Why do we need to keep accounting properly

Proper accounting is one of the fundamental issues underpinning a perfectly structured and prosperous business. That is why it is of the utmost importance to approach wisely and precisely with regard to its unraveling. We have prepared a very detailed article, in which we are convinced that you will be able to find answers to the questions you have asked.

To be fully informed, we suggest that you read the entire statement below and get as much information as you think it is necessary. We will cover some very important issues that most often concern young entrepreneurs without any experience.

What are the effects of a proper kept accounting?

Firstly, it is not possible to create a big and prosperous business if accounting and taxes are not right. There are not very few important questions whose answers an ordinary citizen can not know. That's why it's of key importance for you to hire a good accountant to guide you. It is not easy to track customer payments if you do not issue invoices or monitor salary payments, if the amounts in employment contracts are fictitious. This can only be done if you want to have a small-sized business. If you want to have real success, you have to fulfill your duties exactly.

Remember an extremely important rule, and it is that the state is much stronger than any other company. Do not think that the tax inspectors will pass you if business is successful. Every well-developed business must be prepared for a number of inspections by state institutions. Their work is to check whether everything is as it should be. In case you have no violations, and you observe all laws, the tax inspectors will thank you most politely and will leave.

Another advice that we can give you, and we do believe this advice will serve you in the best way possible, is not to joke with the state institutions. Remember that the state has a very strong repressive apparatus, and it is good to be careful and reasonable enough so that you do not fall into a trap capable of bringing your business back to its starting position.

We, at Contabil EOOD - city of Ruse, have encountered numerous cases in which the client states that some of his acquaintances has gone through a procedure doing illegal acts while not being caught by the state institutions. We advise you absolutely not to rely on such affirmations, as this does not mean that once your friend's unlawful act goes unnoticed, then you can also get away with it. The state methods are being improved and the likelihood of you being "captured at the crime scene" is increasing.

Do not overlook something else that is very important, namely that we live in times of conflict and very easily the accountants are blamed on the part of the client for causing damage as well as on the part of the state control bodies for violations.

Sometimes the party that creates the conflict, even if it is the state in the face of the tax inspector, may not be right. The point is that if someone behaves incorrectly towards us, we seek protection again from the state. The bad thing is that once you violate the law, the state will not help you from now on. On the other hand - if you have done nothing wrong, they can check as much as they want, but they can not find anything that does not exist.

Do you know what kind of conclusion we can make after this reasoning - if we want to avoid any conflicts with the state, the only thing we can do is not to do anything unlawful.

In order to support our statement, we will give you a very real example: an Arabian lived in England. His business was a pub he managed for nearly 30 years. Of course, it was not declared anywhere. At one point, it happened, thieves attacked him and robbed his property. He was not able to complain anywhere, much less to the police. That is why we need to act in the provisions of the law if one day we want to get support from the state institutions.

There are many moments in which a person has an extraordinary difficulty for him to judge whether an action is acceptable or not. In such a situation, some of the citizens are consulting the competent opinion of some real professionals in this field. When this help is requested by the accountants practicing in Contabil EOOD, they are ready to give the best advice that the client could get.

Here is this advice: To get the clearest possible idea of what's happening, and then, it's a good idea to play the following scene in your mind. Imagine that you are in court and seek to describe in detail your own point of view and opinion, and the other side seeks to do the same. Let's assume the judge is impartial and competent. Whom will he believe?

We could all present this in another way that we believe can not be misunderstood. The Accounting firm "Contabil" EOOD has had over the years hundreds, and even thousands of tax inspections and audits, but there are very few cases of sanctions and almost none sanctions when it comes to going to trial with the tax authorities. If an Accounting firm deals with proper bookkeeping, it is more than clear that it will not face hostility on the part of state institutions.

Naturally, there is a clause in the accounting contract, according to which the accounting firm "Contabil" EOOD Ruse assumes responsibility for damages to the company for poor bookkeeping, so for us this is another reason to be careful and to act wisely and responsibly.

In order to highlight our professionalism, trying to skip advertising, we will share with you another comment we previously received from a tax inspector. When we registered the required revision documents, she shared: „When I was assigned to the audit, I thought I would find great irregularities, but when I saw that you were keeping the accounts, I realized I would not find anything.”

