Blog Accounting
Many companies and entrepreneurs need legal support or advice. Especially if there is no internal legal department, then it is necessary that the terms of contracts and agreements are reviewed by a third-party specialist. If the business gets involved in litigation, attorney services may be required even with having full-time lawyers. In any case, the company or individual entrepreneur pays for the assistance of a third-party specialist, and attorney services in accounting are reflected in a certain way.
Most companies attract independent auditors from time to time, because this is required by law. The cost of audit services is quite high, and it needs to be carried out through accounting, properly taken into account in the balance sheet. According to the laws of the Russian Federation, specialized companies and individual specialists who are included in the register of one of the self-regulating specialized organizations can be engaged in auditing. Accounting of audit services assumes that the company invites independent specialists from outside. Even if there are qualified auditors in the company’s staff, you cannot attract them, because you will not be able to observe the principle of independence and impartiality.
Accounting and analysis of financial results are mandatory procedures for enterprises of all forms of management, including LLC. Information about financial results is necessary for an objective and comprehensive assessment of the company’s business activities. This information is necessary for owners and managers to make the right management decisions. In addition, they are requested by investors, banks, insurance companies and, of course, regulatory authorities.
During tax audits, inspectors draw attention to all non-gratuitous services, including consulting, marketing and legal services. Therefore, it is important to correctly conduct accounting of legal services. Moreover, in relation to this type of services, the problem of proving compliance with the legislation requirements may arise. This mainly concerns its inclusion in the structure of expenses for income tax and for VAT deduction.
The service sector is an industry with many components of the economy and management. Commercial companies, individual entrepreneurs, and businessmen carry out their activity in this area. New opportunities and forms of ownership appear: The Internet, network marketing etc. Therefore, accountants have many problematic situations.
Audit of accounting and reporting organization is designed to create an impartial view of documents’ reliability as well as information reflected by them. The law obliges legal entities to keep records and keep financial statements, so that the company will be able to provide them to partners, auditors, and employees…
Conducting tax audit in respect to legal entity, special attention is paid to compliance with legal requirements for accountancy of provided services. Due to active development of information technology, business entities provide customers with online services which have several advantages with increasing frequency. In this regard, question of the correct…
In accordance with Russian legislation each company is required to maintain accounting records regardless of what industry the company operates in, how many full-time employees and subsidiaries it has. Some organizations are also legally bound to conduct an independent accounting assessment. This requirement is related to the specifics of economic activity.
Russian laws oblige all companies that are engaged in entrepreneurial activities to maintain accounting records. This requirement also applies to individual entrepreneurs, regardless of whether they have employees or not. Accounting is an integral part of the work of any organization. By its state, you can determine how successful the business is, and checking the accounting allows you to track errors in business activity. Thus, it affects efficiency of the entire enterprise. Without expertise, it is easy to miss serious risks and mistakes, fraught with fines or even criminal liability.
Accounting – is a system of collection, registration, and analysis of data about company’s business activity in financial terms. Russian legislation requires all companies to keep accounting. Even sole proprietors must comply with these requirements. Accounting data help to assess conditions of company’s affairs, however accounting mistakes may lead to serious consequences such as gross fines from state authorities.
Commercial companies usually offer customers and partners not just the products but services as well. It may be the main or associated company’s activity. In any case, if the company provides services, they are subject to accounting. According to the Tax Code a service is an activity, results of which…
Audit according to sectoral accounting standards is a mandatory procedure for companies which are legally bound to comply with sectoral accounting standards. This category includes non-credit financial and microfinance organizations, management companies, and other businesses. For such companies timely and careful reporting is essential part of business legitimacy. Sectoral accounting…
According to legislation, a contract is an agreement of two or more persons include civil rights and responsibilities. Conclusion of contract entails to establishment of a legal connection between parties to agreement. Therefore, in contractual relationship, subjective rights and obligations of parties are realized. An agreement implies contractual obligations: one…
Professional accounting will allow business owners to make decisions without taking unnecessary risk and will protect them from penalties which may be imposed by tax and other inspection authorities. Accounting services imply several directions of work. The first one is reporting and taxation which includes the following tasks: Forming and…
The law requires to record and systemize information about the objects of business activity – this is what accounting is particularly involved in. It implies that professionals will form financial reports on the main document flow basis of the company which will help internal and external users to assess the company’s activity.
