Dealing with cash flow problems

Many many businesses in Ireland are now suffering from severe cash flow issues below I have listed a few do’s and dont’s which I have tried and tested with clients and I’m confident work.

Do:

  • Communicate with all your creditors (including the bank!) and be as honest as you can.
  • Cancel all direct debits you can, This gives you improved control over making payments
  • Use bank transfer as opposed to cheque’s, again this gives you further control as the cash leaves your account instantly and there’s no surprise cheque being cashed when your not expecting it.
  • Cut ALL unnecessary spending, Unfortunately this includes staff wages. You may need to be absolutely ruthless to survive. Don’t let your personal opinion get in the way think in terms of the value added by the cost
  • Offer a small settlement discount to encourage debtors to pay on time e.g 2.5% Read more
  • Temporary Accounting Staff

    One of the services we provide at Do My Books is temporary accounting staff. I have answered the common questions I am asked in relation to this service below:

    Q1. What services can your Temporary accounting staff provide:
    A: Common services are:
    1. Bank Reconciliations
    2. VAT Returns
    3. Payroll including P30’s and P35’s
    4. Financial Reporting both Management and regulatory
    5. Assistance with income tax returns and corporation tax
    6. Assistance with accountancy packages
    7. Stock taking service
    8. Accounts staff training
    9. Set up finance software
    10. Pre year end/ Audit work

    That is a small selection of the large amount of services we can offer consultants to provide.

    Q2: How much do temporary accounting staff cost.
    A: This cost varies for a longer term contract with basic finance work (i.e entering supplier invoices) We can provide a fully trained staff member for approximately €20 per hour + VAT. There is a sliding scale of charges after this up to €60 per hour for high level accountancy work. This represents excellent value when you consider you are not responsible for their PAYE and Holiday Pay.

    Copy VAT 3 Form

    If like some of my clients you have a tendency to loose documentation you might find yourself looking for another blank VAT 3 form.
    Rather than phoning the Revenue and waiting for them to post you out a Blank VAT 3 form you can download one in .pdf format from the Revenue.ie website.

    It is located here

    Remember you can outsource your VAT returns to Do My Books for as little as €25 per month. Saving you time and ensuring you are VAT compliant.

    Of course its quicker to use ROS but thats another Blog post!


    .