North Dublin firms could save €200 by filling annual account electronically

Date: 08/12/2010
Posted by: Darragh

North Dublin firms will be able to as much as €200 on average by filing their annual accounts online this year, following the introduction of new measures which should save companies around the country up to €29 million.

Firms throughout Dublin and across the country are required to file an annual return to the Companies Registration Office (CRO) with a set of accounts attached which are signed by two directors. Up to now only hard copy accounts could be filed, but the new arrangements will allow electronic annual returns to be filed online.

The current cost of filing a hard copy annual return was approximately €247 per firm on average, taking into account printing, paper and postage costs. The change to the online system will reduce the average cost to €45, saving companies approximately €200 per filing. This is the equivalent of saving €29 million on a national basis for Ireland’s 145,000 companies.

I am urging North Dublin companies to consider filing their returns electronically. “In these difficult times companies are often looking at ways of making savings and the new measures that will allow companies to make electronic annual returns should help achieve that goal. It is a simple, commonsense approach that companies with internet access and the right software should certainly consider this year.

All a company will have to do is prepare a PDF set of accounts which can now be appended in a way that is as simple as adding an attachment to an email. Company directors can sign these accounts by using their Revenue Online Service digital signature, so it completely removes paper from the process and will help the company make savings on the whole process.

Everyone is talking about the need to be more competitive and to reduce the costs associated with running a business. This is a small step that could help reduce the paperwork costs facing local businesses in North Dublin and I would encourage any company who has the right facilities available to them to submit their returns electronically this year. This is another step towards reducing the costs of red tape and in that sense is a very positive move.