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Startup in European Union

R. G. — Thu, 24 Jan 2019 07:53:22 +0000

MB “Vilniaus Buhalterių Grupė” is one of the high-qualified Professional team dealing with start-up projects for many years. Our Professional experience enables us to calculate the costs of business idea implementation, forecast average and long-term financial returns competently, quickly and accurately. You are welcome to contact us intending to start your business, searching for investors or wishing to sell your successfully growing business. MB “Vilniaus Buhalterių Grupė” will help you to prepare all required documents, consult on legal and financial issues and will render all required assistance. We also provide tax consultations to start-uppers, being the basis for modelling of business development strategy, forecasting of probable financial risks and selecting the most optimum taxation model for business development.

In 2017 new program for attraction of young talents “StartUp Visa” started in Lithuania. The key idea of this program is to attract young start-uppers and talents to Lithuania and the European Union, who intend to start development of their business ideas within the territory of the European Union, specifically in Lithuania. If you are a start-upper of innovative solutions, MB “Vilniaus Buhalterių Grupė” may propose actual service spectrum aimed to save your time getting a start-up visa and organising business incorporation process within the territory of Lithuania. If your ambitions are global business, MB “Vilniaus Buhalterių Grupė” will become a reliable partner in realisation of such plans.

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Work in European Union

R. G. — Thu, 24 Jan 2019 07:50:51 +0000

Lithuanian economy is one of the fast growing in the European Union. Dynamic and smooth development of the country economy creates the demand for new jobs. Available resources of the local labour market are insufficient to satisfy labour force demand in full scope, so Lithuania gives opportunity to residents of third countries to join national labour market smoothly. A person who is not a resident of the European Union may work within the territory of the Republic of Lithuania after receipt of D type national visa.

MB “Vilniaus Buhalterių Grupė” together with its partners renders assistance to people who intend to get D type visa. We help to manage all documents required to receive D type visa. We consult foreigners, help to collect and fill in documents to receive permits from official authorities as soon as possible.
More than 100 foreigners contact us every month regarding receipt of residence permit in Lithuania.
Residents of third countries, who did not join Schengen zone, but intend to work and develop their business in the Republic of Lithuania, may receive temporary residence permit in Lithuania. This is a document giving a foreigner the right to reside in Lithuania temporarily, in the selected place, change such place, leave and come back in Lithuania, travel around Schengen zone and reside there temporarily during the established period.

We will manage all documents, save your time and give an opportunity to manage the documents remotely, so to avoid visiting our Office.

Our high-qualified specialists are ready to help everybody.

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Starting a business in European Union

R. G. — Thu, 24 Jan 2019 07:48:57 +0000

The European Union is one of the areas with the most dynamic and stable growing index at the global market. Clear legal base, economic diversification, business-friendly environment and the market of almost five million customers make the European Union attractive for businessmen.

Lithuanian economy is one of the fast growing and stable in the European Union, referred to common monetary area of the European Union. Exchange of services and goods between Lithuania and rest countries of the European Union custom free – this enables reaching any your potential service of product buyer without any additional bureaucratic complexity and within the shortest possible time. Choosing the European Union for starting or developing your business, we strongly recommend giving precedence to Lithuania.

MB “Vilniaus Buhalterių Grupė” is a company with ten year experience in providing services to natural persons and legal entities from third countries, intending to incorporate and develop their business in Lithuania and the European Union. We may render assistance in company incorporation in Lithuania or any other country of the European Union, keep accounting of your company, represent your interests in judicial proceedings and solve all migration issues related to issuing of visa or permanent residence permit.

Detail information about Lithuanian economy indices is provided by this link.

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Why choose us instead of personal accountant?

R. G. — Wed, 23 Jan 2019 14:05:29 +0000

Our longtime experience obviously shows that:

A team is always more competitive, has more knowledge and experience than a single person.
Better effectiveness – simple handover and distribution of tasks. A company is never on a sick leave, on holidays or absent without serious reason.
We are liable for our performance according to the Civil Code as well as the Labour Code. Our activities are strictly controlled by laws, you are given better guarantees, it is less risky to trust accounting to a company.
We are a legal entity; therefore, our relationship is business-like, objective and long-lasting. Mutual commercial cooperation is possible between companies.
Motivation does not cost you anything when you hire a company. Unlike when hiring an accountant, you will not have to pay for the training or holidays of the employee, you don’t have to invest into reward or motivation systems.

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The process of taking over the accounting

R. G. — Wed, 23 Jan 2019 13:57:45 +0000

First of all, we study the activities of a potential client. We have extensive discussions with the manager or owner of the company. We draft the accounting policies. We agree upon which functions are to be performed by us and which by the employees of the client. For instance: the client will provide us with all invoices received and issued during the reporting month and other documents, and we will register them, prepare tax returns, reports to the manager about the financial state of the company, and the client will make the payments to the suppliers by himself and present the extracts from the bank and cash documents to us.

