#Bookkeeping

AR (Accounts Receivable)

AR handles the Order to Cash process, which is related to areas such as: invoicing, receivables or purchases

Order to Cash means standardization, automatization, and optimization of logistics process taking place in the delivery chain, from placing order to making payment, while eliminating traditional, paper documents. O2C/OtC allows any company to avoid numerous problems related to errors in circulation of information, i.e. losing or misplacing orders placed by clients, wasting time on manual sorting and filling-in of orders, slowing-down of the process of issuing invoices, which results in delays in the so-called cash flow, that is flow of money in business to business (B2B) relations

The scope of service

Invoicing, including making adjustments to data on invoices, issuing and sending out invoices
Managing reminder letters, including settling disputes, reminder letters and payment requests
Vindication of dues both amicably and at court
Allocating payments
Checking accounting documents
Processing and analysis of financial / accounting enquiries
Posting inflows from client
Posting bank statements
Checking settlements with clients, accounting for differences
Updating clients’ bank data in the system
Current analysis of receivables inflow
Improving receivables turnover ratio
Verification of client’s financial standing
Updating currency exchange rates

AP (Accounts Payable)

AP handles the Procure to Pay process, which standardizes and automatizes the handling of purchase processes

Thanks to P2P every company might avoid the following risks: lack of integration and cooperation with sales department and suppliers, errors related to placing orders in purchase-tender process and too long payment periods

The scope of service

Responsibility for a wide ranges of purchasing processes and related tax aspects: multichannel collection of purchase invoices, initial processing of invoices and their circulation, managing payments, handling suppliers’ basic data, archiving P2P/PtP documents, handling authorization, controlling payments
Verification and posting of invoices for purchases of goods and services from suppliers in correspondence with placed orders or without orders
Re-invoicing of costs and settling employees’ business trips
Settling bookkeeping accounts
Monitoring payments and invoices in accordance with the company’s internal policy
Preparing reports for audits
Preparing settlements of accounts for the process of month end closing
Preparing and updating the list of suppliers
Analysing invoices and providing accuracy of orders placed
Monitoring duplicates of invoices, performing regular bookkeeping and discovering discrepancies
Controlling the process of posting of employee expenses
Optimizing of services and coordination of costs with the financial department

FA (Fixed Assets)

FA is responsible for handling of records of fixed assets, intangible and legal assets, both in balance and tax areas, periodic depreciation and corporate reporting to company

The scope of service

Keeping registry of new or modernised assets
Preparing documentation and keeping registry of fixed assets, intangible assets and legal assets
Verification of accuracy of establishing initial value of fixed assets and the value of modernisations undertaken
Verification of records in bookkeeping accounts in scope of assets
Day to day balance and tax verification of value of accumulated depreciation and depreciation both in registry of assets and in accounting books
Coordinating balance of accounts connected with fixed assets
Bookkeeping in scope of fixed assets and depreciation

GL (General Ledger)

Handles the process of entering posting orders into records, calculating reserves, prepayments and accruals, issuing sales invoices and debit / credit notes

The scope of service

Reporting, which involves preparation of consolidation package for periodic consolidated financial reports in compliance with MSR/MSSF and handling of audit, reporting to central domestic statistics offices and domestic central banks
Participation in closing of accounting periods
Assuring the cohesion of data from the general ledger and sub-ledgers as well as the journal
Coordinating balance accounts
Posting remunerations, accruals and prepayments and reserves
Interpreting legal regulations
Day to day familiarization with balance sheet law and tax law
Preparing requests for individual interpretations

TAX

Involves a number of tax groups / tax matters, i.e. indirect taxes (VAT, excise tax) and direct taxes (CIT) as well as processes related to policy and keeping documentation of transfer prices

The scope of service

Preparing tax declarations, and in case of indirect taxes establishing the sales and purchases value into bookkeeping accounts and tax registries
Preparing Intrastat declarations
In case of transfer prices: collecting information from other departments and preparing transfer prices documentation in accordance with tax regulations applying in a particular country and internal regulations of the given group of companies
In case of direct taxes: preparing tax declarations in accordance with current regulations, while taking into account internal guidelines for tax planning
Current advising on tax-related matters
Preparing requests for issuing of individual interpretations
Cooperation with the IT department in the process of adapting the IT system to changes resulting from new regulations
Cooperation with local controlling bodies checking the correctness of tax settlements