Preparation of financial statements
Preparation of financial statements is an important part of activity in each company. An expert with good knowledge of law and accounting shall be responsible for this. Statements and reports shall be submitted to the tax inspection, social funds and other public bodies. The main task of the financial reporting is control over company’s income and expenditures.
Accounting by professionals
The main task of accounting is to create documented data about accomplished financial transactions in the company, in accordance with the requirements established by the effective law of Ukraine. The above serves as a basis for preparation of tax declarations and accounting reports.
At the beginning of our cooperation we discuss and agree all terms and conditions, and then sign a contract on outsourcing of accounting services, that relieves you of certain responsibilities. Moreover, you will be sure there are no conflicts with law, since all documentation will be issued without any deviations.
Сost of our services covers all expenses related to an expert team, necessary software and training. You do not need to worry about looking for replacement for the accountant in case he/she is on the sick-leave or vacation, since we are always ready to help.
The Financial Chain Corporation employs highly qualified experts with a profound knowledge of the law, who prepare statements in compliance with all the established requirements. This service is demanded by both small and large firms, since keeping record of accounts is mandatory for all, and hiring a full-time specialist often doesn’t make economic sense.
Сost of our services depends on your specific needs and features of the company’s activity. The following options are available for cooperation:
- Fixed price;
- Hourly rate;
- Combined approach.
Outsourcing of accounting services includes the following:
- Record of all operations performed by the client, in accordance with the applicable law;
- Filling accounting and tax reports by the established deadline. In most cases it includes profit and loss statement, cash transactions record, capital statement, VAT, explanations to reports and current balance of the company, vehicle tax, property tax and other;
- Assist in profit calculation and preparation of the shipping documents for transportation of goods;
- Calculation of taxable income of employees to be included in their salary;
- Preparation of draft payment orders in hard copies or in E-banking system;
- Verification of settlements with suppliers, clients and tax inspection;
- Help during audits: preparing all necessary documentation, drafting a cover letter in the case of documents transfer, as well as the compilation of special registers if necessary;
- Assistance with internal and external audit in the company;
- Formulation or updating of accounting policy of the company depending on changes in the law or specific aspects of the client’s business activity.
Is zero balance report required?
Even if during the reporting period there were no business transactions, zero balance report is still required. It is explained by the fact that according to the Tax Code, reporting should be kept from the moment of company’s opening up to its liquidation. Report contains zero balance if there was no economic activity. Often this is due to the recent company opening or if its business has seasonal nature, and there was no delivery of products or services.
What is included in the annual report?
Financial reporting of the company can be full or abbreviated. Each company is obliged to prepare full report, except for companies with state budget financing, small businesses or foreign representatives/missions. For the above exceptions abbreviated reporting is required, that includes details of the financial activity of the company. Among those eligible for abbreviated reporting are legal entities – single tax payers of category 3. As a result, content of annual reports depends on the size of the company – large, medium or small.
Requirements for the reports which are due for submission
- Calculations are made in common national currency – UAH;
- Large and medium-sized companies fill financial statements in thousand UAH, decimal point is not required. The only exception is shares profitability index for which amount in kopecks should be given;
- For the small firms reports are filled in thousand UAH with one decimal place;
- It is not allowed to collapse assets, liabilities, income and expense cost items, except in cases as provided in the national law;
- Companies are entitled to omit cost items containing no information to disclose.
If you wish to obtain a quality report on the company’s activities, consider to start working with our company. There are certain penalties for not meeting reporting deadlines, so please take care of the timely filling of all documents. This is the only way to avoid unwanted fines. The minimum fine is 136 UAH, but repeated violation can cost 425 UAH.
By contacting us, you can be sure that the statements are prepared correctly and in time. We undertake preparation and submission of monthly and annual reporting to the relevant authorities. Our cooperation can be arranged both on regular and case-by-case basis.
We undertake the whole scope of work:
- Preparation of statistical reports and financial statements which fully meet the requirements of the current law. We track all changes to the law and adjust our activities in line with them;
- Reporting on the income tax, value-added tax, social contribution and income declaration.
- Review of the primary documents;
- Verification of payroll calculations and tax payment for each employee;
- Submission of reports to the relevant authorities.
Having ordered an accounting support from us, you will get a guaranteed satisfaction with the results because we provide excellent quality services and highly qualified specialists.