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Is your accounting “System” bringing you down ?

 

Is Your accounting  a Wreck.

Because I am increasingly doing consulting for small- and – medium-sized  companies, and the very first thing that I ask for when we begin is basic financial information.

Profit & Loss

I enquire first for a profit and loss statement.Firm after company, particularly solos, can not provide me with an up-to-date P&L. Is a tragedy.It goes far beyond issues such as making decisions between accrual-based and cash-based systems.

Paper Everywhere

Paid statements are in a heap with outstanding invoices. Nobody knows what’s paid and what is not. Nothing was delivered to the bookkeeper in ages . The heap of bills hasn’t been entered in an Accounts System  or some other bookkeeping system. Cheques are concealed in the heap and have not been deposited. The heap is concealed in a drawer so that you don’t need to consider doing it.

A number of these undeposited cheques  are out of date. Client statements–not yet delivered–are in a folder beneath the heap. The copier people will not come support the machine since their bill is 90 days overdue.

I would expect to find this mess in businesses  which are losing money. I am not surprised when a small business owner  is in denial about going broke and hides the documents from himself so that he does not need to manage the matter. That is pretty ordinary but not terribly successful behaviour.I am also seeing this mess in companies which are earning money. I am seeing it in lucrative small businesses. That is crazy. You can not manage this sort of mess. You will need to keep the accounting situation in check.More importantly, it isn’t feasible to run a company without fundamental financial information.

Know Your Numbers

How do you tell how you are doing in case you do not have the numbers? It isn’t good enough to conduct your company based on if there are funds in your bank accounts. You will need to understand what’s happening.There’s absolutely no business function more readily outsourced than accounting and accounting. Historically, most small businesses  have used an external accountant to prepare tax returns. Many companies utilize bookkeeping services.

If you are enjoying the game without understanding the score, then it is time to package up your receipts and tests and everything else and send them to somebody who can assist.

We specialise in cleaning up bookkeeping and accounting wrecks.

In fact our system can now automate the whole process. So if you want to grow your business and orofits please call us.

 

Paddy Gahan    Gahan.ie   Xero accountants

 

Benefits of Outsourced Bookkeeping

 

Benefits of Outsourced Bookkeeping

 

The growth of the digital community has greatly enhanced how we do business. This is particularly true for business owners in regards to bookkeeping. It has become more and more sensible to outsource those services. There are numerous reasons (outside the overhead decrease) why outsourcing may make sense for your company. On-site accountants or bookkeepers make lots of overhead. From handling applications to recruiting and training workers, the burdens of in-house accounting staff absorbs valuable resources.

Growth of online software

As stated by the Sage Accountancy Index, nearly 75 percent of accountants forecast that online services will get the biggest aspect of the working practice within the next few decades. What some business owners don’t see is that you will find indirect cost savings which may be credited to outsourcing your accounting requirements.The worth of Service-based BookkeepingUtilizing an outsourced bookkeeping service doesn’t mean purchasing software and functioning the machine yourself. Bridging the gap between people and applications is a wonderful business model and some thing you need to think about when choosing an outsourced support.Data SecurityThe most significant concern for many business is the safety and integrity of the company data. Servers and other regions where fiscal records are stored must be suitably secured. When utilizing an outsourced company, there’s absolutely not any need for concern regarding worker access to this essential data and the data can be kept electronically.With respect to digital storage and transmission, then it’s fantastic to understand what encryption method that your service is utilizing. You must always ask your potential digital bookkeeper should they log in to servers that are secured and if there’s very good monitoring of their dissemination of information. If your accounting support permits client access to information from cloud storage, then you will want to learn what security characteristics are in place to safeguard against access by third parties and also to restrict access to yourself or to key members of your small business.These security measures help lessen the danger of a data breach which could cost your organization everything.

