Posts Tagged ‘new business accounts’
Blanchardstown Area Partnership – start your own business courses
Anyone living in or around Dublin West should take note of the great value courses available from the Blanchadstown area partnership. For as little as €10 per person you can learn some key skills and gain valuable information on business essentials such as the Bookeeping and Vat Seminars outlined below.
Places are available for upcoming Bookkeeping seminar (on 26 Feb) & VAT seminar (on 5 Mar)
To book your place, simply reply or email: enterprise@bap.ie with your contact details.
(if you are already registered to attend, please ignore this email)
Both €10 per participant
Bookkeeping (10am to 1pm)
26 February
Why it is vital to keep the books straight
Recording data in a systematic manner in the books
Tailoring the record keeping to meet your needs
Bank reconciliation
How to use the information recorded
VAT (10am to 1pm)
5 March
Who must register for VAT and why
How to assemble data for VAT and how to completed the returns
What VAT is allowed and disallowed and why
How imports and exports are treated for VAT purposes
Why VAT is the most lethal of all the various taxes
To book your place, simply email: enterprise@bap.ie with your contact details.
There are many other upcoming seminars and courses.
More info @ http://www.bap.ie/bus_wshop_sched_2010.html
Market Research – 19 Feb
Bookeeping – 26 Feb
start UP – 1 Day Business Seminar – 10 Mar
How To Marketing Your Business On-Line – 12 Mar
A ‘How To’ Guide To Designing Effective Promotional Material – 18 Mar
Getting Your Message Across – Effective Communication – 26 Mar
Principles of Employment Law – 31 Mar
start UP – 1 Day Business Seminar – 14 Apr
Guerrilla Marketing – 16 Apr
What You Need To Know For Importing & Exporting – 28 Apr
Company: AscenTrust Limited
Website: www.ascentrust.com
Founders: Conall Lavery & Perry Ram
Age: 55 and 43
Based: Ireland with back office in India
Staff Number: 22
Date started: November 2008
Tell us what your business does?
AscenTrust helps small companies reduce the cost of producing accounts without any degradation of accuracy or timeliness. AscenTrust’s management accounts help organisations make better business decisions. The low cost of AscenTrust’s back office in India is passed onto its clients, however the client only works with AscenTrust’s Irish based accountants. Services include; bookkeeping, payroll, budgeting and management accounts. The client can keep their existing accounting software, or they can change to an online accounting system. Excellent management accounts facilitate timely decision making.
Where did the idea for your business come from?
Perry and Conall attended a business program in Harvard Business School in 2000 and talked a lot about how small businesses were going to have to change to meet the challenges ahead. We both agreed that strategic outsourcing was going to be an important component. We kept in touch over the years, and both of us sold our companies in 2006. When Perry decided to relocate back to Ireland (his previous business was in the USA) he contacted Conall to see if he would like to start an outsourcing business with him in Ireland.
Have you always wanted to run your own business?
Both of the founders had founded and sold previous business – so I suppose the answer is, yes.
What planning did you do before you started up?
The initial contact was in December 2007 and we spent a good deal of time in 2008 researching and planning. We carried out some research into a number of different functions that we would serve with an outsourced business and settled on accounting services. We obtained global reports on outsourcing, we met outsourcing companies in the USA in our sector, we spoke to accountancy firms and potential end users. We then developed a business plan and registered the business on 7th November 2008. The business is funded by the founding partners.
Which Irish Entrepreneurs do you admire?
All of them but Eddie O’Connor of Mainstream Renewable Power and previously Airtricity stands out amongst them. It is hard not to admire Denis O’Brien.
What challenges have you faced how have you overcome them?
Our biggest challenge is the cost of sales to win new clients. The cost of our service is such that sales and marketing costs can eat up the first year to two years of contribution from each client, so we need to be smart about how we win customers. We are exploring partnerships with other organisations and looking to marketing to solve these problems. In the short term we need reference sites for each business segment we enter.
Have you promoted your business?
Yes, we have. We started in January 2009 with a “soft launch” as we needed reference clients. We started promoting the company in July 2009. We have two websites www.ascentrust.com and www.payrolls4u.com. We have done mailshots, placed advertisement in business and sector specific magazines and we have done a great deal of business networking.
What has your growth been like?
Initially we had some quick wins from the business development / research done in 2008, we then focused on developing the service and in the last quarter of 2009 we started to reap the rewards.
What’s the impact on your home life been like?
As I worked for myself in the past the home impact has been low. Indeed, as I mostly use the office in my house, I am probably around more than I was before.
Accounting is by far, one of most important aspects of starting and operating a business. It’s so easy to get caught up in the start up glamorous tasks of designing a business card or choosing a business name, yet without a solid understanding of the numbers you will not survive.
The streets of entrepreneurship are littered with former business owners who ignored the financial side of business only to discover too late they were operating at a loss not a profit. Without a firm grasp of your margins and cash flow, you can price yourself right out of the market.
Over 28% of businesses declaring bankruptcy cite problems with the financial structure of the company as the main cause of failure, according to a Small Business Administration study, “Financial Difficulties of Small Businesses and Reasons for Their Failure.” Take the responsibility of entrepreneurship by learning the basics of accounting.
Hiring an Accountant
Unless you are a numbers wiz or have a degree in accounting, you will need to employee the services of a professional to set up your accounting system. To get a grasp on your small business accounting and financials, should you hire a bookkeeper or an accountant?
Each start up situation is unique but generally most start ups can begin with bookkeeper. A bookkeeper’s services make sense for average start-ups with no plans on building an empire. The bookkeeper will help you start off with a good record keeping system, handle financial transactions, and produce financial statements.
Hiring an accountant makes sense for growing companies, businesses with more complex business structures (such as limited liability companies) and when you add additional employees to your company.
Initially, you may start your business part-time or at home to keep expenses low. The cost of an accountant on a monthly basis can be too much for a one-person business. Either prepare the books yourself or have a bookkeeper involved in the process. Use the accountant for your year-end tax planning.
When you do plan to hire an accountant or bookkeeper, remember to find one you can trust and build a solid relationship with because you need their advice and guidance in steering your business now and in the future.
