Best Productivity Tools

Although working from home has become a common practice over recent years and is continuously on the rise, there is no denying that the Covid-19 pandemic was the fast forward button for this trend and the ultimate experiment to determine if remote workforce's can operate efficiently.

The results for many have been quite positive, with parents being able to benefit from work/life balance and a flexible schedule, companies having reduced costs and with less people commuting to work than ever before, our ecosystem has also benefited.

Having said that, a common question that continues to arise over the concept of working from home is: can productivity remain the same compared to when working in an office?

For some, matching workplace productivity has been difficult without their dedicated workspace, and more life distractions being encountered on a day to day basis - whether it is living in a noisy neighbourhood, caring for young children and trying to manage home-schooling in addition to workload, or simply the ability to access more technology and social distractions.

Given the continued effort to prevent the spread of Covid-19 and the request to work from home wherever possible remains intact, and with many companies now looking to adapt remote working into their company culture going forward, it may be worthwhile to dedicate some time to create a focused structure to assist in remote working.

During the Covid-19 pandemic, most of the people are working from home. Icon accounting is the best Accountancy firms in Ireland. We have collated a list of the best productivity tools to assist you in starting the process and maintaining productivity.

Serene

If the name doesn’t say it all, maybe their client portfolio including big brands such as Facebook, Booking.com and InVision will.

Serene is all about single tasking and eliminating the noise which causes many to lose optimum productivity throughout their workday.

It offers members a cost-effective approach to remaining focused on the task at hand, breaking workdays into targeted sessions and not forgetting to include regular breaks to ensure continued high levels of concentration.

Serene also allows users to tackle social distractions, blocking access to website and applications, having the ability to update statuses to unavailable on systems which as Slack, and also providing a phone silencer feature which automatically puts ‘do not disturb’ mode on during Serene sessions.

It also tackles common barriers to productivity and even offers focus enhancers with countdown timers, scientifically proven concentration music and can even work with Philips Hue Lighting system to ensure the optimal working environment!  

The only downside of this application is that it is currently only available for Mac OS but it looks like it will be available to Windows users very soon!

Toggl

Have you ever found yourself at the end of at workday wondering where the day has gone and questioning are you getting enough work done?

Toggl can help you improve your time management! This time tracking system will give you a breakdown of your complete working day, helping you understand how much time you dedicate to each task, allowing you to then analyse if it should really be the case and if improvements need to be made. 

The benefit of the system is that they have both an app and web version available for all systems, meaning you can start and stop tracking anywhere at any time! And another massive benefit - it’s free!

Trello

In recent years, numerous companies have adapted new ways of working, particularly integrating project based work and agile teams. To ensure that we individually remain productive, we also need reassurance that teams can collaborate effectively to produce group productivity.

Trusted by millions around the world, Trello is a project management application allowing for the organization, collaboration, and completion of team projects in a flexible and simple way. Visual boards define projects, which users can customise with lists and card specific tasks as they wish.

It suits every team member's working style, with the board providing a simple overview of project requirements, and cards giving detailed breakdowns of each task at hand - including options to add deadlines, checklists, voting tools.

Customisation is also a key aspect of Trello, with the system able to integrate applications teams already use – ranging from Salesforce, Slack, Google Drive, Evernote, and many more.

In saying that, some say the readymade templates cover everything they may need!

Slack

There is no question that poor communication is a major driving force in harming productivity. With the sudden shift to remote working for millions, many workers have felt additional pressure to try to stay connected and get work done.

Although I was previously not a frequent user, I definitely have become a fan for life of Slack during the Covid-19 pandemic.

It allows all workplace collaboration, whether it be with dedicated team or outside partners, to take place in a single location. An extra plus is the ability to share files and avail of other integrated applications, such as Zoom or Google Drive.

All in all, Slack has made me feel communicated with, informed, and it has given me the ability to collaborate with different teams throughout the business, which ultimately, has increased my productivity.

Focus Keeper

It can be a challenging task for many while working remotely at home to switch off or to persuade yourself to not work through breaks in order to get that one additional task finished for the day, but as the saying goes, burning a candle from both ends more often than not, results in a dark room.

It is more important than ever to take regular breaks not only to ensure our energy levels remain at optimal, but also for our mental health.

One rule to follow to achieve such is the ‘Pomodoro Technique’ - working in intervals of 25 minutes and taking short breaks of 5 minutes in between each task. However, no need to go setting manual timers on your phone, apps such as the Focus Keeper can do it for you!

