The Outmin Glossary

These are words you’ll commonly see when you use Outmin

Ruth avatar
Written by Ruth
Updated over a week ago

Trying to understand something that's not defined here? Ask us via [email protected] — and we can add it to the list!


A-C


Agent Link form

This form, also called TAIN form, allows Outmin to register as your tax agent with Irish Revenue (ROS). Without this signed form, Outmin cannot file your annual returns, your VAT returns, etc. This document will be sent to you for signature during your Onboarding.

AML

AML regulations are designed to prevent money laundering and make sure we're not unintentionally supporting anything shady, like terrorist activities.

As part of your Outmin Onboarding, you'll need to verify your identity using our AML platform, AML HQ. It's a necessary step to ensure we're compliant with these regulations.

Annual Return

Every year, all companies in Ireland need to file an Annual Return with the Companies Registration Office (CRO) within 28 days of the company's annual return date. The Annual Return gives information such as where the company is based, who's in charge, and provides a comprehensive overview of the company's structure, activities, and financial position.

Filling your Annual Return on time is important to avoid financial penalties, and ensuring accurate and up-to-date information is crucial for maintaining good standing with the CRO and other regulatory bodies in Ireland.

Assets

Assets are what the company owns, and can be divided into two main categories: Current Assets and Non-Current Assets, which includes Fixed Assets. You can find a summary of Assets on your company's Balance Sheet.

Balance Sheet

The balance sheet is a crucial financial statement in accounting and financial modelling, and provides a snapshot of a company's financial position at a specific point in time.

The balance sheet is based on the fundamental equation:

You can access your company's Balance Sheet at any time, directly on your Outmin Dashboard.

Bank Reconciliation

Bank Reconciliation is the process of comparing and matching the financial records of a company's bank statement with its internal accounting records, to ensure accuracy and identify any discrepancies.

In other terms, we're checking that your own money records match the bank's records. This helps catch mistakes or missing money, so you know exactly how much cash you have, and ensures the financial statements reflect the true financial position of the business.

Bank connection

Bank connection is what allows Outmin to prepare your accounts properly: If your bank account is not connected, we cannot file your VAT returns or issue any accounts information - we need all of your transactions to do our work.

Beneficial Owners

The person who enjoys the benefits of ownership or control over a company, asset, or financial account, even if the legal title is held by another entity.

In Ireland, a beneficial owner is an individual who ultimately owns or controls more than 25% of a company's shares or voting rights. Identification of beneficial owners is a legal requirement under Irish law, and should be done within 5 months after incorporation. Irish companies are obligated to maintain a register of beneficial owners, and this information is submitted to the Companies Registration Office (CRO) as part of regulatory compliance efforts.

Bookkeeping

Bookkeeping refers to the systematic recording and organising of a company's financial transactions, including sales, purchases, receipts, and payments. It lays the foundation for accurate financial reporting and helps track the financial health of a business. Without bookkeepers, businesses would be unaware of both their internal activities and present financial situation.

Cash Flow

Cash flow refers to the amount of money that comes in and out of a business, representing the inflows and outflows of cash during a specific period. Positive cash flow occurs when more money comes in then goes out, while negative cash flow indicates the opposite. Managing cash flow is crucial for a business's financial health, ensuring it has sufficient funds to cover operating expenses, investments, and debt obligations.

Cash Flow Statement

A Cash Flow Statement is a report providing an overview of your business' cash flow over a given period of time. It usually covers a specific accounting period like a month, quarter, or year. Your Cash Flow Statement is your financial GPS—it tracks the money flowing in and out of your business. It spells out where your cash is coming from (like sales) and where it's going (expenses, investments, loans). It's a vital tool to manage cash effectively and plan for future needs.

Cash Report

A cash report is a summary of inflows and outflows of cash within a specific period, providing a snapshot of your company's liquidity position.

If it's part of your subscription, Outmin will issue you with weekly cash reports - we believe it's the best way to understand your businesses cashflow.

