Outsourcing To Bookkeeping Services In Dublin

Business owners, particularly if they are new start-ups, do not always realise the importance of good record keeping. This is not just so they can fulfil all the legal requirements. For their own sake, if they want a true picture of how their business is doing, good record keeping is crucial.

Recording Sales

The first thing to get in order is how the business will record its sales. For instance, if the business is retail they usually have point of sale (POS) tills where every sale is noted and totalled at the end of each day. The till then records this daily total, sometimes on paper and often electronically.

Technology has advanced so much that the tills will split the sales into groups and provide all sorts of different reports to help the retailer. They can even have their stock control system integrated, so re-ordering goods becomes much easier. This is where bar codes come into play, and why they are so important in some businesses, like the big supermarkets.

If the business is not cash related, but issues invoices for products or a service, then the invoices become the record of sales. When you are using bookkeeping services in Dublin, you either pass on copies of all the invoices, or a list of them showing the gross, net and vat as separate items.

Whichever way your business handles its sales, advice from a bookkeeping service on how to deal with recording them could save you a lot of time and effort.

Recording Expenditure

For most expenses you will be provided with an invoice or a receipt, and if you are not, you should request one. These are basically the record of what you’ve had to lay out, and whether it’s already paid or not. You also want the tax relief on everything you’ve spent.

There will sometimes be expenditure there is no tax relief on, or you cannot claim the VAT back from. Rather than have to learn the ins and outs of all of these, it’s much better to get into the habit of always having a receipt or invoice, and then the bookkeeping services in Dublin can just return any to you that cannot be used. It’s far better than missing an expense because you forgot to ask for proof of payment.

Recording Bank Transactions

Banks in Ireland are generally very good, but they are human and they do sometimes make mistakes. Recording what transactions should have gone through your bank enables the bookkeeping services in Dublin to check everything with your bank account is in order, and also to pick out any bank charges and interest, as they are tax deductible.

PAYE

The salaries you pay your employees are one expense you will not have a receipt for, but it’s one of the most important aspects of your business that must be correct.

You cannot just make a guess at the amount of stoppages you have to make, they have to be exact and comply with the rules. Not only do you have to get it right for your employees, there are deadlines you have to meet for submitting the information about pay and stoppages to the Revenue, and missing those deadlines can land you with nasty fines and penalties.

There is also the reporting of benefits in kind to consider. If an employee has a company car, for instance, the Revenue needs to be told about it.

Using Bookkeeping Services In Dublin

Bookkeeping is a very important part of any business, and it’s the business owners that realise this that tend to be the most successful. Some companies employ in-house bookkeepers to do the work for them, but that can be a problem if they fall ill or book holiday – who does the bookkeeping then? Having an extra member of staff is often more expensive and adds to your responsibilities as an employer.

It’s the sort of job that needs to be kept on top of the whole time. If you’re asked about something you spent a couple of days ago, there is a good chance you will remember the answer. But if you are asked about something you spent six months ago, you may have difficulty remembering the transaction.

These are the sorts of problems that lead many businesses owners to decide outsourcing their bookkeeping is the best solution. They just hand everything over to the bookkeeping services in Dublin at Kane Bergin & Company, and know they have left the job in safe hands. There will not be a problem with holiday or if someone is off sick, as we have everything covered.

Our bookkeeping services in Dublin will be able to help and advise you with your record keeping, with your PAYE and your VAT. They will make sure all returns are submitted as and when they are due, so those nasty fines and penalties do not come your way.

If the Revenue wants to do a PAYE or VAT inspection they will be there to hold your hand throughout the visit. After all, it will have been them that have put the records together, so they are more likely to know the answers to any queries.

At your year-end, your accounts will be an easier job, as the bookkeeping services in Dublin will have complied records we can trust. Of course, we can compile your year-end or management accounts from records you have kept yourself, but then we do need to check more things to make sure you have recorded items correctly.

Help From The Experts For All Areas Of Your Business

At Kane Bergin & Company, bookkeeping services in Dublin is just one of the ways we can help your business. We can also assist you with audit and accountancy, tax consulting, management accounts, liquidation services, company secretarial services and much more. It will cost you nothing to find out how we can take the worry off you shoulders, Let us do what we’re good at so you can concentrate on what you’re good at, running your business.

Give us a call to arrange a free no obligation chat on 01 969 6306. Alternatively, you can email us at info@kanebergin.ie or complete our contact form. We are confident you will not regret getting the help you need from Kane Bergin & Company.