Maintaining a healthy cash flow is one of the most important things for any business. It’s a building block that makes it possible for your business to achieve meaningful growth. Efficient and effective cash flow management can be the deciding factor whether your business flourishes or perishes. 

But in the face of rising inflation and economic uncertainty, cash flow can be a real issue for many SMEs. 

All business owners know that managing cash is important, but creating an effective cash flow management system is much easier said than done. In this article, we’ll look at five simple tips to help you manage your cash flow better in 2023:

1. Cash Flow Forecasting

First, you should do cash flow forecasting before the end of the year. It will help you to predict how much you’ll move in and out of your business within given periods, for example, the first four months of the year. You’ll therefore be able to project your 2023 financial position, anticipate incomes and expenditures, and have an idea of how much money you’ll need for your cash flow. 

Some of the things you need to pay attention to while doing a cash flow forecast are:

• Sales: Analyzing historical sales performance will give you a rough picture of how much sales you might make within certain seasons or periods. Also, keep up to date with current market trends and performance. 
• Payments: Factor in when you’ll be expecting payments and keep in mind that some people might delay in remitting the payments. 
• Expenses: You should also estimate how much money you’ll be paying to suppliers, employees, and other costs from your petty cash coffers. 

Through proper cash flow forecasting and budgeting, you’ll be able to honour your payments as well as see early warning signs that you need financial assistance.

2. Lease Expensive Assets

Always explore opportunities to lease important assets that are expensive and might put a strain on your finances. They might deplete your capital reserves. Instead, look for opportunities to lease these assets. Examples of assets you can lease include computers, company phones, and vehicles. While you might end up paying more in the long run, you’ll have better cash flow since leases are normally paid in small installments.

3. Explore Invoice Financing Options

As we’ve mentioned, it’s important to expect delays in payment. Delayed payments are one of the key reasons why many businesses struggle with cash flow issues. You can explore invoice financing to improve your cash flow management. Invoice financing is a service that enables you to access up to 90 per cent of an invoice before the client pays it. It helps to ensure good cash flow and eliminates the need to harass clients for payment.

4. Check Your Inventory

Inventory can cause cash flow problems by tying up a lot of cash. Always strive to clear out your inventory and don’t hold on to stock out of sentimentality. Fight the “what if” feeling- what if there’s a surge in popularity for this product? What if demand shoots up next month? Be realistic and logical when evaluating your inventory. Selling your excess inventory will help to ease your cash flow.

5. Automate Cash Flow Accounting

Lastly, it’s time to upgrade from that spreadsheet you’ve been using for years to an automated cash flow management system. Accounting software such as Xero can help you to stay on top of your cash flow management. They also eliminate clerical errors that can end up being costly. What’s more, accounting software can automatically send invoices and accept payments. This not only enables you to collect your payments more quickly but also gives you a more accurate picture of your financial standing.

Find Out How Coffey & Co. Can Help Improve Your Cashflow Management

In a nutshell, appropriate bookkeeping and accounting practices will safeguard your financial position and improve your cash flow. Coffey & Co. specializes in providing Irish businesses with first-class, cost-effective accounting and bookkeeping services. We understand the constant pressure businesses face daily to stay liquid and meet their financial obligations. We can help you improve your cash flow management.

Learn how.

Everyone is getting in the festive mood. But for small business owners, maybe just not yet. They have to ensure that their annual accounts are in order by December 31. 

Annual accounts show how the business performed over the year. They help the business owner to understand what’s happening with their company’s finances. They reflect the financial health of the company and it’s crucial that they are prepared correctly.

However, there are many different ways of preparing these documents, which means it can be easy to forget something or make a mistake when doing so. 

To ensure you get things right this time around, follow our four tips below:

1. Don’t Wait Until the Last Minute

This is perhaps the most important tip to keep in mind. Never wait until the last minute to start doing your annual accounting. It’s easy to miss out crucial information when you’re in a last-minute rush to complete the job. You’ll also be able to prepare for next year’s budgeting process much more easily if your books are already laid out and organized for easy reference as well as creating new financial goals for yourself.

