Starting a small business in Ireland is an exciting prospect! However, keeping track on the financial side of the business can take a hit depending on personal knowledge and affinity. On our site, we show some interesting financial calculators which you can use regularly to help calculate various financial aspects for your business.
Starting a new small business in Ireland can be very exciting, but during the current COVID-19 lockdown, it can be truly uncertain. Seeing where changes can be made within the business is essential for current and future growth. For this profit calculator, the following figures are needed; figures from your last accounts or your estimated projections, to see how you could make more profit going forward. The profit calculations are needed once a month to provide the best results.
Doing VAT calculations for the business might be a brand new skill to learn but very important to get a handle on fairly early. The VAT calculator is used to calculate the consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. This should be done every two months for the best results.
Calculate the standard rated VAT that has been paid or will be paid on amounts entered on the easy to use VAT calculator tool.
If a personal or business loan was taken out for the small business, there are important aspects to take note of. Knowledge of the approximate cost of the loan at the end of each month will factor into the monthly budget. For this calculation, the following figures are needed; total amount of the loan, duration of repayment and the current interest rate.
If a mortgage is being considered to fund the business, you need to know how long it will take to pay off as well as how much each month. For many small businesses, this would be a new process. Here are Eight things you should know before seeking a mortgage from the Irish Times. Use this calculator to work out the approximate monthly repayments needed to make on a mortgage.
Doing the financial calculations for a small business is an essential part of knowing the current status and growth projections for the business. Use these easy to fill in financial calculators on our Resources page to make this process a lot more effective.