Services offered
The one thing that all modern businesses have in common is the need for accurate financial information about the business's performance. On top of regulatory reporting requirements and meeting tax obligations,effective operational and strategic management of any enterprise depends on up to date and timely information. All our services are tailored with this in mind.
Bookkeeping & accounts
Under section 886 of the Taxes Consolidation Act 1997, every person who carries on a trade or profession must keep proper books and records to enable true returns of profits and gains to be made for the purposes of income tax, corporation tax and capital gains tax. Additionally, under section 202 of the Companies Act 1990, every company is required to maintain proper books of account. The directors of the company are required to ensure that this requirement is complied with and it is a criminal offence for any director of the company to fail to take all reasonable steps to ensure compliance with this requirement.
Fulfilling these requirements of law can be a major headache for any small business owner. SOS Accounting provides a full bookkeeping service which includes writing up all your records into a manual or a computerised system. We will then complete the following:
- Bank reconciliation
- Debtors’ reconciliation
- Creditors’ reconciliation
- VAT, PAYE/PRSI and RCT reconciliations
- Fixed asset register
- Preparation and submission of VAT returns
- Preparation and submission of RCT returns
- Preparation and submission of PAYE/PRSI returns
We will also produce a trial balance at the end of your financial year which summarises your results for the year. Each balance sheet item in the trial balance will be reconciled and a file prepared which will be passed on to your professional accountant/auditor for the preparation of your annual financial statements.
We also provide a management accounts service, tailored to your specific business requirements, which allows you to analyse your financial position on a regular basis throughout the year.
For most business, VAT returns must be made electronically using the Revenue Online Service (ROS). From 1 January 2012, a new system in respect of RCT has meant that all dealings with Revenue in respect of RCT must now be completed online with a flat rate surcharge of €100 applying to any late RCT return, even if there is no liability due to be paid. The new eRCT system replaces the old system using C2 authorisation cards, payments cards and paper C45s. This move to online completion of VAT and RCT returns can cause added stress and worry for owner/managers. At SOS Accounting, we take care of all these issues for you as part of our bookkeeping package of services.
Payroll
SOS Accounting provides a full payroll service which includes the calculation of weekly/fortnightly/monthly wages, paper or electronic payslips and the preparation and submission of your P30s and annual P35. We also produce annual P60s for your employees and we will organise the registration of any new employees and provide P45s for any employees leaving. In short, we will deal with all aspects of your payroll.
Month end & year end assistance
In some cases, a business may require only a low level of assistance with their month or year end procedures. We can help with any issues arising and can prepare a year end file for the client’s accountants/auditors.
Outsourced financial controller
SOS Accounting can assist with any or all of the following:
- Accounts staff recruitment and training
- Periodical management accounts
- Performance analysis by product/service, department or employee
- Development of financial monitoring procedures and setting key performance indicators
- Credit control
- Monitoring of cash flow
- Budgeting and cash flow forecasting
- Continuous reporting on key ratios and control factors
- Advice on systems and controls
- Preparation of year end file for accountants/auditors
Start-ups
For start up businesses, we can assess if you will require a professional accountant or auditor and, if so, we can assist you in appointing the correct firm for your needs. In some cases, the work of a professional accountant or auditor may not be required and SOS Accounting can provide you with a full bookkeeping, accounts and taxation service.
Pricing
SOS Accounting charges competitive rates based upon the degree of skill and amount of time required to complete any job. We will discuss our rates with you and can agree a budgeted fee prior to the commencement of any engagement.