Business Start-Up

“Start as you mean to go on”. That’s an old saying and one that certainly applies to business start-ups. Carrying on a small or medium sized business in the modern era is fraught with many obstacles. Modern businesses have to comply with a myriad of rules and regulations which often don’t seem to have a lot to do with the actual activity being carried on. Most of these regulatory requirements require the business proprietor to file information about their business with some central or local government authority or with a trade organisation or institution.

The information needed is almost always contained in the books and records of the business and the key to ensuring that compliance matters do not become an intolerable burden on your business is as follows:

  1. Set up a book-keeping and recording system from day one.
  2. Make sure that the system suits your needs and is appropriate for the size and type of business you are operating.
  3. Make sure you are familiar with what information the system produces, even where the system will be operated by someone other than yourself. Make sure it gives you the information you need to run your business and to meet the various regulatory requirements. Even when your business grows to a size where you can afford to employ full-time accountants or administrators it is always an advantage to understand the book-keeping and accounting system.
  4. Seek assistance with the initial tax registrations to ensure that your business is following the correct rules and regulations, e.g. some business start with incorrect or inappropriate VAT rates and this leads to additional VAT liability and interest charges when the error is discovered.
  5. Keep records up to date, it is the key to dealing with potential problems before they threaten to bring down your business.

For a free initial no commitment consultation, email us at info@eolassolutions.ie or phone us on 01 8623175