A new move to allow businesses file their annual accounts online is expected to save firms up to €29 million, according to Minister for Enterprise, Trade, and Innovation Batt O’Keeffe.
Under current law, firms must file an annual return to the Companies Registration Office with a set of accounts attached and signed by two directors. Only hard copy accounts with hand-written signatures could be filed for this purpose up to now.
However an electronic system for filing annual returns with signed accounts is available for the first time at the CRO, which means that a PDF set of accounts can now be appended in a way that is as simple as adding an attachment to an email.
“Company directors can sign these accounts using their Revenue Online Service digital signature, so this is now an entirely paperless filing transaction,” said Minister O’Keeffe.
Filing an annual return to the CRO with a set of accounts attached and signed by two directors costs firms €247 each on average in printing, paper, and postage. The online move is now estimated to cost €45, saving 145,000 firms across the country €200 each, or €29 million altogether.
Minister O’Keeffe described the move as another “simple and commonsense” approach to cutting business costs and improving competitiveness.
The move also saves the CRO time and money as with online filing staff will no longer have to re-scan accounts, which will in turn speed up their presentation to the public on the companies’ register.
“The Government is determined to take costs out of businesses and, since 2007, measures we have implemented have saved small firms almost €53 million in red tape overheads,” Minister O’Keeffe said. “We want to make Ireland a cheaper place to do business and cut needless bureaucracy out of the system.”
