Accounting support for companies

Accounting processes audit

An audit is a check on the accuracy of data recording, compliance of processes with the established norms. 

Accounting processes audit is an analysis of the efficiency of accounting processes. High level of efficiency of accounting processes allows the owner to get information on financial indicators of the company as quickly as possible in order to promptly react to business activities. 

For example, if you get information about the monthly profits of your company 10-15 days after the end of the month - you can not influence and manage the profits. And if you get information about business profits online ("here and now") - the final profit result is "in your hands". You can easily identify the wrong vector of movement and change it in time. So, obtaining professional accounting services for business ensures accurate financial reporting and compliance with regulatory requirements.

Why to audit the accounting processes?

This process allows you to detect deviations of internal and external accounting processes related to quality and speed of information processing.

What are the benefits of auditing of accounting processes? 

You get an opportunity to analyze:

• the quality and operability of accounting processes;
• "bottlenecks" of processes;
• labor intensity that exceeds thresholds of acceptable norms.

The result of the audit of accounting processes is the determination of work areas and processes that are subject to automation or robotization, which will reduce the time for processing financial data by times.

If you, as the owner, receive untimely or incomplete information about the financial state of your business, appeals from employees of the accounting (bookkeeping) department about failure to perform well or inquiries of supervisory authorities become more frequent - we recommend to apply to the audit of accounting processes.

Audit of accounting and tax reporting

Audit of financial and tax reporting is an audit of the company's accounting in accordance with the norms of the current legislation (accounting standards, tax code or other legislative norms).

Why accounting and tax accounting audit is important?

Audit provides the owner with confidence in the correctness of company accounting and completeness of tax payment. In its turn it allows reducing risks of penalties, checks by regulatory authorities and monitoring the competence of employees.

We recommend that you apply to the services of accounting and tax accounting audit if you are the owner/manager of the business and want to:

• be confident in the accuracy of accounting and tax accounting of your company;
• find and eliminate deviations before submitting a report or identifying an error by the supervisory authorities;
• plan to conduct a restructuring, reorganization;
• plan to conduct a change of director, chief accountant, founders;
• provide insurance to your chief accountant in terms of identifying deviations in the case of mechanical/technical errors.

Our specialists can conduct an express audit of all business operations of the company, as well as certain areas of accounting or specific operations (thematic audit).

Top requests for audits include:

1.       Accounting and tax audit of payroll operations allows you to identify errors in the accrual of remuneration for work, to avoid penalty additional charges, financial fraud on the part of the accounting service.

Labor costs often occupy a major part of a company's expenses, and penalties for non-compliance with labor legislation are extremely high. The owner must be sure that the payroll data corresponds to reality, and taxes are paid in full. 

2.       Accounting audit of receivables and payables allows to reduce the risks of non-return of cash financing from debtors, to carry out the analysis of own solvency and solvency of clients, to reduce the risks of malicious operations, to confirm compliance with the standards and norms of legislation of accounting and tax accounting. 

3.       Accounting and tax audit of the company's assets allows to confirm the value of the company's assets, the correctness of recording the costs of repair and depreciation of fixed assets, the absence/presence of theft and unjustified loss of the company's assets.

Accounting and financial reporting are crucial for maintaining transparency and trust with stakeholders. According to the Law on Accounting, all balance sheet items must undergo a mandatory inventory before submitting the annual accounts. Therefore, we recommend conducting an express audit of all business operations of the company at least once a year. Express audit will allow you to quickly identify possible accounting deviations and to prevent them in the future.

When may you need outsourced accounting services?

Accounting rules are regulated by International and National standards. Many norms of these standards are intertwined, and if you are a professional in accounting of any country, it will not be difficult for you to understand the National Accounting Standards of Ukraine. The same cannot be said about the tax legislation. The tax legislation of each country has many nuances, and failure to take them into account can lead to penalties. It is these nuances that require an accountant from the company's country of operation.

