Thinking of moving business account to Bank of Scotland, experiences anyone?

DublinWriter

I'm considering moving my company account from BOI to Bank of Scotland for the following reasons:

a) No banking charges applied of a/c kept in credit
b) Free online banking - BOI charge €50 a month to commercial customers

Has anyone got any experience of BOS's commercial banking service? Good? Bad?

nahdoic

I'd be interested in finding this out too

But how do you make check/cash lodgements to the bank when they only have 4 offices around the country at the moment?

Kinetic^

Several of the clients that I've worked with in my firm bank with Bank of Scotland, I've never heard one complaint. BOS and IIb are being competitive because our banks won't be so they've undercut them and plus they've good customer services - Anytime i've called BOS they've always got back to me quick. i'd say its a good move for you.

DublinWriter

nahdoic wrote:

I'd be interested in finding this out too

But how do you make check/cash lodgements to the bank when they only have 4 offices around the country at the moment?

I'd say they wouldn't be for you if you've a cash-based business.

Keyser - is it true that limited companies turning over less than €300K don't have to do an audit every year and can just submit to the CRO?

Kinetic^

DublinWriter wrote:

I'd say they wouldn't be for you if you've a cash-based business.

Keyser - is it true that limited companies turning over less than €300K don't have to do an audit every year and can just submit to the CRO?

I wouldnt say they'd have a problem, after all business is business, although i'm sure you know that.

Its actually gone up to 1.5m from 1st July (i think - i can check thos for you if you need me to). So if your accounts year end (for this year) is say, 30/09/05, then you have a limit of 1.5m before getting audited accounts. Now you might save a couple of thou in fees but if you intend on applying for loans etc. then audited accounts look better.

Edit: sorry didnt read that bit about the cash based business, i'd say you're better off staying where you are.

DublinWriter

Keyser Soze 69 wrote:

Its actually gone up to 1.5m from 1st July (i think - i can check thos for you if you need me to).

So why am I paying a Chartered Accountant 2K a year to 'stamp' my books when I do my own VAT, payroll, bank & Directors Loan concilliation, CRO submission, Purchase, Sales and Nominal Ledgers, PAYE/PRSI *AND* make my own coffee?

I also had Revenue come out to my office to do a VAT audit (which I passed!) and which I had to deal with all on my lonesome.

Was that always the case with self-submitted accounts?

madramor

no cash deposits or withdrawls from bank of scotland

we set up an account with BOS in may and are still waiting
for our online banking to be setup.

we post cheques in to lodge them.

its free for a clean account.

service was good apart from waiting for online to be setup.

just got a letter from them this morning they've changed their
sort code so now we have to pass this info on to everybody
who makes payments into our account.
quote("It is necessry to facilitate our move into full clearing. This is a reflection of BOSI's increased presence in the Irish marketplace.")

DublinWriter

madramor wrote:

no cash deposits or withdrawls from bank of scotland

I think I could deal with that. Did they take instructions via fax/post while you were waiting for your online account?

As I said, the online facility would be a big plus for me, as BOI have the balls to charge business customers around €40 a month for the privilege while they give it free to their personal customers.

Kinetic^

DublinWriter wrote:

So why am I paying a Chartered Accountant 2K a year to 'stamp' my books when I do my own VAT, payroll, bank & Directors Loan concilliation, CRO submission, Purchase, Sales and Nominal Ledgers, PAYE/PRSI *AND* make my own coffee?

I also had Revenue come out to my office to do a VAT audit (which I passed!) and which I had to deal with all on my lonesome.

Was that always the case with self-submitted accounts?

You still have to get accounts done but they won't be classed as audited accounts, which always look better. I don't know what sort of turnover you've got but 2k a year seems ok to be honest. I'd get him for the whole making your own coffee bit though

DublinWriter

Keyser Soze 69 wrote:

You still have to get accounts done

By that do you mean just general bookkeeping or having a certified/chartered accountant sign off your accounts annually?

Our man in Havana

General book keeping is all that is required, no need to be paying a big chesse for the use of his rubber stamp.