Understanding Revenue Payroll Notifications – RPN in Ireland

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  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...
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Bookkeeping Process and Benefits for Small and Medium Businesses

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 or losses. A chronological record of all the transactional entries is entered in a journal to keep the track of all bookkeeping entries. A company with good business management will always keep bookkeeping as an integral part of the accounting process because proper bookkeeping has many benefits like

è A detailed recording of all the financial transactions that will assist the business in supervising the current status of the firm.

è With a proper bookkeeping, it is easier to plan your next business strategies, grab new business opportunities and prevent future financial mishaps.

è Your firm’s balance sheet will stay updated with proper bookkeeping, so the interested party who wishes to work with your small or mid-sized firm can see the company’s health as a whole.

è When you have real-time information about the state of your accounts, you know the extent of your expenses and will react to any situation quickly.

è Easier and faster audits tend to happen when you can easily access the detailed balance sheets and compare them with the statements.

Bookkeeping is essential for any business whether small or large and one of the best outsourcing services of bookkeeping is provided by Osservi.

Osservi- an Ireland based Bookkeeping Services Provider; offers a personalized and professional approach to cover an entire range of bookkeeping services to small and medium businesses by setting up your accounts; providing support and maintenance along with consultancy and accounting. By hiring a bookkeeping service, you give your business so much in order to grow, prosper and succeed. A bookkeeping service provider like Osservi allows the company to give you the advantage of maximized efficiency with minimized exposure to financial risks our team at Osservi consists of trained and qualified professionals who quickly adapt to customer’s specified software and ensure quick turnaround time.

Hiring a bookkeeping service provider can accelerate your company’s growth; improve credibility; enhance your skills and expertise; helps to reduce operational costs and capital investments For any inquires related to bookkeeping or accounting feel free to contact us as we will be happy to help you set up your books according to the process described above. This can be used as a catalyst to make better decisions for your small or medium business to increase profits.

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