2. Keep a track of everything

Whether you’re doing your accounts manually or automated, it’s essential to keep track of all your transactions. Have all the information you’ll need and have a good understanding of what is required for each section of the annual accounts, as well as any additional documents that need to be submitted with them.

Your records should be kept in a secure location- whether online or offline, and make sure you have a good backup system in place if something were to happen.

3. Make Sure You Are Using the Right Accounting Method for Determining Profit or Loss

Always use the right accounting method for your business. It helps to make a more accurate analysis of your profits and losses. Pay attention to your assets, liabilities, equity, and loans to or from company officials.

There are cloud accounting solutions such as Xero accounting software that can help you get everything right. 

4. Get Professional Advice and Help

Professional advice can be invaluable, especially if you’re an SME trying to grow your business. Enlist the help of someone who has specialized in doing end year accounting, such as Coffey & Co. accountants. For example, if you’re working with a lawyer or accountant who doesn’t specialize in business finances, they may not be able to offer as much assistance as they would if they had more experience with similar projects.

As a small business, you may not be able to have these professionals in-house. We offer accounting services that are tailored to your business needs and budget, so you only pay for the services or support required.Contact Us – Coffey & Co. (coffeyandco.ie)

Let Us Help You File Your End-Year Accounts Correctly

Having good year-end accounts will give you a good foundation to start on the next year. The earlier you start, the better. At Coffey & Co., we ensure that you get your annual accounts done with confidence and not stress out about it. 

Get professional accounting services that’ll help you with the numbers and ensure that everything is accurate and up-to-date.

Talk to an expert.

When running a small business, day-to-day administrative tasks like accounting will take up a better part of your day. But unless you’re running an accounting firm, it’s probably the last thing you want to worry about. Yet maintaining proper accounting is crucial to the success and growth of your business. 

Even when you decide to hire a professional accountant to handle your finances, it’s still important to at least know the essentials of accounting. It will help you to track your finances and run your business more efficiently. If it’s not your speciality, accounting can seem complicated and difficult to navigate. So this guide will give you a better understanding of business accounting and how to do it for yourself.

What is Business Accounting?

Accounting is the process of recording, analyzing, and interpreting your business’s financial information in a systematic manner. It helps to track financial operations, comply with legal requirements, and make informed business decisions. 

Regardless of whether you’re managing your business accounting yourself or outsourcing the services, it’s important to understand business accounting basics. You’ll understand your business’s financial health and performance, and have greater control of the direction the business takes.

Some of the business accounting basics you should know include:

• Income Statement: The income statement shows the profitability of your business and indicates how much you’ve made or lost.
• Balance Sheet: This shows your financial standing. It also shows retained earnings (profits reinvested into the business).
• Profit and Loss (P&L) Statement: A P&L statement indicates your income and expenses over a period of time. It can be done monthly, quarterly, or yearly.
• Cash Flow Statement: It shows how and where you’re receiving and spending money. A cash flow statement helps to analyze your business operations, finances, and investments.
• Bank Reconciliation: This compares your cash expenditures to your overall bank statements. It helps to ensure that your business records are consistent.

You should also learn about accounts receivable & payable, accruals, burn rate, cost of goods sold, and liabilities.

Essential Business Accounting Tips for Small Businesses

The thought of tracking and keeping a record of all your business transactions may seem daunting. But it doesn’t have to scare you off. These tips will help you to get started on accounting for small businesses:

Decide where you’ll keep your money

The first order of business should be deciding where to keep your money. If your business is registered as a partnership, corporation, or limited liability company, you’ll be required to have a separate bank account for the business. But if it’s a sole proprietorship, you can use your personal bank account. We still recommend having a dedicated business bank account. 

