Accounting



Accounting represents all business transactions of a company. Accounting is compulsory and is regulated by the legislation.

Limited Liability Company “PM smart consulting” provides the following services for «Accounting»:

Our employees have a vast experience of insider work in accounting departments of companies in various economics fields from positions of accountant to chief accountant. More information on «Accounting, management, tax accounting and reporting» you can find following this link.

 “Enjoy what You like, we will take care of the rest of Your business”.

With love to our job and every Client.

Basic accounting

Business organization on the territory of the Russian Federation requires execution of accounting reports and creation of reports on taxes and charges, regardless of sizes of a company, its sphere of operation, etc.

Creation of an accounting system from scratch is a very difficult task, which requires deep knowledge in accounting and tax reporting, vase experience of tax registration in various business fields (production, trade, services provision, construction, international financial activities, etc.). At the start of a company operation, creation of an accounting department that could solve all these issues is expensive and economically unviable.

LLC PMsmart employs highly skilled specialist with fluent knowledge of English and German languages who are experts in accounting and tax accounting. We have created accounting systems from scratch in companies with below 100 employees and also in the leading Russian companies included in the TOP-10 of Russian taxpayers.

With big effort, we approach the process of creation of accounting and tax accounting systems for a new company to provide high quality services of tax registration in accordance with accounting, tax and labour legislation, and also to increase efficiency of business management on the basis of information received during management accounting.

Depending on the size of your business and your requirements for information on all elements of operational activities, we provide necessary measures and services to create the best possible system of accounting and tax accounting.

LLC PMSMART SERVICES
  • Elaboration of policies for accounting and tax accounting 
    Please see more information in «Accounting policies»;
  • Elaboration of internal regulations and documents
    Please see more information in «Internal documents and regulations»;
  • Set up of HR records and  payrolls on salaries and other compensations with creation of report forms for tax inspection and non-budget funds
    Please see more information in «Development of internal procedural and legal human resources documents», and additionally «Payroll & Funds» and «Funds»;
  • Set up of accounting and tax accounting on the following:
    • intangible asset accounting;
    • accounting for fixed assets and for inventory and supplies;
    • accounting for assets and liabilities denominated in foreign currency;
    • accounting for receivables and payables;
    • accounting for realization of goods, works and services;
    • loan accounting, including interest accruals and payments;
    • investment accounting;
    • foreign trade contracts accounting;
    • construction contracts accounting;
  • Elaboration of calculation charts for all taxes, including profit taxes with consideration for standards requirements, and also elaboration of bills for tax inspection   
    Please see more information in «Tax reporting»
  • Elaboration of systems for creation of full sets of accounting documents within RAS, with possibility to transform in IAS and GAAP
    Please see more information in «Financial reporting» and «IFRS and US GAAP»;
  • Elaboration of accounting policies for management 
    Please see more information in «Management accounting»;
  • Software adaptation for requirements of your company.

Trust us and we will provide accounting services from scratch at the highest level.

And remember…

“Enjoy what You like, we will take care of the rest of Your business”.

Full accounting services

Any business develops and stays financially viable only when all processes in it are efficient. If some element hinders further development of your business, it should be taken out of it. First of all it can relate to financial and tax accounting. Accounting data is the basis for all reports and analyses of financial activities of a company, which the can affect any decisions made at all levels: investments, distribution of resources, cost-shifting, etc. This should be done by professionals, but sometimes accountancy department inside the company becomes a dead weight for it. In this case, complex accounting services can become the best solution both for large and small companies.

Complex accounting services include full financial and tax accounting services executed by another company.

LLC PMsmart employs highly skilled specialist with fluent knowledge of English and German languages who are experts in accounting and tax accounting. We have created accounting systems from scratch in companies with below 100 employees and also in the leading Russian companies included in the TOP-10 of Russian taxpayers.

LLC PMsmart provides the following services as a part of complex accounting:

  • elaboration of policies for financial and tax accounting 
  • preparation and processing of source documents;
  • salaries payments and related taxes and fees;
  • bank client management and preparation of payment orders
  • preparation of accounting, tax and statistics reports and further submission to related authorities;
  • calculation and payment of taxes;
  • execution of reconciliations with contractors and tax authorities;
  • consultations on taxation and accounting;
  • help with tax inspections;
  • documentation storage;
  • provision of remote access to automatic accounting systems for your company;
  • HR management (please see more in «Full HR record management»).

More details on specific services of LLC PMsmart within «Financial, management, tax accounting and reporting» you can find following the link.

Complex accounting by LLC PMsmart gives you a chance to fully concentrate on development of your business without necessity to write endless reports, fill in tax bills, etc.

Trust us and we will provide accounting services at the highest level.

And remember…

“Enjoy what You like, we will take care of the rest of Your business”.

Payroll & Funds 

Every employer meets labour process organization issues, labour relations issues, regulation of these issues, and salary calculations. A good example of regulation of internal labour relation is a set of documents called organizational and legal HR documentation.

