Why Does a Business Need Accounting and Bookkeeping Services?
Accounting and bookkeeping are essential if you want your business in a way that can be measured and predicted. Having a system of tracking your business’s assets, liabilities, and income lets you to make smart, informed business decisions based on the past performance and present financial health of your company. It is important to have a clear and organized system to analyze your company’s financial data and help it grow more profit. It also helps in satisfying your customers. Whether your business is a sole proprietorship or a Limited Liability Partnership (LLP), you must know when to get in help to ensure accurate accounting and financial management. After all, you certainly do not want to be in a crisis situation and close all doors to the success of your dream venture.
Russian Statutory Accounting
In Russia, for historical reasons, the entire financial reporting framework is determined by the state. As such, the tax authorities and other state bodies, rather than management or third parties, are the primary users of Russian statutory financial statements. Each operation has to be supported by an appropriate source document or a set of documents. These source documents have to be duly signed and stamped by the parties involved in the transaction. Although electronic document exchange and electronic tax reporting have been introduced over the recent years, this approach still makes the general administrative burden on Russian activities high in comparison to Western practices.
Russian Accounting Standards (RAS)
Accounting in Russian legislation is mainly interpreted as the rules defining the way of keeping accounts books. In the year 2012, the IFRS standards became mandatory for the filing of all the consolidated financial statements by the domestic and foreign companies. Russian Accounting Standards (RAS), refer to the body of regulatory documents concerning financial accounting and reporting standards in the Russian Federation. They are converged to a great extent with IFRS, are required for standalone statements. SMEs in Russia currently use accounting standards issued by the Ministry of Finance.
Our Accounting and Bookkeeping Services in Russia
The benefits you will derive after opting for Business Setup Worldwide small business accounting services and bookkeeping services in Russia are:
- Set-up and management of complete accounting according to Russian standards
- Posting of all daily business transactions and preparation of balance sheet
- Preparation and submission of quarterly and annual financial statements, and filing of accounting and tax registers
- Preparation of bank transfer for salary and tax payments, as well as for all other bank payments, international currency transactions and other relevant banking documents
- Reporting according to IFRS/ US GAAP / French GAAP and other standards
- Monthly financial reporting to management and owners in an agreed format and currency, with profit or cost center structure
Benefits of Availing Accounting and Bookkeeping Services
The benefits of accounting and bookkeeping services are:
1. Updated Financial Information
For an investor it can be hard to keep updated with the day-to-day financial details of the company. Engaging in accounting and bookkeeping services will ensure that you remain up-to-date and in compliance with your tax obligations and other types of Russian legislation. Our accounting services in Russia guarantee to keep your records up-to-date, accurate and true.
2. Time Saving
Using our accounting and bookkeeping services for small business will help you maximize your return. By freeing up your valuable time you can concentrate on growing your business and marketing strategies. Plus, the professional bookkeepers will always be on the lookout for opportunities to save you on costs that you may not be aware of.
3. Acuteness in Decision-Making
Having an accounting and bookkeeping services will make it much easier for you to make crucial financial decisions for your personal or business situations. This includes helping you decide whether you want to take out a loan, purchase inventory, and also how you want to manage your super fund, assets, and finances.
4. Transparency and Accountability
Bookkeeping and accounting facilitate accountability with clients since you are able to counter check past transactions to confirm payments and prices. Additionally, it ensures accountability between business partners when accessing the books to evaluate expenditures and revenues. Therefore, transparency is maintained in the business and any kind of fraud is easily detected.
Who We Are
Business Setup Worldwide is a platform to help you start your company. Our services include setting up a business, registration of the business, providing IP services, company secretarial services, bookkeeping and accounting advisory services, and taxation services for your company. We help businesses and individuals by providing accounting and bookkeeping services in Russia. Our set of professionals will ensure that you are able to completely concentrate on business without worrying about the financial know-how of the business.
At Business Setup Worldwide, we provide accounting advisory services that free you to focus on the operational side of the business. Our professional team includes finance and bookkeeping specialists who will offer you recommendations on optimization of your taxes and advice on the latest legislative changes, and will make sure that all your matters are attended to. We provide accounting and bookkeeping services that will cover all the accounting needs for your business operating in Russia.