Why use Comerford Foley to set up your limited company

We have been running a series of blogs about trading through a company structure. We have outlined some business problems and solutions to those problems. The main solution is the flexibility that a company structure can bring to your business. Read here Last week we looked at the tax pressure of being self-employed. We highlighted how November can be a very painful month of the year. Read here. A company structure can not only reduce the tax that you pay. It can reduce all the financial worries that November brings.

This week we look at how we can help you set-up a limited company in Ireland and why would you use our services. You don’t know us and we don’t know you. Before you make contact it would be important to understand why you might choose to talk to us.

Our values

This tells you a bit about what we stand for and this was something that we came up with as a team. It’s not something that we dreamed up and inflicted on the rest of the staff. There was an input by all. We are looking to work with like-minded people who would have similar values to us. We like to do things right for clients and this saves time and money. We are also proactive with our clients. If there is a better way of doing something we won’t be shy about telling you. We are honest so we do things that are above board. This protects you and keeps Revenue off your back. It helps us form good relationships with other providers. We have strong links with lenders, solicitors, other accountants, and Revenue. Reputation and good numbers are important in business. This will help you secure funding to grow and pay the taxes you owe. It’s vital that you pay no more than you owe, and are efficient around minimising your taxes. If you would like to know a bit more about these values and what we stand for, you can explore further Read here

Initial meeting

If you are setting up a company then you will be able to get a certain amount of information from an online search. But it is very important that you are able to talk with a person who has a lot of experience with setting up companies. This can help you understand the key elements of having a company. It can help you decide if a company would be a suitable structure for your business or not. At the outset, you might not know what you need to do and you may have queries in a few areas like;

  • What should the shareholdings be
  • How many shares should I own
  • Should I have all the shares or is there another person involved that should have some shares
  • What are the tax implications down the line for having certain shareholdings
  • How many shares should be in issue
  • What are the set-up costs
  • What taxes does the company and I have to register for
  • What are the company law and tax requirements such as filing accounts and paying taxes

This initial meeting is a two-way process that benefits you and benefits us. You might ask how this would benefit us. Two things immediately come to mind;

1. We are getting to have a very good conversation with a potential new client and

2. We are getting an opportunity to understand your personal circumstances. This helps us understand how a company can work for you to suit your personal needs.

It’s as important for us to give good advice as it is for you to receive good advice. After all, you are paying for our service and you want to be happy that you are getting value for money. Good open and honest conversations help build a relationship. This increases the trust between us and that is good for all.

Customer Service

If you become a client of ours then you want to be able to pick up the phone to us. You also want to know that the person on the other end of the phone can help you. If you don’t get us, but leave a message, you want to know that we’ll call you back or we’ll answer your e-mail. It’s no use for us to be good at the start and then to forget about you because you are now a client. This works both ways. If we need some information from you to get something done for you then you have to deliver that on time. We are always trying to do things better for our clients. We don’t always succeed as we make mistakes too, but we try and limit these as much as we can. Over the last 18 months, we have tried to make things a bit easier for clients. Some of the ways that have helped would include

  • Uploading of documents facility to a secure portal
  • Encrypted e-mail of documents to clients for signature
  • E-signature of documents
  • Introduction of Receiptbank to improve our bookkeeping process
  • Dedicated landing page, regular e-mail updates and phone calls with clients during Covid-19

This has helped clients so that they have good information. They can access government and Revenue supports. They can understand if they are profitable during a difficult period. We are also trying to help with admin tasks to save time and money printing and posting documents. We are very mindful of keeping clients data secure too. This is good for all parties and our aim to have a paperless office helps the environment.

All our staff are a mix of qualified bookkeepers, accountants and tax consultants. We have a lot of experience. Getting the numbers right and minimising your taxes is very important. Three of us are tax advisers with many years’ experience. This is good for you.

Every client that works with us has a dedicated manager. This is a person who looks after the relationship with you. This is the person you call when you have a query and that is the person who will answer your query. This is the person that will know your business and over time will be a huge help and source of information. Knowing this is important so you can get on with running your business. You want and need to know that everything on the financial side is being looked after. Find out what our clients say

Like you we are a business looking to grow. We can only grow if we have good clients and a super staff to look after those clients. That is why we invest time and money in regular training. As members of professional institutes, we also have to complete annual CPD. All attend training as it’s important to be very familiar with areas that you may not see as your area of expertise. In recent weeks we have done training on;

  • Cashflow and Breakeven analysis
  • Temporary wage subsidy scheme
  • Sharefile and e-signature
  • Receipt Bank
  • Surf Accounts
  • Anti-money laundering and ethics
  • Paperless accounts & tax files
  • What to do with cash in your company

We are always learning to provide a better service which brings more value to you. As your relationship grows we can do more and more work for you. You know you get good value for money and are happy when paying our fees. As much as you can be!!

Where to start

Are you starting a new business and want to find out if you should have a company? Do you have an existing business but are thinking about putting that into a company? We can help you. Colin, Darragh, or Ger will have a consultation with you. Find out some more about us. If it’s only a consultation you need we will charge for that. Read more If you use our services to set up a company the initial consultation is in our company set-up fee. Please contact us Click here or call Deirdre on 051 396703 and she will put you in contact with the right person.