In order for the management of a company could focus on the core business with the goal of increasing revenue and profit and further develop the company, one of the growing trends and at the same time the most cost-effective solution in today’s rapidly changing financial field, is to trust the accounting of the company to a team of specialist. And this for several reasons.
Firstly, this is because hiring an in-house accountant involves many costs that may seem small and dispersed at first glance, but when added together, they represent a significant portion of the company’s expenses. The cost of maintaining an in-house accountant can include recruitment costs, salary fund, training costs, costs related to vacations and sick leave, software development costs, work equipment costs, and other general expenses. There is also always the possibility that these costs will increase over time due to the need for additional training or the occurrence of recruitment costs related to employee turnover. By outsourcing accounting services, all such unforeseen costs can be avoided as the accounting firm has already absorbed these risks and the price of the service is fixed based on the company’s needs.
Secondly, outsourcing accounting services ensures access to a larger pool of knowledge and experience. A team of specialists who deal with various financial transactions and work with companies of different profiles and sizes in very different business sectors is able to offer faster and more comprehensive solutions. Working in a team, consulting with each other and sharing experiences is significantly more efficient and provides more opportunities for finding solutions than an individual chief accountant is able to provide. Based on a wide range of experience, an accounting service provider has a good overview of the different options for reporting and also of new technical possibilities.
Thirdly, the service provider is always available and, due to the existence of modern communication channels, physical presence does not play a significant role. Modern accounting firms use video conferencing, web-based file sharing, screen sharing and all kinds of internet-based services as part of their daily work tools to facilitate effective collaboration. In addition, the service provider is also responsible for finding a replacement in the event that the accountant working with the company is on vacation or sick leave.
All companies are unique in their business activities, depending on the sector, size, dynamics, goals and much more. We approach each client personally, offering accounting services based on their needs in a form, amount and time that is necessary for them. In addition to providing high-quality, timely and detailed reporting, we are also committed to advising management as part of our service when we know their goals and see nuances in their financial results that could be better utilized for the benefit of the business.
Our accounting services include:
- Setting up accounting
- Preparation of an internal accounting policy
- Full service accounting
- Ongoing accounting reviews and reports (balance sheet and profit and loss statement)
- Consolidation of financial statements
- Annual report
- Fixed asset accounting
- Representing the client in communication with auditors and/or authorities
- Representing the client at the tax office or other institutions
- Personnel and payroll accounting