Trustworthy. Experienced. Reliable.
At Paddy Quinn and Co, we’re passionate about helping businesses succeed. We see our role in this as accountants that you can not only trust to get things done, but will also provide the added value you will not get elsewhere.
Here are some frequently asked questions to guide you, please do get in touch if your question is not listed below.
The main job of an accountant is the preparation and examination of financial records.
The four main types of accountants are chartered accountants, certified accountants, cost and management accountants, and certified public accountants. Paddy Quinn & Co is a Chartered Accountant offering a wider variety of services including Payroll, Company Secretary and Registered Office Address to name a few.
Chartered accountants work in all fields of business and finance, including auditing, taxation, financial and general management. Chartered accountants' institutes require members to undertake a minimum level of continuing professional development to stay professionally competitive.
A chartered accountant can offer specialist accountancy services and business advice in a range of important areas. The key difference between an accountant and a chartered accountant is that the latter is typically more highly qualified and experienced, and will be a member of a professional body.
Bookkeepers record financial transactions, post debits and credits, create invoices, manage payroll, and maintain and balance the books.
Bookkeepers handle the day-to-day tasks of recording financial transactions, while accountants provide insight and analysis of that data and generate accounting reports.
To ensure your financial reporting is accurate, you need to have clear processes and procedures for recording and verifying revenues, expenses, assets, and liabilities. In accounting, keeping in line with these rules is called compliance.
The registered office of a company is that to which CRO correspondence and all formal legal notices addressed to the company will be sent.
The registered office can be anywhere in the State. The address must be a physical location, not just a post office box number, because people have the right to visit the company's registered office to inspect certain registers and documents and to deliver documents by hand.
It is the law that all businesses in Ireland require a registered office address. This this has been the case since the Companies Act 2014 came into force. It requires that it must be a physical address: a PO Box will not suffice. However, it doesn’t matter where in the state the address is.
For an address to be classified as a business/trading address, it must be the premises where your company’s business is conducted from.
The registered office address can be anywhere in the Republic of Ireland and must be a physical location whereby An Post can deliver post, it cannot be a PO Box.
If you employ staff, you’ll need to make sure your business is registered with Revenue for PAYE and that you run payroll correctly. There is little room for error. That’s why having our qualified team look after this process for you helps to ensure you keep everyone happy.
The payroll team here are specialists – you can be assured that your business’ payroll will run on time and be fully tax compliant. Our rates are also very competitive and fully transparent.
A self-employed person doesn't follow the same tax and payment rules as an employee. An employee receives a wage each (week/month) gross wage less PRSI, USC, PAYE and the net wage is the paid.
A sole trader’s wages are referred to as "drawings". This is any money taken out of the business for personal reasons. However, as a sole trader, your drawings are not tax-deductible expenses.
To comply with government regulations, you must make accurate payments and deductions,
provide your employee with a detailed payslip that shows what you’ve done, file and pay taxes on time, pay other deductions – such as retirement contributions – to the right places
and also hold onto payroll records for a specific period of time.
The duties of a secretary are duties delegated to the position by the directors. There is no definitive term covering what this will entail.
By law, every company in Ireland is required to appoint a company secretary who must be at least 18 years of age. A company director can be appointed as the secretary if desired unless it is a single director company, in which case the secretary must be different.
Traditional accounting systems that are only available on-premises, run either on the accounting team computers’ hard drives, or on a server owned and maintained by the company.
Generally, anyone who wanted access to the software or information needed a computer with the right software installed or to be within close proximity of the server. Moreover, all information was stored locally, rather than on the cloud, meaning it was vulnerable to loss or damage.
In the case of cloud accounting, business books are stored online. That includes records of income and expenses, and assets and liabilities. The information is encrypted, much like a bank, so only people with the login information can view the data.
Cloud accounting gives you access to your key business numbers 24/7, from any location you can access the internet.
Nearly all income is liable to tax. Tax on income that you earn from employment is deducted from your wages by your employer on behalf of Revenue. This is known as Pay As You Earn (PAYE). The amount of tax that you have to pay depends on the amount of the income that you earn and on your personal circumstances.
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