Partial accounting outsourcing:
the chief accountant as the main client!
Accounting always involves chores that consume time and energy, but do not require a chief accountant’s knowledge and experience.
Usually, such tasks are carried out by accountants that are less qualified and therefore command a lower salary.
Unfortunately, finding excellent specialists who can perform monotonous routine work for a long time and to a high standard is difficult. Some “burn out”: that is, they eventually lose motivation and commit annoying errors. Others desire professional growth and are unwilling to restrict themselves to a particular role for long.
And then, even good employees go on holiday, get sick or resign; their work, however, cannot wait: we must pay salaries, determine travel allowances, prepare supporting documents…
Partial outsourcing solves these issues in a single stroke. Other than taking care of all routine functions (their predictability makes them no less critical), we can also help you to convince your supervisors of the benefits that come with such a solution.
How can we help you?
The most efficient approach is to outsource:
- generic, tedious, labour-intensive functions and tasks that involve great volumes; nobody wishes to do them, resulting in high staff turnover; but still, one cannot “save that work for later”
- processing complex documents and operations: customs declarations, factoring, etc. (this requires a prompt response and high qualifications, i.e. the chief accountant is forced to spend time on it)
- non-core functions or document types, of the kind that you never get around to until the reporting date looms large; then it’s all hands on deck!
- specific, laborious forms of tax reporting (reports on related party transactions, documentation on exports as well as imports from Belarus and Kazakhstan)
- reporting to lenders in a format specified by the bank (regular staff members may lack relevant experience and find themselves unable to meet the bank’s expectations)
- settlements with generic contractual partners
- requesting documents from suppliers and customers
- records of, and reporting on, secondary/ancillary business processes (canteen, landlords, auxiliary departments)
- preparing payment instructions; uploading payment instructions to the database and submitting them to the bank
- full-service accounting for minor related legal entities
Call us if you have fresh ideas! We are happy to discuss them.
We can work together on a regular basis or take care of labour-intensive projects on a one-off basis.
We derive great pleasure from our work with professional clients. We are confident that you will be satisfied.
- Processing primary documentation
(materials, fixed assets, customs declarations, etc.)
- Expense reports (business trips),
settlements with regulated persons
What we do:
- we ensure each document meets formal requirements;
- we apply your policies in assigning the documents we upload to the relevant accounts in the database and making corresponding entries;
- we provide comments on all documents / compile a report on their quality, informing you about necessary corrections
- we archive documents
What we do:
- we check all necessary documents are available and presented correctly
- we prepare expense reports: we draw them up, print them and file them
- we record expense sunder the relevant accounts
- we prepare information required to compute tax and refund expenses to employees
- • we reconciliate accounts if and when required and monitor compliance with the limits established for such expenses
Our services include:
- transition to the newest version of the payroll software
- calculation of up-front payments, salaries, payments under civil law contracts, holiday pay, severance pay, business trip expense refunds,indemnification payments, sick pay, taxes, contributions, etc.
- preparation of pays lips and their distribution bye-mail; free-form statements of withheld income tax as requested by employees; payslips for up-front payments, salaries and interim payments to employees; all reports to the Federal Tax Service Inspectorate, Russian Pension Fund and Social Insurance Fund.
- electronic submission of all types of payroll reports
- risk management (quarterly reconciliation with the Federal Tax Service Inspectorate and social security funds, monitoring incoming notifications from the tax authorities in the Kontur software suite).
- consulting (clarification on earlier calculations; written explanations of legislative requirements on payroll and tax; document management; unlimited verbal advice on labour law)
How we impress chief accountants that outsource to us
- are lost
- are not requested
- are not requested in full, requested at the last moment or even too late (after the report has been submitted)
- are of low quality (include errors / incorrect data, are inadequate for an external or tax audit)
- are entered in duplicate
- are wrongly interpreted and classified and therefore, accounted for incorrectly
- are lost in a pile of other documents and cannot be found when needed
- are kept in hard copy only, meaning that finding and copying them is extremely time-consuming in the event of a tax office request
To instantly understand is sues with the quality or quantity of documents turns out to be impossible, and the belief that you are ready for any checks might prove to be mistaken. The only way is to take stock from time to time, to compile a registry. This is very labour-intensive,and one must later continue to manually keep track of the quality all incoming documents.
