For over 20 years we have engaged the services of Parfrey Murphy (Chartered Accountants) to act as the external payroll provider to our Irish (HQ) operation…. In that period I can attest to Carbery having received an excellent service…. We have no hesitation in recommending Parfrey Murphy as payroll service providers.Colm Leen
Since 2006 we have outsourced our entire accounting function for our 3 locations in Ireland to Parfrey Murphy….We are delighted that we selected PM to carry out the above work…. They are extremely professional…. I would, without hesitation, recommend Parfrey Murphy to any potential outsourcing client.Jackie Gorman
We would like to thank Parfrey Murphy for providing us with invaluable information and assistance in the organisation of our tax returns…Dermot Harrington
I first engaged Parfrey Murphy as my accountants in 2008. This has proven to be extremely helpful to my business. From carrying out my annual accounts and a number of other services during the year they have been both proficient and professional at all timesAndrew Mackin
10 Ways to Increase Your Profit
For all those in business “profit” is the reward for the endeavours put into the operation. However, many businesses have suffered during difficult times and businesses which had previously been producing good profits have run into difficulties and sustained losses. How, therefore, may profit be increased?
Ensure that you know your market and are technically able in all aspects of the business.
Ensure that your product knowledge is complete and your service of high quality.
Ensure that sales are maximised, taking advantage of cost-effective means to increase sales – advertising, recommendations, promotions, leaflets.
Be wary of reducing prices to obtain increased sales or an increase in work. The danger is that gross profit is reduced and this reduction in gross profit is not matched by an increase in the gross profit arising as a result of the increased volume of work or sales.
5. Direct costs
Ensure that your direct costs are kept to an absolute minimum. This may well involve looking carefully at the rate charged by your suppliers, compared with those from your competitors.
Before changing your supplier, consider the service that you are receiving and whether or not this will deteriorate if the supplier is changed.
The objective of the above is to expand sales income while controlling and, if possible, reducing direct costs so as to produce an overall increase in gross profit.
For all those involved in charging a rate for a job it is important to ensure that your working time is used effectively. The average self-employed person should endeavour to charge for 35 hours per week, and as a useful discipline, a timesheet should be kept. This will assist in identifying the proper utilisation of your time. Research the rates charged in your industry by your competitors.
7. Overhead expenses
Ensure that business expenses are maintained at an absolute minimum and that any additional overheads assumed by the business result in increased profitability and efficiency. Are you satisfied that for all new overheads you have reviewed the market to establish where to place your orders? Reliability and backup service are important factors to take into account.
8. Where assets are acquired on finance
Be sure that you have obtained quotations for your finance from your supplier, your bank and a finance company.
9. Books and records
Having endeavoured to set out a few very basic principles, you must be aware of your business income and expenditure. The proper keeping of your books and records is absolutely essential if you are to monitor the overall trends and patterns of income and expenditure relating to your business activities.
10. Professional advice
Use your advisors to avoid pitfalls that can cost you dearly.
Related articles: 6 Ways to Improve Your Cashflow
Please call Noel Murphy today on 021-4310266 if you need further information on ways to increase your profit or a free consultation.