Big Cost Savings

The expenses of managing applications, server updates, maintenance, and significant file storage are only some of the numerous reasons that outsourced bookkeeping solutions will help save your organization money and mitigate areas of concern.Small Business Growth A 2012 post from the ACCA cited that the accessibility to some professional, the efficacy of filing and completion of returns, real time review of their company, and cellular accessibility as the best reasons for selecting an outsourced bookkeeper. Outsourcing significantly increases the scalability choices of your small business. You have the choice of cutting or expanding back fast and efficiently.Whether your company is in an expansion mode or price reduction condition, the outsourced team can give you unique plans and the best alternatives to attain your targets. Concerning accounting, this usually means that somebody is making sure that a provider’s financial matters are managed in compliance with federal regulations and laws. Running a business is hard enough without the burdening facet of monitoring regulations.Ignoring these variables can have enormous financial consequences for your company. When it’s payroll or payment processing, then the particulars of mitigating monetary penalties and extensive compliance could be daunting.

Accurate Accounting Statements

Accurate Statements Create an ImpactOutsourcing your accounting responsibilities to a dependable group may produce a substantial effect on your development and profitability. They are readily available to describe and help assess important data on your financial statements that will assist you in making better choices. Job breaking processes enhance profitability but are determined by accurate accounting records and financial statements.The supervision made by producing high-quality financial statements and precise reporting is an integral facet of the basic management of any business enterprise. It enables for fiscal planning to be strategic and efficient expansion programs to be contingent upon real-time precise data from your company.Outsourced bookkeepers permit you to leverage technologies to improve the freedom and scalability of your small business. This venture allows for a gain in experience and expertise that will help you plan and execute the subsequent expansion stages for your industry. The price reduction and educational accessibility of the service may be useful in furthering your companies growth and endurance.The new era of small business ownership is based in virtual collaboration and teamwork.

 

Paddy Gahan   Gahan.ie   for xero online bookkeeping

Automagic bookkeeping with Autoentry and Xero !!

Automate your bookkeeping with Autoentry and Xero

Who is it for?

Auto entry and Xero together are perfect for Small to Medium-sized Businesses.

There is no looking back to the old way of managing invoices and receipts – if you are looking to revolutionise your bookkeeping productivity then Autoentry is the solution for the problem that for years you didn’t realise you had.

Simply scan and email your invoices to Autoentry or take a photo of receipts and send them.

Join the hundreds of businesses on Autoentry by automating your expense processes so you can spend more time on your business, or the things you love.

How does it work with Xero?

The two systems integrate seamlessly to provide a near real-time view of your accounts. Auto entry software extracts the information from your invoices and receipts and publishes it directly into Xero.

Paddy Gahan Gahan.ie Xero Accountants

What Keeps you Awake at Night ??

What Keeps You Awake At Night? by Paddy Gahan

The most common reason is NOT KNOWING WHERE YOU STAND with respect to your business.

If you’re not getting reliable information on a regular basis in a format that you can understand, we can help! We’re experts at developing accounting systems and reports.

Alternately, we can prepare the figure for you, accurately and promptly, and offer you an outsider’s view on your performance. We can also help you develop an annual budget and show you how you’re doing every month against your targets.

Let me know if this is of interest.

Best wishes. Paddy Gahan Gahan.ie Dublin Accountants

PS. It’s important to produce accurate, understandable financial reports on a regular basis.

What’s Your Exit Strategy

What’s Your Exit Strategy?

The ultimate aim of every serious business person is to build a company that has value, so that it can be sold or transferred, allowing the entrepreneur to exit gracefully and profitably.

In the recent past, we have been helping a number of our entrepreneur clients develop appropriate exit strategies. There are many issues to consider …

• When do you want to exit?
• Can the business be sold to your employees?
• Is a trade sale more likely?
• Are there children involved?
• How much is the business worth?
• What needs to be done to enhance the value of the business?
• How long will it take?
• Do you want/need to stay on after sale of transfer?
• What are the tax consequences?

We have a tried and tested methodology to address each of these issues, to prepare your business for sale, find potential buyers and negotiate to get the maximum price a buyer feels your business is worth.

If you would like to discuss your personal exit plans I would be happy to help – please call me.

