This relates to companies which are statutorily required to carry out an audit of their business. Some opt to have an audit even when no statutory requirement exists; they do it for peace of mind and good business practice. Indeed, banks and government agencies find it more convincing to see an audited report attached to financial accounts. It is almost essential when outside shareholders are involved or equity investment is sought.
Many small companies take advantage of the audit exemptions to prepare financial statements which are unaudited but done using generally accepted accounting principles. This represents a large group, and with rising personal tax rates, is a growing area. Many businesses are lifestyle in nature and the use of a corporate umbrella is largely tax driven.
This is one of our staples and the discipline it imposes brings a reward to those who practice it; they plan and perform better in all areas of their business. The use of IT removes much of the drudge and allows more time for data interpretation and meaningful reports. It’s about providing management with better information so they can make better decisions.
Accountancy Support Services
From bookkeeping and payroll to company secretarial and VAT returns, we provide a wide range of support services to small businesses and sole traders who haven’t the time or resources to do it themselves. It allows you to focus on your business without unnecessary distraction.
This is a large area for all accountants. With the top rate at 55%, and 14% of this coming from levies, the day of Ireland as a low tax economy is well and truly over. Every claim should be made and exemption availed of, as it is incumbent on all professionals to keep costs to a minimum.
On the corporate front, the 12.5% rate looks like surviving and this is one area that businesses need to exploit. While surcharges apply to professionals, there is still scope for savings.
With the decline in the economy, some businesses are falling by the wayside. We assist them by bringing a resolution to the difficulty and allowing them to hopefully recommence in future.
As qualified financial advisors with a privileged view of our clients’ financial health, we are well placed to offer advice on the best investment options. This may be protection, pension, share and/or deposit advice. Of course, every client is unique so individual requirements will differ.
We can advise on where to go for public and private funding, e.g. City and County Enterprise Boards, Leader Partnerships, Business Expansion Scheme, film grants, venture capital etc. We can also assist start-ups and existing companies with business plans, budgets, forecasts and loan applications.