Dublin boasts of many audit firms which are vital in the running of corporate businesses within the area. Dublin is a largely a manufacturing and farming region and this has attracted many players in these industries. Farming for example attracts the financial sector, machinery assembly plants and many other companies that provide services to farmers. All these companies need the services of an audit firm occasionally to keep their books in order. For this reason, Dublin is a very fertile ground for audit firms to set up since they will always have clients.
Audit services Dublin offering low cost services to accommodate even the smallest companies are common. This has helped them remain in business for a long time and increased their profitability by applying the principle of economies of scale. The cost of audit services is mostly determined by the size of the business, the annual turnover and the type of industry. These factors influence the audit work load in terms of the number of books and entries to be audited. Big companies take more time to audit because they have more entries and more complex books of accounts. Smaller companies on the other hand can be audited in a day or less because their records are less complicated. Most companies prefer hiring the services of external auditors as opposed to having internal once because the former is more independent.
Only audit is one of the many audit firms in Dublin, though it is unique because it offers audit services only. Other firms have different products such as accounting services besides the audit function. The firm was established in 2011 and the decision to venture into this industry was informed by the fact that most other firms were shying away because of the introduction of more stringent rules in audit compliance. The bigger firms which were still in the businesses had many other services and were not concentrating on audit. The owners of this firm therefore saw an opportunity and set up the first audit only company based in Dublin.
They offer services such annual audits, audit of charitable organizations for donor interests, audit of grants, solicitors audits among others. All their services are conducted in compliance with the Irish general accounting practices and the international financial reporting standards. Their clientele base is made up of companies with internal accounts, accounting companies, charitable organizations and tax consultants among others.
Understanding and valuing the worth of your business is one of the most confusing things a business person can have. It is very crucial to get advice from an expert because this is an imperative financial decision to make. Any business owner should always know the value of their business even when it is not on the sale. This helps them to recognize the key driver that adds value on to the business. It is of great importance to have an expert to help you in evaluating the value of the business and especially those that have dealt with businesses of your type.
There are different valuation methods used to calculate business value. Use the business & tax accountant, and they will guide you through the process. However, you may also consider using a corporate financial adviser to evaluate your business. They will also offer you with decisions on the business buying process. There are important issues needed by the corporate financial advisor so as to evaluate the business. One they need to have the history of the business and the present performance of the business. They will also need the turnover amount and the profit margins of the business. It is also crucial for them to have a deep knowledge of any ongoing depth of the firm.
If the business is valued because the owner wants to sell it, ask the reason for the sale. This will then prompt many other questions and identify any legal and regulatory changes in the business. This way you will be able to have a full understanding of how the business works.
Apart from the tangible assets, there are intangible assets that one needs to consider. They include the reputation of the company, relationship with the suppliers and also the relationship the business has with various clients. With all these answers the answers you will be ready to continue valuing the business.
The other way of valuing your business is analyzing the profits and the income expected in the future. This is called the investment approach of business valuation. The income has to take the possibility of future inflation. Other methods used are the income approach, market approach, and the asset-based approach. The different methods will give you differing figures, but they are all trusted and tried methods of valuing a business. Business valuation is important not only for business for sale but also for one that needs to be improved.
Why not call FM Accountants Dublin 2 to get started with your valuation.
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