Who can provide accounting services

Published 2 September 2020. Some rules have changed since; ask us for the current position.

Whether to hire an in-house accountant or outsource the bookkeeping is always the manager's call. More and more companies are choosing outside providers to save money, a practice that has been common in the West for decades. For a company to thrive, some costs can be trimmed, especially if you bring in an outside accountant who has worked for organisations like yours and knows your industry inside out.

But who is allowed to provide these services? In Ukraine, accounting services for individuals, entrepreneurs and companies are regulated by law.

Note that a chief accountant is mandatory only at public interest entities. In other cases, a company with a modest, uncomplicated workload may choose not to appoint one.

A few words on who has the right to provide accounting services. Far from everyone does.

Who can keep a company's books and give accounting advice?

You can use an accountant on your payroll. This one is straightforward: you employ them permanently, pay a salary, withhold taxes and pay the single social contribution (ЄСВ).

An accounting specialist can also be a sole proprietor (ФОП) or an employee of an outsourcing firm, in which case you sign a service agreement with them. Finally, if the owner has the necessary skills, they can keep the books themselves (except in budget-funded institutions). In that case, the owner signs all tax returns alone.

The order on accounting policy states who provides accounting services at that particular company. This clause is mandatory. From then on, that person signs all reports and bears full responsibility for the information in them.

Core accounting functions

Providing accounting services in Ukraine involves a number of mandatory tasks:

1. checking compliance with the established accounting principles;
2. preparing financial statements and filing them with the authorities;
3. checking that all financial and business transactions are recorded in the accounting software.

The chief accountant is also responsible for managing the accounting team.

Do tax inspections stress you out? Leave the paperwork to us, and we will look after your company. We bring in experienced specialists who know your industry. They will explain things in plain language and give you practical help.

Order full-service business accounting and get on with your work. If you have a new company and cannot decide on a tax system, or you need an audit, contact Key Solutions.