Consulting in Accounting

Accounting is a regulated system of collecting, recording and summarizing of information in monetary terms on property, liabilities of the enterprise and their movement by means of complete, continuous and documentary accounting of all business transactions. The main elements of the accounting method are documentation, inventory accounting, records, double entry, balance, evaluation, schedule of expenses, accounting reports. The use of each of these elements is regulated by applicable law. Objects of accounting are corporate assets, their liabilities and business transactions carried out by them in the course of their activities. The law imposes responsibility for organization of accounting and compliance with the legislation on the manager in the performance of business transactions. Whereas, the chief accountant is responsible for the accounting policy formation, accounting records maintenance, timely submission of complete and accurate accounting reports, and also ensures compliance of the actual business transactions with the legislation, control over movement of assets and fulfillment of obligations.

Thus, the manager itself is responsible for accounting organization, but this responsibility ends when necessary organizational measures are taken. Both the manager and the chief accountant are responsible for compliance with the legislation within the performance of accounting support; herewith the main responsibility rests with the manager, because the chief accountant is subordinate to him.

Professionally organized accounting is a guarantee for prevention of adverse situations in the future, whereas when it is too late for corrections; and economic consequences threaten the loss of business and / or assets.

Consulting in the accounting can be divided into three main sections:

Accounting organization

Well-advised and organized accounting permits in the future to optimize and computerize accounting records maintenance, and as a result to minimize costs for its maintenance.
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Financial reporting

A set of accounting indicators reflected in the form of specific tables that show the movement of assets, liabilities and financial position of the enterprise for the accounting period.
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Transformation of financial reporting

A process of preparation of reporting in accordance with IFRS by reorganization of accounting information and adjustment of positions of reporting prepared according to the rules of Accounting Regulations (Standards).
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