Financial Accounting
Financial accounting involves the preparation of your financial statements at the end of the business year. It serves a number of functions:
Forms the basis for completing your tax returns to the Revenue Commissioners.
Forms the basis of abridged accounts for the Companies Registration Office (if operated through a limited company).
Provides a bank or financial institution with official information on your business operation for the previous year.
Provides you with a record of how your business has performed over the last 12 months so you can make informed decisions about future growth and strategic direction.
Preparation of Management Accounts
Management accounting is a function whereby a company uses the data it gathers through regular bookkeeping to see how it’s performing and make informed decisions about future strategy.
McGrath & Company Accountants can prepare management accounts on a regular basis for your business and discuss the implications with your management team so you know exactly how your business is doing and what areas should be addressed.
It is a useful tool as the findings will help you identify new growth opportunities and potential weak spots.
Taxation Planning and Compliance
Every business is subject to a wide range of taxes. These can vary depending on your business structure, i.e. if you’re a sole trader, partnership, limited company etc. The most common taxes include:
Income Tax
Corporation Tax
Capital Gains Tax
Capital Acquisitions Tax
Gift Tax
Stamp Duty
Value Added Tax
Relevant Contracts Tax
As tax legislation is constantly changing, it’s important to plan your business activities so that you minimise your tax liability and take advantage of any available incentives. We can help in this regard.
In summary, we can:
Advise you on the best form of business entity you should set up, i.e. sole trader, partnership, limited company etc.
Prepare your tax returns (under all tax headings) to ensure compliance.
Plan your capital gains tax.
Structure your tax for property acquisitions and disposals.
Plan for Inheritance gift tax.
Advise on retirement and pensions.
Prepare for stamp duty.
Plan for VAT and compliance.
Plan for PAYE/PRSI and compliance (as an employer and employee).
Provide support for a Revenue audit.
Business Planning, Projections & Cashflow Forecasts
These are all important tools in business management. They can point you in the right direction by getting you to focus on the numbers that matter. By keeping an eye on your cashflow and expenditure, you can build a sustainable business.
Budgets, cashflow forecasts and business plans allow you to identify revenue opportunities and cost savings. They also enable you to anticipate problems before they arise so you can plan accordingly and make adjustments.
New Business Start Up
Starting a new business can be a daunting experience; many people don’t know where to start.
At McGrath & Company Accountants we have the skills and experience to help get your business off the ground. There are many steps involved in starting a new business and McGrath & Company Accountants can help guide you along the path to success.
Business tax registration.
Establishing accountancy systems and structures.
Advising on Limited Company versus Sole Trader status.
Computerisation.
Business planning, including profit maximisation and tax burden reduction.
Book-keeping, including PAYE and VAT management.
Set up procedures and controls for managing your business going forward.
Company Formations
We provide a very professional and cost-effective company formation service, linked to one of Ireland’s leading company formations specialists. We also provide a full post-incorporation company secretarial service providing advice on all aspects of your company’s filing requirements.
Should the need arise; we can liaise with the Companies Registration Office, or the Office of the Director of Corporate Enforcement, on your behalf. We can advise on the various legal requirements and responsibilities of becoming a Company Director or Secretary in Ireland as well as advice on the annual filing requirements of companies.
Registering / Incorporating a limited company in Ireland involves some tedious paperwork. But not to worry, we will submit all the documents required by you.
Our company formation package costs just €350 + VAT.
Original Certificate of Incorporation.
Share Certificates CRO Fees (Company Registration Office).
Statutory Company Register Company Name Check.
Company Seal.
Phone/Email Support.
Share Certificates.
CRO Fees (Company Registration Office).
Statutory Company Register.
Register of Beneficial Owners.
Accounting Software
In recent years, online and cloud accounting services have given businesses even more control over their financial affairs and are powerful business and forecasting application tools. At McGrath & Company we can advise you on packages along with training that suit your business needs all while meeting statutory obligations.
We are happy to recommend a number of accounting packages that suit the needs of your business. We provide the highest quality training possible to ensure all users are confident in both the software itself and their ability to use it to its full extent.
Payroll Services
McGrath & Company Accountants provide companies with a flexible, professional and complete payroll service, keeping you up to date with any new or existing changes to legislation.
In summary, we can:
Weekly, fortnightly, monthly, and annual payroll.
Paper or Electronic (Email) Payslips.
Advise on holiday, maternity leave, parental leave etc.
Advise on full time, part time and casual employee entitlements.
Travel expenses, subsistence allowances and Benefits in Kind.
Payroll tax issues in relation to termination of employment.
Revenue Audits
Revenue Audits can be a stressful time in the life of the individual or company receiving a revenue audit. At McGrath & Company Accountants we provide a full service where we assist in the preparation work to be undertaken before the audit commences and advise on the correct tax strategy for the client.
We also attend the initial audit meeting with the client and assist the client to negotiate a smooth and fair conclusion to the revenue audit.
Inheritance & Gift Tax
McGrath and Company have the experience to provide clients with specialised advice to help structure the transfer of assets as efficiently as possible.
Put Your Business In The Hands Of The Professionals
Helping You Predict, Prepare And Sustain Your Business Growth.