Posts

Showing posts from May, 2021

Understanding Revenue Payroll Notifications – RPN in Ireland

Image
  Revenue Payroll Notifications (RPN) are crucial for both employers and employees in Ireland’s payroll system. This blog will delve into various aspects of RPN, addressing common questions and misconceptions. Why is there no RPN for Employees? Revenue Payroll Notifications (RPN) are not directly provided to employees but are instead furnished to employers. The reason behind this is that the RPN contains detailed tax information that employers need to calculate the correct amount of tax to deduct from an employee’s pay. Employees do not need the RPN themselves as their primary concern is the net pay after deductions. However, they have access to similar information through their  payslips  and the Revenue’s online services. What is the RPN Tax? The RPN tax refers to the taxes calculated based on the details provided in the Revenue Payroll Notification. This document outlines how much tax should be deducted from an employee’s salary. It includes information on income...
1 comment
Read more

Bookkeeping Process and Benefits for Small and Medium Businesses

Image
Bookkeeping Process and Benefits for Small and Medium Businesses It is rightly said by Gregg Shotwell that “Creative Bookkeeping Is the Magic Wand of Restructuring.” Whether you have just incorporated your business or running a mid-sized business, maintaining proper bookkeeping to record, restore and retrieve your financial transactions becomes important. According to Encyclopedia, Bookkeeping can be maintained in 4 easy steps: 1.       Assigning your Analysed Financial Transactions to Specific Accounts 2.       Credit and Debit the Appropriate Accounts by Writing the Journal Entries 3.       Posting Transaction Entries to Ledger Accounts 4.       Readjusting All the Entries at the End of Each Accounting Period Bookkeeping is a first and basic part of the entire accounting process. Through bookkeeping the status of the company can be identified if it is generating profits o...
Post a Comment
Read more

FIND THE BEST BOOKKEEPING SERVICES FOR YOUR BUSINESS

Image
When you start your business, the first thing that needs to be taken care of undoubtedly is a bookkeeping service to keep your company’s books and finances on track. Bookkeeping is essential for any business whether small or large. But, what is Bookkeeping Services? Bookkeeping is the recording, storing, retrieving of financial transactions of a small, medium or large company, non-profit organizations, an individual person etc. Through bookkeeping the status of the company can be identified if it is generating profits or losses. But the complexity of bookkeeping depends on the number of transactions recorded daily, weekly and monthly along with the size of the business. Certain companies have an in-house accounting team to look after bookkeeping services. But sometimes due to work overload, it is starting to get overwhelming, so, your in-house team is unable to follow certain bookkeeping norms for which it is advisable to connect your accounting team with an outside bookkeeping ser...
Post a Comment
Read more

Popular posts from this blog

What are Ireland's Payroll Deduction Requirements?

Image
As legislation continues to become increasingly complex in Ireland, employers face severe challenges to remain up-to-date on employment legislation and payroll issues. Employers have to face heavy fines, penalties and interests if they do not ensure that their payroll is functioning efficiently and cost-effectively. There are certain statutory deductions in Ireland for payroll such as PRSI, PAYE and USC which now appears that employers will also be obliged to deduct the new property tax from the gross pay of their employees. These taxes are the single largest source of revenue for the government so it is necessary to administer the processing of payroll. Employment in Ireland is precise and detailed. In recent years many businesses from across the globe including many tech-based companies have established their base in Ireland due to a relatively low corporate tax rate of 12.5%. Outsource your payroll related service to companies li...
Read more

What Are The Differences Between Bookkeeping And Accounting?

Image
Does your firm need accounting and bookkeeping services? Accounting and Bookkeeping are two major financial functions that are extremely important for any business organization. In the simplest of simple terms, we can define bookkeeping as the recording of financial transactions whereas accounting gives you a clearer picture of interpreting, analysing, classifying, reporting and summarizing of financial data. For laymen bookkeeping and accounting can appear to be the same because both deal with the financial data with basic accounting knowledge, classify and generate reports using the financial transactions. At the same time, bookkeeping and accounting are inherently different and have their own set of characteristics and advantages. Let’s understand the functional difference between bookkeeping and accounting. Bookkeeping is the process of recording, storing, retrieving financial transactions of a small, medium or large company, non-profit organization, an individual person etc. T...
Read more

How Can Bookkeepers Save You Money and Headaches

Image
Having a business requires a lot of administration from management to marketing, sales and accounting- if you are in business your time is stretched in looking at the nitty-gritty of all the important tasks. If this sounds familiar, all you need is a breathing space that will require you to delegate the authority to someone else. While being new to the business, cash flow can be a challenge but you will need to understand the importance of your time that can be used in bringing new clients, expanding your services or products which can launch you into the next stage of business growth bringing breakthrough in your business. If you aren’t natural with numbers hiring a bookkeeper or outsourcing your bookkeeping service is the most advisable. How? It is fairly self-evident that hiring a bookkeeper means your finances are handled by a professional who will manage and keep track of each financial transaction better than you. Your records will be well organized and accurate which will exped...
Read more