Pay Rolling - And Hey! It’s Fun

If you thought that this is it, think again. There is nothing in this world that can keep you up this weekend, except of course the regular task of book keeping and salary distribution. But this is not what you bargained for. You wanted to sleep early tonight. Or better yet, you should be out with your friends enjoying the weekend. You have the entire Saturday to sleep tight. But instead you are here in your office doing accounts and wages.

Payroll Services in Bulgaria  fret about but only when you have the right assistance. Anything that lets you think of anything but accounts over the weekend is your ideal payroll management firm in Bulgaria. Well, it is obvious that going through the monotonous task of drafting the financial statements and then the tiresome process of writing cheques can be really taxing. But you need to carefully manage it all to avoid any mess in the morning. We think that this is the simplest procedure in our business but when we actually get down to the task of paying our employees, the complexities of it take over.

Now you can keep an in-house accounting and payroll team; that is if you can afford one in the long run. It will be your best bet when you have loads of financial statements to be prepared and a year round financial up keep of various departments. But what about the businesses that want a more streamlined and small scale financial operation? They always have the option of outsourcing their payroll activities to firms that specialize in financial assistance which are again aplenty in Bulgaria. 

This is an option that is viable for every business no matter how big or small your undertaking is. Human Resource forms management, timely report filing, all round benefits management, tracking employee breaks and overtimes are just few tasks that when outsourced can mean a cooler head on your shoulders.

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Taxes When Bulgaria Takes Over

If you want to keep it in-house, go for it but if you think that payroll services would do you good in Bulgaria when outsourced, you should rather go for that. You know that there is nothing more painful and tiresome than actually going through the monotonous and mundane processes of handling payroll.

Even a day of payroll management is enough to mess up with your head. The confusion blooms into a dilemma as soon as you decide to research all the laws, recall all the deadlines and all you come up with is more confusion. It is time to hire the best payroll services in Bulgaria. This is obvious for the reason that they not only help you in concentrating on your core competencies but also take care of the tax angle.

For anyone who wants to make it big in the business scene of Bulgaria must know that taxes are collected on both state and local levels in this country. The most important ones are the income tax, social security tax, corporate tax and value added taxes.

Many corporate investors would be glad to know that corporate income tax in Bulgaria is also a flat 10%. Efficient payroll systems can help your company with employer tax payment, report filing, benefits administration and much more.

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Bulgaria Company Register- Seek Professional Help

Are you thinking to start a new business in Bulgaria? Yes, the country has a lot to offer. But, do you know it’s important to adhere by the state and federal laws for starting a new venture? Have you completed your research on how to go with the process? No matter how much information you have collected, but some things do get missed out.

And, we all know that starting a business, whether in our own nation or foreign country requires a number of things to focus on. The best solution to start a business and register company Bulgaria would be to take help from a professional local company.

There are a number of professional companies in Bulgaria that can help you setup a successful business. They will provide you with the complete information about different laws and rules of the state helping you to decide on if you meet the criteria or not. Also, these firms can even take the responsibility of setting up a business for you.

The only requirement is that you need to find a trusted and reliable local company that you can partner with and it sails you through the process of establishing your business in a foreign country. Also, consulting an existing Bulgarian company that is aware of the country’s laws and rules will save on time and money as well. Doing some research online can help you find numerous companies that offer such services. Also, you can ask for references from friends and family members who are already doing business in a particular state. 

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Benefits of Professional Accounting in Bulgaria

You may be surprised with the fact that in Bulgaria you can easily find unbeatable accounting services who offer complete support to foreign investors. It is extremely essential for you to choose the professionalism from the pool of service providers as it is no wonder to meet the unprofessional. However those with no skills usually fall after a short time.

So what you can expect to receive from the accounting company, after selecting the correct one for your firm. Here is the brief information on the types of accounting services in Bulgaria you will receive: The documentation will be sent to the provider once a week or month. It is based on the norms of the accounting company and their activity area. Original or copied documents may be sent. Here you must know that the entire documents in any language must be translated into Bulgarian language.

After receiving documents the processing begins which includes entering information in the licensed accounting software for income bills, supplier bills, making and sending VAT ledgers, VAT payment guidelines for bank, making advance corporate tax installment payment instruction for bank, calculation of costs on monthly basis.