If the company is not a start-up and the accounting was previously managed by a hired accountant, we take over his/her functions and perform the work at our office rather than at your office or at home (as is customary with the accountants who do it as an additional job).

The process of taking over the accounting involves the accountant and the head of the company from the side of the client and the appointed accountant and a manager from our side. The whole process approximately takes no more than 2 weeks.

Stages of the process are the following:

Analysis of the situation and formal requirements:

We review and analyze the original data supplied by the client;
We choose the most appropriate of our service packages and prepare the plan for required actions.
We appoint an accountant according to the field of activities of the client’s company;
Preparation of accounting policies: defining procedures and assigning competences;
Assessment of the situation and presentation of requirements.

Taking over the accounting:

Inquiry to the previous accountant concerning required documents and reports (data transfer);
Evaluation of the report presented by the accountant;
Request to provide additional information, if needed;
Final takeover of the accounting data;
Presenting conclusions about the state of accounting to the client;
Informing the client about further tasks.

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How to assess the quality of accounting services?

R. G. — Wed, 23 Jan 2019 13:37:28 +0000

The signs characteristic of bad services are the following:

Debts. Accounting data does not match with the data of the client /supplier (for instance, the amount of trade payables recorded by the accountant does not check with the actual amount payable, or accounting records show a debt that your company does not really have);
Taxes. The outstanding account balances do not check with your accounting data (for instance, the final amount of taxes payable recorded in the accounting documents does not check with the data available to the State Tax Inspectorate; this is the sign that taxes have not been declared correctly).

You are not being informed in advance about the financial situation of the company if:

The profit and the amount of taxes payable are not being reported in due time and in specific terms (for instance, the company is making profit but the manager is not informed about the results and the amounts to be paid in taxes, so he cannot plan his cash flows);
Malicious debts are seldom reported or not reported in due time;
Actual cash balance is not being checked in due time (the actual cash balance must check with the accounting data; if it doesn’t, this means a violation of cash operations, which is subject to penalties);
The consequences of the actions of your management are not explained to you in detail and in clear terms (for instance, if you rewarded your employee with a holiday trip instead of paying a bonus, you must investigate the tax consequences of such decision in detail);
Stock balances in terms of quantity and money do not check with the actual stock;
The actual balance of fuel does not check with the accounting records (if the company has two cars, normally there may not be more than 140 litres of fuel left at the end of the month as this would be more than the fuel tanks may contain, so the accounting data should not indicate higher amounts of fuel as well);
No use is made of legal tax optimisation possibilities or tax relieves (e. g. sole entrepreneurships).

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Financial management consulting for business executives

D. G. — Sat, 15 Jul 2017 13:40:53 +0000

The specialists of “Vilniaus buhalterių grupė“, who have accumulated sustained practical experience in the area of financial processes management, offer personal financial management methodology consultations for executives.

The consultations involve the program, which is created by the professionals of extremely high level of competence, this program provides the comprehensive practical approach to possibilities of management and optimization of the financial company processes to the executives.

Drawing up these unique consultations, we adhere to the didactic principles dictated by long-term business customers consulting experience:

Two inseparable factors determine the strategy of financial flow management of different profile companies – one of them can be called subjective, and the other – objective;
These factors must fit harmoniously in the real business development practice: on the one hand, the subjective (psychological, ideological, cognitive) features of the executive are very important; on the other hand, none of the executives can properly perform tasks without knowledge of objective financial process management features – in other words, without understanding what factual company activities data mean;
The objective part of management of financial company processes requires relatively inert analytical thinking; and on the lower operational level – competences for periodic, exact and consistent execution of the tasks that are formulated in accordance with certain algorithms. The subjective part of management of financial company processes requires much more subtle skills and abilities because they are related not only to technical process control parameters, they are related to unique psychological characteristics, ideological provisions, dominant cognitive abilities and the prevailing business ethics system of the executive.

We are ready to share our experience and collected systematic knowledge with all executives of the companies, who think progressively and look openly to the future of their business:

We know very well what a complex phenomenon is the structure of business financial processes – it may become a source of failures and misunderstandings or it may become a firm foundation of your company’s value growth and development;
We know very well, what fragile line separates the initial situation, in which you manage the financial flows, from the undesirable situation, in which the financial flows begin insensibly and unintentionally determine your strategic decisions and the entire dynamics of your business;
We know very well that it is difficult to find the strategy of financial flow analysis, organization, optimization and long-term management , which would guarantee business growth and development.

While providing services of accounting, strategic financial management, tax consulting, operational audits throughout Lithuania, we notice the lack of comprehensive practical approach to business financial structure. Immediately contact the specialists of “Vilniaus buhalterių grupė“ – we will help you to avoid multiple risk factors related to business establishment and development.

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