Annual accounts filing moves online

Pro

The current system for filing annual accounts is being overhauled to allow companies to use digital signatures, facilitating paperless, online filing.

Minister for Enterprise, Trade and Innovation, Batt O’Keeffe TD has announced that the Companies Registration Office (CRO) will now be able to accept a set of accounts in Portable Document Format (PDF) and digitally signed by two directors.

Previously, only hard-copy accounts with hand-written signatures could be filed.

“A PDF set of accounts can now be appended in a way that is as simple as adding an attachment to an e-mail.”

“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, according to the announcement.

It is estimated to cost €45 for the entire online filing, saving 145,000 firms across the country €200 each, or €29 million collectively. Minister O’Keeffe described the move as another “simple and common sense” approach to cutting business costs and improving competitiveness.

“The shift to electronic filing of annual account aligns well with the Government’s strategy to drive economic recovery because it allows firms to invest their money in jobs and growth rather than wasting it on needless red tape and bureaucracy,” said Minister O’Keeffe.

The facility saves the CRO re-scanning accounts, meaning that their presentation to the public on the companies’ register will be quicker and easier.

“We want to make Ireland a cheaper place to do business and cut needless bureaucracy out of the system,” said Minister O’Keeffe.

The high-level group on business regulation, set up in 2007, is tackling specific red tape issues arising from business workshops and submissions, as well as suggestions fed in directly by the business organisations on the group.

Since 2007, it has tackled almost 70 red tape issues. Earlier this month, Minister O’Keeffe announced that firms would save more than €13 million annually after scrapping the need to reprint headed notepaper with new names each time directorships change.

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