Under Ukrainian law, the head of a company is responsible for organising and keeping its accounting records.
Only the head of the company can decide whether an in-house accountant is needed or whether the bookkeeping can be handed to an outside specialist.
Whether you need an in-house accountant depends on several factors:
- the size of the company;
- the nature of its business;
- its financial resources;
- the volume of transactions.
In-house accountant: hire or not?
Newly registered companies that are just starting out do not have to sign an employment contract with an accountant. In the early stages, the director can prepare the documents and reports personally.
Later on, the company will need such an employee. A qualified accountant will handle the paperwork and reporting, helping the company avoid penalties from the authorities and the financial losses that follow.
Medium-sized and large businesses need an accountant. In some cases, it makes sense to set up a separate accounting department. Its specialists will cover the following areas:
- documenting business transactions;
- overseeing cash handling rules;
- materials and supplies (stock-taking of assets and valuables);
- calculating and accruing salaries and other staff payments;
- preparing financial statements and tax returns;
- working with counterparties;
- HR records (headcount, salary levels, grades, length of service and so on).
For small businesses
For small firms, keeping an accountant on the payroll rarely makes financial sense. An employee has to be paid a salary every month, plus sick pay, holiday pay and business travel.
In most cases, the cost is out of proportion to the amount of work. In these situations, we recommend using an outside firm that provides outsourced accounting services.
In effect, you pay only for the work done under the contract.
How to choose an accountant
You can hand recruitment to an agency or do it yourself. When choosing an accountant, consider:
- the candidate's level of qualification;
- their IT skills;
- their work experience;
- their personal qualities.
Many businesses prefer outsourced accounting. If you need a professional who will get to grips with your company's finances and contribute to its growth, contact the audit firm Key Solutions.
We have key solutions for your business.
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