It makes your accounting easier. You won’t have to worry about your personal finances getting entangled with your business operations. 

Keep in mind that you need to register your business before you can open a business account.

Itemize your expenses by department

You can save a lot of money from tax deductions. Keeping a record of your business expenses and supporting documents can help to lower the amount of money you have to pay in taxes. Some of the expenses you can enjoy tax deductions for include:

• Advertising and marketing 
• Business travel
• Home office expenses
• Vehicle-related expenses
• Meals and entertainment

But you’ll need to support these expenses with documents such as receipts, bank and card statements, bills, canceled checks, and invoices among others.

Understand your tax obligations

You don’t want trouble with Revenue, so being tax compliant should be your top priority. Educate yourself on your business’s tax obligations, maintain accurate records, and set aside revenue to pay your taxes. You can also pay ahead in quarterly taxes.

The type and amount of taxes you file depend on factors such as your legal structure, the number of employees you have, and if you collect sales tax.

Get professional help

As much as it’s important to understand how business accounting works, you don’t have to do it yourself. This is where professional accounting services come in. Hire experienced professionals such as Coffey & Co Accountants to handle your accounting.

Schedule an appointment today.

Hiring an accounting firm to do your company’s accounting can be a great way to save time and money. If you want to keep your finances in order, work with an accountant in small businesses. When you outsource your accounting, you can enjoy several benefits. Read on

Save time by outsourcing your accounting to a professional

If you’re looking to save time on your accounting, consider outsourcing to a professional. That can be a great way to free up your time so you can focus on other aspects of your business. Plus, you can rest assured that your accounting is in good hands. You can progress to great projects when you don’t have to waste time on menial tasks.

Get More Accurate and Timely Financial Reports

 A recent study found that almost 60% of businesses believe their financial reports are incorrect. In addition, more than 70% of start-ups said they do not receive their finance reports on time.

Accurate and timely financial reports are essential for any business. Without them, decision-making can be difficult and costly. If you’re not getting the records, it’s time to take action.

Outsourcing your accounting services Limerick is one of the best ways to improve your organization’s financial reporting.

But what are the benefits of taking this step? You will get a team of experts who know how to do financial reports quickly and correctly.

That means businesses can make good choices using the most recent data instead of using old data. Doing this can help you save money and improve your overall financial performance.

Avoid the hassle of bookkeeping and tax preparation

Accounting can be a hassle, but there are ways to avoid it. One way to avoid the hassle of bookkeeping is to outsource it to a professional. Another way to avoid the hassle of tax preparation is to use accounting software.

That can help you with the financial paperwork and make it effortless to file your taxes on time. Additionally, many online resources can provide tips and advice on tax preparation. If you do some research and plan ahead, tax season will be less stressful.

Reduce your stress levels by letting someone else handle your finances

One way to reduce stress is by delegating your finances to someone else. That can take a load off your shoulders and allow you to focus on other things.

If you’re feeling overwhelmed by your finances, consider letting someone else take care of them for a while. That can help you relax and de-stress.

Letting someone else handle your finances can be a big help when you’re feeling stressed out. That can allow you to focus on other areas of your life and help you relax.

In short, many businesses choose to outsource their accounting. That can help them save money, but there are other benefits too. When you outsource your accounting services Limerick, you can focus on running your business while professionals handle the financials. Aiming your time and energy on what you do best can help you be successful.

 In addition, experts will be able to provide advice that is specific to your business. That can save you money in the future.

 If you want to know more about how hiring someone to do your accounting could help your business, please visit our website.

As a startup, you are constantly working to build investor confidence. Ensuring your accounting is accurate and up-to-date is very important for your business. This blog post will explore the importance of accounting for startups. Maintaining healthy investor relations is critical for startup success. We’ll also provide tips on how to get started with your accounting process. Read on to learn more!

