If you are using Sage instant accounts and it closes down untidily the next time you try to log in you may get the error message “username in use”  you can try deleting the Queue.dta file.  With all users logged out of Sage.  Search for the Queue.dta file which is in the ACCDATA folder for the company that is experiencing the problem. Delete this file (Sage will recreate it when it opens again)
Hopefully you can now log in again.

If you require any other advice on Sage accounts please do not hesitate to contact Do My Books Accounting Software Provider Ireland

We can offer fantastic deals on Sage, Big Red Book and Xero online accounts.

Ph: 086-3336665

Office: 091-639970

email help_I_broke_sage@domybook.ie

Choosing accounting software is a very important decision for a small business. From my experience the relationship ends up like a marriage (Very expensive if it goes wrong!)

Changing packages is difficult, costly and time consuming so its better to get it right the first time.

After 10 years of using accounting packages and 3 years implementing them I have come up with a list of tips below :

1. Carefully write down what you want from a package first. When choosing you will see lots of amazing features but if your not careful you can get distracted from what YOU need from the software.
2. Review ongoing costs, Some accounting software providers charge an annual license fee, others don’t.
3. Consider how the package will suit in 5 years time. If you are considering expanding can the package expand with you.
4. Don’t over complicate the issue-there’s no point in buying a large package with a  products and job costing modules when all you will use it for is basic book keeping.
5. Check is there local expertise available, This will be very useful if you need support or training.
6. Ask for a demonstration disc , it will give you a good feel for the user interface.
7. Ask other business’s what they use.
8. Check is the accounting software compatible with other software you use. For example linking a payroll system to an accounting system.This can save a lot of time with data entry.
9. Will the software work on your existing hardware? Upgrading hardware can be costly.
10. Are the reporting modules suitable, Your accounting package will contain all your financial information so reporting will be critical.

At Do My Books Accountants Galway we can provide a number of accounting packages including Big Red Book, Xero Online accounts, Sage and Tas books so why not give Ralph a call on 086-3336665 for a free demonstration of any of the packages listed above or email software@domybooks.ie

Do My Books are proud to announce that we are now authorised resellers, installers and trainers on Big Red Book Accounts and Payroll Software. Big Red Books easy to use interface has seen seen it grow to having over 14,000 users in Ireland.

If your looking for accounting software in Galway, Mayo or Clare please do not hesitate to contact us for a few no obligation demonstration on your site.

For further information please email brb@domybooks.ie

Or Call Ralph on 0863336665

As A PAYE there is limited opportunities to reduce your tax bill but one thing you may be able to do is claim flat rate expenses based on your employment category. The list below is the most up to date on Revenue.ie

List of expenses from Revenue.ie

If you require any further information please do not hesitate to contact us at

taxhelp@domybooks.ie

As Accountants based in Galway we can assist you in reducing your tax liability

This is a common issue for entrepreneurs, Should they operate as a sole trader or limited company. From a purely tax point of view if your company profit is larger than you need to live on a Ltd company is the likely to be the most tax efficient option.

The savings would work as follows, 
Profit for yr €1.2M
Drawings required to live off €200K (These will be taxed as income tax either option)
Remaining Profit €1M

Taxed as a sole trader
€506K income tax (approx)
Remaining Profit €494k

Company option (again using €1M remaining profit)

€1M @12.50 % = €125k corporation tax due

Remaining Profit €875k

BUT funds are stuck in the company , final step is to ultimately liquidate the company and pay CGT on the increase in your share holding

Current CGT Rate 25% 

So remaining funds of €875k @ 25% = €219K

Remaining Profit €656K

Saving €656k-€494k = €162K

There is also better scope for sheltering pension contributions using a company and you can get limited liability. 

Disadvantages include increased compliance costs, Solicitors, Accountants ect.

This technique would be used as part of a long term tax plan and would in the real world is not that as simple as above as capital gains rates may change ect.

Voluntary liquidation comes with its own issues you may not be allowed operate as a director for a time afterwards all of which would have to be researched before embarking on this.

This blog post is from an Accountant based in Galway if you would like to discuss this further please do not hesitate to email

tax@domybooks.ie

Disclaimer: This blog post is my opinion and should not be treated as tax advice.

Good news for small businesses in Ireland. The dept of justice has made a press release annoucing small businesses can under certain circumstances use the small claims court. Prior to this development the legal costs in suing an individual were large and only relevant when the amount was large, this welcome development allows for recourse with smaller amounts.

Details are below are taken from here

Ahern extends Small Claims Procedure to cover business claims

The Minister for Justice, Equality and Law Reform, Mr. Dermot Ahern, T.D., today announced that he has introduced new Court Rules to extend the current remit of the Small Claims procedure to include certain business claims. The new rules will facilitate claims from a business against another business in respect of goods or services not exceeding €2,000.

Introducing the new Small Claims procedure Minister Ahern said “This Government is conscious that all businesses, but small businesses in particular, have been significantly affected by the very difficult economic situation that this country is facing. Businesses, as well as consumers, can find themselves in a position where they have a legitimate claim against another business or vendor in relation to a contract in respect of goods or services purchased.

