Outsourcing accounting, recovering accounting records

Outsourcing ancillary business process to an outside organization has a number of indisputable advantages:
  • management can then focus on the company’s core activities in the sure knowledge that they have delegated all the work and responsibility for ancillary business processes to FBK - a professional consulting company with highly competent personnel and vast experience in methodological and industrial work
  • as a professional consulting company, FBK can draw on best practice and various approaches to accounting organization and operation, provide a rapid response to complicated problems, and mitigate tax risks arsing as a result of constantly changing regulation
  • the client is not distracted by personnel problems and can optimize training, insurance, and other administrative costs concerned with accounting specialists

The main outsourced accounting functions include: accounting and financial reporting compliant with RAS, IFRS and US GAAP; income tax-based tax accounting; drafting tax returns for all taxes paid by the organization; preparation of other management data based on accounting data.

FBK offers its clients different approaches to the organization of accounting outsourcing processes:
  • accounting functions performed at the clients office. This involves providing consultants to take full responsibility for a range of functions, especially book-keeping and tax accounting, payroll accounting, cash and banking transactions and the preparation of the different types of external and internal reporting. The head of the group of consultants exercises the functions of the clients chief accountant
  • accounting functions performed at the consultants office. In this case, FBK employs its own information resources, performs all book-keeping and tax accounting functions, provides payroll accounting and prepares the different types of external and internal reporting based on the clients source documents as delivered to the consultants office. Delivery of the clients source documents to FBK and return of the current accounting data to the client can be done in a variety of ways.

FBK provides the following services as part of this work:
  • preparing financial and tax reporting based on accounting registers formed by the clients own experts
  • express-diagnostics of book-keeping and tax accounting and a proposal for the recovery of accounting data, accounting organization and operation, depending on managements objectives, accounting status, and financial risks
  • recovery of book-keeping and tax accounting data, drafting revised tax returns
  • preparing the necessary documents and reconciliation of calculations with the budget and with the clients counterparties.

Projects

Contacts:

For more information on accounting advisory services please contact:

Valeria Polyakova, FBK Consulting Partner
e-mail: PolyakovaV@fbk.ru

Elena Tyutyunnikova, director of the accounting advisory department
e-mail: TyutyunnikovaE@fbk.ru


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