Paddy Gahan Gahan.ie Xero Accountants

6 great apps for small business owners

While being your own boss has its bonuses, self employment means you’re tackling everything on your own. But in today’s digital world, there are plenty of apps and software options to ease the burden. Here are some of my favourites.

1. Xero accounts
This is a brilliant package which allows you to access your business accounts anywhere anytime. We are now using it for our own accounts and rolling it out to our clients who love it.
2. Receipt Bank.
This is a brilliant service for bookkeeping and organising receipts plus it integrates with Xero. Cuts bookkeeping time and costs by half.
3. Capsule CRM
I use Capsule to keep track of the people and companies I do business with, communications with them, opportunities in the pipeline, and what needs to be done when.

4. Survey Monkey
Survey Monkey makes it easy to get feedback from contacts. You create a questionnaire using their templates, and then ask your contacts to complete the survey via e-mail or a social media platform like Linkedin.

5. Mailchimp
This is an online package that’s great for email marketing and newsletters and linking these with social media sites like Twitter, Facebook and Linkedin.
6. Dropbox
A free service that lets people bring their documents, photos and videos everywhere and share them easily. It allows us file all our documents online.

Paddy Gahan Gahan.ie Xero Small Business Accountants

Keeping your business books has just got easier.

Keeping your business books has just got easier.

Every business owner hates bookkeeping and paperwork.

Unfortunately it has to be done. And it has to be done in a prescribed format… otherwise the Tax Man will be on your back.

It’s also difficult. That’s why there are bookkeeping exams. That’s why there are professional institutes like the Institute of Certified Bookkeepers.

I guess you’d much rather be out there making money from your business than doing the books. And because everyone hates bookkeeping, most people end up doing it in the evening or at weekends. Yet, shouldn’t evenings and weekends be spent playing with the kids, spending time with your friends and loved ones, or out on the golf course?

Another option
A far better option is to employ a bookkeeper to get the job done properly. Unfortunately full time qualified bookkeepers typically cost €22,000, together with all the other associated costs and hassles of employing someone.

But that option is too expensive for most small businesses.

The solution is here
Technology has come to our rescue. It’s called cloud accounting.

Just like online banking has changed banking forever (it’s easier to transfer money in minutes, check your bank balance at any time rather than waiting for that monthly statement to arrive in the post and generally keep on top of your finances), cloud accounting has changed accounting systems.

The old-fashioned way of bookkeeping using manual ledgers, spreadsheets and desktop accounting systems will soon be a thing of the past.

Just like online banking, a modern cloud accounting system will save you a significant amount of time by automating many of the data entry processes that used to take up so much of your precious time and giving you instant access to your numbers.

If you want to see about setting up a cloud accounting system why not five me a call at 01 6684411
or email me at info@gahan.ie

Paddy Gahan Gahan.ie Xero Cloud Accountants

No 1 reason businesses fail and how to avoid it !!

The No. 1 reason businesses fail… and how you can avoid it

Don’t you just hate the old cliché, cash is king. I do.

But the fact is, running out of cash is the number one reason businesses fail. Despite the fact that very often they are profitable. But profit and cash is not the same thing.

So how do you protect yourself?
There are really two critical things you need to get right:
1. Keeping your finger on the pulse of your business, and
2. Collecting money fast.

So let’s look at each of those and how we can use modern technology to our advantage.

Your future is at stake
Better financial information helps you to make better business decisions. But it’s more important than that. We’ve seen many businesses fail through lack of financial information. Very often businesses run out of cash. They thought they had a profitable business, but suddenly they can’t meet the payroll at the end of the month.

Having the right numbers at your fingertips will give you an early warning system if things are not going so well.

What you need is an accounting system that gives you 24/7 access to up-to-date financial information and reports. And that’s where cloud-based software comes in. With a modern cloud accounting system you can access your financial data in real time from any device with an Internet connection.

Quicker cash collection
A modern cloud accounting system gives you fast, simple customised sales invoicing that will make your life simpler. And the facility for emailing of invoices, with the option to attach a statement at the same time makes it so easy to manage your sales and get paid quicker.

