Managing bookkeeping and tax compliance proves to be a challenging task in the current dynamic economic environment.
Managing bookkeeping and tax compliance proves to be a challenging task...
Tax and finance departments face the need to follow-up, interpret and implement numerous and constantly changing regulatory requirements in order to be compliant with statutory reporting obligations, administrative deadlines and various specifics of the local tax and accounting regulatory framework while, at the same time, ensuring timely preparation of reliable accounting information for management
A wide range of requirements are set for the accounting systems, reporting currency and language, preparation of the financial statements, the storage of the accounting information, as well as the applicable financial reporting framework. Financial statements for all companies are public information which makes their timely and accurate preparation an important task.
The statutory reporting process is extensive and may vary depending on the nature of the business activities. There are a number of laws, not only tax related, which regulate the reporting obligations. Companies may be required to prepare on a monthly or quarterly basis various statutory reports requested by different official authorities.
Non-compliance with the deadlines and legislative requirements is subject to administrative penalties and fines which lead to unexpected costs and reputational risk for businesses.
The control from the tax authorities is strict, usually very formal and made on a regular basis. Communication with the authorities and provision of information is often a time-consuming and cumbersome process.
KPMG’s Tax & Bookkeeping Outsourcing team can assist in setting up and maintaining the financial accounting function and help to ensure timely processing of information, preparation and submission of financial and tax reports, that comply with the local accounting and tax requirements and management needs.
We utilize the synergies across the team and provide an extensive package of services in all accounting and tax compliance areas whilst, at the same time, ensuring a single point of contact. Using our Tax & Bookkeeping Outsourcing services, businesses can benefit from a multidisciplinary team of accountants and tax practitioners, increased efficiency and accuracy of financial services as well as cost and risk reduction.
We use local accounting software which is compliant with the regulatory requirements. Our approach appreciates your time and is tailored to your preferences and needs. We can either work remotely or from your office, respecting your internal reporting schedule and following the requirements of the existing software customization, management or other reports.
Our key services include:
Initial setup (opening of the accounting books), including:
Monthly bookkeeping and statutory reporting services
Ongoing tax compliance, including registration with the tax authorities and assistance with tax liability payment transfers
Statutory year-end closing
Support during external audits of financial statements