Page 3. Accounting

Want to take your business to the next level? Then it is time to bring IFRS into your work. In this article we explain what International Financial Reporting Standards are and why it makes sense to build your company's accounting around them. What IFRS reporting involves Under Ukrainian law, IFRS financial statements must be prepared by: Public-interest entities. Public joint-stock companies (PJSC, ПАТ). Companies in the extractive industries. Businesses engaged in activities on the list approved by the Cabinet of Ministers…

Accounting matters for every individual and company, and for an IT company keeping proper accounts is especially important. Did you know that you can use outsourcing instead of hiring a full-time employee? If not, read our guide to see all the benefits of this choice for your business. What makes accounting for IT companies special To begin with, accounting in IT companies has a number of specific features. Here are just a few: IT companies earn different types of income, and each is taxed in its own way. On top of that there is corporate income tax and a range of…

Does your company exceed at least two of these thresholds: EUR 4 million in balance-sheet assets, EUR 8 million in net revenue or an average of 50 employees? Then it is subject to a mandatory annual audit. This is an independent review of the figures in the financial statements designed to strengthen the trust of lenders and investors in your firm. If that is what you are after, read on to see why it matters. Key features of the audit Since 2018, the annual financial statements audit has been mandatory for medium-sized enterprises. It is worth seeing the…

Today it is hard to imagine a company or a self-employed person working without accounting support. A specialist helps you choose the right tax system, keeps your financial and accounting records and pays your taxes properly, so you have no problems with the state. Interestingly, even a company that already has an in-house accountant may need outside help. This guide looks at when that happens and why qualified help is worth having. When to order accounting services Outsourced accounting has a number of advantages, both for sole proprietors (ФОП) and for large companies that…

Every foreign company operating in Ukraine must work in line with the law and keep accounting and financial records on an ongoing basis. It must also send its reports to the regulatory authorities. To get all this right, you need an accountant. This article explains the benefits of accounting services and why they matter. Why you need an accountant An accountant serving a foreign company provides bookkeeping support, ensures compliance with the Tax Code and keeps track of HR records and the non-resident's affairs. In practice, a foreign company needs a…