How to save money while setting up a small company

JoeyPeeps

Some of the initial costs I have anticipated are employment contracts and accountancy fees. Without formal knowledge of these an accountant and lawyer are necessary prerequisites. I was thinking of cutting corners and downloading employment contract templates. However, I do not know how to manage paying staff, I have no knowledge of tax or prsi. An office isn't a problem, I was thinking of using a virtual office, which are very cost effective. Then there is insurance, again something I have no knowledge of. Any ideas?

ironclaw

The money you save doing this, you could quickly lose in a court case or if Revenue come knocking for mishandled returns.

What we did is we asked our accountant to do everything for the first few months, asking them to keep a record of what they did. We then reviewed what they did and removed the simple stuff we could do on ROS ourselves. We leave anything complicated e.g. End of Year Accounts, Complex Payroll etc to them and pay on this adhoc basis.

I'd recommend whatever you do, at least run everything past a suitable qualified individual as the money spent for an hour of their time would be well worth it in the long run. You can do nearly everything yourself but its best to have it looked over at least the first few times.

pedroeibar1

^^ +1