If applicable, making and sending intrastate,  filling bank reconciliation in licensed accounting. software on monthly basis and filling for taxes in Bulgaria if applicable. Similarly there are several other services provided by the accounting firms that you stay worry free for the legal procedure and get your company established and run it easily.

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Keeping Better Company

For every entrepreneur who wishes to incorporate and register a company in Bulgaria, they have to take care of a few things. They need to sign and submit a few documents. An affidavit under Article 141 of the Commercial Act, firstly declaring that they are not insolvent or bankrupt, secondly, that.

They have not been in the post of a general manager of a company that was declared insolvent or bankrupt. And last but not the least, that they have not been a manager of a company that had trouble complying with its obligations for establishment under Bulgarian law.

Another affidavit under 142 stating that they will not enter into any commercial transactions without the prior consent of the company or participate in any business venture as a party and/or occupy any managerial position otherwise in any other partnership firms and companies.

And there are a few more documents as well. This where the services of reputable accountants will come in handy so before you open a capital accruing bank account make sure you take proper advice from them. The minimum capital that is prescribed by the law is BGN 2, which is to be paid-in before the company is incorporated.

Get in touch with your accountants in Bulgaria for a detailed process and correct follow up of all formalities. A standard application form is needed to register  Company in Bulgaria and documents such as agreement of association, resolution for appointment and the like are to be attached as well.

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Accounting and Payroll- The Bulgarian Way

Are you keeping the books and accounts for all wages, salaries, payables and receivables all by yourself? That’s very impressive but I don’t really think it’s a good idea. Well, to begin with, you’re adding extra hours to your usual working hours every week. You’re adding more stress, investing more time and in business time is money. So if you’re willing to invest in accounting and payroll, then why not get it done by professionals?

Accounting  services in Bulgaria and its versatile business culture. A competent accounting and payroll service in Bulgaria would undoubtedly spare your business some valuable time. All your efforts can now be tuned to getting a larger market share or better price for your raw materials or launching a new product. All activities related to precise book keeping and maintaining an efficient payroll system can be handed over to the experts. The guidelines laid down by the IFRS and the accounting standards laid down by the Bulgarian government are followed by every professional that prepares your financial statements.

The critical importance of on-going activities like sales and expenditures, inventory management, invoices, payment to creditors and suppliers are all taken care of by professional accounting and payroll services providers across Bulgaria. Not only this, but a company can justify its financial decisions with the help of a sound record keeping system. Individual accounts, balance sheets, all receivables reports and profit and loss statements are a few examples of such instruments that keep the whole financial picture of the company transparent and glitch free.

Contracting out your book keeping and related services would ensure a tailor made approach to maintaining your financial records that best suits your needs. One can also benefit from additional services such as definition of costs, administrative support and internal auditing. An efficient accounting service company is capable of handling the entire money matters of your firm, would monitor your sales and also advise to increase profits and reduce costs.

In Bulgaria, payroll services go hand in hand with accounting and financial book keeping. An in-depth and full-fledged payroll system can be established and put to function effectively for the organization to guarantee the application and follow up of employment terms. Highly skilled professionals make sure that the documentation is accurate, and all wages and salaries are paid on time and accordingly while making sure that all the administrative requirements are processed efficiently.

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What is Payroll Accounting in a Nutshell!

ny functional business will have employees. The bigger the workforce, more challenging it gets to manage them. One of the aspects related to employee compensations is calculating salaries for each one of them and distributing it on time. Now, at first this may seem very simple, but in reality it is anything but simple. There are countless standard procedures, rules and guidelines, that needs to be followed and adhered to. That is when payroll accounting services come in.

Accounting is a major discipline. It requires years to practice and fully understand its concepts, terminologies, and practical implementation. One of its sub categories is payroll accounting which is basically concerned with disturbing salaries after having calculated them precisely. While arriving at different salary figures for different employees, one needs to be mindful of taking into account payroll taxes, garnishment issues, overtime payment, fringe benefits, etc.

One small mistake in calculations can cause big troubles. Also, if the company fails to pay salaries on time, this is another major issue in itself. This is why when it comes to payroll accounting services, one must depend on professionals. Hiring an agency that offers accounting services is possibly one of the wisest choices a business owner can make. It is basically a way to save company's resources and also a way to avoid costly lawsuits as well.

