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Parfrey Murphy
Chartered Accountants
Lee View House
South Terrace
Cork
Ireland

T: +353 (0)21 4310266
E: pm@parfreymurphy.ie
E-Newsletter
April 2014
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 pm@parfreymurphy.ie if you wish to do business with us

How To Save On Printing Costs

Seamus Parfrey

 By Seamus Parfrey  

 

Very simply just use compatible ink and toner cartridges.

 

For over the past two years we have used compatible cartridges and have experienced no problems or loss of quality with our printed materials.

 

The price differences can be substantial.

 

For personal printers the ink cartridge costs us €5 whereas the average shop price is about €11 - 120% higher.

 

For shared printers the toner cartridge costs us €80 whereas the average shop price is about €210 -210% higher.

 

 

[READ MORE]

How to Improve What Matters Most With the 80/20 Rule

A problem many of us have is too many measures and, consequently, too much to improve. We need to prioritise, but we somehow don't do it well enough. Here's a method to focus on what really matters most, that has over 116 years of proof that it works...

 

In 1897, over a century ago, an Italian economist called Vilfredo Pareto made the discovery that 80% of the wealth of a population was owned by 20% of that population. The Pareto Principle, or 80/20 rule, is a pattern of predictable imbalance that keeps popping up in all kinds of contexts ever since. For example, the Quality Movement certainly grabbed onto it, coining phrases like "80% of the problem is caused by 20% of the causes."

 

Is the 80/20 rule still relevant to us today?


The 80/20 rule is a guide for how to think about improving things. If you want a measure or result to improve, you have to change something. And with even a basic 80/20 analysis, you can find out what those "somethings" are which will have the greatest impact.

 

And in an age where time is scarce, and to-do lists are long, the sharper our focus can be on what matters most, the better our results will be.

 

When should we use the 80/20 rule?

 

If you're not completely happy with how your work or life is going right now, or you know that there is scope to improve it, then practice asking questions like these:

  • Which are the 20% of tasks I perform that generate 80% of my output?
  • Who are the 20% of customers that generate 80% of our profitability?
  • Who are the 20% of customers that have 80% of the need for our services?
  • What are the 20% of products that generate 80% of our profitability?
  • What are the 20% of investments I make that generate 80% of the return?
  • What are the 20% of interruptions that cause 80% of my productivity problems?
  • What is the 20% of literature I read that gives me 80% of the knowledge I need?
  • Who are the 20% of suppliers that give me 80% of the goods and services I need?
  • What are the 20% of complaints that take up 80% of my complaint handling time?
  • Who are the 20% of friends & family that get 80% of my attention?


Asking questions like these shows you how much more influence you can have in changing things in your life and work. You don't have to fight the current, nor do you have to just lay back and let it carry you. You can find a diagonal escape out of it with a focus on causes you can influence.

 

The 80/20 rule helps focus your attention on the things that have the BIGGEST likely impact on the results you want in your life. And by focusing on those things, you can more easily examine how you can influence them.

 

How to do a simple 80/20 analysis...

 

When you have framed your result and its potential causes in 80/20 questions like those above, you've set the scope for what kind of data to collect. If you're going to know which are the 20% of causes that produce 80% of your result, you'll need to measure both your result, and the degree of impact of each cause.

 

 

[READ MORE]

Texting Can Kill Or Maim
Seamus Parfrey

 By Seamus Parfrey  

 

Do you from time to time risk sending business or other texts while driving?

 

AT&T, the U.S. mobile phone carrier, commissioned Werner Herzog the famous German filmmaker to produce a documentary on the dangers of texting while driving.

 

 

[READ MORE]

DEADLINES AND REMINDERS
Sinead Herlihy

Deadline - 14 May 2014

PAYE/PRSI
  • P30 monthly return and payment for April 2014
Deadline - 14 May 2014
DWT
  • Return and payment for April 2014
Deadline - 19 May 2014
VAT
  • Return and payment for March - April 2014
  • Return and payment for January - April 2014

Deadline - 23 May 2014
  • RCT - Return and payment for April 2014               

Deadline - 21 May 2014

Corporation Tax

  • Preliminary Tax for accounting periods ending between 1 - 30 June 2014
  • First installment of preliminary tax for "Large Companies" with a financial year ending between 1 - 30 November 2014
  • Returns for accounting periods ending between 1 - 31 August 2013
  • Pay balance of tax due on accounting periods ending between 1 - 31 August 2013
  • Returns of third party information for accounting periods ending between 1 - 31 August 2013
Where returns and payments are made electronically, the return and payment deadlines are the 23rd day of the month.
Parfrey Murphy
+353 (0)21 4310266
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