Why Are Some People Frightened By Accounting?

It is not unusual for a new business to have everything in place and to have a successful start, but for very little to be done about the accounting needs. For some reason the thought of accounting frightens some people, probably because they think they have to do it themselves and haven’t got a clue where to start.

Accounting really only becomes a problem when you ignore it. When there are people like us to guide and assist you, it can be simple and should never be ignored.

Start With The Basics Of Record Keeping

Every business needs records of sales and purchases, of bank transactions, and of any cash they spend. Providing sales invoices to their customers and getting receipts or invoices for purchases should just be a part of the everyday routine of running any business.

People sometimes stumble if they do not know what to do with the paperwork once they have collected it all. They end up with a pile of papers, and as far as they are concerned that’s their records. All those papers need putting into some sort of order and recording properly to make a set of books for accounting purposes.

Using bookkeeping services to do the job is the answer. The pile of papers can be handed over to someone else, and using professionals will ensure your bookkeeping is up to the standard required by all government agencies.

Is The Business Profitable?

The accounts for business are compiled annually. If you have a new business you might not want to wait long to find out if you are making a profit. If you have had finance from your bank, they would like to know about your profitability sooner as well.

Management accounts, usually compiled monthly or quarterly, will let you know if you’re making any money. They can be useful for pinpointing anything that is costing too much money, or areas of high profit that are worth putting more effort into. When we have compiled your books, the management accounts are a simple progression. If you have done your own bookkeeping, we will be able to establish if any changes are needed to your methods before any mistake is compounded.

Do You Need Help With Your Payroll?

Payroll can be ones of the most complicated aspects of all your business accounting responsibilities. You cannot take a guess at how much you should be stopping from the salary of a staff member; it has to be correct each and

every time you pay them. It seems that every year there are changes to the rules of payroll and in how you report the figures to Revenue. The problem is it can be very costly if you get it wrong, with very few excuses being acceptable.

Apart from avoiding the possibility of fines and penalties, making the correct stoppages from you employee’s salaries has to be the best thing to do for you and them.

Do You Need Company Secretarial Services?

When you started your new business did you decide to be a sole trader, a partnership or a limited company? It you trade as a company you may well need company secretarial services to handle all the legal responsibilities attached to this legal entity. There are annual returns to deal with, and changes to the company details, including a change in the directorships, share transfers, and a whole host of other things.

There are deadlines for submission of some items to the Companies Registration Office, such as the abridged accounts, or non-trading accounts for dormant companies.

Auditing and Accounting

No matter what legal entity you are trading as you are going to need accounting services, and possibly auditing services as well. You accounts will need to be prepared annually for submission to Revenue, and to let you know what your tax liability is.

The more notice you have of the amount you owe the better, but sound tax advice to keep the bill as low as possible is also important. When we have compiled the books and records and completed the payroll, all the necessary information is passed to our accounting department, and we will see you with the results as soon as possible.

If you have compiled your own records the accounts may take a little longer, but you will have peace of mind knowing we deal with them all as quickly as we can.

Tax advice can affect the decisions you make about your business, whether change is needed, or if it is time to make that investment in new equipment. Do you need to put some cash into a pension scheme, or buy a new van? There are good and bad times tax wise for many of these, which is why sound tax advice is vital.

There Is No Need To Be Frightened By Accounting

With Kane Bergin & Company here to help you there is no need to be frightened of any aspect of accountancy. Whether it’s bookkeeping services, your payroll, management or final accounts, tax advice or company secretarial services, we will tailor them all to suit your specific requirements. For more

than 30 years we have been helping businesses in all sectors and industries with their accounting and financial planning.

We are small enough to ensure you’re provided with a personal service, but large enough to have the expertise you need. We realise our clients are the most important people we know, and pride ourselves on the working relationship we have with them.

If you would like more information about how we can assist you with your records, why not call and have chat. An initial consultation is free of charge and free of obligation, so you have nothing to lose by getting in touch with us today.

You can call us on 01 969 6303, email us at info@kanebergin.ie or complete our contact form and we will get in touch with you. However, you contact us we are confident that you will not regret speaking to the experts at Kane Bergin & Company.