Why a great bookkeeping function is worth its weight in gold
The questions we hear most are “am I making a profit? Followed closely by, “how much tax do I have to pay?
Every owner wants to know what the figures look like at the end of the year, how they compare to the previous year and how they can be improved.
Budgets, forecasts, cash flows – these are all essential to the running of a successful business. So where do these figures come from and more importantly, are they accurate?
Let’s get back to the basics – it’s all about the bookkeeping!
The bookkeeping function impacts a lot of other relationships that you need to help you grow. Banks, Revenue, state agencies and regulatory bodies play a vital role in your journey.
But more than anything, good bookkeeping impacts you.
Having accurate figures and up to date reports means knowing how your business is performing now, not just at the end of the year. This means you can make business decisions based on live numbers during the year and not on historical numbers after the year is over.
- You know your numbers and have up to date figures during the year
- With your data to hand, you can take advantage of opportunities and avoid pitfalls
- Tax returns and payments are on time, every time
- Tax clearance is in place, so you can get grants, get tax refunds paid, and get Government support
- No Revenue debt and you’re not waiting for Revenue to knock on your door
- You pay what you have to pay when you have to pay it, but no more. No interest, fines, or late penalties
- Bank finance is easier. They see you have cash in the bank, your numbers are up to date, and they have confidence that you can repay them
- Your accountant is happier. They can help you more. Work on budgets, forecasts, and cash flow to ensure that your business grows
It’s important to get the right support
After a 12 hour day, you don’t say to yourself “I can wait to get stuck into that Vat return after dinner”.
You’re so busy working to grow the business, you need a bookkeeping process that helps you understand your key numbers. This will help you grow, help you make informed business decisions and give you the freedom to enjoy success with those that you love.
We love to take care of everything for you.
We combine the best tech with the bookkeeping expertise of the Comerford Foley Team to give you accurate numbers you can rely on.