The Role of Accountants in Meeting Reporting Rules

From January 2024, Ireland’s Enhanced Reporting Requirements (ERR) have introduced more detailed employer reporting obligations, requiring businesses to submit real-time data to Revenue. For small and medium-sized businesses, these changes may bring challenges - but also opportunities - to improve financial practices.

Working with a professional accountant in Dublin, like the team at Bond & Co, can help your business not only remain compliant but thrive under these new standards.

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Understanding ERR: What’s Changing?

Enhanced Reporting Requirements aim to improve transparency by increasing the accuracy and timeliness of the information businesses report to Revenue. These new rules impact areas such as:

• Wage and payroll data

• Benefits and expenses

• Tax deductions and employer returns

Failing to comply can result in fines, audits, and reputational risk. That’s why expert support is vital.

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How Accountants Help You Navigate ERR

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1. Expert Interpretation of Reporting Changes

ERR regulations can be complex. Professional accountants interpret new requirements for your specific business situation and provide clear, actionable advice. This helps you stay ahead of deadlines and avoid penalties.

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2. Strategic Implementation Planning

An accountant can assess your current financial systems, identify gaps, and implement updates to meet ERR obligations. This might include:

• Upgrading accounting software

• Adjusting workflows

• Training your internal team

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3. Minimising Compliance Risk

With stricter standards, the cost of errors increases. Accountants help develop risk mitigation strategies, ensuring your submissions are accurate and complete - reducing your exposure to compliance breaches.

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4. Streamlining Data Collection & Validation

ERR requires more frequent and detailed submissions. Accountants help:

• Automate financial data collection

• Set up internal controls and validation systems

• Establish audit-ready documentation

This ensures every figure submitted to Revenue is verified and compliant.

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5. Ongoing Monitoring and Reporting

Meeting ERR requirements isn’t a one-time task. Accountants provide:

• Real-time monitoring

• Periodic reporting

• Revenue correspondence handling

They ensure your business remains compliant year-round with minimal disruption.

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6. Tailored Advice for Your Business

No two businesses are the same. A qualified accountant offers customised strategies - whether you manage complex employee data, international operations, or unique expense structures.

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Why Choose Bond & Co?

At Bond & Co, our chartered certified accountants in Dublin are specialists in helping Irish businesses meet ERR and other financial regulations. We provide:

• Ongoing or one-off accountancy support

• Tailored services for small and medium-sized businesses

• Expertise across payroll, VAT, bookkeeping, and audits

Let us guide your business through ERR with confidence and clarity.

 

Get in Touch Today

Facing new financial reporting requirements? Trust the professionals. Whether you need help setting up internal systems, submitting to Revenue, or planning for long-term compliance, Bond & Co is here to help.