With the economy in the condition it is and the black economy showing its head again the Revenue Commissioners are focusing on cash businesses. myrewardcard.ie can help you keep them happy.
I recently came across a cash-based business to which the commissioners had paid a random visit. They commandeered the register for 2 hours and poked through years of records. Even though the business was able to provide complete records on every sale there were questions asked about discounts. These focused on why sale prices were lower than normal on some products and what this meant in terms of possible VAT records. As the owner later explained to me the fact that he was offering discounts on those products meant that the VAT was lower than expected and this raised questions in the auditors mind about whether there was some skimming going on. In the end the business was able to answer all questions to the auditors satisfaction and business resumed as normal. But the experience was nerve-wracking.
This is going to be a far from isolated incident as the government focuses ever more intently on raising tax revenues and preventing the economy slipping further into the shadows. You may have recently received a booklet which specifies the requirements of your cash register. In it they have a specific section outlining the records you have to keep that can support activity such as the offering of discounts. You can’t be sure that they will be satisfied with your word that discounts were given under any given circumstance.
myrewardcard.ie can be an aid in satisfying any enquiries that might arise if you are chosen for a random audit. Unlike the typical stamped cardboard cards that are most commonly used in Ireland users of myrewardcard.ie have a complete record of all points awarded and redeemed. These are time-stamped and linked to individual cards. You can run a report at any time that shows when you gave points and discounts and how much they were valued at. While we don’t guarantee the result of any audit the very fact that you can provide this information when required and that it can be matched up to till records can be an assistance in how you reassure the Revenue that the discounts are provided to actual customers. The fact that these records are also held by an external company will be another factor in your favour.
In addition to providing the records we also maintain full backups and archives, ensuring that you don’t have to worry about this aspect of the IT structure. This is an incidental aspect of using myrewardcard.ie for your Loyalty Program but it is one that can reduce the number of sleepless nights.