Accounting, Compliance and Reporting Services
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The concept of outsourcing some activities relating to the company’s day-to-day operations has proved to be an effective method of improving performance in many countries. Many companies have found it beneficial to eliminate all departments that are not directly related to their primary line of business: sales, production, or services. Outsourced accounting services we are providing to our clients cover the full scope, or any particular part, of the bookkeeping, tax compliance, reporting and budgeting, day-to-day accounting advisory, as well as set-up or optimization of the financial and accounting function as described below.
Bookkeeping
- Day-to-day keeping of accounts in your or our ERP systems on a cross-Baltic level
- Bookkeeping services related to business start up in any of the Baltic countries
- Preparing documents and account reconciliations required at the close of the reporting period
Tax compliance
Reporting and budgeting
We help our clients to assess the financial standing of their companies, prepare financial reports and statements and analyze the results. We assist in developing the methodology and procedures for drawing up and implementing budgets. This, coupled with a reporting system, helps our clients to better direct the activities of their managers. The main deliverables in this category are:
- Preparing regular reports and analyses for the management or the Supervisory Board via reporting systems tailored to the client’s specific needs, including integrated controlling solutions
- Preparing stand-alone or consolidated financial statements consistent with the standards adopted by the client (e.g., local GAAP or International Financial Reporting Standards), ensuring statutory compliance
- Assistance in the budgeting process
- Budget performance and deviation analyses
Day-to-day accounting advisory services
We continue to co-operate with the client beyond doing the books and reports. At this stage our services include, but are not limited to, supervision of bookkeeping activities performed by the client and assistance in solving accounting problems. Our services also include:
- Ad hoc assistance for internal finance personnel, finance controllers and management on accounting and tax issues
- Assistance during statutory or internal audits
- Conducting regular reviews of accounting documentation and procedures
- Implementation of a model for accounting transactions in the single currency used by the group
- Implementation of a reporting model for group reporting purposes in accordance with local GAAP, group accounting practices, and US GAAP or IFRS
- Development of a methodology for drawing up and controlling the company’s budget
Set-up of the financial and accounting function
Any newly established entity must comply with local regulations in respect of bookkeeping and reporting. We help our clients to ensure tax and statutory compliance, allowing designing and implementation of internal systems. We offer a wide range of set-up assistance for the development of internal or outsourced financial and accounting functions, in particular:
- Assistance in designing and implementing of the ERP system, payroll system, basic reporting and data flow system, management accounting and financial control systems
- Assistance in the development of documentation and policies required for the compliance with the local bookkeeping and tax legislation
- Development or adaption of a corporate chart of accounts, accounting policy, record-keeping and payment procedures
- Development and implementation of models for multi-currency and multi-GAAP reporting
- Development and implementation of group consolidation models
Optimization of the financial and accounting function
Changes of internal and external conditions and volumes often give rise to new problems and challenges for any company. We help our clients to identify and implement the most advantageous solutions. We offer a wide range of services supporting the organisation and operation of accounting and financial services, in particular:
- Evaluation and benchmarking of existing financial and administrative functions
- Solutions to specific accounting problems relating to merger, reorganization, insolvency and liquidation
- Assistance in selecting and implementing accounting systems
- Formulating and streamlining the existing accounting and financial control procedures
- Implementation of “Fast Closing” procedures
- Implementation of an onsite or offshore shared service center across multiple locations and countries
- Updating selected procedures/ rules governing proper business transaction recording processes (e.g., preparation, circulation and verification of accounting documents); ensuring the effective flow of financial information and documents
