By Timothy Kelliher Chartered Accountant 27th November 20141Ireland Small Business Expo 2014
The Importance of GOOD Bookkeeping Why Your Business Needs an Accountant? When is the best time to hire an Accountant for Your Business? The Types of Services an Accountant can offer to Your Business 27th November 20142Ireland Small Business Expo 2014
The Importance of Good Bookkeeping Definition: Bookkeeping involves organising and managing all business transactions in a company or business. In other words, it is the recording, on a day to day basis, of the financial transactions and information pertaining to a Business. 27th November 20143Ireland Small Business Expo 2014
FIVE Reasons Why Your Business Needs Good Bookkeeping 1. It is an Absolutely Essential Part of Operating a Business 2. It allows you to properly plan for Tax Season 3. It allows YOU & YOUR BUSINESS to Plan for the Future 4. It displays Your Business’s Solvency 5. It frees up More Cash Flow, and more importantly, Your Time. 27th November 20144Ireland Small Business Expo 2014
Why Your Business Needs an Accountant? Should you Hire an Accountant or D-I-Y? Well, ask yourself the following: 1. How much do you enjoy doing your own bookkeeping? 2. Does it Stress you out? 3. Does it take longer than it should? 27th November 20145Ireland Small Business Expo 2014
D-I-Y Approach If Time > Money and it’s relatively straightforward, then perhaps D-I-Y But you may end up paying premium to an Accountant to review your work before any returns are made to the Revenue or CRO 27th November 20146Ireland Small Business Expo 2014
Hire an Accountant? You get the information you need when you need it without taking your time away from the Business An Accountant can help you improve your results or warn about problems that could arise i.e help you be proactive as opposed to reactive Not to mention the added Benefit, Support and Experience of a Accountant on hand when you need it. 27th November 20147Ireland Small Business Expo 2014
When is the Best Time to Hire an Accountant for your Business? An Accountant can help out at various stages during the growth of your business. They can handle much more than just your payroll and tax returns. So WHEN should you consider hiring an Accountant? Well, the Best Time is from the Beginning! 27th November 20148Ireland Small Business Expo 2014
Some of the Situations where you might need an Accountant are: When you write a business plan Advice about your business’s legal structure Help with finances and budgeting When you need to apply for a business loan or overdraft When you are ready to delegate When you have to deal with tax returns In case you are audited When you business is growing 27th November 20149Ireland Small Business Expo 2014
Some more situations where you might need an Accountant: Before taking on a franchise Before you buy a business Before you sell a business Before taking on Investors In valuing your Business Therefore, an Accountant is worth their weight in gold to you and your business! 27th November Ireland Small Business Expo 2014
The Types of Services an Accountant can offer to your Business Bookkeeping Accounts Preparation (End of Year, Quarterly, Monthly etc) Tax Registration (Vat, PAYE/PRSI, Income or Corporation Tax, RCT etc) Income or Corporation Tax Returns Companies Office Returns Business Name Registration Company Formation Company Secretarial 27th November Ireland Small Business Expo 2014
The Types of Services an Accountant can offer to your Business (cont’d) Administration of Payroll, Registering Starters & Leavers (employees) with Revenue PAYE/PRSI Returns VAT Returns Subcontractor (RCT) Returns Accountant’s Reports in support of applications for raising finance, grants, insurance etc. 27th November Ireland Small Business Expo 2014
The Other Services an Accountant can offer your Business General Advice on Computers & Related Services General Advice on Recruitment of Staff & HR Issues General Advice on General Financial Matters General Advice on Options regarding Personal Insolvency/Bankruptcy and Mortgage Forbearance Advice 27th November Ireland Small Business Expo 2014
Summary Accountants are there, not just to take away the hassle of preparing accounts and having to remember important deadlines, but more importantly to FREE UP YOUR TIME to do what you love! Remember you didn’t go into business to be a Bookkeeper or Accountant, I did! 27th November Ireland Small Business Expo 2014
I hope you find this presentation useful and should you have any questions, please feel free to contact me. Thank You, Timothy Kelliher F.C.A. Mobile: th November Ireland Small Business Expo 2014