small business

SAY GOODBYE TO CHEQUES ON E-DAY

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September 19th 2014 is e-day, which is the day the Government will stop issuing cheques to and accepting cheques from businesses. This will apply to all Government, local authorities. Public Sector bodies and State agencies such as Revenue.

Image courtesy of Serge Bertasius Photography at FreeDigitalPhotos.net
Image courtesy of Serge Bertasius Photography at FreeDigitalPhotos.net

Irish business particularly small businesses are the largest users of cheques and Ireland is only one of six countries in the EU that still use cheques for regular payments.

The National Payments Plan was launched last year by Minister for Finance Michael Noonan to encourage Irish people, particularly Irish businesses to give up their cheque. Savings of up to €1 billion per annum could be made to the Irish economy by moving away from cheques to more efficient payment methods instead.

Bank charges, stamp duty, postage, time spent making lodgements, and unpaid cheques are just some of the associated costs with this method of payment. Businesses are recognising that there are more benefits to be gained from using electronic payments and are migrating away from cheque usage.

Revenue have a range of alternative payment options available for customers who use their online service (ROS). Online payment methods include direct debits, single debits, credit and debit cards. They will also take card payments over the phone. HOWEVER, be aware that credit card payments have a charge attached to them of 1.49%.

More details are available on Revenue’s website.

Can you afford NOT to have an accountant?

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Many small business owners think they can’t afford to have an accountant, they feel their money is better used buying stock and marketing their business, etc. But really, can you afford NOT to hire an accountanting service?

Think about it. What, in your business, makes you money? Doing the job of course! Whether it’s card making, baking, counselling, beauty therapy, dog grooming … whatever. THAT’s where your time is most valuable.

But if you have to spend your time paying bills, reconciling invoices, reconciling your bank balance, doing the books, paying the payroll, paying the VAT-man – then how are you making money?  That becomes time wasted on jobs you don’t really want to do.

Is it necessary and vital that it’s done, YES.

But is it vital and necessary that it’s YOU who does it? NO.

Image courtesy of imagerymajestic at FreeDigitalPhotos.net
Image courtesy of imagerymajestic at FreeDigitalPhotos.net

So if you find you are struggling to keep up with the demands of Revenue returns, payroll and book-keeping, then give all your paperwork, book keeping, tax and accounting AND hassle AND stress over to a professional. They will take on all these tasks on your behalf and leave you free to go back to doing what makes you money.

Shop around and you will find that it doesn’t cost as much as you might have thought and it becomes money well spent.

At EM Accounting Services, we specialise in people like you, small owner/managed businesses where time is limited and the paper work sometimes gets ignored

We take this burden off your hands and prepare monthly management accounts, prepare and file all VAT returns (if necessary) and where there are staff in the business, we prepare the payroll as required and file all PAYE returns. At the end of the year we then prepare the Income Tax return for the trader, leaving you free to get on with your business.

All this done for a pre-agreed “all in” fee, so there are no surprises!

So contact EM Accounting Services today, you’ll be surprised how much money you can save.