Damien Malone

Starting a new business can be an exciting but daunting experience. It is essential for entrepreneurs to understand the basics of bookkeeping in order to keep track of their finances and maximize profits. This article will provide useful tips to help new businesses manage their books more efficiently. Bookkeeping involves keeping accurate records of all financial transactions, including income, expenses, assets, liabilities and equity. By staying organized and up-to-date with these accounts, business owners are better able to monitor cash flow, measure profitability and make strategic decisions about how to allocate resources. Furthermore, having properly documented records simplifies tax preparation at the end of each fiscal year. This article provides important information that outlines fundamental principles of bookkeeping as well as practical strategies for efficient record-keeping processes. The goal is to empower aspiring entrepreneurs so they have the necessary skills and conf...

Year-end filing is a critical process for all businesses operating in Ireland. It involves the submission of various financial documents to relevant government agencies and other entities, ensuring that taxes are accurately reported and paid on time. This article provides an overview of the year-end filing requirements in Ireland, including information about what needs to be filed, when it must be done, and how best to prepare for this important task. The first step towards successful year-end filing is understanding the necessary documents and deadlines associated with each one. In order to ensure compliance, it is essential for businesses to familiarise themselves with the appropriate forms and regulations governing their particular situation prior to submitting them. Additionally, as different departments may have unique rules or procedures concerning year-end filings, companies should review these carefully before proceeding ahead. Finally, preparation can make a huge difference ...

In today’s competitive business world, obtaining funding can be a challenging endeavour. As such, it is essential to understand the different sources of financing available and how they can benefit your company. One significant source that may prove beneficial for businesses is Enterprise Ireland (EI) . Herein lies an overview of EI and its potential contributions to organizations looking to secure financial resources. Established in 1998 by The Industrial Development Act, EI is an Irish government agency with the primary objective of developing indigenous businesses across all sectors of industry in order to “maximize their contribution to economic growth” within Ireland. This aim is achieved through various initiatives including marketing campaigns, and sectoral research projects as well as providing grants and access to finance for companies who show promise but require additional support in order to reach their full potential. Through these services, EI offers a unique opportunit...

The Employment Wage Subsidy Scheme (EWSS) was introduced by the Irish Government in July 2020 to help businesses, that have been impacted by COVID-19 restrictions and public health measures, remain viable. This article provides an overview of the EWSS and its implications for employers, employees and self-employed individuals. The purpose of this scheme is to subsidise wages paid directly to employees with a view to helping those businesses that are suffering due to reduced customer demand or closure as a result of Covid-19 restrictions. The scheme applies both nationally and locally throughout Ireland. Employers can receive up to €203 per week per employee with eligible employees receiving up to €151. Employees may also be entitled to additional income supports from other schemes such as Jobseeker’s Payment or Pandemic Unemployment Payment depending on their circumstances. The EWSS has enabled employers affected by COVID-19-related restrictions or closures to retain existing staff m...