Accounting and Bookkeeping

The process of taking over the accounting

By 2019-01-23 February 4th, 2019 No Comments

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:

  1. 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.
  1. 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.