The app simply notifies you when to take a short break, and each task automatically begins one after the other. 

Additional useful features of the application are the application to customize task intervals timing, selection of sounds available, objective setting and reports to help you improve your productivity even further.

Forest

Another great application which you can follow the ‘Pomodoro Technique’ is Forest, however, the mission behind this application is what separates it from the rest.

The main objective of Forest is to remove one of the key barriers to our focus - our phones! By not touching your phone for a set period of time, a virtual seed planted will grow into a tree.

However, if you do leave the app during the focus session, the planted seen will disappear! Aside from motivations to earn rewards for remaining focused and unlocking new tree species, the app satisfies personal motivations as users can actually contribute to help plant a tree in real life.

To date, users have allowed over 800,000 real trees to be planted thanks to Forest’s work with Trees for the Future!

That concludes our list of the best productivity tools to ensure you work smarter and not harder in the future.

We hope that the above list can help in choosing a new productivity boosting application and we would love to hear your thoughts and experiences on any productivity practices that you maintain- info@iconaccounting.ie

You might even get an Icon Accounting goody bag in return! 

Is your Greatest Asset Protected?

Imagine if your daily rate was only €49.28 per day. If there’s one thing to make us all admit that anything really can happen, it’s the events of the past 2 months.

So, what if the most dreaded ‘What if’ happened to you? That you were simply unable to provide for yourself and your family simply because you are too sick or incapable of being able to work? It’s time to think of your income as an asset. We’re in the habit of insuring most of our assets – house, car, jewellery. Even our phones! Yet we neglect what amounts to our greatest asset, our income.

We don’t usually think of our current income and our future earnings as an asset. However, if you take a moment to think about it, the money you earn pays for almost everything you have… mortgage, car loan, bills, children’s education, insurance and so on. Without it, you are faced with a pretty worrying picture. Nobody wants to think about what life would be like should disability or illness strike.

This issue is even more stark for Independent Professional Contractors. It’s a zero sum game that you are either at work and being paid or unable to work and relying on savings to make up the shortfall. But what happens when the savings run out? What if it is a long-term illness/disability?

It’s probably why 41% of Independent Contractors recently polled by Aviva confirmed that they already had such a plan in place.

Imagine a scenario where you are leaving the Dr’s office after having been given an awful diagnosis. Your 1st thought will obviously be for your health. But very quickly survival mode kicks in and you will begin to imagine the financial consequences and how you will manage to attempt to get better with no income coming in.

This is where an Income Protection plan is so important and is appropriate to anyone earning a salary, whether self-employed or employed, PAYE or sole trader, regardless of their age or stage of life.

With Income Protection you pay a monthly premium that is based on your occupation and the state of your health. It’s also that important that note that the Government are prepared to help you with the cost as all premiums are Tax deductible which means you effectively means only have to pay 60% of the cost of the premium which is a huge bonus.

This ensures that in the event of an accident or illness, which leaves you unable to work, the policy will pay you a regular income. As there are no restrictions on the type of injury, illness or disability that an income protection plan policy covers, you get complete peace of mind. Best of all, you get to choose and tailor an income protection plan that suits your individual circumstances, with a range of cover types. What’s more, as your needs and circumstances change, you can adapt your income protection policy to suit changes in your life.

In general, we tend to be overly optimistic about how we would manage if we were unable to work due to illness or injury. We over-estimate the support provided by the State and underestimate our expenses and likelihood of having to claim.

It’s important to note that if you are an Umbrella Director or Director of your own Ltd company, you will not qualify for the State Illness benefit but may be eligible for the Invalidity Pension of €10,843 per year.

That’s €49.28 per day. How does this compare to your current daily rate?!

The reality for most people is that their level of “outgoings” either matches or exceeds their income. So, for a person who no longer is earning that income there will be a significantly negative impact on their lifestyle not to mention the added cost of coping with a medical condition.

Its why Income Protection is often described as the most important deduction on your payslip.

Speak to us today about Income Protection – it should form a core part of any financial plan. 

We are the best Accountancy firms in Ireland and avail of our one-stop-shop accountancy and compliance services for contractors. For more details visit www.iconaccounting.ie

icon@rockwellfinancial.ie

Icon Accounting Client Survey Shows Commitment to Contracting

All of us at Icon Accounting would like to thank you for taking part in the most recent* survey of our contracting clients.

