Financial accounting involves the preparation of your company accounts at the end of the business year. It serves a number of functions:
- Forms the basis for completing your tax returns to the Revenue Commissioners
- Forms the basis of abridged accounts for the Companies Registration Office (if operated through a limited company)
- Provides a bank or financial institution with official information on your business operation for the previous year
- Provides you with a record of how your business has performed over the last 12 months so you can make informed decisions about future growth and strategic direction
Preparation of Management Accounts
Management accounting is a function whereby a company uses the data it gathers through regular bookkeeping to see how it’s performing and make informed decisions about future strategy.
CMC Accountants can prepare management accounts on a regular basis for your business and discuss the implications with your management team so you know exactly how your business is doing and what areas should be addressed.
It is a useful tool as the findings will help you identify new growth opportunities and potential weak spots.
Taxation Planning and Compliance
Every business is subject to a wide range of taxes. These can vary depending on your business structure, i.e. if you’re a sole trader, partnership, limited company etc. The most common taxes include:
- Income tax
- Corporation tax
- Capital gains tax
- Capital acquisitions tax
- Gift tax
- Stamp duty
- Value added tax
- Relevant contracts tax
As tax legislation is constantly changing, it’s important to plan your business activities so that you minimise your tax liability and take advantage of any available incentives. We can help in this regard.
In summary, we can:
- Advise you on the best form of business entity you should set up, i.e. sole trader, partnership, limited company etc.
- Prepare your tax returns (under all tax headings) to ensure compliance
- Plan your capital gains tax
- Structure your tax for property acquisitions and disposals
- Plan for Inheritance gift tax
- Advise on retirement and pensions
- Prepare for stamp duty
- Plan for VAT and compliance
- Plan for PAYE/PRSI and compliance (as an employer and employee)
- Provide support for a Revenue audit
Business Planning, Projections & Cashflow Forecasts
These are all important tools in business management. They can point you in the right direction by getting you to focus on the numbers that matter. By keeping an eye on your cashflow and expenditure, you can build a sustainable business.
Budgets, cashflow forecasts and business plans allow you to identify revenue opportunities and cost savings. They also enable you to anticipate problems before they arise so you can plan accordingly and make adjustments.