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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: [email protected]
E-Newsletter
MARCH 2013
Our aim is to help our clients increase their profitability, improve their cash flow and reduce their tax liabilities so that they have more disposable income. Please feel free to call us on  021 4310266 or email us at [email protected] if you wish to do business with us
IMPROVE YOUR BOTTOM LINE
Seamus Parfrey

By Seamus Parfrey

 

A question that entrepreneurs often ask themselves is: How can I make more money? And often their instinctive answer is to say increase revenues.

  

However, increasing revenues makes sense only if it leads to higher profits.

So how can entrepreneurs improve the bottom line? By following these five key steps:

  

1.     Assess the profitability of your business - Periodically analyse your business's gross profit margin and operating margin and compare them to those of the best companies in your industry (or related industries). Benchmarking in this way can help you identify opportunities for improvement.

  

2.     Analyse individual components - Review the profitability of various areas of your business such as individual products or services, business lines, individual jobs, geographic locations, clients, etc. This will allow you to zero in on winners and losers. Use the 80/20 rule.

  

3.     Examine your options - Consider what actions you could...

 

{READ MORE} 

 

SIX REASONS TO SELL YOUR BUSINESS NOW

By Noel Murphy

 

It seems like we're at a fork in the road: there are some positive signs that the economy may be turning around slightly, but at the same time consumer and overall confidence in the economy is non existent.

 

It's precisely because we're at this inflection point that we see a lot of business owners considering the eject button. If you've been thinking of selling your business, here are six reasons to get out now:

 

1. You've lost the stomach for it

 

A lot of business owners took 2007 and its aftershocks in the teeth. If you've got your business stabilised and the prospect of fighting through more pain leaves you panic-stricken, it's time to get out.

 

2. The worst is behind you...

  

{READ MORE}

INCREASE THE VALUE OF YOUR BUSINESS

By Seamus Parfrey

 

Selling a business is a major challenge. Beside the complexity of the process and the emotions involved in handing over the company to someone else, entrepreneurs need to make sure they maximise the value of the business they've put so much effort and time into building.

 

Making cosmetic changes to a company at the last minute before putting it on the market is a recipe for disappointment. Planning and preparation for a transition can take years and entrepreneurs need to take the time to do it right.

 

1.  Seek advice

You should work with an experienced outside adviser who can help you prepare your business for sale, including having an expert evaluation conducted. You need professional advice.

 

2.  Profits are crucial

If you are only breaking even don't expect a high offer.Good retained earnings on your balance sheet-the portion of the net income that... 

 

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DEADLINES AND REMINDERS
Sinead Herlihy
Deadline - 14 April 2013
  • P30 monthly return and payment for March 2013.
  • DWT - Return and payment for March 2013

 

Deadline - 23 April 2013

  • RCT - Return and payment for March 2013
  • Quarterly return and payment for January - March 2013  

Deadline - 21 April 2013

Corporation Tax

  • Preliminary Tax for accounting periods ending between 1 - 31 May 2013
  • First instalment of preliminary tax for "Large Companies" with a financial year ending between 1 - 31 October 2013
  • Returns for accounting periods ending between 1 - 31 July 2012
  • Pay balance of tax due on accounting periods ending between 1 - 31 July 2012
  • Returns of third party information for accounting periods ending between 1 - 31 July 2012

 

Where returns and payments are made electronically the return and payment deadlines are being extended to the 23rd day of the month.

 

Parfrey Murphy
+353 (0)21 4310266
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