Overall, the survey shows a really encouraging level of commitment to contracting. Although 17% of people said they’d lost some work due to the pandemic and 51% said their working day had changed dramatically, 76% of people said the coronavirus crisis hasn’t actually forced them to reconsider how long they’ll work as a contractor.

77% of contractors are now working from home due to the COVID-19 situation but despite that, 80% feel supported by the company they’re working for - which is a good indicator of the value these companies put on the welfare and productivity of their independent professionals.

A significant number of people (62%) said they feel the government’s strategy in dealing with economic fallout from the Coronavirus outbreak does address their needs as a professional contractor. Of course we were thrilled to see 99% of people expressing satisfaction with the support and communication they’ve been receiving from our team at Icon - we’ll keep chasing that final 1%!

The Icon Accounting team is confident that the coming months will prove to be a great time to be a contractor in Ireland. The workplace of the future is still being shaped and developed, and knowing the remote working flexibility and resilience of Ireland’s contractor community, we’re sure the sector is well-placed to be at the forefront of that transformation.

To request a copy of the full survey contact sean@iconaccounting.ie 

We have the best team of Accountants in Ireland,  We ensure our clients are supported with a fantastic team of accountants. We provide the best Accountancy services in Dublin. 

Crypto Gains & Losses | Icon Accounting

The Revenue Commissioners has recently outlined guidelines aimed at eliminating the uncertainty surrounding the taxation of cryptocurrency transactions.

This is an area many of our tech sector contractors have investments in, and queries have recently become more common. Tax authorities across Europe are seeking ways to ensure they all get their cut of the profits!

No Special Treatment

The Guidance issued by Revenue attempts to clarify matters related to cryptocurrency taxation and mostly confirms that the existing regulations apply to the this sector. The document provides guidelines on the tax treatment of various transactions involving cryptocurrencies. Revenue are quite clear that the advisory recently published is to be used as a reference for tax purposes only, as it does not cover regulatory and other aspects.

Investments

An investment (as opposed to conducting your business) in cryptocurrency is looked upon by Revenue in the same manner that an investment in any other currency, stock or share would be. You will need to declare it for Capital Gains Tax (CGT) should you make an annual profit on disposals.   Per normal CGT rules, the annual exemption of €1270 still applies. Any profit you make above this figure will be taxed at 33% and it doesn't matter how much you earn (or if you make a loss), you will need to file a tax return each year.

Loss making investments can be “warehoused” for offsetting to reduce future capital tax liabilities.

Business Transactions

According to the instructions, direct taxes such as corporation tax, income tax and capital gains tax are applicable, but each case should be reviewed separately, according to the individual facts and circumstances. In general, businesses accepting crypto payments for goods or services should keep records of crypto transactions. No special rules have been introduced so far and taxable profits should be calculated according to the current tax legislation.

Where a company conducts its business transactions through a cryptocurrency, normal accounting and tax rules will need to apply, however the values at the end of an accounting period will need to be converted to Euro and are taxable under “normal CT rules,” the document states. The tax act clearly states that returns must be made in a functional currency, Crypto does not fall into this category just yet.

Revenue have also explained crypto income taxation, as well. “Profits and losses of a non-incorporated business on cryptocurrency transactions must be reflected in their accounts and will be taxable on normal income tax rules,” the notice reads. They have also informed taxpayers that gains, and losses incurred on cryptocurrencies are chargeable or allowable for capital gains tax if they accrue to an individual, or for corporate tax on chargeable gains for companies.

The Irish Revenue Commissioners point out that the value of bitcoin and other cryptos may vary between trading platforms. In the absence of a single exchange rate, a “reasonable effort should be made to use an appropriate valuation for the transaction in question,” the manual says, without detailing what “reasonable” and “appropriate” may mean in practice.

No instructions have been given on the taxation of incomes, profits and other flows related to initial coin offerings. The document issued by the Irish revenue service does not say anything about digital tokens and token sales.

Please note that the information above is of a general nature, and tax advice should be sought in all circumstances before entering any transactions.

The team at Icon Accounting are happy to assist - info@iconaccounting.ie   

Are you looking for the best Accountancy services in Dublin, Ireland? No need to search anymore, Icon Accounting is one of the top accounting firms in Ireland. our services have been availed of by 3500 + Contractors in the areas of  IT, Pharma, Engineering, Life Science, and Finance. Get our services today! For more information visit www.iconaccounting.ie/about