Revenue Commissioners require that business accounts are kept for a period of six years. It is important to remember that you may need to keep accounts for reason unconnected with tax. For instance, your bank may want to see your accounts when considering application for a business loan.
Bookkeeping helps keep business under control, organized and profitable. In addition, good bookkeeping will give you a clear picture of your company’s financial position and health.
Being a small or medium business owner, you might find yourself under pressure to maintain your bookkeeping and accounting records by yourself. Outsourcing your bookkeeping function for a professional management of accounts will save you time, money and allow you to concentrate on other core business processes.
Dublin Tax Accountants will help you with all of your bookkeeping needs. Our purpose is to organize and maintain your accounts, provide with monthly or year-end reports and ensure they are up to date.
By outsourcing our your bookkeeping function we will:
• Process invoices, payments, receipts
• Process and maintain the payroll system
• Prepare financial statements
• Reconcile accounts and prepare reports
• Manage your accounts payable and accounts receivable – monies owed to creditors and monies owed by debtors.
• Calculate whether you are in VAT receivable or payable VAT position
In addition, we will help you organize your finances and provide you with the feedback on how your business is dealing with the short and the long term finances. There is saving within every business. Our job is to identify where the savings is and make best use of it.
There has been a confusion that bookkeeping and accounting are the same thing. We believe it is important that business owners know the difference between the two.
Bookkeeping is a sub function of accounting. It compiles financial statements from the transactions such as payments, receipts, payroll etc. These financial statements will be misleading to some extent. They will not include additional alterations as required by accounting standards: accrual and deferral of revenue and expenses.
Accounting is a very broad term. It requires good analytical and financial analysis skills, experience and knowledge of accounting standards. Accounting creates bookkeeping systems, establishes controls, analyzes and makes sure the systems work. The main purpose of accounting is to establish proper financial reporting practice and provide financial information to those that need it – shareholders, management, potential and current investors and many others.
Dublin Tax Accountants provide accounting packages available to small and medium businesses. Our experienced accountants will:
- Set up the general ledger function and design financial statements
- Compute tax returns based on the financial statements
- Accrue and defer revenue
- Accrue and defer expenses
- Issue management accounts to address specific business issues
- Advise where alterations should be made to the bookkeeping transactions to meet certain accounting standards
- Create a budget and compare it to the actual business results
- Design a system to keep, archive and destruct documents and records.
Get in touch with one of our team members to discuss your accounting needs further.