1.    Call late-payers

This is a painful task but imperative to maintaining good cash-flow. Ring your slow-paying clients and ask them to keep you in mind. Use humour to keep the call positive and light-hearted. Suggest setting up a direct-debit or a payment plan.

2.     Barter

What products or services could a client give you in lieu of payment? Many businesses have cash-flow issues and may not be in a position to meet their bills. By the same measure, they may be able to provide a service to your business that you are currently paying a third party to provide. Maybe a printer owes you money and is unable to pay. Ask them to handle your printing needs, which means you will receive payment in kind for your invoice and will not need to spend your valuable cash on printing elsewhere.

3.     Payments Section on Your Website

Accept PayPal and credit cards to make receiving payments as easy as possible. Email all invoices and include a PayPal link or a link to the credit card section on the website.

The expression “the cheque is in the post” may become a thing of the past!

4.      Accept Part-Payment

Clients are vital to your business and you will need to show compassion if they are grappling with cash-flow issues. Ask your customer to pay what they can now and the remainder at a later date. By showing flexibility you are more likely to get paid first and in full when the client’s cash-flow situation improves.

5.     Cash-Flow Forecasts

A key step in cash-flow management is to prepare a cash-flow forecast. Anticipate your costs for the next twelve months by reviewing receipts from the past twelve months and figure out which costs are likely to reoccur. This will help you identify problematic months and give you additional time to prepare for cash-flow shortages. Approach suppliers before you run out of cash and reach an arrangement.

6.     Set up Direct Debits

Run a promotion to encourage your clients to set up a direct debit.

Explain the benefits:

• paying a small, regular amount makes your annual bill more manageable
• improved cash-flow
• less administration

Give a small discount of 5% if necessary.

If a business has insufficient funds to pay a direct debit, the bank will charge a fee. As a result, companies will give direct debits priority over other bills they owe. This puts you at the top of the list to be paid.

If you have any questions about how to improve cash-flow or would like more information about our company, please don’t hesitate to get in touch.

The 2012 Bord Gáis Energy Social Media Awards are taking place on Thursday night, 17th May in the Mansion House, Dublin.

The event will kick off at 7pm with 2FM’s Rick O’Shea as the compere for the evening.

DBASS are a reseller of Sage products and we are delighted to see that Sage Ireland has been nominated in the category of Best Blog of a Business.

DBASS partner, Michael Byrne is one of many regular contributors to the Sage Ireland blog.

Michael most recently wrote an article about how businesses improve cashflow.

Everyone in DBASS wish Sage all the best for Thursday night!

The U.K. provides lucrative tax breaks to encourage investors to regenerate commercial premises. Waverton Property LLP are to convert a Birmingham warehouse into a datacenter. €72 million will be put in as cash with the remaining €108 million to be funded by debt. The sporting stars will need to hold onto the property for seven years to avail of the tax breaks before it can be sold on.

Rory McIlroy is currently the world number one meaning he is likely to earn a large amount in sponsorship deals and competition prize money. This tax deal will help McIlroy minimise his tax bill over the coming years.

Spain’s crisis affects AIB

AIB successfully raised €395m on UK mortgages, in the first time it has raised unguaranteed funding since November 2009. This victory has been tainted by the deepening eurozone crisis which sees Spain teeter on the brink.

The eurozone is rapidly approaching a tipping point as Spain’s banking system approaches collapse.

The Spanish government are now in control of Bankia, the country’s fourth largest bank.

Over 80% of Bankia’s €37.5 billion property loan book is seen as challenged.

The local banks in Spain have lent over €80 billion to the property market, if anything close to 80% of these loans are in trouble, it would be inevitable that Spain would require a bail-out.

The funding required to bail-out a county of Spain’s size would likely be too great for the troika but the country is also too key a player in the E.U. to be allowed fail.

Facebook trials charge to post

In a further attempt to monetise Facebook, the social network is trialing a system of charging people or companies to promote their posts.

The trials are taking place in New Zealand and are designed to make the posts harder to miss for a person’s friends or a company’s fanbase.

Reports from New Zealand say that $2 USD was the charge requested to promote a post by having it displayed on a yellow background.

By having the post on a yellow background would make it more conspicuous to the Facebook user would also make it easier to identify ads and thus ignore them.

The value of the Facebook page and relationship that companies have with their fan-base is that it is not direct-selling or offer-orientated. It is an exercise in increasing brand loyalty.

Mobile-usage of the site has surged and advertising options on mobile are as yet very limited.
Facebook have told investors that this may affect profit levels.

Home buyers must first obtain mortgage approval for 90% of the purchase price.

Under the scheme 80% of the property price will be paid up front.

The remaining 20% will be due in 5 years.

Depending on the value of the property at that time, this may be waived in full or part if the property loses value.

Bank of Ireland, Allied Irish Bank through EBS  and Permanat TSB have been approved to participate in the scheme.

