You have decided to set up in business following your dream… your dream did not involve paperwork, sending out invoices, searching for receipts, figuring out the correct VAT amount and filing tax returns.
That’s where your bookkeeper comes in. Your bookkeeper looks after all the financial details and compliance, so that you don’t have to.
If your bookkeeping is done correctly, you could save money on your tax return and accounting fees. I your accountant has to fix your bookkeeping records at the year end, they will charge you for this extra time.
Bookkeepers know all about VAT, the various VAT rates, what to charge and what can be claimed back on your return. They can also file the VAT return on your behalf.
Bookkeepers can advise you on what expenses can and cannot be deducted for business purposes. If you claim an expense that is disallowed, the fine is €4,000 if found in a Revenue audit.
When you outsource to a bookkeeper, they have vast experience working with many different clients and can produce monthly reports at your request.
Your bookkeeper can create monthly journals that aid in the production of management accounts.
Would you know if all of your suppliers have sent in their invoices? If there is one missing, you could lose out on reclaiming the VAT. Your bookkeeper will find this and make sure that everything is captured.
Do you have the time to train yourself on bookkeeping and payroll software? Your bookkeeper is trained and will keep on top of all the latest updates to software and tax legislation.
For more information contact me: lynn@virtualbookkeeping.ie
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