DBASS Blog | April 2021

Every small business will at some point in their journey make the decision that they need further assistance with their financial affairs.  A time will come when your business is simply too busy for you to continue looking after the financial affairs of the business, and it is no longer a good use of your valuable time.

Whether you have just begun to formulate your business plan, require assistance with a loan application, are concerned about potential government audits or simply want an unbiased view of your business, a Chartered Accountant can help.

Why Employ An External Chartered Accountancy Firm:

Regardless of your business type you can benefit from the expertise of a quality Chartered Accountancy firm. Engaging with an established mid-sized firm will ensure that you do not have to worry about potential errors and missed deadlines which can be very costly for your business. 

A Chartered Accountant Can Assist Your Business With:

  • Offer advice when putting together a business plan(start up)

Using the expertise of an accountant at this point in your business can result in more realistic projections and a more professional approach.  An accountant can offer your business the benefit of their substantial financial knowledge and advice based on their previous experience of similar applications.

  • Offer advice in relation to your company’s structure (start up)

There are of course several different types of company structure all of which come with different implications.  An experienced accountant can talk you through your options and ensure you set up your business in a manner which will be most beneficial for you.

  • Offer advice in relation to your company finances, advise on best practice etc.

Monitoring the finances of a start up can initially seem like a small consideration, however as your business grows and your responsibilities increase you will quickly find this task becomes more complex.  Outsourcing this role to an accountant allows you to focus on other aspects of your business such as day to day operations and business development.

  • Offer advice in relation to your company growth/ direction from a planning perspective.

One of the main benefits of working with an accountancy firm is that they have the benefit of experience, having worked for many years with many different businesses in a variety of sectors.  Your business can benefit from this experience as time and money can be saved by avoiding paths which have previously shown to be unfruitful.

  • Offer advice where your company needs to deal with the government in relation to financial /Tax affairs

Having to deal with government paperwork can be a very daunting experience for many businesses and it is for this reason that many SME’s hire an accountant to assist them with their tax filing obligations.  Your accountant will have a team of experts available to ensure that all of your documentation is submitted in a timely manner and will deal with any queries or requests for further information on your behalf.

  • Offer advice and assist you through the process of an audit.

Having to undergo an audit can be highly stressful for a business owner and ensuring that you work within the audit process can be time-consuming and complicated.  For this reason an accountant can play an important role offering their advice to ensure you are able to successfully navigate the audit process while continuing to remain compliant after the process is complete.

  • Offer advice to assist your business to avoid an audit.

Naturally as a business owner you would prefer to avoid a Revenue Audit were possible and so the sooner you engage with an accountant the better.  Working with an accountant will ensure that your financial documentation is in order and you will have assistance carrying out a compliance review, designed to check whether a company has calculated and filed its taxes correctly in accordance with Revenue’s regulations.

  • Assist your business to prepare applications for business loans or overdrafts.

It can be a difficult process applying for loans and overdrafts for your business, however having the advice of a good accountant can make all the difference.  While your accountant may not be able to have a direct impact on your application they will be able to advise you on best practice and make you aware of any changes to legislation.  Even having an accountant can be a positive for your application as it implies you are highly organised, compliant and take your business seriously.

  • Offer advice if you are considering a franchise or buying or selling a business.

Your accountant can also offer valuable advice should you decide to enter into a Franchise, buy another business or indeed sell your existing business.  These transactions are highly complicated and require an in-depth understanding of all the implications.  Your accountant has been involved in similar processes many times with their other clients and so can offer you the benefit of their substantial experience.  This experience in turn could potentially save you time, money and a great deal of stress.

 

A Chartered Accountant can offer assistance to your business throughout it's journey and engaging with a quality accountancy firm earlier in this journey will ensure that your business is compliant and that you are kept abreast of your financial obligations.

While developing a partnership with your accountant is essential you also cannot underestimate the importance of having a great in-house bookkeeper for your business.  Your bookkeeper will work in conjunction with your accountant to ensure your financial affairs are managed in the most efficient and cost effective method possible.

Why Have An In-house Bookkeeper:

A bookkeeper is responsible for ensuring that all financial data for a business is correctly collated and recorded, making it available for strategic planning and compliance checks. The importance of finding an excellent candidate for this role cannot be underestimated.

An In-house Bookkeeper Can Assist Your Business With The Following:

  • Management of general accounting ledgers
  • Recording of journal entries (transactions)
  • Generation of financial statements

Essentially having a good Book Keeper on your staff can ensure that your day to day financial affairs are handled in a highly efficient manner while continuing to afford the business a high level of visibility.  Having this role in place ensures that records are easily accessible by your business but also by your accountant allowing them to focus on more strategic planning and compliance related tasks.

Your Chartered Accountancy firm can be an important partner in business and so the earlier you engage with a suitable partner the greater impact they can have on your strategy, your planning and ultimately your success.

To talk to one of Ireland’s leading Chartered Accountants contact DBASS on ph. 01 849 88 00 or <info@dbass.ie>

by Sive Dowling, DBASS Chartered Accountants.