Why does this not happen to us?
Because we organise the process in a special way
- designated employees scan all documents on industrial scanners (all owing us to do so at minimum cost, at large volume and maximum quality)
- later, all accounting is base done electronic documents (the originals do not “make the rounds” around offices and tables, but are rapidly processed without ever leaving the room where they are kept).
Thanks to our enhancements of the 1C system:
- we can attach scans of primary documents to the accounting database (and immediately see the source document for each entry)
- a systematic archive of documents is created in the 1C database (easy and convenient to use: every document can be found in one click, by pressing one button; digital copies can be printed out as often as needed. All of this is invaluable in the event of tax audits and reconciliation with contractual partners.)
- any concerns regarding the quality or availability of required documents are entered directly in to the 1C system, all owing us to prepare a comprehensive report on the quality and availability of documents, and also about necessary corrections. That report is available online, ensuring maximum speed.
- the interpretation and classification of documents is monitored for correctness, and also for compliance with the document management guidelines agreed with you (manual operations and any chance of choosing the wrong account are eliminated)
Our document management procedures also enable us:
- to split up the document processing cycle (for instance, we only add the documents to the program, while you record the entries)
- to ensure, at all times, access to the latest version of any document (when a new or updated document appears, there is an automatic check of the availability of said document in the database; if it is available, it is replaced in order to avoid duplicates)
- to exclude situations where documents of a certain type are added for a closed period, i.e. documents can not be added retrospectively without informing the chief accountant; nevertheless, the ability to work in past period remains (the data entry restrictions only apply to concrete users)
- to provide you with copies of the database and electronic archive (i.e. the tangible result of our work is stored on your hardware)
Why you should partially outsource your accounting:
When you work with us, you get the following benefits for free:
- get our specialists’ advice on accounting, tax and 1C issues (one head is good, two are better!)
- take part in seminars and round tables with official sand well-known experts in accounting and taxation
- get a balance do pinion and recommendations of experienced tax lawyers on your interaction with the tax authorities (if something has already happened and you wish to avoid conflict, you can prepare for controversial situations).
A chief accountant is first and foremost a good organiser. To expertly allocate tasks to colleagues is not enough. The greatest art is to find good accountants. And there, you must be creativeAllen Carr,
(author of the international bestseller on how to quit smoking;
before that, he worked in London as a senior and chief accountant for 20 years)
Around the world, out sourcing is recognised as one of the most effective ways to organise accountancy.
We are sure that you,as a professional, will see the true value of working with us!
How to obtain the director’s approval
Partial accounting out sourcing is more cost-effective than to do it yourself.
The director will welcome your initiative if an opportunity to reduce expenses can be identified.
So contact us first for a detailed quote.
Our assumption of financial liability for the out sourced processes can serve as an irrefutable argument in favour of your proposal.
We are your all ie sand will assist you in every possible way in demonstrating the upside of partially outsourcing your accounting.
A few words about us...
- As well as...
The WiseAdvice consulting group provides more than 50 kinds of business services (from Legal to IT).
The Group employs more than 300 staff.
Clients of the WiseAdvice group of companies include over 5,000 Russian and foreign companies active in a variety of sectors.
We are a certified partner of 1C under the project "1C: Rent." All the necessary licenses (both for application solutions and client-server) are officially acquired by us, and they entitle us to provide the software to third parties.
We are a certified partner of Microsoft. The Services Provider License Agreement (SPLA) enables us to formally provide Microsoft products to customers.
The international certificate ISO/IEC 27001:2013 confirms that our company meets highest standards for information security. Our services are certified according to international quality standard ISO 9001:2008.
Membership in the Moscow Audit ChamberMembership in the Russian-German Chamber of CommerceMembership in the American Chamber of Commerce in Russia
Membership in the Chamber of Tax AdvisorsMembership in the Association of European Businesses
We are residents in The Skolkovo Innovation Centre