Traditionally accounting was done through standalone systems like excel or specialised bookkeeping software and considered a necessary evil by businesses. On the other hand, online accounting is designed with entrepreneurs in mind rather than accountants and has the potential to change the way businesses operate. Its main focus is to provide the key people associated with the business access to live financial information and thereby support informed decision making.

Online accounting systems such as Xero, Kashflow, Freshbooks, etc. are low cost subscription-based services, usually payable monthly. As the software company handles the setup, security and maintenance of the system, online software tends to be much cheaper and more reliable than traditional software. For the average business owner this means that there is no costly installation, upgrades, exchange of data files, back-ups or disaster recovery to worry about.

What are the benefits for my business?

• Simultaneous multi-user access


• Real-time updates to accounts through automated bank feeds


• Secure access from multiple devices – anytime, anywhere updates


• Fixed monthly fees per company not user


• Free system upgrades


• Live data back up


• Extensive training and 24/7 support


• More reliable, flexible and user-friendly

For more information on Online Accounting and the benefits it can offer your business, please feel free to contact Gabriela O’Mahony of Aperio Finance on +353 (0)21 488 8975.

Proposed legislation is going to bring cost savings to the new companies and is aiming to make Company Law easier to understand and implement.

The main changes to the existing Company Law:

• Single directorship allowed


• No Objects Clause requirement in the Memorandum of Association


• Audit Exemption availability extended to Dormant and Group Companies


• SME examinership application through the Circuit Court


• Private Limited Company name change to Company Limited by Shares or CLS


• No requirement to hold an Annual General Meeting; written procedure will suffice


• A company constitution will replace Memorandum and Articles of Association


• The Legislation will outline default provisions


• Companies allowed to perform certain activities by means of a directors declaration and a shareholders’ resolution rather than High Court application


• Change of the company type process simplified


• Increased transparency of information about PLC’s, Guarantee Companies and Unlimited Companies

The most substantial increases are in the area of excise duties, social security and property tax.

Have a look at the Budget Summary below for details.