Accounting Services

счетоводни услугиThe professional accounting service and advice are essential for the existence and development of any business.

Our subscription accounting service provides for the best interest of our clients. The expert team of accounting company ALTUS guarantees individual approach while taking into account the specifics of each activity. Our clients are able to benefit from fast access to diverse financial and tax information affecting their business, and thus they have more time to manage the business itself. Instead of being buried in the growing documentation and risk omitting regulatory changes, our partners benefit from the extended accounting service.


Accounting House ALTUS Performs the Following Activities:

Full accounting services

договор за абонаментно обслужванеFull accounting services include the full implementation of all the necessary accounting services for a given company, which contract shall be concluded.

This type of service covers the entire range of tasks for operational accounting, record-keeping and the completion of the required accounting records, as well as Internet banking. Part of the full range of accounting services is the preparation of a specific accounting policy, as well as a specific planning account.

 The customer is provided with a continuous, ongoing accounting and continuous control of primary documents –checking, filing and storage.

Full accounting services include continuous update of all economic operations, keeping track of stocks, drawing up of a depreciation plan and charging of the necessary depreciations.

An important advantage of the complete services is the availability of consultations, which  feature advices for hiring new employees and advices, regarding possible changes in the laws and legal regulations. The full services also include drafting of employment contracts, payrolls, calculating sick leave, annual leave, etc; all of those are, of course, in accordance with the regulations, together with the latest amendments and additions. Statements from bank accounts are also being processed, as well as documents for business trips. Imprest accounts are also being prepared.

When choosing the option of the full accounting services, the client receives all the services associated with the annual closure, and also the preparation and presentation of annual financial statements, the reports on demand, VIES declarations and Intrastat declarations.

In the complete package of accounting services, current Internet banking, processing of reports from clients’ cash registers, preparation and processing of bank statements are also included. Monthly payment orders for insurance and tax obligations of the client, regarding their budget, are also prepared. Furthermore, all monthly services, related to submission of information for VAT refund are part of the complete accounting services: preparation and submission of the diaries of purchases and sales, as well as declarations, pursuant to the law on value added tax, etc.

Full service ensures the presentation of the requisite information, concerning insured persons in the NRA, as well as the preparation and presentation of annual forms for the National Institute of Statistics.

Tax Protection

Tax protection is important for any company, because with frequent checks from various authorities, it provides a level of activity of the company, which corresponds to all norms and regulations. Tax protection is necessary in the following cases:

  • for representation before the bodies of  NRA – upon registration or unregistration for VAT, for the preparation of information and documents, and also, for tax audits from the bodies of the NRA
  • for representation before State authorities, in complex cases, when consultations are necessary
  • for representation before the bodies of NII, where issuing or endorsement of insurance licenses  is needed
  • during the execution of thematic, general and cross-checks by the authorities of the tax administration
  • for representation and defence before the authorities of the NHIF
  • for the preparation and presentation of annual financial statements, tax returns and other required documents to the tax administration
  • for the preparation of payment orders for taxes
  • for the preparation of tax returns and notifications
  • for keeping track of the deadlines for the submission of declarations and taxes
  • for the analysis and evaluation of tax acts or actions by the authorities of the NRA or for their lack of action, when needed
  • for the analysis and evaluation of acts and audit reports by the Administration
  • for the evaluation of ascertainment  and tax liabilities.

All business transactions are subject to tax. Tax protection helps in finding the optimal solutions for the obligations of the companies to be in accordance with current tax legislation. The usage of the services for tax protection ensures most favorable taxation of the firm. That way, companies can increase their profits. Individual tax strategies are the objective of services for tax protection.


Payroll Services

Payroll services are a fundamental part of the accounting activities of each company. Use of professional payroll services enables companies to save time and effort, and to rely on the professionals, who know the regulations and the amendments to it.

Payroll services include:

  • preparation of employment contracts with the employees and the annexes to these contracts, additional agreements, orders for the appointment of employees/workers or for termination of employment, relationships with employees, submission of information, required for these changes at the IRS, as well as preparation of job descriptions of employees/workers 
  • registration of hospital sheets for employees or workers of the firm
  • completion of employment and insurance licenses for employees or workers
  • drafting of the necessary labor and insurance licenses for employees or workers
  • preparation of the necessary official notes and certificates of workers or employees
  • preparation of documents for retirement
  • preparation of accounts for amounts paid to employees/workers and the official notes for their income
  • weekly preparations and payroll accruals of salaries, summaries and fact sheets, as well as preparing and submitting declarations - model 1 and model 6
  • weekly preparation of payment orders on the obligations of the company towards the budget, in relation to the wages of employees or workers
  • preparation and submission of notifications under art. 62, para. 4 of the Labor Code
  • preparation of files for mass payment of salaries of employees/workers with cards/cash

Through assigning the implementation of Payroll services to an external company, the client can perform his/her duties more efficiently, with respect to the staff. That way, all statutory deadlines are easier to be monitored and observed; also, all changes in the personnel of the company are easier to be tracked.