CFO

The Chief Financial Officer (CFO) is the person responsible for overseeing the financial activities of an entire company. Traditionally, the role of a CFO is associated with larger businesses - but Outmin's fractional CFO services can offer your small business cost-effective strategic financial guidance. With CFO services, Outmin handles budgets, cash flow, and even selling your business - and gives you access to expert knowledge to fuel your growth.

Clean-up

When you start with Outmin, we need to set up your accounts and finances on the Outmin dashboard and make sure it is correct from the beginning - to do that, we fully rely on information from your accounting software and your prior accountants.

If during your onboarding, your Outmin accountant identifies errors in your historical data that we must correct, we will have to do a clean-up to make sure your accounting records are in line with your transactions.

Companies Registration Office (CRO)

The Companies Registration Office (CRO) is an Irish government agency overseeing company registration and compliance. It maintains the official register of companies, monitors filings, and ensures statutory requirements are met. The CRO provides public access to company information and plays a key role in regulating corporate activities in Ireland.

Company number (Ireland)

Your company number, also called CRO number, is a unique 8-digits registration number provided during company incorporation. It serves as a distinctive identifier for the company, and is used -to file B1, for compliance, verify co is incorporated -linked to your tax number. You can find your company's CRO number on its Certificate of Incorporation, as well as your Annual Return filings and on the CRO website.

If you ever need to find your company's CRO number and/or tax number, check your Outmin app!

Credit Note

Credit notes are commonly used to amend or adjust an invoice. When there is a need to correct errors, address overpayments, or account for returned goods, you can issue credit notes to reflect the adjustments directly on your Outmin dashboard.

CT Registration form

If your company is only recently incorporated, you will need to register with Revenue for various taxes, including CT, and Outmin can help you with that!

In case you're not already CT registered when joining Outmin, we'll send you a CT registration form to complete. This form allows us to gather all the necessary information to register you for CT with Revenue. Once you complete the form, you will have to sign a Customer Registration Request to register, which also acts as an Agent link and automatically registers Outmin as your tax agent on ROS.


D-N


Dashboard

The Outmin Dashboard is the online platform you use to log in to your Outmin account and access your accounts, upload documents, review your Rex requests, etc...

The dashboard gives you round-the-clock insights on your company's revenue and expenses, and allows you to communicate with your Outmin accountant.

Data Request Letter

Also called Professional Clearance Letter, this is the letter we send to your previous accountant to request all relevant information regarding your accounts. We will only send this after you've talked to your accountant about switching to Outmin, and never without your approval.

This is a crucial step in your Outmin onboarding, as we won't be able to properly take over your accounting without reviewing your historical data. If we're unable to reach out to your previous accountant or if the data they provide us with is incomplete, we might need to clean-up your accounts.

Director's Returns (Income Tax)

If you're a registered Director for an Irish company, you need to register with Revenue for Income Tax and issue Director's returns once a year. If it's part of your subscription, Outmin can help you with that!

If you're unsure about what your subscription currently includes, or if you'd like to know more about this, email us at [email protected].

Documents

The critical factor for your success with Outmin is timely access to your information. This includes all of your purchase and sales invoices, supplier statements, and expense receipts. You can upload documents directly on the Outmin dashboard, or send them to your Outmin upload email.

Employee Detail Sheet

This document will be sent to you during your Outmin onboarding, and allows us to gather and keep track of your employees' personal information such as their PPSN and IBAN, but also their salary/hourly rate, start date, pay frequency, etc. Unless we were able to retrieve the information from your payroll software, we can't run your payroll without a completed and up-to-date Employee Detail Sheet.

Equity

In a Balance Sheet, equity represents the owners' residual interest in the company's assets after deducting liabilities.

FinOps

If you'd like to save time on admin tasks and get better insights on your company's cash flows, Outmin's FinOps team can help. Our FinOps team takes care of your Receivables and your Payables for you, and provides you with Cash Forecasting for your company.

