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Solutions for your business to help start 2020 positively…

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Firstly, let us take the time to wish all our clients and friends a very happy and prosperous New Year. 2020 comes to us all with a lot of uncertainty but we will weather any financial storms that may result from Brexit with our patented Irish resilience. As we have bid farewell to the previous decade and turned the page into a new one, thoughts often turn to change and what we can do to change our selves, our positions in life and our career trajectory. We here at EcovisDCA know that all of our clients and friends are incredibly hard working and focused and as such do not wish to start the decade off on a negative footing with a list of changes to be made, rather we have decided to focus on solutions to make your business and financial life run smoother in the years ahead.

 

Update your Payroll System:

As we are all aware, there has been a major overhaul to the PAYE system that has recently come into effect in Ireland. We have discussed these changes in detail in the past, and how they will affect the day to day running of your business, and whilst your payroll staff have long been setting up for this event, it is a good idea to start this new decade off with a review of your new system in case there are ways in which it can be more efficient for you. These PAYE changes are the perfect opportunity to update your current payroll software if needed.

2019, The Year in Review:

Whilst it is important not to dwell entirely on the past, whether 2019 was a more positive or negative financial year for your business it is essential to take a glance into the rearview mirror and assess how your finances were in 2019. Perhaps there are areas here that can be utilised more to your benefit.

Goals, Goals, Goals:

A new year always comes with new personal goals, and a new decade is the perfect opportunity to set some business and financial goals for your business. What are the daily/weekly/monthly steps you can take over the next 12 months to get your business closer to that end goal? Goals can be an essential method of planning out the future of your business.

Deadlines:

As we have spoken about before, Revenue have been overhauling their tax systems and clamping down on evasion and late filing. As we start this new year, take note of all the essential deadlines for the coming year and begin working towards meeting them.

These are just some small ideas to start this new decade of your business off on a positive and energetic note and start as you mean to go on.

Should you have any concerns or queries on any business or financial matters, please don’t hesitate to contact us here at EcovisDCA. We are looking forward to working with you all during the new roaring 20’s.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

GETTING SEPA READY

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What is SEPA, and why does it matter for your business?

 

Back when the powers that be introduced the Euro, they had a vision of easy cross-border commerce driving prosperity for all. Even though the currency has had its ups and downs, authorities are still striving towards that goal, with the Single Euro Payments Area (SEPA) the latest initiative.

 

Simply put, SEPA is a standardised way of processing payments that applies to 34 European countries, replacing national systems. It was due to come into force on February 1, but has since been delayed by six months to give banks and businesses more time to switch over. It’s unlikely that we’ll get another extension on the SEPA deadline, so it’s vital that your business is ready for the change this year.

 

Credit Transfers

SEPA is a simple system with a few modifications. SEPA Credit Transfer allows you to make euro electronic payments to domestic and cross-border beneficiaries. International Bank Account Number (IBAN) and Business Identifier Code (BIC) will replace national sort codes and account numbers as the key input information.

 

These numbers should be readily available on any bank statement. However, businesses and invididuals can work out their IBAN using sort codes and standard bank account numbers here. The standardised format should make electronic payments For a business to switch over to SEPA, therefore, you will need to obtain the IBANs and BICs for your employees and key suppliers if they haven’t provided them already. It is also a good idea to modify your invoices to include the relevant bank details.

 

Direct Debits

Things are a bit more complicated when it comes to direct debits. If your business collects direct debits from customers, SEPA Direct Debit brings changes including new file submission time frames, new customer file formats, and a new automated process for rejected or returned transactions.

 

Of course, the IBAN and BIC will replace national sort codes and account numbers used for direct debits. Beyond this information, any direct debit mandates will need a creditor identifier, the debtor name and address, the creditor’s Name, address and postal code, the type of payment (whether one off or recurrent), the date of signing the mandate, a unique mandate reference (UMR) and approved Legal Text. Your direct debit service provider should be able to advise you of any changes you need to make, but you can download an in-depth guide to the new regime here.

 

The SEPA transition should be a positive step, even if it comes with some confusion for consumers and businesses. If you haven’t already laid the groundwork for a SEPA switchover, you should advantage of the extended deadline and get ready now to avoid disruption. If you need assistance in getting your company SEPA-ready, you can contact us for an initial, no-obligation meeting.

 

Do you have a question for DCA’s experts? Contact us or connect with us on Twitter.