Why accounting is vital for startups

For startups, bookkeeping and accounting are critical. Tracking finances from the beginning is crucial to the success of any business. You need to know where the money is coming from and going not make mistakes that could cost your company money. This way, you can prevent any issues from arising in the future.

According to a recent study, startups that utilize bookkeeping and accounting services experience many benefits. These benefits include improved decision-making, increased efficiency, and better financial management.

 Using accounting and bookkeeping services can help startup businesses make better decisions, work more efficiently, and manage their finances more effectively. These services can give startups the tools they need to succeed.

Sound financial management begins with tracking your expenses and income. Accounting services Limerick can help you get a clear picture of your financial situation and develop a plan to improve your bottom line.

 An accountant with experience can help you focus on growing your business. They will be able to take care of the financial paperwork for you so that you can spend your time and energy on other things. They can also provide invaluable insights and advice on how to save money and increase profits.

 Creating a budget is a necessary step. By tracking your spending, you can be sure you are using your money in the best way possible. If you want to be successful in managing your money, it is crucial to have a budgeting process.

Here are some tips to help you stay organized and on top of your finances:

• Make a budget and stick to it – This is one of the most important things you can do to stay on top of your finances. You need to figure out how much money you can spend each month on housing, food, transportation, and entertainment. Once you know that amount, make sure you stay within it.

• Stay disciplined with your spending – It is easy to overspend when you use credit cards or other forms of borrowing. So, it is vital to be disciplined with your spending and only use credit when necessary.

• Invest in the best financial tracking system – You should use a system to track your income and expenses. As a result, you can stay organized. There are many ways to do this, such as using an Excel spreadsheet or a more sophisticated software package.

• Make saving a priority – One of the best ways to stay on top of your finances is to make saving money a priority. Set aside some money each month for savings, and make sure you do not touch it unless there is an emergency.

The benefits of using an accountant for your startup

To make people confident in your startup, you must have a professional accountant manage your finances. The benefits of using an accountant include-

• If you want to save money on your taxes, you can talk to an accountant about it.
• They can help you set up a bookkeeping system that makes sense for your business.
• They have the experience and knowledge to provide valuable advice on how best to grow your business. 
• They can help keep your finances in order and on top of the latest tips for saving money.
• They can act as a sounding board for new business ideas.
• They can provide support during times of financial difficulty.

Building investor confidence is essential for any startup. If you keep your books in order and show that your business is profitable, potential investors will be more likely to invest their money. At the same time, accurate accounting services Limerick can help you keep track of your business progress and make better strategic decisions moving forward.

If you’re looking for sound financial advice and top-notch bookkeeping services, our team at Coffeyandco is here to help. Contact us today to get started!

No business can survive without a sound financial footing. You can stay on top of your finances to make good decisions for your company and achieve long-term success. One way to do this is by working with an accounting service.

For many businesses, accounting services are a necessary part of day-to-day operations. However, many company owners don’t fully understand the importance of these services until it’s too late. It is vital to work with an accounting service to achieve your financial goals and help you stay on track. Read on for more information!

Here are a Few Reasons Why You Need to Work with an Accountant:

1. To Make Sure You’re Compliant with Government Regulations

Your company is compliant with government regulations can be a daunting task. But by working with accounting services Limerick, you can rest assured that your business meets all the requirements. They will help ensure that you are up-to-date on all the latest compliance changes and can help keep your records in order.

2. To Keep Track of Your Expenses and Revenue

Are you looking for a way to track your company’s expenses and revenue? A good accounting service can help you do just that. They can keep track of your income and expenditures and provide valuable insights into how your business is doing. That can be extremely helpful in making sound financial decisions for your company.

3. To File Taxes Accurately and on Time

When it comes to filing your taxes, there is no room for error. That’s why it’s necessary to work with a reliable accounting service Limerick that can file them accurately and on time. You can trust them to keep your paperwork in order, so you can focus on running your business.