No input needed from you. Outmin handles your day-to-day bookkeeping, so you can focus on growing your business!

Fixed Asset Register

A Fixed Asset Register is an organised record of all fixed assets owned by a company, such as equipment and property. It's usually a detailed list, and includes information on acquisition costs, depreciation, book value, and disposal details. Your company's Fixed Asset Register helps manage, track, and report on fixed assets for financial and regulatory purposes.

Go-live date

Your Outmin Go-live date refers to the date from which your Outmin accountant will review your accounts. Your Go-live date is agreed upon before you start your Outmin onboarding, and can be in the past (if you require us to clean-up your historical data) or in the future.

HMRC (UK Revenue and Customs)

HMRC, which stands for His Majesty's Revenue and Customs, is the UK government agency responsible for collecting taxes, including income tax, value-added tax (VAT), and customs duties. They also enforce tax laws and regulations.

When we file your UK taxes as your accountant, we use HMRC's online platform.

Income Statement

The income statement provides a summary of a company's revenues, expenses, and profits or losses over a specific period, typically a fiscal quarter or year. Also known as a profit and loss statement, it showcases the company's ability to generate profits by subtracting total expenses from total revenues and provides a clear and logical breakdown of company finances.

You can access your company's Income Statement at any time, directly on your Outmin Dashboard.

Incorporation form

If you're doing your company incorporation with Outmin, the first step in the process is to complete the Incorporation form. The form will be sent to you by your Onboarding team, allowing us to gather all the required information to incorporate your new company.

Invoice

An invoice is a document issued by the seller to the buyer in order to collect payment.

When you sell your products/services, or when you purchase from your suppliers, an invoice is issued to keep track of the transaction.

Invoicing portal

An invoice portal is an online platform or software that allows your company to issue and manage sales invoices electronically. When working with Outmin, you can decide to keep using your current invoice portal - in that case we'll ask you to give us access to retrieve your invoices, or you can issue sales invoices directly on your Outmin dashboard.

Journal Entries

Journal entries are the basic accounting records that capture the financial impact of business transactions. Each entry involves at least two accounts with equal debit and credit balances. Journal entries are needed to maintain accurate financial records, tracking transactions, and preparing financial statements.

Letter Of No Objection

If you need a Letter of No Objection, your Outmin accountant can reach out to Revenue and obtain it on your behalf. In case of voluntary company strike-off, the company directors must apply to the CRO to have the company struck off the register. As part of the strike off procedure, the company must provide its letter of no objection from the Revenue Commissioners to the CRO.

Liabilities

Liabilities are what a company owes, and can be divided into two main categories: Short Term Liabilities and Long Term Liabilities. You can find a summary of Liabilities on your company's Balance Sheet.

Management accounts

Management accounts are internal financial reports created regularly, like monthly or quarterly, to help a company's management make informed decisions. They offer more detailed insights into performance, budget comparisons, forecasting, and decision support. These reports can aid in understanding and managing your company's financial health.

If Management accounts are part of your Outmin subscription, they'll be issued weekly or monthly by email.

Mobile App

If you'd like to access your Outmin account on-the-go, or directly upload a picture of an invoice, you can do it with the Outmin mobile app.


O-R


Onboard

Onboard is the platform we use to organise and map your Outmin onboarding.

During your first meeting with our Onboarding team, we'll give you access to an Onboard dashboard, to keep track of your onboarding progress and make sure we gather all the information needed to take over as your accountant.

Onboarding form

This is the form we ask you to complete before your first meeting with Outmin's Onboarding team. This is the best way for us to gather all the information we need to tailor your onboarding to your company's needs.

PandaDoc

PandaDoc is a document-signing software we use to certify documents you e-sign, such as Agent link forms and Year-End Accounts.

Payslip

Payslips are essential for transparency in payroll transactions, and provide employees with a clear breakdown of their compensation. When Outmin runs your payroll, we'll issue a payslip for each staff member and send it out to them directly after your approval.

