Why Bookkeeping Is Invaluable To A Small Businesses

Entrepreneurs know the value of proper bookkeeping but with so much on their plates, it is impossible to be a one man team who runs the business, take care of minor details, or perhaps tracking the money going in or out. Owners of small businesses who need a bookkeeping service can either hire an in-house …

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Bookkeeping, Accounting and Auditing – What’s the difference

There is a familiar phrase that says, “Accounting is the Language of Business” but many non-accountants say that there is a lot of jargon associated with the work of the finances of a business. Below we will clarify three of those common terms that make up the language of accounting and finance. To many not …

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Could Your Business Benefits From A Part-Time CFO?

As businesses grow, accounting becomes more of a priority. At first the spouse could do everything on the laptop from the kitchen table. But then the volume of work becomes too much and some reports are obviously wrong. Not a good idea to make decisions based on dubious information. Many entrepreneurs then bring on a …

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Be Good To Your Bookkeeping

The costs of bad bookkeeping go far beyond the consequences of not understanding the impact of financial transactions. Maintaining a business record keeping and financial system isn’t something you should do solely as a tax-savings strategy; it can also prevent you from losing your sanity and getting dragged into a potential lawsuit over commingling your …

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The Basic Of Forensic Accounting

Bringing down one of the biggest mob bosses in history, or catching thieves clever enough to stealing millions of euros from companies. These tasks no longer require a security services and detectives using brute force, but instead can be completed by a mild-mannered accountant in the rapidly growing field of forensic accounting. Forensic accounting is …

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Research & Development Activities in Ireland

In the recent budget Minister Noonan announced the introduction of a new incentive scheme for companies engaged in Research & Development Activities in Ireland. Oddly he decided to call it the “Knowledge Development Box” If you think this applies to your business, read on, if you are interested to see one of the methods large …

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Tax Credits

There is an enormous amount of information on tax credits, so in order to stop this article turning into a novel, I have concentrated on what I believe are the most relevant. I have then listed all the other tax credits at the end of the mail. If you need further details on any of …

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New Companies Act

The Companies Act 2014 is the single biggest piece of legislation enacted in the history of the state. The commencement of the Act on the 1st of June brings over 15 years of consultation, preparation and work to a conclusion. This significant change impacts directly on SME companies and their directors. How does the Act …

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Additional Income Tax Relief Infromation

This is a follow up articles on Income Tax Tips and Advice. For some specific areas you may be entitled to claim relief. Artists Exemption Income is income from qualifying work(s) determined by the Revenue Commissioners to have artistic/cultural merit and for which the Revenue Commissioners have granted exemption from Income Tax under Section 195 …

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Accounting for VAT on a Cash Receipts Basis

Accounting for   VAT on a Cash Receipts BasisThe annual turnover threshold for the   cash receipts basis of accounting for VAT to apply is to be increased from   €1.25m to €2m from 1 May 2014.What is the cash receipts   basis of accounting for VAT?Normally a business is required to   include in …

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