Foreign firms that carry out commercial activities in Russia often find themselves in a difficult situation that hinders further business development. This is due to the lack of knowledge about Russian legislation and a lack of experience of interaction with government agencies in the top management. In addition, in our country, as in any other, there are individual features of conducting commercial activities that are not always clear to foreign management. The best way out of this situation is outsourcing for foreign legal entities, which consists of legal and accounting support for relevant companies.
Accounting support for foreign companies
Accounting outsourcing traditionally includes a whole range of services. In some cases, specialists undertake the management of individual accounting sections, and in others they are engaged in full accounting support of activities. Of course, accounting for enterprises with foreign capital has its own specifics, since the specifics of their work in Russia differ. Such organizations can develop their branches and representative offices in our country. In the latter case, in addition to registration with the tax inspectorate, they will also need to pass accreditation.
How can accounting outsourcing be useful for a foreign legal entity?
First, the company receives a guarantee that the accounting and tax reports will be compiled correctly and subject to submission within the time limits established by law.
Secondly, this service allows you to reduce the cost of accounting, which is explained by the higher cost of inviting full-time specialists.
Third, foreign trade outsourcing involves quality control and automated document management, which provides the customer with constant access to all documents reflected in the accounting.
The implementation of international standards for reporting and the work scheme is convenient and allows you to regulate all organizational issues that deserve attention. With a team of specialists who are engaged in the management of a particular legal entity, the management can discuss the tax burden, their compliance with the average indicators in the industry and other nuances. In essence, high-quality accounting can be considered as a guarantee of the absence of claims from the Federal Tax Service Inspectorate and other authorities.
Since foreign representative offices report to their parent companies, management reporting is conducted in English in the case of foreign trade accounting outsourcing. Of course, the precision and accuracy of this data is important for financial control and maintaining an impeccable business reputation. These companies need an English-speaking specialist in the accounting field, who is able to explain all the subtleties, of which, as a rule, there are quite a lot.
The services of such accountants can be ordered from our company. Also, our specialists provide the service of outsourcing of foreign economic activity, which will be of interest to legal entities engaged in foreign economic activity, as well as the creation of reports on the preparation of international standards.
Preparation of financial statements in accordance with international standards
Accounting and reporting services according to international standards are provided by experienced specialists with relevant work experience and a high level of qualification. This procedure is mandatory for firms whose founders are foreign persons, as well as for companies whose securities are listed on an international exchange. Financial statements prepared in accordance with IFRS reflect assets, financial liabilities, income, expenses and equity.
Also read this article Outsourcing accounting services – the main advantages