Plaid

Plaid is a service that allows you to connect your bank accounts, credit cards, and expense cards to your Outmin dashboard.

Professional Clearance Letter

Also called Data Request Letter, this is the letter we send to your previous accountant to request all relevant information regarding your accounts. We will only send this after you've talked to your accountant about switching to Outmin, and never without your approval.

This is a crucial step in your Outmin onboarding, as we won't be able to properly take over your accounting without reviewing your historical data. If we're unable to reach out to your previous accountant or if the data they provide us with is incomplete, we might need to clean-up your accounts.

Revenue (ROS)

The Revenue Commissioners, often referred to as Revenue, is the Irish government agency responsible for collecting taxes, including income tax, value-added tax (VAT), and customs duties. They also enforce tax laws and regulations.

When we file for taxes as your accountant, we usually use Revenue's online platform ROS.

Rex

Rex is a built-in tool on your Outmin dashboard that allows the Outmin Team to reach out to you easily, verify your transactions, review your documents and keep your accounts up to date.

Rex Request

If your Outmin accountant requires some additional information or documents for your accounts, a Rex request will be issued. When you log into your Outmin dashboard, you can see if a Rex request has been made on the left sidebar, under the "To do" section.


S-Z


Tax Registration Number (Irish)

A Tax Registration Number (sometimes referred to as VAT Number) is issued by Revenue when you register for tax as a sole trader, trust, partnership or company in Ireland. This is different from your Company Number, which is issued by the Company Registration Office at incorporation.

If you're recently incorporated and do not have a Tax Number yet, Outmin will need to register your company for taxes with Revenue during your onboarding.

Taxes and Fillings

As a business owner, you have a legal and financial responsibility to fulfil your tax obligations and filings.

Trial Balance (TB)

A Trial Balance is a financial statement that summarises the total debits and credits in a company's accounting system. A Trial Balance allows you to check the mathematical accuracy of your company's bookkeeping - debits and credits must add up. It helps to identify errors and ensure accuracy in the recording of financial transactions.

Upload Email

Your Outmin upload email allows you to send documents like invoices and receipts directly to your Outmin dashboard, without having to login and upload them.

As this is an upload-only email address, we can only access the attachments to the email - if you have a question or query, please email [email protected] instead.

User profile

When we first create your Outmin account, we will set-up a user profile for the main point of contact appointed during onboarding. Your user profile is set-up directly with your personal email and name - these logins shouldn't be shared.

If somebody in your team needs access to the dashboard as well, you can always add them as a user.

VAT Registration form

If your company is only recently incorporated, you will need to register with Revenue for various taxes, including VAT, and Outmin can help you with that!

In case you're not already VAT registered when joining Outmin, we'll send you a VAT registration form to complete. This form allows us to gather all the necessary information to register you for VAT with Revenue. Once you complete the form, you will have to sign a Customer Registration Request to register, which also acts as an Agent link and automatically registers Outmin as your tax agent on ROS.

VAT Returns (Ireland)

Value Added Tax (VAT) is a tax applied to the sale of goods or services in Ireland. It’s usually included in the price of most products and services you purchase.

As a business owner, you’ll collect VAT for the government and express the numbers through VAT returns, comparing the VAT you’ve collected with the VAT you paid to other providers to express how much you owe (or are owed by) the government.

The frequency of VAT returns in Ireland depends on the size and earnings of your business.

Year End Accounts

A year-end account, as the name suggests, is a financial report summarising a business’s financial activity over a fiscal year.

These reports are typically prepared for tax purposes and are required by law. They provide an overview of a business’s revenue, expenses, assets and liabilities and show how they have changed over the course of the year.

If you're looking for more practical insights on your company's performance and expenses, you'll find it in your company's Management Accounts. Because they're focused on providing actionable data, these reports can aid in understanding and managing your company's financial health.

Did this answer your question?