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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
 

Critical Business Information in Real Time

Critical business information in real time

Every successful business has its finger on the pulse.

You need to know the key numbers. Not the numbers in last year’s accounts; they’re out of date. Redundant.

You need today’s numbers.

And that’s where your cloud accounting system comes in. If you don’t have a cloud accounting system this blog will explain the benefits and how to get started.

There are essentially just 4 types of accounting system:

Type 1: The Manual System

A manual system is cheap; you only have to buy a book. But that’s a false economy. Manual systems simply take too long. And your time is too valuable. It also takes the accountant more time to produce accounts so you end up with bigger accountancy fees. Manual systems also do not provide that all-important management information for making great business decisions.

Type 2: The Spreadsheet

Excel and other spreadsheet-based systems are also cheap. And whilst you can automate some processes (e.g. adding up columns), they take time to set up, you need advanced Excel skills to produce management reports and you can waste hours changing the spreadsheet as your business grows and evolves.

Type 3: The Desktop system

Then there is the old-fashioned desktop system. Whilst these are far better than manual and spreadsheet-based accounting systems they come with a host of hidden costs. Yes, the software can be relatively cheap. But there is a huge hidden cost of customisation, implementation, maintaining your hardware to meet the demands of changing software, dealing with (often costly and compulsory) software upgrades, security, scheduling back up routines and restoring data when things go wrong.

Type 4: The Cloud Accounting System

In contrast a modern cloud accounting system gives you the following benefits:
 It saves you a very significant amount of time,
 Gives you 24/7 access to up-to-date financial information and reports (you can use cloud-based software from any device with an internet connection),
 You can sleep at night knowing your sensitive financial data is always secure and backed-up automatically,
 No system downtime because all software upgrades are automatically installed. This worry-free maintenance saves you time and hassle,
 It reduces your accountancy fees because it makes it easier for your accountant to produce end of year accounts, and
 Since your accountant can access your data 24/7 you get more value from an accountant – they will help you run and grow your business rather than just adding up the numbers.

In short, a cloud accounting system will make your life so much easier and give you the critical numbers for your business in real time.

Now the bad news…

Your first problem is deciding which cloud accounting system to adopt for your business. There are a myriad of different systems. They are all different. Some are better than others. Some suit different types of business. And getting the wrong solutions will cause you a big headache. Assessing all of the options is time-consuming.

Then, once you’ve settled on the best system for you and your business you have to set it up.

Unless you’re familiar with setting up accounting systems this typically takes a full day or more. Not only do you have to enter all the key details of your business (accounting year end date, VAT registration number and so on) you also need to set up you chart of accounts (that’s the specific types of sales, income, expenses, assets and liabilities unique to your business). And once that’s done you need to transfer any opening balances.

Whilst you can do that yourself, your time is precious and valuable. So we recommend you talk to your accountant. Every good accountant will be able to set up your cloud accounting software.

We specialise in cloud accounting, so if your accountant doesn’t offer this service we can help. And you don’t even need to be in the same part of the Ireland… we can set it up online for you.

TO FIND OUT HOW A CLOUD ACCOUNTING SYSTEM CAN TRANSFORM YOUR BUSINESS
CALL ME NOW AT 01 6684411

Paddy Gahan Xero Accountant

Stuart Carter A Man On A Mission !!

Stuart Carter. A Man on a Mission !!

On a mission to help one million busy small business owners to get their life back

I wonder if you might help Stuart ?… He is on a mission to help One Million small business owners globally to work less, earn more and claim their life back! To make this possible, he has made his Amazon 5* book “The 80/20 Blueprint” available completely free of charge. The download is available here: http://www.the8020blueprint.com

Could you spread the word by sharing the above link with any business owners you know, please? (and if you haven’t downloaded it yourself, you may find it interesting!) Let me know how you get on with it!

Best Regards

Paddy Gahan Gahan.ie Dublin Accountants

How Can I go paperless ??

Transform your small business with Receipt Bank.

Are you a small business owner, sole trader or professional. Receipt Bank extracts the information from your receipts and invoices quickly, accurately and efficiently.

With Receipt Bank’s superb integration, your data can be sent easily into your Xero account.