Even if it does not look modest to someone, it is the appreciation we get for our work, so as good and authoritative professionals, we thought it necessary to share this core part with the readers who could one day become our clients and ourselves to be sure how important it is to keep an accounting properly.

This is actually the main question that we think most of the audience is excited about. To satisfy the interest and curiosity of most of the people, we will focus on a few more important topics about how important today the accounting firms are, and what our choices are - a professional accountant or to deal on our own with this task - our company bookkeeping.

Some might think this is an easy task, but in many cases, the choice is of key importance to how well your business will flourish, how long you will be at the top, and how soon you will return to the starting position. There are many subtleties and features that you can not know yourself. It is no coincidence that we advise every young entrepreneur to act wisely and trust real professionals who will point out the right path, advise and consult him/her at any given time so he/she will never give up his/her dreams, however unreachable they might seem.

Accounting firms - a part of the modern business

We all know that the world in which we live requires us to comply with legal standards. No wonder, one of the most important things is bookkeeping. Otherwise, we will have to live in constant fear that our business will fail and finally that the whole investment we have made was useless.

Whether we are a business owner or a part of the partners of a huge association, it is absolutely of no matter because we always have to strive for a timely and accurate accounting.

Do you know why accounting services are so important to the modern world?

If accounting was missing, we could hardly have a clear idea of what is happening with our business - whether we are profitable or at a loss. What would happen then? We would hardly have an idea of where we stand among our competitors and whether there is any point in continuing to fight.

In order to be aware of everything happening at the company, whether it is being remotely managed or not, the customer should contact a competent accountant. It is the accountant's job to inform the owner whether to invest more or less money, the legal norms that he/she has to observe, and everything else that directly affects business activity.

Some time ago, you may have heard, in our country it was not allowed to hire freelance accountants or accounting firms, but only in-house accountants. But this is too economically non profitable, and things have changed their course. Today, all companies have the opportunity to make free use of the accounting services of the accounting firm Contabil EOOD that is both prosperous and renowned, as well as any other accounting company, who will for sure greet and treat with professional attitude the client.

Why do customers prefer the services of accounting firms?

The first and most important thing is the perfect look of all the documentation. This is undoubtedly the result of a contract between a client and an accounting firm. Professionals will ensure that each statement is completed and filed in due time. In the event that something is mistaken, the accounting company takes responsibility and deals with the correction of the error itself.

You do not have to deal with sick-leave and salary payment, or anything else, as this is one of the main duties of the accounting firm. The only thing you need to do is pay your monthly subscription, which practically exhausts your other obligations.

The moments in which the young entrepreneur, with almost no experience, feels confused, he/she could turn to the accountants and, they will explain in order for him/her to understand the situation in his/her company, whether it is appropriate to make an investment or not.

Do not forget another very important thing, and it is that in every accounting firm there are dozens of employees who, in addition to dealing with their duties and responsibilities, strictly monitor the novelties introduced by the state. If it was not for those professionals, then you would hardly be informed about the new regulations.

Remember that the only way for your business to grow the way you want it, is you to have reliable helpers to whom you vote your’ unreservedly trust.

What to choose - an accounting company or bookkeeping on one self’s account?

Every young entrepreneur who decides to engage in a particular type of activity is aware of the fact that at the beginning, there are a few things to focus on if he/she wants his/her business to move in the right direction. One of these things is undoubtedly the accounting service of his/her company. There are two options - one is alone to deal with this not easy task and the other - to take advantage of the professional services of competent employees like us from Contabil EOOD, city of Ruse.

Managing the bookkeeping on your own is a practice typical of smaller towns and villages. It is mostly practiced by sole owners, who do not have to deal with a great deal of documentation. The owner himself has software to issue and record invoices. We are not sure whether this practice will ever be dropped, although citizens today can afford to pay for accounting services. The tax authorities have always been full of people who have decided to keep their books themselves and are now wondering how "to fix things".

Hiring professionals is mostly done by more successful companies. Many start-up companies also decide to take advantage of this service, as well as companies that have a solid start-up capital.

We believe that this article will be of great benefit not only to young entrepreneurs but also to all those who have often asked themselves about proper bookkeeping. We have covered as many topics as possible directly related to all the frequently asked questions nowadays. If you need further consultation, you can take advantage of the completely free service that we of "Contabil" EOOD provide for you.