Accountants in Ireland - Affordable Services
Accountants in IrelandUpdated on Friday 17th September 2021
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Company owners in the country choose to work with a team of accountants in Ireland who have adequate training and licensing in order to ensure compliance with the ongoing rules and regulations for regular reporting.
Our partner team of accountants in Dublin provide tailored accounting solutions that include, but are nor limited to routine bookkeeping, taxation and payroll services.
Read below to find out more about the main services provided by a team of accountants as well as the most important accounting regulations in Ireland.
Services offered by our accountants in Ireland
The main services offered by our partner team of accountants in Ireland are the following:
- Financial accounting: recording, summarizing, reporting the transactions that result from the company’s business operations;
- Management accounting: preparing and presenting financial information that will serve the company’s leaders in making important decisions;
- Auditing: the independent examination of the company’s financial information, performed by our team of accountants in Ireland;
- Payroll: processing the reports, making the payments and submitting the forms related to the company’s employees.
Financial accounting and bookkeeping are commonly requested by companies in Ireland and these basic services allow them to remain compliant with the statutory requirements. A small company or a start-up in Ireland may only need these two services, along with the ones related to payroll, however, growing businesses and large companies on the market can benefit from requesting a complete package that will also include additional support and auditing services.
The general accounting services are tailored according to the client company. The sole trader financial statements are different from the partnership ones. Our team can help you with dedicated services for preparing and submitting the financial statements or the abridged financial statements, depending on your type of company in Ireland. The general bookkeeping services include those such as preparing the bank account statements, debtors and creditors maintenance, fixed asset and general ledger maintenance, providing the profit and loss statement, and many more.
A team of accountants in Ireland will always make sure that the needed statements are reports are filed in due time, so that the business will be compliant with the ongoing rules and regulations.
Choosing to work with accountants in Dublin is important for companies during all stages. You can choose the accounting services you will be using even as soon as you commence the incorporation process in Ireland, or soon afterwards. New companies will need to comply with the accounting requirements and investors can benefit from having a supporting team of professionals to guide them from the company’s first year of existence.
The accounting exemptions in Ireland, explained by our accountants in Dublin
Companies can be exempt from having to submit the annual financial statements if they are micro companies or if they are small companies. The following three conditions need to be satisfied in order for this to be possible:
- Balance sheet: for small companies it cannot exceed 6 million euros and for micro companies it cannot exceed 350,000 euros;
- Annual turnover: it cannot exceed 12 million euros for small companies and 700,000 euros for micro companies; our accountants in Ireland can give you more information about these conditions;
- Total number of employees: a maximum of 50 for small companies and no more than 10 for micro companies.
When working with a local team of accountants in Ireland, foreign investors can rest assured that their financial issues are handled properly.
We invite you to watch a short video on the most important accounting services available:
Accounting regulations summarized by our accountants in Ireland
CPA Ireland is one of the most important accountancy bodies in Ireland, formerly known as the Institute of Certified Public Accountants in Ireland. It has more than 5,000 members and students and offers qualifications for those who are interested in a career in accountancy.
Obtaining the qualification as a certified accountant, is subject to a number of examinations as well as a minimum period of training of 3 years. A certified accountant, or CPA in Ireland, is able to provide quality services that are recognized worldwide. Companies in Ireland, both small and large ones, will wisht to work with an accountant who has the qualifications issued by the CPA.
Another notable accountancy body in the country is the Chartered Accountants Ireland which also provides various business qualification options and specialist qualifications for those interested in becoming a CPA in Ireland.
All licensed accountants in the country observe a number of professional standards as they appear in the 2014 Companies Act and the Statutory Instrument No. 360 of 2017. These are the main acts that outline the professional and ethical requirements as well as the roles of the bodies that regulate the profession.
Some of the ethical principles observed by accountants in general and our accountants in Dublin, including our auditors, are the following:
- Objectivity: the company and the staff providing the services shall treat the business activities with integrity and objectivity;
- Due care: the accountant acts diligently and serves the clients with professional competence by exercising sound judgment;
- Confidentiality: keep the information confidential and take all the reasonable steps to maintain confidentiality;
- Professionalism: the accountant will maintain a professional behaviour, including complying with the relevant laws and regulations; will not knowingly engage in an activity that might impair the integrity of the profession.
A professional accountant shall also identify any threats to the compliance with the fundamental principles. These can represent self-interest threats, self-review threats, the advocacy, familiarity or intimidation threat. A professional accountant complies with the fundamental principles and the conceptual framework set forth in the Code of Ethics issued by the Chartered Accountants Ireland and followed by its members.
The Irish Auditing and Accounting Supervisory Authority is the one in charge of supervising the functions of the prescribed accountancy bodies and the manner in which these bodies regulate and monitor their members, a CPA in Ireland.
Consultancy and specialised accounting services provided by our experts
Our accounting services focus on the general bookkeeping and record keeping, however, they also include consultancy services and forensic accounting, if needed.
Our accountants can help with bookkeeping and accounting services and at the same time we can advise our clients on matters that concern cash-flow management, valuations for shareholdings, preparing strategic reviews, as well as submitting certain business plans. What’s more, our team can assist those who need specialised accounting services in case of mergers and acquisitions.
Forensic accounting in Ireland is a specialised branch of accountancy that deals with asset tracking and reports so that you can be sure that the financial information you are presented with is completely accurate. This service is useful not only in case of mergers of acquisitions in Ireland, when you wish to make sure that the acquisition is a recommended one, but also internally, if you suspect that your company is subject to fraud.
Specialised accounting services, such as forensic accounting, are also required in case of litigation. In these situations, the report prepared by an accountant can be used in court and, as needed, for expert witness testimony.
Forensic accounting is useful in:
- company due diligence;
- internal audits;
- fraud investigations;
- company restructuring;
- solvency and restructuring;
- shareholder disputes;
- professional negligence claims, commercial and liability claims, business interruption claims;
- business termination.
An in-depth investigation of the financial transactions is useful for detecting discrepancies both in-house and when purchasing a legal entity. The data uncovered in a forensic accounting investigation can be subsequently used in court for damages claim or in order to render a contract void. This service can also be used as a preventive one, allowing the business owner to identify any potential areas of concern and take the needed action before any issues occur.
When working with our team, an account manager will make sure that your business is compliant and that it meets the statutory requirements for reports and filing. We know that no two businesses are the same, this is why our accountants in Dublin offer personalized solutions so that your business can benefit from having a clear reflection of its financial status and then prepare and plan accordingly for growth.
Business services in Ireland
Working with a team of accountants in Ireland is important for businesses that are focused on growth and development. If you would like to know more about the role of an accountant, as well as the standards of professional conduct, or if you should wish to change your current company accountant, you can reach out to us for details.
We work with a team of qualified and experienced accountants in Dublin who are able to provide solutions for businesses regardless of their size or the industry in which they operate.
Contact our team of lawyers in the country to find out about the packages and services that also include solutions provided by a CPA in Ireland.