Dublin has always been Ireland’s entrepreneurial hub. Almost every industry imaginable operates in Dublin.
Both small businesses, sole traders and huge multinationals call Dublin home. On the surface level, other than being based in Dublin, these different sized businesses may not seem to have all that much in common. But what they all share is a need for professional, experienced and straightforward accounting and bookkeeping services. While massive corporations are in a position to hire on-site accountants the sole trader should be looking at outsourcing their accountancy requirements.
Accountancy and bookkeeping are complex and time-intensive areas of business should only be completed by fully trained accountants. For sole traders in Dublin, Bond & Co. offer a full accountancy and bookkeeping service that is optimised for the unique needs of individual sole traders. Whether your business is new or whether it’s been established for decades, our accountants make sure you have the knowledge to make your business a success and help secure its future financial health.
Some sole traders may not know where to start with an accountancy firm or aren’t convinced they need the services of a Dublin accountant. In this blog, we outline what we offer sole traders in Dublin and help explain some of the more technical aspects of our sole trader accountancy services.
First Things First. What’s the difference Between Bookkeeping and Accountancy
When discussing accountancy services for sole traders, terms like accountancy and bookkeeping are oftentimes used interchangeably. Despite this, bookkeeping and accountancy are two distinct areas.
Bookkeeping: As it relates to sole traders, bookkeeping is concerned with the organisation and recording of financial information. This information is the raw data that forms the basis of the business’s accounts. These accounts then go on to form the basis of a business’s annual tax return.
Accounting: Is concerned with the analysis and review of a business’s financial information to ensure that the business is compliant with all tax rules. This analysis of a business’s financial information also informs the business owner allowing them to make more accurate decisions.
Book bookkeeping and accountancy are essential to the success of a sole trader.
What Type of Records does a Bookkeeping Service Organise and Compile?
Sole trader bookkeeping is concerned with the following financial records
– Business Purchases e.g. business invoices
– Payroll e.g. gross to net reports & payslips
– Bank Statements
– Copy of sales invoices sent to clients
– Insurance Documents
– Loan Statements
– Lease Agreements if applicable
Simply put, any document that records or validates money coming into the business or money going out of the business is considered a financial record, therefore it must be compiled and recorded. This record compiling is a time-consuming process and one in which many sole traders simply don’t have the time to complete.
Bond & Co, compile and record all financial documentation in line with the latest government regulations.
Dublin Accountants for Sole Traders
The above financial records and information form part of the expert accountancy services that Bond & Co can offer sole traders. We can advise on the financial health of your business allowing you to make more informed business decisions. Proper accountancy and bookkeeping ensure the long-term financial health of a business.
Flat Fee Accountancy Services
Bond & Co remain committed to making our accountancy services as accessible as possible to sole traders. Therefore we charge a flat fee for our accountancy services and not an hourly rate.
For additional information on this topic see our Dublin accountant page or get in contact with us today.