Why is Financial Accounting essential for your business?
Financial accounting is a key element of successful business management. Clear tracking of income, expenses, and tax obligations helps optimize cash flow and prevent potential issues with tax authorities.
With constant changes in legislation and economic instability, business owners face multiple challenges in managing their finances.
In large corporations, bookkeeping is typically handled through automated ERP accounting systems, while many small and medium-sized businesses opt for outsourced bookkeeping services provided by accountants and financial experts.
The goal of bookkeeping is to provide accurate and up-to-date financial insights for management decisions, tax reporting, and audits.
Outsourced Bookkeeping
Bookkeeping is a comprehensive service that ensures precise and efficient accounting of all financial transactions in your company. This service can be effectively outsourced to professionals.
It is important to distinguish outsourced bookkeeping from full accounting services. Bookkeepers primarily monitor reports and generate invoices. Accounting services additionally include tax reporting, tax payments, and compliance with local tax authorities
With online bookkeeping, you can:
- Monitor expenses and plan budgets
- Assess profitability
- Make informed decisions for the success of your business
What does Bookkeeping Service include?
- Invoice generation for company payments to contractors or from sole proprietors (FOP) to the company
- Tracking VAT statuses and issuing invoices according to the taxpayer’s status
- Contract completion and documentation
- Collection of incoming and outgoing invoices
- Preparation of bank statements
- Transit accounts: creation of FOP registers/payment statements and submission to the bank for processing
- Document organization and systematic collection
- Submission of necessary documents to the accountant for tax reporting
- Ongoing communication with the accountant regarding reporting
Please note that this financial accounting service is intended solely for foreign companies, that is, for business owners who work with Ukrainian sole proprietors and other clients needing to issue invoices, collect documents, and forward them to foreign accountants for reporting purposes.
Advantages of Online Financial Accounting
Bookkeeping ensures timely and accurate tax reporting, reducing the risk of penalties and ensuring compliance with tax regulations. This is particularly important for new businesses, which need reliable financial data to support stable growth.
Proper financial accounting is not just about legal compliance — it also helps businesses develop strategies based on real financial data.
- Need online bookkeeping for your company or sole proprietorship (FOP)? We’re here to help! We also provide FOP registration and liquidation services as well as LLC (TOV) registration.
- Interested in international business support or setting up a company in the EU? Visit our Polish website for more details.
Our team is ready to provide consultation on these issues. Our business hours: Monday to Friday, 9:00 AM — 7:00 PM. Contact us via WhatsApp, Telegram, or Viber, or submit an inquiry through our online form.
