A guarantee of effective and successful entrepreneurial activity is professional and competent accounting. But what if, during a certain period, it was conducted poorly or not at all? In this case, one cannot do without such a service as restoration of accounting and tax accounting. Specialists will help to cope with the situation of any degree of “neglect” and will take up the planning of further development of economic activity.
Companies order this service in the following cases:
- identification of unreliability of primary information;
- lack of registers and accounting of transactions during a certain period;
- improper tax and accounting in past periods;
- change of chief accountant;
- loss of important documents;
- after verification by the auditor;
- before the visit of the tax inspector.
The outsourcer undertakes to restore order in the payment of taxes, establish accounting and correct existing errors, as well as restore the organization’s reporting. Also, they must be filed and submitted tax returns and calculated taxes. The customer company receives significant savings in its time and money, as well as the opportunity to fully concentrate on planning the development of its core business. That is why it is usually much more profitable to order an accounting restoration service and not wait until the situation gets out of control.
The restoration of accounting and tax accounting pursues the following main objectives:
- bringing the documentation and reporting of the enterprise in accordance with applicable laws and regulations;
- restoration of control over business activities carried out by the company. Accounting errors, as a rule, cause additional costs in the form of fines and overpayments of taxes.
Maintaining and restoring accounting will help in this case to quickly get out of a difficult situation and stop violating current legislation by filling out tax returns incorrectly. Most often it’s much easier and cheaper to hire specialists than to try to cope with all the problems yourself. In addition, the restoration and maintenance of accounting by a third-party company reduces the risk of errors, and also eliminates the need for searching, hiring and remunerating staff for accountants.
The main stages of the procedure
- study of accounting documentation and assessment of its condition;
- preparation of a report and provision of recommendations;
- drawing up a program for the implementation of the procedure;
- restoration of accounting and tax accounting at the enterprise;
- preparation of revised documentation.
At the first stage, the current state of affairs in the organization and the state of its
financial statements are actually assessed
. Next, restoration of accounting and tax accounting takes place, and at the last stage, recommendations are provided regarding the documentation of business transactions in the future.