Accounting Consultations

The consultations are free at the conclusion of the contract for the full accounting service. They help solve problems, encountered while resolving tax and social insurance cases. In addition, accounting advice are needed, when the firm is reporting in front of the Commission for financial supervision and BNB. Consultations are also required when analyses are being carried out; the analyses are linked to the financial condition of the company, with its financial and capital structure.

Below, there is a detailed list of proposed accounting advices:

  • for legal tax optimization
  • in relation to labor-legal matters and issues related to insurance
  • regarding the manner staff is hired
  • in connection to  changes made in the legal and regulatory framework
  • in registering new companies
  • regarding the overall organization of the accounting policy of the company
  • regarding the proprietary organization of all accounting activities of the company and of the activities, associated with it
  • when changes in the authorized capital stock of a company are needed

The usage of accounting advice from professionals with extensive experience in the field of accounting helps firms achieve a resolution of any accounting issues. This minimizes the risk of errors and tax violations.



Annual closure of accounts

Annual closure of accounts is the most important final stage of a company's accounting for the entire financial year.  With its help, the financial result of the company's activity is formed – the annual financial report is drawn up for the period up to December, 31 of the financial year.

This report includes:

  • Prepared balance sheets
  • Income/costs statements
  • cash flow statements
  • report on the equity of the company
  • financial performance report
  • report for fixed assets
  • securities report  
  • report on revenues and expenses from interest
  • reference for claims, obligations and provisions
  • reference for participations in the capital of other companies
  • report on deferred tax assets
  • preparation of annual tax declarations

A financial statement is prepared for a single company or for an entire group of companies, if given the case that those participate in the capital of other companies,

Annual closure of accounts is compulsory for all businesses, including sole traders. Even if the company has not made any activity during the reporting year, the manager is obligated to provide preparation and presentation of all the necessary statements and declarations. Professional services for annual closure facilitate the preparation and presentation of all documentation in due time.


Administrative Services

Accounting services include all administrative services, necessary for each company, for the preparation of documents to be submitted to banks, leasing companies, etc.: certificates, invoices, Internet banking, etc.

Administrative services include the preparation of certificates:

  • current status of the company
  • lack of production due to insolvency or due to liquidation
  • lack of enforcement cases, brought against the company
  • transcripts of judgments
  • certificates of IRS

Administrative services related to Internet banking include:

  • completion of payment orders to the budget
  • filling payment orders to counterparties
  • signing of payment orders
  • cash management of the company

Administrative services for billing include:

  • issuing invoices on behalf of the company
  • monitoring of contracts, signed with counterparties
  • keeping correspondence with vendors and clients on the received or issued invoices and other related matters

Other administrative services, which are performed for companies include: providing an administrative address for the company, providing an electronic mailbox for the company, for contacts with contractors, NRA, NII, etc; preparation of documents for registering for VAT, etc.



Documents and Samples

The package of accounting services include the preparation of all the documents and samples that are related to the documentation and accounting of the company. Documents are also prepared under the new models, introduced by the NRA in connection with PITA, CITA, etc..

The documents and samples, which are prepared for companies, are the following:

  • Balance sheets
  • profit and loss accounts
  • contracts  
  • official instructional notes, when starting a job
  • job descriptions
  • blanks – CII 2  – certificates of insurance income
  • blanks CII-3-certificates for work experience
  • declarations by insurers or by self-employed persons of their right of monetary compensations
  • statements of bank accounts – for payment of cash benefits and allowances, received by PSS  
  • Accompanying letters upon presentation of hospital in NII
  • official notes, pursuant to art. 45, para. 2, t. 1, 2 and 3 of PITA
  • official notes, pursuant to art. 45, para. 1 and al. 2, item 4 of PITA
  • declarations, pursuant to art. 15 of HSWA
  • VAT refunds
  • VAT, in accordance with art. 68, paragraph 4 of RILSO
  • Accompanying letters, when submitting notifications, pursuant to article 62, para. 4 of Labour Code
  • notifications pursuant to art. 62, para. 4 of Labour Code
  • Intrastat declarations, VIES declarations
  • diaries of purchases of companies
  • diaries of sales of companies
  • protocols-inventories of tax accrual, in the case of deregistration under art. 111 of VAT
  • inventories of assets, available under the Law of Accounting, including services, received before the date of registration for VAT (art. 61, para. 1 of RILSO)
  • inventories of assets, available under the Law of Accounting, towards the date of registration, for which a tax has been calculated after an earlier termination of the registration, in accordance with the law (art. 61, al. 2 of RILSO)
  • documents and samples, that may prove necessary in the present case.




Advantage of Professional Accounting Services

професионално счетоводно обслужванеFull accounting services are an important part of the activities of each company. They help maintain records of financial transactions and assist in the complete control of financial operations. Keeping a full accounting involves the professional identification, specification and calculation of financial information. Mistakes made by non-professionals in the field can lead to very serious consequences; they can lead to the taking of incorrect business decisions.

Prepared financial information can be used by shareholders, investors, tax authorities and other institutions; if the information is not prepared in accordance to the rules and regulations in force, it may be inaccurate, poorly organized and insufficiently documented, which would lead to a number of problems for the company, in the process of interaction with these individuals and institutions. In addition, the financial information, which is obtained as a result of the complete accounting services, allows for accurate estimation of the degree of efficiency of the functioning of a company.


Pros and Cons of One - off Services

еднократни счетоводни услугиOne-off services are performed for customers, who do not have a contract for a package of comprehensive accounting services. Those typically include the preparation of annual financial statements (balance sheets, cash flow statements, statements of income and expenses for fixed assets, capital).

In addition, often sought after services are those for the preparation of annual tax returns, preparation of CII-2 and CII-3, statistical reports and submission of documents in the National Statistical Institute.

The advantage of this type of services are the lower costs for businesses, if they rely on their employees, to perform activities, (as part of their official duties), related to the operational accounting.

 Companies, which do not have competent staff for performing activities, related to corporate accounting, are encouraged to use the option of complete accounting services. This ensures the preparation of all accounting documents and keeping all the accounts in accordance with all requirements. When using the full accounting services, the firm will prevent having incorrect calculations, unnecessary costs or a bad image due to mistakes and incorrect information in their operational and accounting documents.



What does the Subscription Accounting Services Include

The package of financial services may be used on a subscription basis. For each customer, the price of the subscription service is different, since it depends on the specific subject of the activity, the number of documents that are produced, the number of employees in the company, as well as some other specific data about the company.

The subscription accounting services include:

•    the preparation of specific accounting policies
•    drafting of a specific chart of accounts, in accordance with the company's activities and the preparation of accounting standards
•    preparation of an accounting plan and the tax depreciation schedule, in respect to the fixed assets of the company
•    the registration of fiscal instruments in the corresponding division of the NRA
•    drafting of a specific chart of accounts in accordance with the company's activities and the preparation of accounting standards, accounting plan and tax depreciation schedule in respect of the fixed assets of the company
•     classification and posting of all primary documents, compilation of all secondary documents, posting of bank statements
•     accounting of salaries, as well as estimates of  social security and tax obligations
•    postings of business trips of company employees in the country and abroad
•    keeping track of stocks
•    keeping track of claims and obligations of the customers and suppliers of the company
•    drafting of reports and their submission to NRA, NII and other institutions, based on the activity of the company
•    the preparation of monthly reports, declarations, logs, and their presentation in the appropriate territorial division of the NRA
•    monthly consultations, in connection to the activities of the company and information about recent changes in tax legislation.


Why Should We Choose It

Subscription accounting services has its advantages:

•    after the conclusion of a contract for the subscription service, the customer is entitled to a free consultation, if issues arise in connection with accounting and tax service or PAYROLL service.
•    the subscription service helps the customers avoid many of their obligations to the tax and insurance institutions – they are part of the subscription service.
•    upon subscription to accounting services, customers save costs for accounting staff, as well as for the specialized software – except that, apart for the purchase of this software, additional fees are required for its updating.
•    By assigning their accounting activities to a professional accounting firm ( by subscribing for basic accounting) companies save time, which they can devote to their main business activity


Accounting Services - 4.5 out of 5 based on 2 votes