Each company is required to collect, systematize, and register information about its operation. However, it is not usually beneficial for small and medium sized companies to hire full-time employee or create Financial Department. This is due to additional expenses for setting up workplaces, social benefits, and other mandatory payments. Therefore, the most profitable solution is to use services of audit and accounting outsourcing.
Only qualified specialists should deal with accounting. Firstly, tax authorities fine for every mistake, even a formal one. Secondly, legal framework changes over time and is being amended, so relevant amendments should be carefully monitored. Finally, organization of accounting can largely affect profitability of the business as well as its well-being.
Outsourcing allows to get audit and accounting services provided by experienced professionals and pay a third less than full-time employees at the same time.
VALEN provides audit and accounting services to legal entities and sole proprietors. Our employees will take on a full range of tasks related to finance and taxes or will perform a narrow range of work. We can completely replace the Finance Department on a daily basis, or temporarily replace full-time specialists.
Tax and accounting peculiarities
Tax accounting collect, systematize, and register information related to tax base. The main document which regulates this issue is the Tax Code of the Russian Federation, however, order of management is also prescribed in accounting policy. It is approved by an order of the head of the company. However, in essence, we are talking about generalized information related to financial situation of the enterprise. This data is collected from documents that are kept under the accounting system; thus, these two types of accounting are inextricably connected.
Please note that every company is required to keep tax records, regardless of which mode its founders chose when registering.
Tax accounting has following goals:
- Reduction of company’s tax burden by legal methods.
- Providing reliable business data to employees and managers of the company, as well as to regulatory authorities.
- Collecting objective information about the company’s expenses and income.
- Timely payments to the budget required by law.
- Determining amount of tax base.
The law provides for several options of tax accounting.
The first one is separate from accounting. It is chosen by large companies that can allocate an entire department for this task.
The second option is based on accounting, when both systems are maximally integrated into each other.
The third possible option for an organization is to adjust accounting data. In such cases, specialists only fill in the difference between accounting and tax accounting information in registers, and only in situations when such difference appears.
Finally, one more option is available, in a special chart of accounts. If you decide to organize tax accounting in this way, you will need to develop and enter additional accounts. This is a great option for small or medium-sized company.
Audit services and independent expertise of financial statements
VALEN also provides audit services. This means external independent examination of documents, which is carried out at the request of managers or in terms of preparation for due diligence. Audit services assume that a specialist analyzes organization of accounting, checks compliance of operations and correctness of documents.
Audit assistance helps to avoid problems with on-site inspections, as it allows to correct mistakes and omissions before they are detected by regulatory authorities. Even before the official audit begins, you will be sure that company’s accounting meets current standards, and you will not be fined.
In addition, audit provides management with complete and objective information about how the company operates. It is necessary if chief accountant, head of the Finance Department, or Director of the company is being replaced. Large and small enterprises seek help of competent auditors.
Audit and accounting services provided by VALEN include:
- detection of errors in registers and making recommendations for their correction;
- preparation of enterprise for inspection conducted by regulatory authorities;
- forecasting and eliminating financial risks;
- independent evaluation of full-time employees’ performance.
We guarantee complete confidentiality of company’s audit. We do not share information obtained during provision of audit and accounting services with tax inspectors. Report on the results of audit will only be seen by company’s managers, so third parties will not get access to it.
Advantages of audit and accounting services provided by VALEN
VALEN provides qualified audit and accounting services in Moscow and other Russian cities. Our staff will advise you on any questions related to financial activities. We can also help you to form documents, organize accounting from scratch, or correct mistakes in current system.
We use advanced software and cloud technologies. Owing to this, our company guarantees transparency and availability of services, as well as ease of reporting. You can order complex support or individual services from our company:
- checking reports;
- responses to requests from tax authorities;
- organization or restoration of accounting;
- preparation of financial and tax reports;
- preparation and submission of reports to various authorities, including Tax Inspectorate and Pension Fund;
- representation of interests in regulatory bodies.