As discussed earlier, many things are considered while calculating wages and salaries. A crucial component of payroll accounting is collecting daily, weekly, and monthly records of the time worked by each and every person. For salaried employees calculations begin at a base which is then modified and adjusted as per other bonuses, subtractions, or additions.  The whole procedure is quite lengthy and comp

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How to choose a name for your company’s registration

The local representatives of a specialized agency in the company formation in Bulgaria and tax consultancy, in fact you can also receive a legal consultation in specific sides of commercial and corporate law. The representative of clients seeking to incorporate Bulgarian companies or related services handled by a team of international and Bulgarian experts.

 Becoming a sole trader or general business partnership you don’t need to register with Companies House however there is still need to follow the rules for selecting a business name.

Your name cannot be specifically same as another registered company’s name to observe if the name has been already registered. So your registered company should not have similar name as of other registered company.

It can contain a sensitive word only if get permission to do so otherwise it is highly recommended to choose a different for company registration Bulgaria because it is considered offensive to have a similar name of already established firm and that owner may even take a legal action. Choose a very unique name that doesn’t match with anyone else.

Registering a firm or partnership name or a taking a business name doesn’t refer that is secured as a trade mark, for this you need to register your trade mark individually. You may wish to determine if your trademark is already taken by someone else. The names of many private limited firms in Bulgaria should have a suffix limited or ltd.

You can request to leave the suffix limited from your name, if your firm is limited by guarantee and your association article states that your company’s objective of promotion or regulation of commerce, art, science, education, religion or any profession or you should admit its income in promoting its objects or you are no longer capable to pay its members or need every member to contribute in the company’ wealth. So there are many factors to consider while registering your company.

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Payroll Accounting Require a Strong Base in any Business

Bulgaria has been well known for its range of advantages that it offers to all kinds of business investors who wish to start a business in Bulgaria, as well as those who are already running one. However, prior to setting up a business, it is very important that you understand the kind of business you wish to start. As far as the Bulgarian laws are concerned, these laws are quite welcoming for investors from within Bulgaria and even from overseas.

Finance, accounting, book keeping, and payroll are some of the crucial aspects of a business. You may go in for in-house staff for each respective service, or may go in for outsourcing services (for instance, outsourcing payroll accounting services, etc). Payroll administration requires acute attention to every minute detail with utmost accuracy. So a strong and reliable accounting and payroll service is mandatory. Regardless of whether you choose to develop an in-house team or outsource payroll, it is very important to be handled utmost responsibly. If you wish to have an in-house team for payroll, you can start running payroll once all your forms and information is collated. You can choose a payroll system for your business and inform your accountant about it.

If you wish to outsource payroll, then it is important to find an outsourcing company wherein, the professionals have a solid understanding of payroll processing and the ever changing payroll laws. Some of the major tasks involved under payroll include: Making pay adjustments, Time and wage computations, Direct deposit, Issuing manual checks, Income tax processing, Voiding checks, and many more.

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Qualities That You Should Look In Your Payroll Accounting Services Providers

If you are looking for a payroll accounting services provider that can help you deal with the accounts and payroll, consider Olsen and Partners, a reputed firm in Belgium that eliminates the need to have in-house payroll and accounts department for the small businesses.

By hiring the expert team at Olsen and Partners, you can keep yourself free from the trouble of managing accounts and payroll. They strive to reduce the costs of payroll processing and make the work easy for you. The reasons one the company is rated one of the best payroll accounting services providers is their accountability. They are a responsible team that is accountable for their work. They quickly identify any errors and rectify them. With their in-built error checking system, they ensure that the work is completely error free. The company complies with all the local, state, and federal employment and tax laws. This eliminates any IRS audits and penalties for any transgressions that occur while payroll processing or tax processing.

You can always rely on Olsen and Partners for excellent customer service and quick responsiveness. The company offers short turnaround time for making corrections in paychecks, creating new accounts for new employees, and addressing payroll related issues. The payroll accounting services provider offers various advanced services to reduce the payroll related hassles. Their investment planners help your employees take right investment decisions. All these services are available at the most affordable prices. The firm believes in creating long term relations with the clients and help them like a reliable business partner. Check out their website to know what services they offer and what makes them different.

You can also go through the testimonials on their site to know what their clients think of their services. They extend every support to help your business run successfully.

