Accounting services represent a whole range of services aimed at accounting, drafting of accounting statements and tax declarations and their submission in accordance with the rules and deadlines as provided by the law.
The term “accounting” is seen as a continuous process of receiving, registration and consolidation of information on company’s activities. Statements, in turn, are based on the data derived from accounting. This means that those processes are closely linked and shall be carried out at the same quality level. Accounting consists of collecting data about the company and their reflection in specific document formats.Property, liabilities and business transactions/operations of the company are subjects of the accounting.All legal requirements to the accounting can be found in the relevant laws and official documents.Errors in the accounting result in the inaccurate and invalid reporting. Even data originating from the correct accounting may be distorted in the inaccurate reporting. Professionals need to timely identify such errors. We recommend that you regularly check your accounting documents. In case of a lack of time to make checks and produce statements, please contact our Financial Chain Corporation.
Who needs accounting services?
Every business entity which was registered by the proper governmental bodies, is faced with a crucial task, namely how to organize accounting records keeping. The majority of large companies prefer to hire one or several accountants. They will perform their duties in the company. However, employees of this category are usually highly paid professionals and are affordable only for companies with sufficient profit.
Small businesses can solve the problem of direct hire of accountants at lower cost and time just by contacting us. Our specialists will provide consulting services and prepare the whole package of legal documentation that business entity might need for optimal solution of this problem. According to the analytical surveys, every third business entity neglects expert consultations and is guided by only personal experience and non-professional advice. In most cases this has negative consequences, among which fiscal and administrative responsibility. By outsourcing experts from our company, you will be sure that your business is 100% safe, because all the documents to be submitted to the supervisory authorities are correct. Contact us and you will get the best cost-quality solution for the professional services.
Types of accounting services
Accounting services are divided into the following main types:
- Regular services. In this case, full-time expert or a specialized department is responsible for preparation of accounting statements. This option is suitable for large companies that require professional services on the regular basis.
- Remote services. In this case part-time expert keeps accounting and prepares company statements within the agreed timelines.
- Online services. Internet presents a large number of services allowing you to simplify accounting tasks. They would also provide substantial assistance in the preparation of the accounting statements if the company officer is not an expert in this field.
- Outsourcing. There are specialized companies that provide accounting services.
Specific choice with regard to accounting services depends on the company’s activities, its financial capabilities and preferences of the top management. The services include:
- drafting statements;
- reconstruction of accounts;
- cash and tax accounting;
- payroll calculator;
- optimization of taxation;
- management accounting;
- formulation of accounting methodology.
Principles of accounting services setup
Accounting services setup shall be built on certain principles. First of all, the process will depend on the following factors:
- Business activity of the company. Professionals should take into account all business transactions that affect income or expenditures of the company.
- Diversity of business activity. It is necessary to take into account what business transactions shall be reflected in the accounting.
- Tax system selected by the company.
- Specific features of the company business.
Accounting services shall be provided only by professionals with a sufficient experience, and carried out in accordance with the requirements of the effective law.
Difference between tax and accounting records/reporting
Having understood the concept of accounting and reporting, it is also worth to mark a clear line between tax and accounting records. The main difference is that tax records are mandatory for all taxpayers. This requirement does not depend on the tax system and the form of incorporation of the legal entities or physical persons. Tax records are needed to create a tax basis which represents monetary value of the taxable profit. The main forms of reporting are tax declaration and ledgers.
It is worth emphasizing that when individual entrepreneurs are looking for accounting services, they usually need tax records. This service involves collection and storage of documents, submission of tax declarations etc. As stated above, accounting services include a wider range of activities, so the difference between those two procedures is essential.
Advantages of outsourcing
Outsourcing of accounting services becomes increasingly popular due to the following advantages:
- financial costs are reduced;
- you are sure that the work is carried out by qualified experts;
- accounting services are used only when necessary;
- you are given competent advice;
- you are insured against the situations when the employee is temporarily disabled.
Outsourcing services from us, you get the following benefits:
- all work will be done by professionals;
- you can save on accountant’s payroll and creation of the special work place;
- accounting and tax accounting will be effectively optimized;
- our experts will ensure continuous accounting;
- we assume overall responsibility for communication with governmental authorities.
Our company provides comprehensive accounting service. Contact us and see the benefits by yourself!