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

What Are The Differences Between Bookkeeping And Accounting.

 

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. 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.

Bookkeeping is comprised of:

  • Recording of financial transactions
  • Producing invoices
  • Posting debits and credits
  • Completing payroll
  • Maintaining and balancing general ledgers, subsidiaries and accounts

Accounting is a much higher-level process that uses financial data that are compiled by bookkeepers to produce financial models. Accounting is more subjective, in-depth and largely transactional than bookkeeping.

Accounting is comprised of:

  • Reviewing company’s financial statements
  • Analysing costs of operations
  • Preparing adjusting entries
  • Completing income tax returns
  • Aiding the impact of financial decisions

Accounting and Bookkeeping are two vastly different financial functionalities despite the similarities and blurring of roles. Now that you understand both of these functionalities, it’s time to decide which one is right for your business and who can be really helpful for your business.

Why choose Osservi as your accounting or bookkeeping partner?

Osservi is an Ireland based accounting and booking firm that offers a professional and personalized approach to your small, mid-sized and enterprise-level businesses by setting up your accounts; providing support and maintenance along with accounting and consultancy. By outsourcing or hiring Osservi for bookkeeping or accounting services, you give your business so much in order to grow, prosper and succeed.

Our team at Osservi consists of trained and highly qualified professionals who quickly adapt to customer’s specified software and ensure quick turnaround time.

An accounting and bookkeeping service provider like Osservi allows the company to give you the advantage of minimized exposure to financial risk with maximized efficiency. Our highly qualified and trained team of professionals at Osservi can quickly adapt to customer’s specified software and ensure quick turnaround time.

Osservi is considered one of the best bookkeeping and accounting firms in Ireland which can accelerate your company’s growth; enhance your skills and expertise; improve credibility; helps to reduce operational costs and capital investments. For any inquires related to accounting or bookkeeping 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.

Reference link: - https://osservi.ie/what-are-the-differences-between-bookkeeping-and-accounting/

 

 

Comments

Post a Comment

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