What is CAVA?
CAVA, Chartered Accountants Voluntary Advice, is a limited company set up by the Leinster Society which facilitates the provision of financial advice, voluntarily, by members of the Society to people referred by MABS, the Money Advice and Budgeting Service. While MABS helps people with regard to their domestic affairs, it is envisaged that CAVA volunteers will provide advice and assistance to individuals on business and financial affairs.
Who provides the service?
We are lucky enough to have some volunteers already in place because they worked as volunteers under the former FISC (Financial Information Services Centre) regime for many years. These people generously share their time and experience with members of the public who need their help. In the past few months, we have been approached by other Leinster Society members asking how they can provide help to those who might be in need and we are delighted to say that they, too, will be CAVA volunteers.
As the need for assistance is currently so high, we would be grateful if anyone interested in being a volunteer would contact the Leinster Society to be advised of the procedures involved and to be included in the database of volunteers which is available to MABS. All Chartered Accountants are welcome, irrespective of whether they are working in practice, in business, in academia, are retired or are currently not working.
This scheme seems particularly relevant in the current economic climate. Is this why it is being launched now?
Yes. CAVA will replace FISC, a somewhat similar scheme, which operated over the past number of years. As expected, there was a relatively low need for FISC during the Celtic Tiger years. However, as the economy worsened over the past year, MABS told us of the growing need for assistance and asked if we could encourage as many of our members as possible to consider becoming volunteers. We also met representatives from the Samaritans who advised us that they had noticed a huge increase in male callers, aged over 35, who were incredibly anxious about their financial affairs.
It was clear to the Leinster Society committee that the more help that was made available to such people, the better. We agreed to replace FISC, which had some weaknesses (mainly associated with a lack of clarity regarding procedures, etc.) with a new, robust structure which would allow our members to help those clients of MABS who need advice or assistance in their business affairs.
As the Leinster Society is launching this scheme, is it just for people based in Leinster?
Initially, yes. However, the Institute of Chartered Accountants, and in particular the CEO, Mr Pat Costello, is extremely supportive of CAVA and would like the other societies to extend CAVA services across the country. The other district societies have expressed significant interest in the work being done in Leinster and it is hoped that they will be able to roll out the service in a number of months.
How many people do you expect to avail of this service?
MABS have advised us that they had 138 clients who needed this help during the first quarter of 2008. However, they had 243 clients who needed this help during the first quarter of 2009, reflecting an increase of 76%. They expect the dramatic growth of people in need to continue over the coming months and even years.
Can you give us examples of queries that may be dealt with by CAVA?
According to MABS, some of the people who typically need help in this regard are tradesmen who worked in the construction industry as self employed individuals, with a few employees. These people are now finding that their business debts and household debts are entangled. They are suffering from a sense of panic and feel that their affairs are out of control. These people often need guidance with regard to their bookkeeping, their business debts, VAT or payroll issues, for example.
How is the scheme being promoted?
We are promoting the scheme in Account, the Leinster Society newsletter, which goes to our members who currently number approximately 9,000 and of course Accountancy Ireland has a circulation of 26,475 so we are hoping that this interview will also generate some interest among potential volunteers!
Where can readers go to find out more?
Anyone interested in finding out more information can visit the website, www.lsca.ie or call the LSCA office on 01 6377218
Emma Gunnery works with Accountancy Ireland as a media executive and contributor.