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Peculiarities of working with an accountant when restoring accounting


The restoration of accounting is outsourced to obtain an accounting program complying with the norms of the legislation, without errors and inaccuracies. 

The most important thing is to solve current problems with taxation, caused by incorrect accounting and insurance against their occurrence in the future.

What do the clients receive as a result of cooperation with a specialised accounting company? 

First of all, an effective accounting policy with all the additions and annexes according to the specifics of accounting in a particular area of activity and organisation. 

Secondly, an up-to-date, full, functional accounting base, the data of which reflect the information from primary documents. Transfer errors are completely out of the question.

Thirdly, a full accounting package for a particular period after the accounting restoration by specialists of an accounting company.

Fourthly, there is a full reconciliation check with the tax authorities, the submission of missing reports, and explanations of incorrect declarations.

In the fifth, there is restored primary documentation. It is restored by specialists from an accounting company. Existing documents are checked for compliance with the norms of current legislation. The service customer receives a ready-made archive, which can be submitted to inspectors during an on-site tax audit.

What does the restoration entail?

When planning to cooperate with an accounting company, you should know whether the result of its work in restoring accounting is limited to providing the documents mentioned above. 

Outsourcers of expert level do not just restore data and primary accounting, but also they run analytics on a mandatory basis. The latter includes an audit of detected errors and current tax vulnerabilities. Experts also evaluate tax risks.  And it is not only about current risks, but also about potential risks associated with incorrect accounting, the emergence of typical errors, and the emergence of tax arrears and overpayments.

Analytics without the formation of recommendations makes no sense. 

An important feature of cooperation with a specialised accounting company is the receipt and discussion of a report on the restoration of accounting. 

A competent outsourcer can provide expert advice to prevent mistakes made in the future, as well as offer solutions for optimising accounting and tax accounting.

Legal issues 

While the subject of the peculiarities of cooperation with an accounting company, it should not go without mention of the legal topic. 

Legal relations must not be simply formalised. The experience has proven that the existence of a contract is not a sign that the parties’ interests are protected.

It is very important to read a contract for services offered by an outsourcer. Particular attention should be paid to the duties and responsibilities of the parties. 

If the standard contract is unacceptable for the customer for any reason, it is worth discussing with the service provider the possibility of adding additional clauses to the text, which are related, for example, to the specifics of the company which needs to restore accounting.

Trust the professionals.

There are many brief instructions on the reconstruction of accounts on the web today. Each of them contains specific steps that will take accounting to the next level, correct existing errors and minimise current tax risks. 

But it’s not all that simple in practice. 

Cooperating with professionals it is important to understand that there is no single scheme of profile services. 

It means that the process of the reconstruction of accounts always contains nuances. It is not just about the presence or absence of part of the primary documents, errors in the electronic accounting database, or the incorrect use of accounting forms. Accordingly, it does not make sense to check your partner according to Internet instructions. If you work with a professional, trust him/her.

Reconstruction of accounts is never easy

Many people consider the reconstruction of accounts to be an exceptionally easy process. 

But giving the specialists of an accounting company access to an electronic database, an archive of primary documents, and tax reports may not be enough. 

The specific nature of the reconstruction of accounts is determined by the real state of such in the company. It means that cooperation with the company is always accompanied by online negotiations, the exchange of documents, and the restoration of missing documents.

As part of the reconstruction of accounts, it is necessary to restore the incoming balances of assets and liabilities. This means that unscheduled inventory accounting is necessary. And it does not make sense to conduct it through the efforts of the company. 

Correct formation of inventory balances is possible only with the involvement of professionals. Inventory accounting will provide real data on the balances of products, materials, semi-finished products, raw materials, etc.

All assets and liabilities will be estimated in value terms. There is no question of data contamination. The specialists of the accounting company are interested in a qualitative reconstruction of accounts.

Prospects for further cooperation.

Each company appeals to the reconstruction of accounts for its reasons. Customers rely on qualitative results. And if the partner justifies expectations, cooperation does not end with the reconstruction of primary records and submission of reports.

Having taken advantage of one service, customers often choose another. Someone outsources part of the accounting functions, for example, payroll accounting, tax accounting, and inventory accounting. And someone chooses in favour of professional external accounting. In the latter case, cooperation becomes long-term. The accounting company provides services based on a subscription service contract or comprehensive support.

The continuation of cooperation is the logical completion of the process of reconstruction of accounts. It allows for optimising expenses for ensuring the work of an unproductive department, excluding the appearance of accounting and tax vulnerabilities, minimising risks of loss of primary documents and data in the electronic database. There are many conditions for productive long-term cooperation, as well as peculiarities. The most important thing is to choose a reliable supplier of accounting services.

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