Page 4. Accounting

Whatever a company does, even a small firm needs to keep financial and accounting records. Usually an in-house accountant is hired for this, but IT companies commonly bring in an outsourced accountant. Read on to find out why you need a specialist and how this can work in your favour. Why you need a specialist IT is developing fast and has its own specifics and nuances. Organising the accounts means taking many details into account, including the nature and scale of the business. That makes it hard to find an in-house employee who is at home in information technology, and then…

Published 27 June 2023. Some rules have changed since; ask us for the current position. Looking into how VAT works and want compensation from the state? Then you will need to understand every detail of the process. Read on for answers to your questions. How the process works A VAT refund (бюджетне відшкодування ПДВ) is compensation from the state: the taxpayer gets back the VAT paid when buying products, work, goods or services. However, not every business can claim it or choose how the money comes back. Today a refund can take one of these forms: a…

Every business deals with money. That is why any company that wants a positive image and a spotless reputation with investors and lenders should have its financial statements audited. Read our guide to learn more about the process and how to prepare for it. Why you need an audit A financial statements audit is a review of the company by an independent auditor, followed by a report based on the findings. The audit is mandatory only for certain companies, such as: public interest entities; public joint-stock companies; companies in the extractive…

Sometimes life forces people to take out a loan. Large companies and organisations are no different: at times they simply have to become debtors to other companies or individuals. If things go off plan and the debt becomes a pressing issue, an experienced accountant can help resolve it. This guide explains why it is worth using a specialist. Ways to resolve the problem Accounts payable arise when goods, work or services are received on one date and paid for on another. Outstanding debt looks bad for a company: its reputation suffers in the eyes of other creditors and investors,…

An audit of financial statements is a requirement for large companies and enterprises. Along with the obligation come real benefits: the audit strengthens the trust of shareholders, financial institutions and potential investors in your firm. Read on to find out how to get the audit right. How the process works A financial statements audit is mandatory for: public interest entities; public joint-stock companies; companies in the extractive industries; financial companies. Beyond these, an annual financial…