Even better, it allows you to embody payment methods into your invoicing. For example, click and pay to drive quick collection of your debts. It makes it so much easier for you to get paid, reducing bad debts and slow payers and putting more cash in your bank account.

You can also chase debtors whilst you’re on the go.

If you want to minimize the risk of running out of cash moving to a cloud accounting system is an important step to take.

Paddy Gahan Gahan.ie Xero Cloud Accountants

Great news You no longer need an Accountant !!

Great news

you no longer need an accountant

Recent studies by Oxford University and Deloitte (2015) suggest that about
96% of what accounting firms currently do will – in the not-too-distant future – become automated.
96%!
Surely that means the accountant is soon to be redundant.

Why is that?

In recent years advances in technology are automating much of the data processing. Your bank
transactions (income and expenses) can now be automatically entered into your financial records with greater accuracy. Invoices can now be scanned (or photographed with your smart phone) and put in the right place.
Not only does this save you a significant amount of time. It’s accurate.
Every quarter you can file your VAT returns at the touch of a button.
At the end of the year, one click and your end of year financial statements are almost done.

So do you really need an accountant any more?

What does this really mean for you?

The technology is called cloud accounting
. It is a much better way to control your business finances. It gives you 24/7 access to up-to-date financial information and reports and it saves you a very significant amount of time.

But will it really make the accountant redundant?
Probably not.

Certainly a cloud accounting system will make your life much easier.
It also makes the accountants life much easier too. And that means you can expect slightly reduced accountancy fees when you operate your business on a cloud accounting system.
What it really means is accountants need to change. They will no longer be paid for just adding up the numbers. Technology will do that. Instead they need to spend more time, using their
skills with numbers, working closer with businesses and helping them to interpret and improve
their numbers.
Some accountants will make that change. Some won’t. Either way, it’s a good thing for small business owners.

Our recommended cloud accounting software is Xero. Surely 800,000 users worldwide can’t be wrong.

IF YOU WOULD TO FIND OUT MORE AND GET A DEMO PLEASE CALL ME AT 01 6684411
PADDY GAHAN XERO ACCOUNTANT

Bookkeeping has just got easier

Keeping your business books has just got easier 

BOOKKEEPING HAS JUST GOT EASIER 

Every business owner hates bookkeeping and paperwork. 
 
Unfortunately it has to be done.  And it has to be done in a prescribed format… otherwise the Tax Man will be on your back.   
 
It’s also difficult.  That’s why there are bookkeeping exams.  That’s why there are professional institutes like the Institute of Certified Bookkeepers. 
 
I guess you’d much rather be out there making money from your business than doing the books. And because everyone hates bookkeeping, most people end up doing it in the evening or at weekends.  Yet, shouldn’t evenings and weekends be spent playing with the kids, spending time with your friends and loved ones, or out on the golf course? 
 
Another option 
A far better option is to employ a bookkeeper to get the job done properly.  Unfortunately full time qualified bookkeepers typically cost 22,000, together with all the other associated costs and hassles of employing someone. 
 
But that option is too expensive for most small businesses. 
 
The solution is here 
Technology has come to our rescue.  It’s called cloud accounting. 
 
Just like online banking has changed banking forever (it’s easier to transfer money in minutes, check your bank balance at any time rather than waiting for that monthly statement to arrive in the post and generally keep on top of your finances), cloud accounting has changed accounting systems. 
 
The old-fashioned way of bookkeeping using manual ledgers, spreadsheets and desktop accounting systems will soon be a thing of the past. 
 
Just like online banking, a modern cloud accounting system will save you a significant amount of time by automating many of the data entry processes that used to take up so much of your precious time and giving you instant access to your numbers.  And that’s just two of the many benefits. 

Our recommended cloud accounting software is Xero. Surely 800,000 users worldwide can’t be
wrong.

IF YOU WOULD TO FIND OUT MORE AND GET A DEMO PLEASE CALL ME AT 01 6684411

PADDY GAHAN XERO ACCOUNTANT