners have successfully developed a niche market. Unusually, at start up, 95% of Feargal’s clients were non-audit. (He is quick to point out that he didn’t take any clients with him when he left KPMG). Although the percentage of non-audit clients is lower these days, FPM is still keenly proactive on the business advisory side and retains a strong focus on working with growth companies.
In fact, since start up, Feargal says the firm’s core values have remained more or less unchanged.
A frontrunner on adopting and implementing best busines practice, FPM had embraced the CSR philosophy long before it became fashionable.
Feargal himself sets the tone. He has been closely identified with the transformation of Newry and has chaired various government led initiatives. He is currently a board member of InterTrade Ireland. He is also a past Chairman of the Ulster Society of Chartered Accountants.
The firm is committed to being a good corporate citizen and all of the staff are expected to put something back into the community -
“You won’t survive two years if you are not putting something back into the community”
- so much so that it features in performance measurement and is something staff are expected to report on at their annual staff meeting.
Marketing and Communications
FPM could teach other firms a thing or two about communications and marketing but Feargal is quick to point out they have never employed external marketing consultants. He says the focus is more on client relationships. FPM has been conducting customer satisfaction surveys since 1994 and has undertaken a staff survey every year since 1996. They have an excellent client newsletter and have won awards for their website - www.fpmca.com. And then there are the extra touches - I asked if is true that partners drive cars with an ‘FPM’ registration (it is). Even the mints in reception and the boardroom are branded!
Where does the inspiration for all this come from? Feargal gives credit to two men - Jay Nisberg and Cahal Dowds - both of whom he heard speak at ICAI Annual Conferences during the 1990s. This month, Feargal himself is in the line up of speakers in the Practice Stream at the ICAI Annual Conference ( April 15th-16th). Anyone thinking of setting up in practice would be well advised to go along and hear him.
Recent Comments:
At
11/6/2007 7:34:21 PM
Gemma Small
said:
I am a student trying to decide between two degree courses. They are Queens University Belfast and University of Ulster Jordanstown. I am aware that jordanstown offer the post grad and masters but my careers officer at school advised me to go to Queens due to the prestige of the university.
Would you be able to advise me if this would be the case and especially if an employer would think this?
thank you gemma small
Sacred heart grammar school newry
62c