4. To Manage Your Budget

If you’re looking to get your finances in order, accounting services can help manage your budget. They will work with you to create a spending plan that meets your needs and helps you reach your financial goals.

5. To Get Advice on Growing Your Business

If you’re looking for ways to grow your business, these services can provide advice and guidance. They can help you develop a plan to increase profits and manage your finances more effectively. Whether you’re just starting or you’ve been in business for years, accounting services Limerick can help you take your company to the next level.

6. To Ensure Accurate Bookkeeping

The importance of accurate bookkeeping cannot be understated. There is no question that clear-cut bookkeeping is crucial for any business. But what many organizations don’t realize is that accounting services can help to ensure accuracy. You can ensure that your financial statements are always up-to-date and accurate. That, in turn, can save you time and money in the long run.

7. To prevent fraud

Fraud prevention is essential for everyone. Accounting services can help prevent fraud by keeping track of finances and ensuring everything is in order. You can play a role in preventing fraud by using these services.  Achieving your financial goals is the answer, and our accounting services Limerick can help. By setting realistic goals and working with a qualified accountant, you can make progress towards your goals steadily and consistently. Our team at Coffey and Co is here to support you every step of the way. Visit our website today for more information on how we can help you achieve success!

No matter the size of your startup, you’ll need to find an accountant who can help manage your books and guide you through your financials. But with so many different accounting firms out there, determining which one is right for your business is confusing.

This post will outline a few key things to look for when choosing an accountant and some tips on how you can work with them effectively. So whether you’re just starting or are looking to switch accountants, read on for some helpful advice.

 Consider Some of the Qualities that You Look for in an Accountant

Many people think that accountants do taxes, but there are a lot of different services that they can provide. Depending on the particular accountant and their areas of expertise, they can offer bookkeeping, financial planning, and even business consultation services.

So if you’re ever feeling overwhelmed by your finances, remember that there’s probably an accountant who can help you get everything sorted out.

An accountant should have a deep understanding of business finances to provide helpful services. They should be able to analyze financial data and develop creative solutions to problems. Strong communication skills are essential to advising clients and building relationships. Finally, an accountant needs to stay up-to-date on changes in tax laws and regulations.

Many experts recommend meeting with your accountant at least quarterly, if not monthly. That gives you a chance to review your progress, set goals for the next period, and make any necessary adjustments to your budget or spending habits. However, choosing the wrong accountant can be risky. They might not be familiar with the latest tax laws, which could cost you money. They could also make mistakes that could lead to an audit.

So, it is vital to avoid risks by choosing an experienced accountant for startups Limerick. You want to choose someone you can trust who has a good track record. A trusted accountant can help you navigate the financial waters and avoid potential pitfalls.

Some Prominent Benefits of working with an Accountant

Whether you are a small business or a large corporation, working with an accountant is vital to ensuring your financial health. An accountant can help you save money, identify tax breaks, and keep your finances in order. 

Here are some of the most prominent benefits of working with an accountant:

• You can get expert tax advice from an accountant. They can help you with your tax return and ensure that you get the best possible refund.
• If you work with an accountant, you can stay organized and on top of your finances. That will help you better manage your money and make sound financial decisions.
• Are you planning for retirement? An accountant can help you realizes your financial goals. They can advise on how to best save for retirement and offer strategies for investment.
• Accountants can help support you with filing your taxes. They can offer guidance and advice on what forms you need to fill out and how to file your taxes correctly.
• You can get assistance with bookkeeping and record-keeping from an accountant. They can help you keep track of your finances and ensure that your records are accurate. If you’re looking to keep your business’ finances in order, they can be a valuable asset to track spending, budget effectively, and plan for future growth.
• If you’re struggling to create a budget, don’t hesitate to ask an accountant for startups Limerick for help. They can offer expert advice on managing your finances in a way both practical and efficient.
• An accountant can help you save time and money by keeping your finances in order. A good accountant can also offer advice on how you can start or grow your business.

