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BUSINESS STORIES

Every Business has a Story to tell

We get a wide amount of different people who come to us looking for solutions. Some people are just starting out on the business road and need guidance and help on how to manage their finances, whether it’s something as simple as learning how VAT works, or discovering what their responsibilities are for employee payroll. Some people have been in business for years and may be struggling with some of the changes that have faced companies over the last while. We offer a full range of solutions in the areas of Bookkeeping, Payroll and Taxation and would like to share with you some of the stories that we’re come across. Get in touch with us to find out how we can help you too.

Client: Tech Start-up Company

Issues identified:

  • Lack of co-ordination and collation of expenses incurred by sales staff out on the road that were misplacing expense receipts so VAT on these expenses was not being claimed as a deductible expense
  • Purchase invoices being emailed to their generic email in the client’s registered office and were not making it to the accounts
  • Directors were using a standard desktop accounts package accessible on one standalone PC so sales invoicing was being delayed
  • No up to date figures available
  • No management accounts in acceptable format for investor and shareholder meetings each quarter

Solution:

  • Updated the client to Sage Business Cloud so all authorised users could log in at any time, process sales invoicing when order was placed and view the up to date accounts
  • All staff downloaded Autoentry where they could simply take a photo of the receipts straight away and this was then stored in the cloud. I then could view and process all receipts in a real-time way and import these to Sage Business Cloud
  • Purchase invoices received now forwarded to user specific email address linked to Autoentry
  • Quarterly management accounts now produced on time for meetings

Client: Tattoo Artist

Issues identified:

  • Lack of understanding of expenses that could be claimed as a deduction against income tax
  • No clear records being maintained regarding sales
  • Most stock was being purchased from EU but client was not providing their own Irish VAT registration number so was incurring the EU VAT of the specific country which cannot be claimed back in Ireland
  • Was not claiming allowances re business start-up relief

Solution:

  • Provided broad training in deductible -v non-deductible trade expenses
  • Created spread sheet on secure Irish owned cloud based software to record daily sales
  • Client now provides Irish VAT registration number when placing orders for materials in the EU and as a consequence pays the net amount only and has improved cashflow
  • All EU purchases now reported to Revenue via the VAT3 so client is now fully compliant with self-accounting for VAT on EU purchases
  • Now claiming all available reliefs and credits when preparing and filing annual income tax returns

Client: Motorparts Supplier

Issues identified:

  • Using out of date invoicing system in shop
  • Not issuing monthly statements to account holders so cashflow affected

Solution:

  • Researched and secured efficient invoicing system suitable to the trade and all invoices are digitally signed by customers on day of purchase so proof of purchase
  • We take all invoices, feed them into our system, record the payments received and all customers are issued with statements on the 1st working day of each month so prompt payment now received

Client: Trades

Issues identified:

  • Not issuing correct invoices under RCT subcontractor rules
  • No method of tracking sales invoices, payments received and RCT deducted

Solution:

  • Provided client with correct format template for subcontractor invoices stating the RCT VAT rules of accountability
  • Record all payments received and check all RCT deductions made have been correctly reported to Revenue by the payer