Financial and Tax Accounting Outsourcing

Complete Financial and Tax Accounting Service Package

In the framework of this package, Abacus provides full support of the company’s Financial and Tax accounting operations, with its own highly qualified staff.

What Abacus offers:

Primary accounting documents processing:

  • Processing of primary documentation: accounts payable and accounts receivable, transfer acts, fixed and material assets.
  • Processing of expense reports, including business trips and corporate cards.
  • Cash flow management, including use of the Bank-Client system.
  • Preparation of payment documents in local currency and documents for the foreign currency control department.
  • Ledger accounts reconciliation.

Closing the accounting period:

  • Closing of the reporting period, foreign exchange differences calculation, deferred tax accruals.
  • Analyzing mutual settlements with debtors/creditors.
  • General Ledger accounts reconciliation and accounting period closing.
  • Sales Ledger and Purchase Ledger preparation.

Business, tax and corporate accounting:

  • Tax Ledgers maintenance.
  • Balance, profit and loss accounting and other types of accounting for the Federal Tax Inspection.
  • Preparation and analysis of VAT and property tax data.
  • Tax accounting, preparation of profit declarations, compiling of tax declarations.
  • Setting up of corporate accounting for the client, including financial reports preparation in compliance with international standards.

Other activities in the field of accounting and legal support:

  • Financing and loans accounting.
  • Preparation and submission of statistical reports.
  • Representation in the taxation authorities (under the Power of Attorney).
  • Revision and improvement of accounting policies, development of accounting methodology.
  • Development and implementation of the procedure for data exchange between business and accountants.
  • Organization and provision of methodological support for client staff.
  • Implementation of sample audits of the work results of client staff.
  • Reflection of the head office expenditure in Russian Federation accounts.

Chief Accountant Function

Abacus can perform a Chief Accountant function if the client already has its own Accounting department.

The service includes:

  • Reconciliation of ledger accounts.
  • Analysis of mutual settlements with debtors / creditors.
  • Closing of the accounting period.
  • Preparation and analysis of VAT and property tax data.
  • Tax accounting, compilation of profit declarations.
  • Compilation of the client’s corporate accounts according to international financial reporting standards.
  • Representing the client in the taxation authorities (in accordance with the Power of Attorney).
  • Preparation and submission of statistical reports.
  • Revision and improvement of accounting policies, development of accounting methodology.
  • Tax consulting.
  • Monitoring of the work of the client’s accounting department to ensure procedures are compliant.

Outsourcing of selected areas of financial and tax accounting

Abacus can perform any kind of business and tax accounting functions at the client’s request (in your office or ours):

  • Settlements in Bank-Client system.
  • Expense reports processing.
  • Reconciliation with debtors and suppliers.
  • Asset accounting.
  • Expense accounting.
  • Accounts payable.
  • Accounts receivable.
  • Order-to-Cash.
  • Purchase ledger.
  • Sales ledger.
  • VAT accounting.

Payroll Outsourcing

Accurate and timely payroll processing and reporting, in full compliance with local regulations and your company’s global corporate policies, requires financial and human resources, professional staff with specialist skills and experience, as well as specialized software. A genuine alternative to processing payroll in-house is to outsource it to a professional provider.

Advantages for your business:

  • Increased efficiency by focusing your company’s resources on the core business By freeing up resources, your HR department will be able to concentrate on higher priority tasks, such as aligning staff motivation programs with the company’s business strategy, developing specialized training programs for employees and ensuring their loyalty through career development initiatives.
  • Access to the accumulated knowledge and methodological base of an outsourcer Leveraging its hands-on experience and proven methodology in payroll processing, Abacus is constantly keeping track of upcoming changes in legislation, conducts regular personnel examinations and organizes in-house training and professional upgrading for its staff.
  • Flexibility in HR management and control over headcount When a company grows, or undergoes structural reorganization, or targets a merger/acquisition, payroll outsourcing eliminates the need to employ, train and motivate a new group of payroll specialists – you can rely on the professional provider to support you in your business development.
  • Improved quality of operations with guaranteed speed and accuracy Outsourcing helps to improve the accuracy of payroll data and reports and to make sure that all requests are promptly fulfilled. Abacus bears complete responsibility for the quality and timeliness of your payroll processing.
  • Better control and transparency Outsourced business processes are strictly regulated and documented. The liabilities of both parties are agreed upon in advance and allocation of responsibilities is outlined in the contract. You execute a binding agreement with a legal entity, safeguarding you against the risk of the “human factor”.
  • Strict confidentiality of information By signing a contract with Abacus, you can rest assured that your employees’ payroll information will be fully protected. A special article of Abacus’s standard contract ensures confidentiality of information; we can also sign an additional confidentiality agreement at the client’s request. All Abacus employees sign a Confidentiality Agreement before they are hired.

Our Payroll services include the following functional areas:

  • Payroll calculation, including calculation of taxes and contributions, bonuses and compensation.
  • Preparation of bank wire instructions for the remittance of employee net pay and taxes.
  • Preparation of statutory reporting forms for regulatory authorities.

In the process of service delivery, we make sure that the following terms are met:

  • Service delivery period – two times a month on an algorithm agreed with the client.
  • Standard term of service delivery – three working days.
  • Payroll data transfer in the form of documents and files in whatever format is required.
  • Access to Abacus’s communication systems without requiring the installation of additional software.
  • Data export in an in-house ERP or the client’s financial system.

Negotiating with tax authorities

We have considerable success defending against authorities challenges, negotiating favourable outcomes with tax authorities in advance and after the facts (including waiver of penalties) and managing VAT inspections, based on our technical expertise and approach with tax authorites. We can assist with:

  • Correcting past issues more favourably.
  • Challenging authority’s position.
  • Mitigating and suspending penalties.
  • VAT Inspection preparation, support during visit and post-visit compliance

VAT representation

Foreign companies that carry out certain commercial activities in Greece , may be liable to render VAT returns and are consequently obliged to register for VAT and ensure that they abide by all fiscal regulations that it entails.

VAT registration status differs depending on whether a foreign company operates from: within a European Union state or not.

Businesses established in the EU will be entitled to register either:

  • Directly (without a fiscal representative)
  • Through the appointment of a local fiscal representative

Businesses established outside the EU will need to employ the services of a local fiscal representative, through which a VAT registration may be obtained.

In addition to the VAT registration facility available to foreign enterprises, Abacus A&F; is qualified to handle all VAT related issues of foreign companies that carry out commercial activities in Greece

Our services include:

  • Administrative assistance in making a Greek VAT registration application.
  • Maintaining VAT accounting records (sales and purchase ledgers processing).
  • Completing and filing VAT returns, when required.
  • Reporting the EC transactions listings, quarterly.
  • Extracting the annual list of customers.
  • Completing and submitting the "Intrastat" return.
  • Assisting at audits conducted by the Greek Tax authorities.