The scheme initaly includes 115 residential houses in 12 developments in Dublin, Meath and Cork.

NAMA said they were piloting the initiative to allow buyers who were putting off purchasing in the expectation that prices would fall even further, to buy now knowing that they will not lose out even if the value of their home fell up to 20% over the next 5 years.

AIB launches a 250 million agri investment programme

AIB has launched a 250 million investment  programme for existing and potential customes in the farming sector.

There are three elements to the program.

-          100 million will be available for on farm capital investment

-          100 million for working capital

-          50 million for asset finance

AIB states the provision of an investment programme will facilitate investment in line  with the Government’s Harvest 2020 Strategy allowing farmers to fully exploit opportunities that lie ahead.

Simon Coveney the Minister for Agriculture said the agri food  sector has proven resilient throughout  the current economic difficulties  and that the AIB initative must be welcomed to ensure greater access to funding for farm enterprise propositions not only to the dairy sector as it gears up towards  a post quota context but to other sectors also”

House prices have fallen by an average 49 % from peak prices in 2007.

In Dublin House prices have fallen by 55 % with apartments prices by 61%.

While prices outside Dublin are still falling, down 0.06% in March, houses in Dublin rose by 0.7 % and apartments by 2.3 %.

Dublin prices are at or close to the bottom, oversupply and higher prices means prices will fall further outside Dublin.

Aer Lingus in talks with Abu Dhabi airline Etihad

Aer Lingus shares increased by 4% in Dublin with the news that Etihad has bought a 3% stake in Aer Lingus.

Etihad has an interest in buying the government’s 25 % stake in Aer Lingues when it is put on sale and believes a partnership could produce commercial benefits for both airlines.

Aer Lingus state that Etihad would not increase its current stake pending talks between the two companies about the possibility of joint procuring arrangements.

Etihad also owns 40% of Air Seychelles and reported to have  had talks with Air France KLM about a possible partnership.

Ryanair said it would welcome another financially strong inverstor aquiring the governments 25% stake.

Tougher Budget 2013 if fiscal treaty rejected

Finace minister Michael Noonan has watned, efforts to restore staility to the country’s finances and bring growth to the economy would be tougher following a No vote on the fiscal treaty.

Stating only countrries who ratify the treaty will have access to funds, if there is a no vote the budget later this year will be dramatically more difficult.

On the second day of the Stability Treaty referendum campaign Taoiseach Enda Kenny was launching Fine Gael’s call for a Yes vote.

The Socialist Party calling for a No vote has accused the Government of scaremongering, claiming effects of the treaty would not come into effect until Ireland came out of its current bailout programme in two years.

This article outlines the main points to note and should be of interest to you and your bookkeeper.

When will the Deduction Summary be available?

The pre-populated Deduction Summary is created by Revenue based on the payment notifications made by the principal during the period covered by the return. It will be available on ROS shortly after the end of the return period, which can be monthly or quarterly (depends on the filing frequency of the principal).

How can I access my Deduction Summary on ROS?

To view the DS, go to the “My Services” page on ROS:
• Click Online Return
• Tax Type: RCT and Return Type: RCT Return
• Click next
• Select the period (e.g. 01/02/2012 – 29/02/2012 for monthly filers) and click next

What should I do when I receive the Deduction Summary?

Check the Deduction Summary to ensure that all payments made to subcontractors have been notified to Revenue and that the amounts were correct.
Click here for more information on checking and amending the Deduction Summary.

If the Deduction Summary is correct, don’t submit a return. Revenue will have deemed it to be filed on the due date. If any errors appear in the Deduction Summary, make all necessary changes online and submit by the due date.

Ensure payment of any RCT liability is made on the due date or before.

What is the due date for filing the return and paying the RCT to Revenue?

Principals required under the Mandatory eFiling Regulations to file returns and make payments electronically, have until 23rd day following the end of the return period to pay and file. Principals who decide to pay their RCT manually (e.g. by cheque) must pay and file their return by 14th day following the end of the return period.

Will I receive notification from Revenue when the return is filed by me or deemed filed?

If you file the return you will receive an acknowledgement from Revenue (in your ROS inbox). However, if you choose not to file your return (Revenue deems the return to have been filed), you will not receive an acknowledgement in your ROS inbox.

Revenue has advised that any amendments should be made to the relevant payments listed on the Deduction Summary and it should be filed on or before the due date. Can I amend these relevant payment details after the due date for the Return?

No, you cannot amend line items (payment details) on the return, once it has been filed or deemed filed. You can only add unreported payments to the return. Where amendments need to be made to line items after the return has been filed or deemed filed (if not filed by the due date), you should contact your local Revenue District. A surcharge of €100 will also apply to any amendments made after the due date for the return, and you may also be liable for interest and penalties. Click here for more information on checking and amending the Deduction Summary.

If you have any queries, please don’t hesitate to contact me or any member of the DBASS team.

