RESTORATION OF PREVIOUS PERIOD ACCOUNTING RECORDS
The team of Nexia TA’s professionals will help you get international-level service and, without effort, easily perform proper accounting.
Nowadays more and more companies and accountants require valuable consultations and decisions. In this case Nexia TA is your reliable and competent partner, ensuring peace, avoidance of errors, proper and effective financial decisions of client-companies, as well as innovations and adequate response to contemporary challenges. Nexia TA has served the needs of numerous clients over the past years and accordingly has occupied top positions in the accounting services market.
Nexia TA constantly provides training and re-training of accountants in tax legislation as well as on the amendments made to international standards and related news.
Nexia TA Professional Liability is insured within GEL 20 million.
Conducting comprehensive accounting is one of the most significant challenges for companies today, especially for small businesses, entrepreneurs and start-ups. You need a qualified specialist who will work on a company’s financial statements, perform bank transactions, and make analysis of financial data. The best solution, in such a case, is to entrust your accounting to the highly qualified Nexia TA team, so that you can get international-level service at a minimal cost while minimizing tax and operational risks.
Remote outsource services include:
- Conducting remote accounting, supported by tax and accounting managers;
- Conducting accounting according to the standards (IFRS, IFRS for SMEs), determined by the Supervisory entity, on the basis of the submitted documentation. Including making recommendations regarding future transactions;
- Preparation / submission of monthly / annual returns to the Revenue Service;
- Submitting annual reports to the Service for Accounting, Reporting and Auditing Supervision (SARAS);
- Conducting the audit process (including the tax disputes) in case of inspection, implemented by the Revenue Service.
- Preparing monthly / quarterly / annual financial statements for management;
- Reviewing/improving existing accounting policies and procedures.
On-the-job service involves the full-time work of a Nexia TA Accountant in the Client Company’s workspace, supported by Nexia TA Tax and Accounting Managers.
The service package comprises:
- Conducting accounting according to the standards (IFRS, IFRS for SMEs), determined by the Service for Accounting, Reporting and Auditing Supervision, on the basis of the submitted documentation. Including making recommendations regarding future transactions;
- Submitting annual reports to the Service for Accounting, Reporting and Auditing Supervision (SARAS);
- Conducting the audit process (including the tax disputes) in case of inspection, implemented by the Revenue Service;
- Preparing monthly / quarterly / annual financial statements for management;
- Reviewing/improving existing accounting policies and procedures.
Consultancy in accounting issues includes the following:
- Provision of consultations in the field of accounting and reporting;
- Review / improve existing accounting policies and procedures in accordance with the standard set by the Service for Accounting, Reporting and Auditing Supervision (IFRS, IFRS for SMEs);
- Support in submission of annual reports to the Service for Accounting, Reporting and Auditing Supervision (SARAS);
- Support in preparation of financial statements for the management.
Designing accounting policy implies:
- Studying the company’s operations;
- Studying accounting methods, estimates and assumptions that the company conducts in the field of accounting and reporting;
- Making recommendations in accordance with IFRS (IFRS for SMEs) standards and tax legislation to ensure sound accounting methods;
- Development accounting policies in accordance with IFRS standards and tax legislation.
Preparation of financial statements to be submitted to the Service for Accounting, Reporting and Auditing Supervision (SARAS) implies:
- Preparation of balance sheet, profit and loss, statement of equity and cash flow statements in accordance with IFRS (IFRS for SMEs) standards based on the accounting records provided.
- Prescription of accounting methods, estimates and assumptions in accordance with IFRS (IFRS for SMEs) standards, which are submitted to the Service for Accounting, Reporting and Auditing Supervision along with financial data.
Restoring accounting records allows you to correct errors of the previous period, which will minimize the risk of being fined by the tax authorities.
The processes, related to restoration of previous accounting records:
- Carry out accounting transactions in the program in accordance with IFRS (IFRS for SMEs) standards and tax legislation based on the provided documentation;
- Review documentation, provide recommendations and drafts in the event of a malfunction, to ensure proper production.