The Companies Act defines a small business as one with no more than 50 employees, annual turnover of no more than €6.5million and a balance sheet total of no higher than €3.26 million.
Accordingly, a small business is not legally required to have an audit as the annual turnover threshold for this is €10.2 million. However, some small businesses may choose to have an audit as it can help when applying for finance or seeking to attract investors.
A company is defined as medium size by the Companies Act if its turnover is higher than €6.5 million but no more than €36 million, its balance sheet total is not more than €18 million and has no more than 250 employees.
Whether your business falls into the small or medium size category, Lansdowne Francs, specialist small business accountants, has the accounting services to keep you compliant and help you make your finances go further. If you need bookkeeping or business accounts support, corporation tax or VAT returns, an audit or simply advice about your accounts function, we can help.