Accounting, Bookkeeping, and Direct Tax Compliances services aid in interpreting and implementing numerous changing regulatory requirements. To be compliant with statutory reporting requirements of the administrative deadlines and various policies of the local tax and accounting regulatory framework should be fulfilled. At the same time, should ensure timely preparation of reliable Accounting & Bookkeeping, and Direct Tax Compliances.
Process of Accounting & Bookkeeping, and Direct Tax Compliances
The statutory reporting process is extensive and may vary depending on the nature of the business activities. There are many laws related to tax which regulate the reporting obligations. Companies are required to prepare various statutory reports on a monthly or quarterly basis 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.
How ASC Works?
ASC’s Bookkeeping & Tax Compliance team can assist in setting up and preserving the financial accounting function. We also help to ensure timely processing of information, preparation, and compliance of financial and tax reports. It should comply with local accounting, tax necessities, 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, ensure a single point of contact. Using our Tax & Bookkeeping Outsourcing services, businesses can be benefited from a multidisciplinary team of accountants and tax practitioners. It also increases the efficiency and accuracy of financial services and reduces cost and risk.
Our key services include:
Initial setup (opening of the accounting books) comprises of:
- Setting up an accounting database and chart of accounts.
- Advice on accounting treatment.
- Discussion and agreement on the communication channels and documentation flows between ASC and the company
Monthly bookkeeping and statutory reporting services
- Posting general ledger.
- Up keeping of fixed assets register
- Maintenance of all other ledgers in the accounting software.
- Account reconciliations/intercompany reconciliations (receivables, payables)
- Monthly bank reconciliations
- Draft payments to suppliers and authorities
- Assistance with the issuing of sales invoices
- Travel expense calculations
- Preparation of reports
- Cost accounting as per the company’s requirements
- Ad-hoc advice and additional assistance
Tax compliance, including registration with the tax authorities
- Drafting of monthly VAT returns
- Up of monthly VIES and Intrastat reports
- Calculation of a monthly corporate income tax base, tax advance installments
- Calculation of monthly one-off taxes
- Preparation of withholding tax returns
- Timely delivery of the above tax return forms to the tax authorities
- Liaison with the tax authorities
Statutory year-end closing
- Closing accounts at year-end
- Assistance with year-end reconciliation procedures
- Up keeping of the annual financial statements according to the IFRS or the National Financial Reporting Standards for Small and Medium-Sized Enterprises
- Up keeping of annual report of the activities of the company.
- Up keeping of annual corporate income tax returns
- Preparation of tax returns under Article 142, para 5 of the Tax and Social Security Procedure Code
- Support during external audits of financial statements
Bookkeeping Outsourcing using SAP
We at ASC have professionals who assist you in Bookkeeping on various software like Quickbooks, Sage, Xero, and Tally. If your company is using SAP, ASC has a team of experienced professionals who are deeply familiar with the accounting and reporting processes in SAP. They can assist you with:
- General Ledger Accounting
- Accounts Payable
- Accounts Receivable
- Asset Accounting
- Bank Accounting
We at ASC help you with:
- Income Tax Filing / TDS Return.
- Application of PAN and TAN for Residents and Non Residents.
- Preparation, review and filing of Returns.
- Handling all types of Income Tax Assessment cases.
- Appearance before Income Tax Authorities.
- Representations before judicial authorities in assessment and appeals.
- Assistance in preparing submissions and availing exemption certificate.
- Audit Services.
- General Accounting.
- AR and AP reconciliations.
- Payroll processing.
- MIS Reports for all levels of management.
- Routine Accounting in Quick Books.
- Compilation and Review Reports.
- Accounting System Setup and Support
- Payroll Services.
- Budgeting and Financial projections.
- Financial Statements Preparation.