The extension of this successful procedure will provide a choice of legal routes to pursue a small claim as the current civil bill system will also remain available. This will allow a business choose whichever route, small claims or civil bill procedure, it considers most economic and appropriate to its circumstances.”

The Minister went on to say that “By limiting the new procedure to consumer and business to business claims, the fundamental pro-consumer ethos of the small claims process will be maintained. It is essential that consumers, especially in vulnerable economic circumstances, are protected. The new procedure provides the necessary safeguards for consumers.”

The new rules will come into effect on 11 January 2010.

5 January 2010

Note For Editors

The new Small Claims procedure amends District Court Rules (Order 53A of the District Court Rules 1997). The consumer or business must have purchased goods or services from someone selling them in the course of business. Claims cannot be made in respect of debts, personal injuries or breach of leasing or hire purchase agreements. The procedure provides an alternative and complimentary mechanism to the civil bill procedure.

It should be noted that Irish jurisprudence currently requires limited liability companies to engage legal representation for an court based proceedings. The Minister has requested that this precedent be reviewed by the Company Law Review Group.

This is the Blog of an Accountant based in Galway providing Bookkeeping services and accountancy software

Almost every business owner I speak to at the moment is having issues with their cash flow and unfortunately more business’s will fail in 2010.  You can have thousands of great customers and make huge profits but without cash flowing through the busines it will fail. Despite what the advertisements say Banks are still declining lots of loan/ overdraft applications so micromanaging  working capital is critical.

Firstly what is working capital? Working Capital is loosesly regarded as: Current Assets – Current Liabilities

Managing working capital involves ensuring the business remains liquid by balancing the  need to keep  adequate cash to meet obligations on one hand and on the other hand  not being too conservative and utilising the available funds.

Sounds good but how can we do it, Most important is the matching concept (sounds exciting doesnt it) This means long term assets (fixed assets: Buildings , vehicles ect..) must be financed by long term funds, (Debt/ Equity) , Short term assets can be financed with short term funds (Creditors/ Overdraft).

Mis-matching can have lead to serious issues, for example if a long term asset is purchased using an overdraft, The overdraft may expire due to a change in circumstances. This could have disastrous effects for the company.

Working capital management is crucial to liquidity. To assess the liquidity of a company we can use the current ratio:

Current Ratio= Current Assets/Current Liabilites

The ‘prefect/ideal world (never happens!)’ current Ratio is 2:1 so even if the current assets halved their would be funds remaining to pay creditors but presently in business in Ireland 2010 any figure above 1.5 is very healthy. If the current ratio falls below 1:1 there is likely to be serious liquidity issues.

If you would like a free consultation on your companies cash flow situation please email me at:
cashmanagement@domybooks.ie

This is the Blog of an Accountant based in Galway providing Bookkeeping services and accountancy software

At Domybooks our core business is Bookkeeping. Below I have listed our the main  services this covers.

• Processing of VAT returns
• Recording purchase invoices
• Preparing sales invoices
• Bank reconciliations
• Sundry Reconciliations
• Accounting data entry
• Payroll preparation
• Processing of expenses
• Debt Collection

Outsourcing your book keeping to an expert can save you time and money allowing you to focus on your business.

If you would like to speak to Domybooks about outsourcing your business please do not hesitate to email

bookkeeping@domybooks.ie

This is the Blog of an Accountant based in Galway providing Bookkeeping services and accountancy software

Since the economic downturn in Ireland A  significant number of Irish companies have outsourced their payroll to a specialist provider (Like Domybooks!) As well as allowing them to reduce headcount this also comes with further advantages as listed below:

• Compliance- As experts we ensure you are fully complaint with all relevant payroll legislation.
• Timelyness- We ensure all your information is available when you need it and all returns are filed on time
• Accruacy- Errors in payroll can be costly and give a bad impression to staff, Remove errors by using an expert
• Worry!- Pass the worry of keeping up to date with budgets and tax changes to someone else
• Reporting- A professional payroll bureau will provide a variety of reports allowing you to analyse your costs and make changes when necessary
• Back up- Outsourcing provides disaster recovery as back-up of payroll information is kept off the premises
• Confidentiality- Reduces risk of exposing confidential payroll information to unauthorised personnel

At Domybooks we use the latest technology to cut costs and pass the savings onto our clients. This means you can outsource your payroll to us for as little as €15 per week or €20 per month if you run a monthly payroll. This includes year end processing, payslips and all set up fee’s

As a special offer we are currently giving the first month free!

Please email payroll@domybooks.ie for further information

This is the Blog of an Accountant based in Galway providing Bookkeeping services and accountancy software

In a surprise move oil rich  Abu Dhabi has bailed out Dubai with $10 billion.  The terms of the funding are not being released but the funding relates to Dubai’s flagship investment company  Dubai World. Dubai World manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading.

Dubai is now rushing to reform its bankrupcy laws in the event that Dubai World needs protection from its creditors.

I find it very interesting how quickly the fate of flashy Dubai have turned so fast. A large amount of Dubai’s growth has been funded by cheap cash which has now dried up so there is certainly changes ahead.

This is the Blog of an Accountant based in Galway providing Bookkeeping services and accountancy software