Is Your Business Entitled to Audit Exemption Status For 2015?
One of the key new provisions of the act that will have the most impact for small business will be the new terms and conditions for audit exemption and the new thresholds that are to be applied.
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Audit Exemptions 2015!
Many new changes are coming under the provisions of the new Companies Act 2014. This act is expected to be signed into law by the President by the end of the year 2014 with implementation scheduled for June 2015. One of the key new provisions of the act that will have the most impact for small business will be the new terms and conditions for audit exemption and the new thresholds that are to be applied.
Under the New Audit Exemption Provisions of the New 2014 Companies Act once the bill comes into law, exemption can be sough by certain Groups & Limited By Guarantee Organisations once they are under the prescribed thresholds. This will mean that company types such as holding and subsidiary companies, clubs, membership organisations, residential property management companies, charities, NGO’s, sports organisations, students unions, social enterprises and certain co-operatives will fall into this category and may be eligible for Audit Exemption Status for 2015.
Being Audit Exempt can represent significantly cost savings for your business and will also allow your business advisors and accountants to focus on other non compliance based work that will really add value to your company. Areas such as business growth, profitability, expansion, seeking new opportunities will all be more time accessible if the time consuming graft of compliance is removed.
Contact Avid Partners Today to see if your company can qualify for Audit Exemption for 2015. Certain Thresholds will apply so not every company listed in the categories above will be eligible. Call us on 0818 303087 or email us at advice@avidpartners.ie. We always love to hear from small businesses in Ireland.
Scenarios:
Yes Avid Partners have two divisions of the company. We have an accountancy division that handles your day to day financial necessities and we also have an advisory division to assist companies develop their businesses. This can include consultancy, marketing and guidance when required. We can act as a Chairperson for your organisation if required and can also take away some of the day to day pressures that can restrict growth and slow development. Avid Partners can help with both of the critical aspects of a company, keeping costs down as much as possible and growing revenues exponentially. Technology companies need patience in developing their visions and an involved day to day partner is the best way of keeping a good business balance.
It is a common problem for companies who are in a situation where their business is growing in real terms (users, visitors) but sales is not matching the other growth metrics as traditionally sales lags behind growth (Twitter, Linked In, etc). So what do you do? Every business needs access to finance to pay operating costs which gives the company time to develop future revenue streams. Thankfully the situation is getting better with many tech friendly finance options coming on stream such as micro financing, crowd funding and government agencies are also starting to show support interests.
Every company starts out small with very limited resources at the beginning of the project. The key is to make the most from the resources you have and to seek out alliances, support systems and working partners. Start ups face many challenges including access to capital, regulatory requirements, economies of scale. We can help you develop your concept and will assist in every way possible from accountancy and day to day support to advisory services and raising finance. We can assist in a number of ways and have a portfolio of growing small companies that we help on an on-going basis.
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"A breath of fresh air. Your firm demonstrated enormous commercial understanding in turning around negotiations with a potential target vendor. I admire your style and ability to drive the deal forward. Many thanks."
Excel Recruitment
"Your business approach to clients is very impressive. I have always found that when explaining the types of service on offer, it is always concise and straight forward. The level of trust that clients place in your company and its staff speaks volumes."
EBS
"I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach."
Bank of Ireland
As a small business experiencing growth Ortus Technology found itself in need of guidance. We weren't sure how to measure our company, how to grow within our budget or what our budget actually was. Avid Partners looked at our business, listened to us and got us to provide them with some information.
Ortus Technology
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"A breath of fresh air. Your firm demonstrated enormous commercial understanding in turning around negotiations with a potential target vendor. I admire your style and ability to drive the deal forward. Many thanks." -
"I would like to say I'm very happy with your service, especially the audit team, your staff are always friendly, helpful and a pleasure to deal with." -
"Your business approach to clients is very impressive. I have always found that when explaining the types of service on offer, it is always concise and straight forward. The level of trust that clients place in your company and its staff speaks volumes." -
"I would like to take this opportunity to say how much we are impressed with your company's professionalism, it has been a pleasure working with you all and we look forward to working with you in the future." -
"Avid Partners - Accountants & Business Advisors are an excellent firm of accountants, their quality ethos is outstanding." -
"I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach." -
"Service is second to none; there is always someone at the end of the phone for any business advice. The staff are very easy to get along with, very approachable and know exactly what they are talking about" -
We at Fitzies Bar have worked with Avid Partners - Business & Financial Advisers for over five years. We find that the advice and support offered to us in addition to all of our book-keeping requirements to include payroll, VAT, etc. is invaluable and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners. -
Jamie and his staff are a pleasure to work with. They respond promptly to any queries we have and are critical to our financial planning and the future needs of our business. I would highly recommend them to anyone interested in accounting services. -
We at Stillorgan Cycles have used Jamie and his Team at Avid Partners – Accountants and Business Advisers for over five years. We have found that the retail advice and support offered to us is second to none and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners. -
I met Avid Partners through a local business networking group. We had been using the same accountants for years and found that in these harsh economic times that we were not getting good enough value or service. We were very impressed by the company's professionalism and enthusiasm and genuine interest in helping us get the most out of our business. As a result we are now clients of Avid Partners and are thrilled with our decision. -
After meeting Avid Partners with a view to changing our accountants, we came away with a better deal financially and a feeling that we were in capable hands. We feel that Avid Partners has a personal interest in the welfare of our business. Avid Partners have given us great advice, help and support and respond to our day to day queries with speed and efficiency. We feel it was a great move for us to change to Avid Partners.