Coffey and Co: Choosing Right Accountant for Your Business 

Coffey and Co is a full-service accounting firm that can help your business with its financial needs. They have a team of experienced accountants who are knowledgeable in all areas of accounting. No matter what size your business is, they can provide you with the best possible service.

They offer a wide range of services, including bookkeeping, taxation, and consulting. If you are looking for an accountant for startups Limerick who will go the extra mile to help your business succeed, you can get the right accounting firm like Coffey and co.

In short, it can be tough choosing the right accountant for your startup. You need to find someone you can trust, who knows the ropes of small business accounting, and who would not charge you an arm and a leg.

We hope our guide has helped make the process easier for you. If you still have questions or like some more personalized advice, visit our site. You will find tons of resources to help you choose the perfect accountant for your business and get started on the path to financial success. Thanks for reading!

Unless you are a public company and have a responsibility to keep stakeholders updated on the business’s financial status, your accounting books will hardly be discussed in public. They remain an internal matter. But most small and medium enterprises (SMEs) understand how important well-maintained accounting books are to the business’s success. That’s why accounting and bookkeeping are among essential business functions.

The dilemma for many businesses is whether to go for in-house bookkeeping and accounting or outsource the services. It is an ongoing debate with no end in sight. In this post, we’re going to look at the pros and cons of either, so that you can make an informed choice.

In-House or Outsourced Accounting? The Ultimate Comparison

While many businesses have in-house accounting and bookkeeping departments, enterprises are increasingly adopting outsourced accounting solutions. Here are five areas you should look at before you decide on whether to outsource your accounting services or not:

1. Quality of Work

In-house accountants often vary in terms of knowledge and skills. Those with in-depth training and certifications, while others may have nothing more than a college degree. This can result in inconsistent work quality.

On the other hand, accounting firms ensure their teams are trained on the latest industry best practices and standards. They, therefore, offer better work quality and consistency. Outsourced firms also have team members specialising in different areas of accounting, so you’re likely to get expert services.

2. Service Hours

An in-house accountant will work the typical 9-5, 40-hour workweek. Engaging them outside of work hours, even for urgent matters, might require overtime pay. Work can also stagnate if someone specialising in a particular area goes on leave. This means that when they’re out of the office, you’re left hanging. 

Conversely, outsourced firms offer better flexibility when it comes to working hours. They can work for extended hours, with some even offering 24/7 services. This is crucial for businesses such as restaurants that don’t usually work within the typical business hours. 

3. Fraud Prevention

According to the Association of Certified Fraud Examiners (ACFE), accounting departments account for 14% of fraud in organisations. The ACFE’s 2020 Global Report to the Nations indicate that organisations lose about five per cent of their annual revenue to fraud. Such a loss can be devastating to SMEs. 

Some of the most common fraud risks include payment tampering, billing, and payroll fraud. Accounting staff can easily collude with other employees to defraud your business. These employees also have access to confidential business information. Besides the lack of access to sensitive company information, outsourced firms also have a reputation (and license) to protect, so they’re unlikely to engage in company fraud.

4. Costs

For many SMEs, costs play a significant role in business decision-making. According to PayScale, the average annual salary of an accountant in Ireland is €39,408. The salary can go higher depending on experience and level of expertise. This is before considering the other overhead costs such as:

• The hiring process
• Payroll taxes
• Retirement benefits
• Medical benefits
• Paid vacation and sick days 

When you outsource your accounting services, these costs don’t apply to your business. Even at the top of the range, outsourcing accounting services would still be cheaper than maintaining an in-house accounting department.

Looking for Reliable and Easy-to-Use Bookkeeping & Accounting Services?

Coffey & Co. has many qualified accountants and bookkeepers ready to help your business grow. We use the latest accounting technologies to ensure that your business meets its financial management needs. Our methods are also tried and tested. For accounting and bookkeeping services, call us today on 061 418560.