Accounting, Finance and Tax

You need Funding -

Here's how to go about it.

To convince investors to fund your business, you'll need to address their chief concerns. Here's how to craft a presentation to do just that.

If you're trying to raise investment funds for an early-stage venture, one of the best opportunities is an in-person meeting with venture capitalists or angel investors. In preparation, you should develop a 20- to 30-minute slide presentation to address their most pressing questions and concerns.

Running your business efficiently includes your ability to understand the books your bookkeeper keeps for you and how to instruct your accountant. 

You will ask your accountant to prepare monthly or quarterly management accounts for you.  Your job now is to interpret the results so that you can prepare strategies for your business.

An efficient business will have a comprehensive set of accounts recording their day-to-day business transactions. This data will help you set realistic goals and objectives and convert them to effective corporate strategies.

On 7 August 2012 the Companies (Amendment)(No.2) Act 1999 (Section 32) Order 2012, Statutory Instrument No. 308 of 2012 was signed. This increased the balance sheet total and turnover thresholds for the purpose of availing of audit exemption.

The balance sheet figure is amended to €4.4 million (previously €3.65m) and the turnover figure to €8.8 million (previously €7.3m).

Nowadays you will hear a lot of people comment "Cash is King" - well they're right.

Without sufficient cash to operate your business even the most profitable businesses fail. It's important to remember that profits do not equate to cash in the bank....

Now for the good news. By implementing some simple cashflow strategies your business can very quickly improve it's cashflow position.

Here are 5 of the most effective strategies that I've implemented with my clients:

A 35 Question Checklist for your Company

So, to increase profits you must raise revenues, lower expenses, or both.  This checklist is a series of questions with comments to help you analyse your profits.  This material is not meant to be a definitive presentation on the subject.  However, it may help you identify areas where further study might be, well, profitable.  Analysis of Revenues and Expenses Since Profit equals Revenues less Expenses, to determine what your profit is, you must first identify all revenues and expenses for the period under study.

The information below shows the instructions of the Irish Revenue Commissioners from 2013 for Diesel Rebates.

Legislation

Section 99A of the Finance Act 1999 (inserted by section 51 of the Finance Act 2013) provides for the repayment to qualifying road transport operators of part of the mineral oil tax paid on the auto-diesel purchased by them for use in the course of business. This section will be supported by Revenue Commissioners’ Regulations (amendment of the Mineral Oil Tax Regulations 2012 (S.I. No. 231 of 2012)) to provide for the detailed requirements for the administration of the repayment scheme. This relief will apply to purchases made on or after 1st July 2013.

Irish Revenue Commissioners issued the list of tax defaulters for the first quarter of 2013.  This list is not exclusive to business owners, there are non-business people on it too, although most them are businesses.  In this day and age, it is important for all businesses to be aware of the fact that the Revenue are carrying out audits and checking on businesses for non payment of taxes due.  Therefore, for your own sake keep tax compliant or at least communicate with them before they find you.  That way, your name will not appear on the list.  You can download the two lists in both PDF and Excel formats at the end of this article.

This article covers Revenue allowances for reimbursement of Subsistence Expenses to Employees (including Directors)

Revenue’s Explanatory Leaflet IT 51 Employees’ Motoring/Bicycle Expenses covers the reimbursement of motoring/bicycle expenses to employees and this is available on www.revenue.ie 

Revenue’s Statement of Practice SP – IT/2/2007 (PDF, 157KB) is a more detailed Revenue publication on the subject of the reimbursement of employees’ expenses of travel and subsistence. 

 

This article covers Revenue allowances for re-imbursement of Motoring/Bicycle Expenses to Employees (including Directors)

Revenue's Explanatory Leaflet IT 54 Employees' Subsistence Expenses covers the reimbursement of subsistence expenses to employees.

Revenue’s Statement of Practice SP – IT/2/2007 (PDF, 157KB) is a more detailed Revenue publication on the subject of the reimbursement of employees’ expenses of travel and subsistence.

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