Reporting



Reporting in general means execution of reports about company activities, which are compulsory and have to be filed to state authorities in accordance with legislation.

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

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.

Financial reporting

Financial reporting is the main source of information for internal and external users because it shows the results of business activities, financial status of the company, condition of its assets and sources. Express assessment of company assets and resources can be done based on financial reporting. It also defines important business activity indicators, such as financial stability, solvency, profitability, and business development possibilities.

According to Federal Law dated 06.12.2011 N 402-ФЗ "On accounting", all economic agents that execute business operations shall execute financial reporting.

Financial reporting shall be executed in accordance with the Russian legislation to show full and reliable information on financial status of a company.

FINANCIAL REPORTING CONTETNS
  • Financial balance 
    Financial balance consists of two parts: assets and liabilities. Assets include cost of company property (non-material assets, permanent assets, materials, goods, etc.) and accounts receivable. Liabilities include net worth of a company and its accounts payable. These indicators shall be shown at the report period date for which reporting is made.
  • Report on financial results 
    Report on financial results includes all income and expenses grouped according to the law:
    • income and expenses on usual types of activities;
    • other income and expenses.
  • Explanations to financial balance and to report on financial results as separate reports:
    • Report on funds flow
      Report on funds flow shows cash flow – payments of a company and income of monetary funds and monetary equivalents within current, financial and investment activities and remaining funds at the beginning and the end of a fiscal year.
    • Report on shifts in capital
      Financial reporting shall include information on presence and changes in authorized capital, surplus capital and other parts of company capital.
    • Explanatory note 
      It includes accounting policies that are required to explain the order of formation of financial balance indicators, report on financial results, appendices to them, and also information on important business activities not disclosed by financial balance indicators and report of financial results.

One of the following financial reporting types will be chosen depending on the size of business activity:

  • simplified (used for small companies).  
    Annual financial reporting does not include report on shift in capital, report on funds flow.
  • standard (used for medium-scale and large-scale commercial organizations). 
    Annual financial reporting is formed in accordance with the legislation.
  • multiple (used for large-scale commercial organizations with various types of business activities).

The main goal of PMsmart team is to meet the needs of all users of your company’s annual financial reports.

First of all, to elaborate accounting reports with consideration of the Russian legislation to avoid any issues with tax authorities and external auditors.

Secondly, to get full and reliable financial reports that can be used to make efficient economical decisions: by investors – to assess efficiency of investments in business development, for top managers – to assess stability and profitability of business and define future development strategies.

Limited liability company “PM smart consulting” provides full list of services for financial and tax accounting. More information you can find in the following sections:

Many our Clients have already entrusted PMsmart with financial reporting tasks.

You can join them.

And remember…

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

Tax reporting

The final stage of calculation on any tax is formation of tax indices in a tax bill.

Tax bill is the main form of tax reporting.

Tax bill is a statement of a taxpayer on earnings and expenses, income sources, tax base, tax advantages, calculated taxation sums and other data on taxes.

Tax reporting is submitted within terms set by the legislation. Inability to do so is punishable by law.

Companies and self-employed entrepreneurs are obliged to calculate and pay taxes depending on the type and scale of business.

According to the Tax Code of the Russian Federation all taxes can be put into the following groups of taxes:

TAXES CALCULATED BY PMSMART FOR OUR CLIENTS
  • Federal taxes:
    • Value added tax;
    • Income tax;
    • Excise taxes;
    • Personal income taxes and other.
  • Special tax treatments:
    • Simplified taxation scheme;
    • Uniform tax on imputed income for particular types of activity and other.
  • Regional taxes:
    • Transport tax;
    • Property taxes and other.
  • Insurance fees:
    • Compulsory medical insurance;
    • Compulsory pension insurance;
    • Social insurance, except insurance fees for compulsory social insurance for  accidents and professional diseases.

Each tax has its own calculation rules, report form, terms for submission, etc. 

Calculation of all these taxes and fees is definitely some kind of art, because the Tax Code of the Russian Federation is constantly changing and because it contains many ambiguous articles with multiple interpretations, which can be understood and used only with support of many explanations from state authorities. Moreover, you should remember that any mistakes in tax reports become your money and time losses in trials with tax inspections.

PMsmart will do everything for you. We will help you to save your money.

Trust us.

And remember…

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

Funds

2017 introduced serious changes in legislation regarding funds contributions. And now companies need to understand a lot of new information on what, when and how should be paid.

At the moment, Russian legislation establishes the following distribution of functions between Federal Tax Service Inspectorate (FTSI) and funds:

DISTRIBUTION OF FUNCTIONS BETWEEN FTSI AND FUNDS (in more detail)
  • Federal Tax Service:
    • compulsory pension insurance,
    • compulsory health insurance,
    • contributions to compulsory insurance for temporary incapacity to work and maternity leaves;
  • Social Insurance Fund calculations of insurance fees for compulsory social insurance for  accidents and professional diseases;
  • Pension Fund of Russia individual data on employees:
    • monthly report СЗВ-М;
    • annual report on experience record of each employee with paid contributions.  

Now it is necessary to report to three authorities. The number of report form might increase when the Pension Fund approves new customized forms.

As always, transition period is difficult and might lead to increase of mistakes of a taxpayer.

PMsmart team will help you to avoid any hidden pitfalls. We are specialists with deep knowledge and vast experience on payment of salaries payments and contributions to funds. We always keep our knowledge updated because state authorities regularly check this reporting sphere.

Limited liability company “PM smart consulting” provides the following services:

  • in case of opening/closure of standalone subdivisions in your company we add to/take off the register in required funds;
  • prepare calculations and report to non-budget state authorities and Federal Tax Service on insurance contributions;
  • in case of any issues regarding calculations and reporting on ‘old’ regulations in any funds, we help you solve these issues;
  • assist on interaction with inspecting authorities in case of office and tax inspections.

And remember…

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

Statistics

Statistical reports is the main type of statistical monitoring – receipt of statistical data by statistical authorities.

Legal entities and self-employed entrepreneurs shall compulsory submit primary statistics to statistical authorities.

Currently there are many types of statistical reports (around 200-300). But there are no standard documents that explain which forms shall be submitted by each specific company (e.g. classification according to a business sphere: processing, food, mechanical engineering, etc.). As the result, it is difficult for companies to understand, which types of reports shall be submitted to statistical authorities and when.

But it is necessary to know it because there are administrative penalties.

POSSIBLE PENALTIES

Based on art. 13.19 Code of Administrative Offences of the Russian Federation, a company can be subject to administrative liability for failure to provide statistical data in the required format or in time, or for provision of wrong primary statistics. Penalties are used for each type of statistical reports. If a company has to submit a number of reports, then penalties can become quite big.

To avoid misunderstanding with all types of statistics and let you do your job, PMsmart will do all statistics coordination for your company. Our employees monitor all changes related to primary statistics, and understand all types of statistics approved by Rosstat – terms, frequency, etc.

STATISTICS PREPARATION STAGES BY LLC PMSMART
  • Define list of forms
    for you company to submit to state authorities depending on type and scale of your business.
  • Define whether your company is subject to federal statistics survey
    which can be complete or selective. It is an important factor, because depending on the type, terms of statistics submission can be different.
  • Elaboration of statistics documentation and submission to state authorities
    in accordance with forms approved by Rosstat.

Trust us and we will do this for you to keep your business safe against any sanctions and penalties.

And remember…

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

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