Click here for more information about DBASS.

Phone: 01 849 8800
Fax: 01 849 8801

In a further boost to the economy, the IDA has announced that five high-growth companies from mainland Europe are setting up an Irish operation. 77 positions will be created in Dundalk, Limerick and Dublin.

Unique Digital, iMosphere, Nimble Apps, Diaceutics, Culture Translate are the five companies who will create the posts.

Minister for Jobs, Enterprise and Innovation Richard Bruton TD believes that although the aforementioned companies are relatively small, they:

“have the potential to grow exponentially and create large numbers of jobs here”.

The IDA are running an event in Berlin on Wednesday, 25^th of April which will be attended by leading emerging companies in Europe. The event will show these companies the advantages of establishing a presence in Ireland.

Retail sales fall 2.6% in first quarter survey

Retail sales have disappointed analysts by falling 2.6% when compared with the same three month period in 2011.

Retail Excellence Ireland conducted the research which showed that retail sales have now dropped twelve quarters in a row.

The post-christmas sales failed to tempt buyers this January as the decline in sales was most marked at 4.7% less than January 2011.

One silver lining from the research was average sales in March 2012 was 0.7% higher than March 2011.

Pharmacy sales performed well on account of high demand for flu medicines and an early Mother’s Day.

iPad 3 or new relationship?

11% of single men choose iPad

The latest iPad has clearly captured the hearts of men everywhere. A poll of 600 people by online casino RoxyPalace.com found that 11% of single men would rather own the gadget than meet a new partner.

The results of this poll seem to reaffirm the numerous media reports detailing the lengths to which some besotted customers are going to own one of the devices. A Chinese teenager sold one of his kidneys to fund the purchase of an iPad and is now suffering from kidney failure.

3% of respondents said they would end a relationship if they were to get a new iPad in return.

84% of women said they would rather have a new partner than a new iPad.

A spokesman for RoxyPalace had this to say:
“even the latest version can’t offer some of the things a new romance can,
but it seems many males are happy to forego this.”

With access to credit at an unprecedented low, this is a familiar challenge for every business.

It is vital that your company takes every available opportunity to improve its liquidity position.

Simple measures like encouraging customers to set up direct-debits and accepting credit-cards on your website can keep you in business.

Visit http://bit.ly/I6P0ov for the full article.

Click here for more information about DBASS.

Joe Higgins T.D. from the Socialist Party has said the public will not stand for the charge.

The Government face are likely to face an uphill struggle.

The Government will use the national pension reserve fund to pay for the installation of the meter but the householder must pay for the meter itself.

“We are cognisant of keeping any charge here to the absolute minimum,” said Taoiseach Enda Kenny.

Close to a million homes will need to have water meters installed and operational by the end of 2013 if the Government are to keep to the terms of the bail-out deal.

Coolmore Stud in China

The world-renowned Coolmore Stud is to play a major role in the development of the burgeoning Chinese race-horse industry.

The Tipperary stud farm will replicate their operation in the city of Tianjin. A top-class equine centre is currently under construction and is due to open in 2013.

J.P. Magnier said he was delighted to be among the first Irish companies to develop this partnership and “represent Ireland’s hugely successful horse-breeding and racing industries”.

The bloodstock currently contributes €1.1 billion to the Irish economy at present. This figure stands to rise dramatically as a result of this deal.

Augmented reality betting

A revolutionary new app is in development that will identify horses and riders and give real-time odds.

BETFAIR are developing the app at present which aims to link GPS data with moving images from a smart-phones camera.

The information would appear on the screen of the smart-phone as the person watches a race by looking at the mobile as it captures the race on TV.

If a person had a bet on a specific horse, it could be tracked more easily during the race. Information such as form, real-time odds, star-rating would be available as the horse moved through the field.

Richard Hewitt, Betfair’s Head of Mobile Product said, “Augmented Reality might have been just another futuristic concept in Minority Report, but this technology is slowly becoming more mainstream”.

For more information about DBASS, click here.

Guest Speaker:

Leo Varadkar T.D. Minister for Transport, Tourism & Sport

Date: Thursday, 26th April 2012

Time: 7.30 am – 9.00 am (Continental Breakfast served from 7.30am)

Venue: Crowne Plaza Hotel Blanchardstown

This event is one of many Business Breakfasts and Networking Events the Chamber is organising this year and will be an opportunity for Members and guests to meet and network in an informal setting. The Chamber is providing the vision, the leadership and the commitment to promote and grow economic activity in the Fingal Region supported by informative briefings by speakers who are leaders in their field.

To reserve your place(s) please contact Freda on 8900977

or email: freda@fingaldublinchamber.ie.

Chamber Buildings, North Street, Swords, Co. Dublin.

T. 8900977

F. 8900990

Email: info@fingaldublinchamber.ie

Web: www.fingaldublinchamber.ie