HAVE A LOOK AT THIS VIDEO TO SEE HOW IT WORKS

Who is it for?
Receipt Bank and Xero together is perfect for Small to Medium-sized Businesses.

The old way of mountanins of paper is gone – If you are looking to automate your bookkeeping productivity then Receipt Bank is the solution for the problem that for years you didn’t realise you had.

Join the thousands of clients on Receipt Bank 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. Receipt Bank’s software extracts the information from your invoices and receipts and publishes it directly into Xero.

Paddy Gahan Gahan.ie Xero Accountants

Are You Missing on Thousands ??

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“Are you are Missing Valuable Tax Deductions Right Now that Are Potentially Costing You Thousands of Euros in Tax Savings”
Every year without exception, small business owners like you overpay taxes. But believe it or not, some business owners pay a whole lot less in taxes than others…even on the very same income. Time and time again we take on new clients who are not claiming proper business expenses. A few examples might help.

We took on a new client recently who previously had been claiming an estimate of monthly expenses of 100 to 200 euros a month. We set up a simple recording system and he is now keeping a detailed record of his expenses. As a result his monthly claim is now about 900 euros per month. That’s nearly 10,000 euros per annum.

Another client we took on was a small IT company run by a husband and wife team. Again we introduced a simple system and the result is a combined monthly claim of about a 1000 euro. That’s 12,000 per annum.

So if you feel you are not availing of this tax relief set up a system and you will be really surprised at the amount you have not been claiming.

Better still let us get you set up with receipt bank and make it easy to handle those small receipts see link https://www.receipt-bank.com/

FOMO The Fear Of Missing Out !!

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Ever see folks staring in the same direction? You don’t initially join them in the glance. But in the back of your head, you think, “hmm, I could be missing out.” It’s a common thought, which links directly to your business:

FOMO – the fear of missing out (it’s real)

This is exactly how you should feel about your business and the cloud. Cloud technology is driving a massive, once-in-a-generation shift in the accounting sector. The move means software is doing much more of the heavy lifting, freeing advisors from the pain of data-entry so they can focus on higher-value activities and help boost the success of their small business clients.

Working on a single ledger, in real-time with our clients means we accountants are able to develop closer client relationships and up-level to offer more CFO-type services.

So now is the time to look at online applications and revolutionise your business. Why not get a cloud application like Xero which will give you real time accounting information at your fingertips.

Paddy Gahan at Gahan.ie Xero Accountants

Data entry done for you with Receipt Bank and Xero

Transform your productivity with Receipt Bank.

Are you a small to medium sized business sole trader or professional. Receipt Bank extracts the information from your receipts and invoices quickly, accurately and efficiently.

With Receipt Bank’s superb integration, your data can be sent easily into your Xero account.

HAVE A LOOK AT THIS VIDEO TO SEE HOW IT WORKS

Who is it for?
Receipt Bank and Xero together is 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 increase your bookkeeping productivity then Receipt Bank is the solution for the problem that for years you didn’t realise you had.

Join the thousands of clients on Receipt Bank 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. Receipt Bank’s software extracts the information from your invoices and receipts and publishes it directly into Xero.

Paddy Gahan Gahan.ie Xero Accountants

Why Cloud Accounting is good for business

cloud

If you want your business to work smarter and faster, cloud accounting software is the way forward. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.

Accounting software should not be a pain to use

Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can use up far too much of your business time and effort. This doesn’t add value, and takes the fun out of being in business. Cloud software can save your company time and money.

So what is the cloud?

Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

Why the cloud and accounting software are the perfect match

You can use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost effective and easy to use.

Paddy Gahan @Gahan.ie Xero Cloud Accountants

Family Wages – Top Tax Tip for Small Business Owners

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ACTION PLAN

If your children are making a commercial input into your business, a significant tax saving
can be achieved by paying them a wage.

Register for PAYE and operate PAYE on wages.

Have evidence of payment. Pay by cheque/transfer and not cash.

Ensure the payment reflects the commercial contribution of the child’s work.

Record the hours worked in a diary.

A single individual can earn up to 8,250 free of Income Tax and the payment is an allowable deduction
against the taxable profits of the business.

Remember you should seek professional advice from your accounntant/tax adviser before proceeding.

Paddy Gahan Xero Accountant at Gahan.ie