Where are my profits?

Where are my profits? Your accounts show a healthy profit, you (or your company) are faced with a hefty tax bill, but… THERE’S NOTHING IN THE BANK!! So if there’s little, or nothing in the bank how do you have profits, and more importantly, where are they. Cash versus accruals I don’t want to lose…

Continue Reading →

3 ways your accountant can add value and help grow your business

Accountants are seen by many as a necessary cost to be incurred in order to be tax compliant.  Here are three things accountants can help with that can be of real value to a business.  Each service described below brings the involvment of the accountant deeper into your business resulting in even greater value as…

Continue Reading →

I’m not paying taxes on money that’s not in the bank, right?

This was a question from a client and highlights an area commonly assumed by accountants to be understood by their clients. It’s reasonable to assume that a business (limited company or sole-trade/partnership) is taxed only on the cash actually received. After all it’s hardly fair to be taxed on sales which are never paid for,…

Continue Reading →

Foreign currency accounting entries

accounting for foreign currency

Foreign currency accounting entries cause problems for businesses of all sizes. I’ve seen multi-million euro businesses with operations in various countries doing it wrong. I’ll show you the right way to do it. International trade is open to the smallest of traders these days. Amazon, Ebay and others have opened up markets previously unavailable to…

Continue Reading →

The end is nigh…of the month – accounts monthly checklist

Month end routine to keep your accounts in order The end of the month is natural financial reporting point.  Here’s an accounts monthly checklist of what you need to be doing to keep on top of your accounts, manage your cashflow and keep your accountant happy. Accounts monthly checklist: Prepare, CHECK, authorise and pay wages…

Continue Reading →

Soletrader tax returns and accounts – what exactly is needed?

I frequently get requests to quote for “filling in” or “filing” a tax return for a sole trader. Often the potential client doesn’t fully understand the full extent of their obligations.  They think in terms of the final act, ie the tax return, and not in terms of how to get there. So how do you…

Continue Reading →