I cannot underestimate the benefits of having an accountant.
Every day that I am confronted with something to do with tax, my accounts, invoices, revenue or the dreaded revenue online service I say a silent prayer of thanks to the Brí, who last year, hired an accountant.
I, like many others who start their own business, thought I could do all my own accounting.
I figured because my business model was simple then my accounts would be easy to do. And up to a point that was true, it was easy for me to track my income and expenditure and how much I should set aside for tax and business expenses. Where the trouble came in was when I tried to file my taxes on the ros website. It was stress, stress wrapped in a barbed wire cage of anxiety held on a tightrope over boiling lava while people throw stones at you for the craic.
Anyway, my business mentor set me up with his accountant, I may have mentioned him, Paul Murphy of Murphy O’Connor Accountants, who gave me some fantastic advice. Even though I was so new to the business world he told me exactly what I needed to know in a straightforward, respectful manner which meant I felt I could put my trust in him and the lovely Declan who would be taking care of my accounts.
After agreeing on a fee and what I needed to do I got my accounts together (I’m good at keeping track of everything and all of my receipts) and dropped them in to Declan. Come October 2016, I paid my first set of tax returns and I felt so proud.
I know most people groan when they have to pay taxes but it was a proud moment for me to be able to pay taxes from money I earned from my business and clients I worked hard for.
My accountants are worth every cent I pay for them. They take away the terror and stress of filing accounts, they tell you the number and you pay it. One of my friends is also an accountant and he is always telling me of different things I can do to save a few euros here and there. They know the system inside and out, they are the revenue gatekeepers, and I advise anyone out there starting a business to hire one now; they are worth it in the long run.