Every company would like to operate without some form of credit or finance, but the reality is that most companies need either short term forms of finance or longer term finance for capital expenditure, such as heavy machinery.
In Ireland, finance can be hard to get from traditional sources, as there are only 4 pillar banks (soon to be 3 when Ulster Bank pull out operations from Ireland). These banks form a kind of monopoly, where the cost of finance is very high, as they have little to no competition in the market. The traditional trade finance option (also known as factoring) is expensive, manual and can be a slow and challenging process to deal with.
At Accounting Pro, we partner with companies to give contractors and recruiters more holistic services than simply just accounting. One such example is our partnership with Gardenia Tech, which is a Global Data Analytics and Trade Finance company that provides finance on the basis of a company’s accounts receivables (trade invoices). This allows companies to free up cash, reduce bank borrowings and ultimately boost their profits. Gardenia Tech uses its proprietary System of Intelligence (platform, software, and machine learning algorithms) to provide working capital management and trade finance. They take data feeds from companies’ internal systems (ERPs, TMSs, CRMs), and load it onto their data analytics platform. They then make suggestions as to opportunities to save money, while at the same time making intelligent decisions on funding accounts receivables for the counter parties that they deal with.
So, what are the benefits?
It’s a cost-effective method and can be an excellent strategic resource in financial planning, as the advanced analytics provide excellent insights for companies by using machine learning to analyse their data. Gardenia can also fund Accounts Payable, paying invoices on behalf of a company, so they can benefit from early payment terms. These analytics activities free up cash within the company, and the funding activities reduces the need for traditional bank credit, by increasing the liquidity in the company. This can be beneficial to clients who need quick and reliable financing solutions. Companies get the added benefit of a whole range of data analytics to inform and bring their business to the next level.
Our client market has a real need for the services that Gardenia Tech provides. This service will help them to free up cash and reduce their reliance on credit. Accounting Pro always strives to provide our clients with the help they need to run their business effectively.
Here is a more detailed look at the services Accounting Pro Ireland provides:
Outsourced Payroll: Accounting Pro offers flexible payroll solutions for every business no matter what size your company is. Accounting Pro’s outsourced payroll service is ideal for any form of company and industry. We take care of each client and customize our service model to best suit the needs of each client. With years of experience in dealing with payroll management across various sectors, we are committed to providing the best solution for each business. We guarantee that your employees’ payroll outsourcing experience is enhanced by presenting the most effective results with maximum transparency throughout the entire process. In our payroll service, we can accommodate different payroll schedules that are available on a weekly, fortnightly, monthly basis.
To protect your employee’s privacy, we generate each payslip to be password protected which is only accessible by themselves. On top of this, we always keep up to date on the latest changes in Revenue requirements and ensure that our customers continue to comply with all mandatory regulations. With the help of a professional payroll service provider such as Accounting Pro, you can eliminate the hassle of handling payroll management. We will take care of the entire process and with a guarantee of paying your employees on time. As a business owner, you can now focus on growing your business.
Contractor services: We offer a full range of PAYE Umbrella services to busy contractors. The team at Accounting Pro will take care of all administration, from invoicing and payments to ensuring your tax obligations are paid on time. An Umbrella Company acts as an employer for contractors on a fixed term contract, with their principal responsibility to arrange payment for the work carried out and to ensure all relevant employment taxes are deducted. The worker has a contract of employment with the Umbrella Company and is paid as an employee, receiving a payslip each time they are paid.
Limited Company service: Accounting Pro can help you with the set-up of a personal limited company. This service includes registering your company for all relevant taxes, such as Corporation Tax, PAYE, and VAT. We also provide PAYE submissions, VAT returns and company accounts.
SME Accounting services: Our team at Accounting Pro provides a full range of accounting, tax, VAT and payroll services to Start-ups and SMEs.
Accounting Pro is Ireland’s premier contractor accounting service. We are here to help the busy contractor and company, with all your accounting and payroll needs. We are both an umbrella company and umbrella corporation and we can create your limited company. We are experts in contractor pensions, contractor health insurance, illness and sick benefit for the self-employed and contractor expenses. To learn more about what we do please review https://www.accounting-pro.ie/ and contact us by email: [email protected] or phone us 01 592 1802. For the UK see Accounting-Pro UK. “Finance options for companies in Ireland” is an article written by Accounting-Pro Ireland for the benefit of everyone. Feel free to share it, but please give attribution on a CC BY-SA license.