More information on LLC PMsmart services for «HR management and expert recruiting» you can find following the link.

From the financial point of view, personnel maintenance of a company is represented by a payroll.

What should be included in the payroll is decided by every company, but usually payroll includes all payments for employees, including:

  • salary;
  • additional payments, for example, for overtime work and work during night hours;
  • bonuses;
  • payments for business trips, including travel allowances, travel and accommodation expenses;
  • vacations;
  • insurance payments;
  • social payments to employees, for example, financial assistance fot marriage, child birth, etc.

Payments to employees are one of the most difficult activity spheres of each company because:

  • correct payment of salaries, sick leaves, vacations is of interest to employees themselves;
  • labour inspection can get interested in any payments to employees;
  • moreover, employees get insurance premiums from any payments to them, which then might catch attention of non-budget funds;
  • correct calculation and timely payment of personnel income tax for all payments in favor of employees draws attention of tax authorities;
  • it is also necessary to take into consideration that one of the  sources for sick leave payments is the Social Insurance Fund of the Russian Federation, which also checks correctness of all calculations for sick leave payments to employees.

All the aforementioned issues can be resolvd by highly skilled specialists of LLC PMsmart who have a deep knowledge of labour legislation, tax legislation and also have a vast experience in inspections from labour inspection, non-budget funds and tax authorities.

We elaborate a system of payroll accounting for your company based on the main principles:

PRINCIPLES OF PAYROLL ACCOUNTING IN LLC PMSMART
  • Strict compliance with labour legislation to minimize any risks of violation
    Calculation of salaries, sick leave and vacation payments, and other payments to employees in accordance with the labour legislation standards;
  • Systematic analysis of labour legislation standards for your business 
    Constant analysis of all difficult issues such as: compulsory conditions in employment agreements, provision and decrease of guaranties to various categories of employees, specifics of employment agreements with foreign employees and remote employment agreements, etc.;
  • Minimization of costs related to compulsory tax payments from salaries and other pements to employees (individual tax, insurance premiums) 
    This principle includes calculation and payment of individual taxes in accordance with the Tax Code of the Russian Federation and also insurance premiums in accordance with regulatory decrees on calculation an payment of insurance premiums depending on the type of social insurance. All laws have flaws, and it can become quite difficult to learn and calculate something new yourself. But PMsmart experts use explanations of state authorities and court practice on difficult issues and can provide useful advice on the best solution for your company;
  • Continuous readiness for inspections from state authorities
    Depending on which state authority (labour inspection, tax authorities, insurance funds) and why (planned inspection, inspection on labour accidents, employees’ claim about violation of laws, etc.), the list of required documents vary a lot. It is important to understand what set of documents is required in which situation; and LLC PMsmart team is always ready to help you with it.

LLC PMsmart for your business:

  • calculate salaries, sick leave and vacation payments, and other payments to employees in accordance with labour legislation
  • prepare all reports on calculation and payment of insurance premiums in the budget;
  • prepare all reports on calculation and payment of individual taxes in the budget (for legal entities and individuals);
  • provide consultations on any part of salary calculation and calculation and payment of all related taxes and fees.

Trust us and we will calculate the payroll for your company without any flaws.

And remember…

“Enjoy what You like, we will take care of the rest of Your business”.

Accounting policies

Those times when people though that accounting policies are useless are long gone. In our days, accounting policies are extremely important for establishment of regulations on organization and management of financial and tax accounting.

Selection and implementation of rational and economically feasible accounting policies can increase efficiency of material, labour and financial resources, speed up turnaround of capital units, get additional internal financial sources for capital contributions and current assets, improve dividend policies, attract external resources for further development of activities.

The main user of accounting policies is the company itself, namely its internal departments:

  • accounting department 
    to guarantee standard accounting procedures, standardization of processes and reliability of reports by improvement of technology and as an element of a test environment;
  • audit departments (internal auditors) 
    to control accounting processes and its subjects (audit department employees), confirm accounting results and as an of a test environment;
  • company management 
    to guarantee compliance with quality standards, standardization of processes, making of right management decisions, i.e. to improve efficiency of company’s management activities.

and also external users:

  • auditors 
    to confirm accounting reliability;
  • tax authorities (in explanatory note during submission of annual accounting reports)
    to understand accounting procedures in the company;
  • other accounting users 
    to understand accounting results and evaluate its indicators.

The main goal of accounting policies is to confirm accounting methods set by a company, because accounting standards usually include various methods for accounting of assets and liabilities. Out of various accounting methods included in the legislation, any company can choose one and set it in its accounting policies. If for some operational activities, the legislation does not include accounting methods, then the company can elaborate and set its own method in its accounting policies.

Elaboration of accounting policies shall be seen as one of the most important elements of tax optimization. If any tax calculation method is not included in tax legislation, then a method can be elaborated by a taxpayer and included in its accounting policies.

This way, accounting policies have an important role for a company and for external users (tax authorities, for example). Well-executed accounting policies can be a sign of high accounting proficiency.

