Accounting outsourcing

Service cost: by appointment

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  • +38 (044) 492 77 XX
 
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Our definition: Accounting

Systematic compilation of the monetary flow, 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.

In comparison to western European accounting standards the Ukrainian accounting has vastly higher formal requirements. For instance, in Ukraine there are many 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. As a 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 income for profit taxation). This, combined with lots of efforts put to meeting all the formal requirements of primary documents, inevitably leads to great time consumption of an accountant.

In addition, accountants 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.). Besides 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, an accountant's field of responsibility is way broader in Ukraine 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 federal statistics and tax authorities as well as the banks.

Our solution: Vast industry knowledge backed up by relevant local and international accounting expertise.

Our German- and English-speaking experts 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 and gained experiences in international accounting standards. Hence, we deliver efficient accounting following Ukrainian requirements and simultaneously provide you with transparent reconciliations to western European accounting standards (including IFRS and German GAAP).

We offer the following accounting services to your company:

• Set-up, monitoring and control over the commercial and tax accounting including 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 including development and implementation of MR taking into account the specifics and internal requirements of a company.

 
 
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Otten Consulting: accounting services, tax advice, forensic accounting
(main office)

04053, Ukraine, Kyiv, , Bekhterevskyi lane, 4B
  • +38 (044) 492 77 XX
 
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