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Our definition: Controlling

Controlling in Ukraine is oftentimes associated with control, whereas, in fact, these are quite different terms. Control is aimed at checking the usage of resources, while controlling targets at effective planning and usage of available resources.

The needed information is usually more detailed and more specific than what the financial reporting may deliver. Only through well-functioning controlling solutions a company can effectively monitor and steer organisational processes, give recommendations regarding enhancing the efficiency of resources usage and, consequently, increase the profitability of a business in whole, in order to support and inform management.

Local complications: Low data quality

Due to the statutory chart of accounts and rather formal requirements concerning financial statements, Ukrainian financial reporting does not provide sufficient information about the actual financial situation of a company. Besides, even the accountants themselves oftentimes lack understanding of the importance of adequate financial reports for investors and top-managers.

Besides, there exist certain odd, from a western European point of view, accounting procedures which take a lot of time to get used to and often lead to misunderstandings regarding controlling/reporting. An issued invoice, for example, is not a primary document for accounting - an invoice is only an „invitation for payment". Only a waybill, or in case of services rendered a respective protocol (a so called "act") signed by both parties, are an accepted primary document which can serve as grounds for recognizing the sales proceeds. Moreover, an accountant cannot book the operation in the registers until the original of the documents is received. This, understandably, leads to considerable delays in reflecting operations in accounting and has a negative impact on financial data validity.

Moreover, many Ukrainian employees lack economic mind-set not blinkered with formalities, which underlines the necessity of a prompt and detailed controlling and reports data check for understanding a real situation at an enterprise.

Our solution: Tailored proactive controlling solutions through local Know How.
We design and implement an optimized control environment into your accounting – ranging from simple management reporting solutions to complex planning, budgeting and cost accounting systems.

Furthermore, thanks to our local Know How we offer a compilation of comprehensive management reports which can be adapted to suit corporate standards and accounting policy of a foreign investor in order to guarantee an informative reporting according to western European standards and prepare data for consolidation with other companies.

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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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