Accounting “Our local and international experts keep efficient accounting according to theng Ukrainian legislation and simultaneously provide you with transparent reconciliations to accounting standards in Western Europe.”
Our definition: Accounting
Systematic compilation of the monetary flow, available client’s resources and output of an organisation – for internal control as well as external reporting.
Local characteristics: Increased formal requirements and broader responsibility of the accounting department
Comparing with accounting standards in Western Europe the Ukrainian accounting has vastly higher formal requirements. For example, in Ukraine there are much more primary documents than in other European countries, and form prevails over the substance. Moreover, in many cases commercial and tax accounting do not coincide. In the result, many book entries have to be booked twice – once in the commercial books and once for the tax authorities (e.g. advanced payments received have to be accounted as an income for profit taxation). This fact combined with a great deal of efforts put to meeting all the formal requirements of primary documents, inevitably leads to great time consumption of an accountant.
In addition, accountants always prepare a great number of reports on a monthly basis (VAT, Single Social Contribution etc.), and on a quarterly and yearly basis (PIT report, financial result report, CPT declaration etc.). Handing in up to 17 reports and declarations per quarter (quarterly accounting), the administrative efforts in banking are extraordinarily time consuming due to substantial currency related regulations.
Moreover, the Ukrainian accountant’s field of responsibility is broader than in Western European countries. In addition to the reporting a Ukrainian accountant is also responsible for controlling and rather laborious personnel administration as well as for managing agreements and compiling contracts since those are of vast importance for tax accounting. Furthermore, it is the accounting department’s task to correspond with the state statistics and tax authorities as well as the banks.
Our solution: Vast industry knowledge backed up by relevant local and international accounting expertise
The experts of our team, who are fluent in German and English, have many years of working experience in the field of Ukrainian accounting and tax law. Besides, all of your contact persons have worked with international investors, in international environments and gained experiences in international accounting standards. Hence, we keep efficient accounting following requirements of the Ukrainian legislation and simultaneously provide you with transparent reconciliations to the accounting standards of Western Europe (including IFRS and German GAAP).”
We provide the following accounting services to your company:
- Set-up, monitoring and control over the commercial and tax accounting covering consulting on the questions of taxation on all the stages of the company’s operation and day-to-day business;
- Full commercial and tax accounting;
- Management reporting comprising development and implementation of MR taking into consideration the specifics and internal requirements of the company;