Business Services

Our Business Services department provides a comprehensive service to small and medium sized owner managed businesses, supporting clients in all stages of their business from start-up to development and expansion. We also draw on the pool of expertise across all departments within PKF to ensure our clients receive the most comprehensive financial advice available. Our range of services includes financial planning and control, budgeting and financial forecasting, outsourced cloud based financial accounting services ranging from initial book-keeping services to management accounts and financial controller, payroll management and grant claims assistance.

Our Business Services team work with small and medium sized clients providing a range of services. To find out more please click on the service areas below.

PKF can help provide management solutions on a day to day basis to assist in the control of a business and its assets.

Our team can assist with many other matters on which you may require financial advice – areas such as; budgets, planning, assistance with CSO forms, employment matters, general advice etc.

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Accounting Services

The availability of up to date information is essential to make important business decisions for your company. It is imperative that you review your accounts system; whether it is manual or computerised, and to consider the benefits of moving to a Cloud based accounts package, such as QuickBooks, Xero or Big Red Cloud. The Cloud accounting packages also link with applications for data capture such as;

  • Autoentry
  • Inship and
  • ReceiptBank

This will put an end to sending in physical records for processing, instead simply scan or take a photograph with your smartphone and they can be imported directly into your accounts package.

The use of cloud-based packages enables real time access to your management accounts and access can also be granted to us here in PKF. The importance of up to date real time information is crucial.

Here at PKF, we have the in-house expertise to assist you in updating your accounts system, to ensure you can have up to date real time financial information. PKF can provide you with expert support when you are preparing your year-end statutory accounts. We offer precisely the level of assistance you need, from simply helping you get ready for an audit to undertaking the complete preparation of your accounts.

Our extensive experience in this area covers all kinds of organisations, including limited companies, partnerships, charities, trusts, sole traders, joint ventures and other business entities.

Management Accounting

In any business, key financial decisions by management must be based on accurate data. This makes it vital to have effective management reporting.

We can set up your chart of accounts to ensure that you receive the correct management reports when you need them. We can prepare management accounts monthly or quarterly as appropriate. We can prepare VAT returns based on these reports and assist with the preparation of financial projections. We can also prepare year-end accounts for you, with a fully cross-referenced working paper file ready for submission to the auditors.

Our diverse sector experience means we can also offer you added-value commentary based on variance analysis. With PKF, your management’s decisions will always be fully informed. 

Audit Exemption

The Companies Act 2014, increased the availability of the audit exemption for companies and groups.

The current audit exemption limits are;

  • Balance sheet total does not exceed €6m
  • Turnover does not exceed €12m
  • Employees do not exceed 50

To qualify as a small company and avail of this exemption, a company must satisfy TWO or more of the above conditions in the current financial year and in the preceding financial year.

For the first time, Irish companies which are members of a group and those limited by guarantee can now avail of the audit exemption.

Audit exemption applies to any group company if the group as a whole qualifies as a small group.  The entire group and all its subsidiary undertakings must, taken as a whole, satisfy two of the following 3 conditions in order to claim a group company audit exemption:

  • The balance sheet total of holding company and subsidiaries taken as a whole does not exceed €6m net (or €7.2m gross)
  • The amount of turnover of the holding company and subsidiaries taken as a whole does not exceed €12m net (or €14.4m gross)
  • The average number of persons employed by the holding company and its subsidiaries does not exceed 50.

The above conditions must be met in the year (the conditions must also be met in the preceding year unless it is the holding company’s first financial year.) (s359 (5) CA2014). 

In relation to the aggregate figures for turnover and balance sheet total, ‘net’ means after set-offs and other adjustments made to eliminate group transactions;
(i) in the case of Companies Act financial statements, in accordance with Schedule 4, and
(ii) in the case of IFRS financial statements, in accordance with international financial reporting standards; ‘gross’ means without those set-offs and other adjustments (section 280a Companies Act 2014) 

PKF will prepare full and abridged financial statements for filing with the CRO to ensure your company complies with Company Law requirements.

Tax Compliance

Our team can assist with all taxation compliance matters as Form 11 (Individuals) or /CT1 (Companies). At PKF we can assist with all ongoing taxes such as payroll taxes, Vat and RCT. 

We work closely with our tax team who provide the expertise and experience in tax planning and consultancy.

VAT Returns

Our bookkeeping staff will help you complete and submit your vat return in time. Vat returns can be; bi-monthly, quarterly, four monthly, six monthly and annually depending on your business and your compliance history with the Revenue Commissioners.

RCT

At PKF we can submit your monthly RCT payments and help ensure you or your subcontractors do not lose the RCT credit if this is not submitted on time.

“We have been very satisfied clients of PKF O’Connor, Leddy & Holmes for more than 30 years. Originally they were our auditors but became advisors, tax consultants and a sounding board for advice about expanding our business. We have always found them to be efficient, reliable, thorough and above all flexible. Having the same staff for years meant that our point of contact remained constant and they came to understand our problems – sometimes better than we did!”

Barry & David MacNeaney

AEF Limited

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