PMsmart accounting specialists will help you to elaborate your own efficient accounting policies for your business sphere and with consideration for requirements of your company.

We recommend executing Decree on accounting policies as two independent documents (orders, decrees, etc.). The first document shall include financial accounting policies, and the second one shall include tax accounting policies.

CONTENTS OF ACCOUNTING POLICIES:
  • accounting accounts work plan that includes synthetic and analytical accounts for accounting;
  • forms of source accounting documents for processing of business activities, financial and tax accounting registers, and for internal accounting documents;
  • order of assets and liabilities recognition;
  • financial accounting and its execution;
  • document flow schedule and accounting information processing technologies;
  • business operations control order;
  • financial accounting methods;
  • tax accounting methods;
  • other solutions, required for accounting.

Trust us and we will elaborate the most suitable and efficient accounting policies for your company.

And remember…

“Enjoy what You like, we will take care of the rest of Your business”.

Internal documents and regulations

In the present, high-quality accounting, accounting management and minimization of labour costs for execution of specific operations are the basic characteristics of a successful business.

Internal regulations (as decrees, instructions, orders, recommendations, etc.) are elaborated for systematization of cost management and formalization of interaction between participants of these processes.

The list of such documents is quite broad and requires detailed elaboration for each type of business. Only experience professional with deep knowledge in various financial spheres can elaborate this standards base. Such specialists work for PMsmart and they will elaborate the most efficient internal documents, which can define tasks and regulations on accounting on all aspects of business operation of a company.

Each type of company operations and expenses has its own internal regulations, but all of them have one goal: standardization and systematization of expenses.

Internal regulatory documents are usually divided into two types:

  • regulations, instructions, recommendations
    documents that explain main notions and terms, describe all processes, and define responsible departments and paperwork standards;
  • decrees 
    documents that set up standards for reimbursement of expenses, fees for recognitions and derecognitions from company assets, etc.;

PMsmart provides the following list of regulatory documents, which is definitely not complete, because the list should be updated for the needs of your company.

LIST OF INTERNAL REGULATORY DOCUMENTS ELABORATED BY LLC PMSMART

Payments for employees

  • Regulations on salaries;
  • Regulations on bonuses;
  • Regulations on labor hours, labour compensation, guarantees and compensations of employees on business trips;
  • Regulations on compensations for apartment rent, travel expenses, phone expenses;
  • Regulations on compensations for usage of private cars and other private property for work-related purposes;
  • Regulations on rotation systems of work in the company;
  • Regulations on employees appraisal;
  • Decrees on compensation of business trips, phone expenses, etc.

Material and technical accounting and other company assets

  • Regulations on registration and decommissioning of main assets;
  • Order of acceptance, accounting, storage and issue of inventory;
  • Instruction on PoA execution in the company;
  • Instruction on order of execution, signing and storage of agreements on full individual and collective material responsibility in the company.

Order of assets and liabilities recognition

Services/works/production price procedures

Other

  • Regulations on contract works;
  • Regulations on claim works;
  • Etc.

With high quality and broad internal regulatory documentation for all types of expenses/incomes of a company, you get:

  • stable and efficient functioning of the financial mechanism of your company;
  • formal scheme of work for specialists on specific financial tasks;
  • valid argument in interaction with state authorities (tax inspections, labour isnpections and non-budget funds).

LLC PMsmart will help you to achieve what you need.

And remember…

“Enjoy what You like, we will take care of the rest of Your business”.

Reconstruction of accounting

Business organization on the territory of the Russian Federation requires execution of accounting reports and creation of reports on taxes and charges, regardless of sizes of a company.

However, there are situations when financial and tax accounting was not organized from the beginning, there was a temporary interruption in accounting or it was abandoned at all. It can be due to various reasons, for example, necessity to introduce full-scale accounting (transition from the “simplified” accounting system), damage or loss of source accounting documentation, detection of in financial or tax accounting documentation, etc.

In this case, it is necessary to reconstruct accounting in accordance with the legislation valid for the current and previous periods.

LLC PMsmart will help you solve these issues. We can reconstruct the whole accounting system or specific parts of it.

Order of reconstruction of financial and tax accounting is defined by LLC PMsmart specilalists after thorough survey of the situation in your company.

Usually, any type of accounting reconstruction includes various stages:

COMPULSORY STAGES FOR ACCOUNTING RECONSTRUCTION
  • analysis of all provided documents and digital databases;
  • checking of all paid taxes and budgetary fees;
  • understanding of all existing problems and degree of required reconstruction;
  • checking of source documentation on accordance with the legislation of the Russian Federation; insertion of all required corrections and elaboration of missing documentation;
  • execution of reports for tax inspections and non-budget funds for all previous periods, correction of current period accounting documentation;
  • if required, elaboration of optimization processes and recommendation on efficient accounting.

More details on specific services of LLC PMsmart within «Financial, management, tax accounting and reporting» you can find following the link.

And remember…

“Enjoy what You like, we will take care of the rest of Your business”.

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