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.

 

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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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