Many entrepreneurs rely on specialized accounting services for business to manage their bookkeeping, tax preparation, and financial analysis effectively. The task of the owner is to develop a company (foreign representative office) in the country of presence, and the task of our specialists is to provide professional assistance in the legal and accounting support of the business. By utilizing international accounting services for business, firms can streamline their financial operations and gain insights into global market trends. 

Many multinational companies rely on international accounting services for business to handle complex transactions and consolidate financial statements from different countries. Utilizing international accounting services for business is often required to navigate the complexities of global financial regulations and ensure compliance across different jurisdictions.

Let's imagine a situation where a newly established company is just starting out and it does not have a large amount of work for an accountant. It hire an employee to this workload, or a part-time job. The level of knowledge of this employee is unlikely to be high, since the company is not ready to pay high salaries to a professional. The accountant works as best s/he can. 

Turnover grows, so does the need for a more skilled approach. Change the employee? Advance his/her level? These are additional worries. In addition, the employee was not ready for higher volume, makes mistakes that result in penalties. And not all employees are ready to upgrade their skills.

Or another situation. The company works, but the accountant, for whatever reason, decides to quit. The search for a new accountant takes time and money you can spend on business development.

Or you have a seasonal business, which does not require year-round maintenance of an accountant on the staff.

In all these situations, the simplest solution is to contact a firm that provides outsourced accounting support services. This will help you get quality services right away, without wasting time and resources. 

We also provide accounting consulting services. If you have a question you can't find the answer, don't hesitate to contact us, we'll help.

Legal consulting on accounting support of companies

If you want to understand how the accounting service of the company will proceed and get answers to basic questions about accounting we recommend to address for introductory consultation to our specialists.

At the introductory consultation a lawyer will tell you:

• What volume of services can be ordered (we provide both comprehensive accounting support and individual services, for example, solving the issues of tax optimization);
• What will be optimal for your company based on the specifics of your activity;
• What the first steps to take in order to optimize the tax burden and set up an accounting process.

Introductory consultation will allow you to evaluate our professionalism and receive answers to basic questions concerning accounting support of your company.

Proper accounting and financial reporting help businesses avoid legal and tax issues. We offer legal assistance to foreign companies not only at the beginning of their activities in Ukraine, but also in the process of business development.

Our offer of cooperation for foreign Clients.

The cost of accounting support services, including outsourcing, depends on the type and amount of services you need.

We provide both assistance at the start of your business, and the solution of individual issues of tax optimization and outsourcing bookkeeping of your business.

Outsourcing accountant takes full responsibility for accounting and reporting, and the owner is not distracted from optimization of your business. Many companies choose to outsource their bookkeeping to professional firms to benefit from expert management of their financial data and compliance requirements.

You apply to us with a task, set us a final goal. We stipulate the stages of solving this task, choose an individual plan of action and get to work. We agree on the term of accounting support of the company individually.

Our services can include full accounting support - issuing primary documents, forming of postings schemes, accounting policies, etc.

Why to use professional accounting services?

Accurate and timely financial reporting is required for international businesses to maintain transparency and build trust with stakeholders and investors. International accounting services for business provide a comprehensive solution for managing cross-border financial operations and ensuring regulatory compliance. Entrusting us with the organization of accounting support, you get a number of advantages:

• Savings. There is no need to recruit staff, the cost of training and professional development, as well as the cost of organizing the workplace of the accountant. You do not spend time on independent study and acquisition of skills. After all, it takes years to fully understand the accounting system with all the pitfalls.
• In-depth expertise in terms of both accounting and legal aspects. We follow all changes in the legislation of Ukraine and build our work accordingly. Our staff includes only professional lawyers and accountants.
• Professional organization of the accounting system. You get calculation of taxes and reporting without penalties.
• Solving complex problems. We solve the issues of any complexity and are ready to choose for you the most advantageous scheme of work.

By choosing the right international accounting solution, companies can optimize their financial processes and make informed strategic decisions on a global scale. Efficient bookkeeping is crucial for businesses to maintain accurate financial records and ensure smooth daily operations.

If you want to get quality accounting services – we are ready to help you.