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Selecting Accounting and Payroll Services

Most of the small and medium sized businesses that are not able to handle their accounts and payroll rely on companies that offer accounting and payroll services. Olsen and Partners is such a firm that offers efficient, cost-effective, and reliable accounting and payroll services to all sorts of businesses. The company charges fee depending upon the specific needs of your business. With the support of our team of accountants, you need not need to handle involved paperwork and calculations. We are a trustworthy team, so you can confide in us regarding your financial details.

Olsen and Partners have carved a niche for itself due to its reliable, satisfactory customer services. We offer highly professional accounting and payrollservices that make your business run smoothly and help you focus on other core issues of your business. We offer the services at the most competitive prices and focus on the needs of the clients. This makes us have a cutting edge. Besides accounting and payroll services, we also handle your taxes and help you in creating companies in Bulgaria. To know more about what our clients feel about us, you can go through the testimonials on our website.

Whether you have limited work or you have plans to expand your business in the future, we have the potential to help you with your growth plans and accommodate your needs like a reliable business partner. We have experienced accountants who keep on updating their knowledge and offering the best services. We prefer to work in long-term relationships with our clients and our services include monthly accounting and payroll; quarterly and annual financial statements; banking assistance; tax returns preparation; routine tax consulting; etc. You can rely on us for efficient tax saving strategies.

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How to maintain property taxes in Bulgaria

Many outsiders who wish to buy property in Bulgaria should intimate a limited firm to buy land to enable them to be subjected to corporation tax. Buying a property in Bulgaria should be done through a limited company and you should pay corporation tax. 

 

Corporation taxesin Bulgaria have been being deducted many times by Bulgarian government to increase the internal investment which presently lies at 15%. It means while selling a property to extent of profit made will be counted as profit for your limited company and you will be liable for 15% tax deduction. The profits made from the rental income are taxed 15%, however you may report for specific deduction such as depreciation, expenses that include repairs, maintenance, renovation and loan interests that are utilized for property acquirement. 

 

For even having no business activity in any year, you should file zero tax return. An accountant will file your return in your unavailability if you assign a power of attorney to him, additionally several real estate agents also provide tax return service. 

 

In Bulgaria 20% VAT is applied which is payable on whole products and services and imports. Each business with annual income above 25,000 euros is liable to VAT. Buying a personal property, you can relieve from VAT but if you purchase it by a limited company, VAT will be added to the cost. If you are buying for the first time, you may not be interested to file for VAT because your company definitely will have lower annual income, so can avoid VAT registration in the first year only if selling price is less than 50,000 lev. 

 

When you file for selling second property, you should add 20% VAT to your selling price and then add VAT to rental cost as well. You also open a special bank account for VAT payment.

The property taxes are usually of two types: 0.15 % tax on given buying cost and small levy for garbage management however in some villages, this is service is not available hence no liability for tax. You have to pay these taxes at the municipal council office. The agents and accountants provide property tax payment service.

In Bulgaria there is negligible or no capital gain tax however in specific conditions, it is applied by 15%. You should carefully deal with the sales price of an understating property mentioned in a contract because it may show small vendor’s tax bill and reduce your fees but when you file for property sale, it will show as you have earned a considerable capital gain than made in reality so you will be liable for tax consequently. Your tax cost may vary on the base of factors and as per the property such as if you are a resident or non-resident. 

 

If you are not a resident of Bulgaria and buy a second property, then you need to pay 15% on the sale price. So read the sale, buy and tax instructions carefully on your contract before sign-up to avoid unnecessary expenses.

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Have company accounts managed by professionals only

Running a company is a big deal and even bigger deal is taking care of finances and keeping all the related records perfectly in one file. As long as a startup is small, it may be possible to not follow any standard accounting systems, but as soon as a company is registered it has to follow standard accounting principles for maintaining accounts and books. That is when companies turn to financial accounting firms. There are standard rules that are set for how to record transactions and how to debit and credit the accounts. 

 

It is mandatory to adhere to those standard and specific rules or else a company may be in big trouble. Every single penny spent and earned has to be recorded down with utmost accuracy. Only financial accounting firms can take care of that; not amateurs. Every year companies have to go through auditing process which is conducted by government bodies. The purpose of audit is to find out whether the company’s accounting system is flawed as well as whether all the assets are being properly taken care of. If any errors are found, it could lead to the company facing huge penalties.

Penalty can be a nightmare for any corporate entity and every single enterprise wants to avoid facing it. This is why even though accounting and payroll services sometimes cost a lot; businesses feel they are better off with it rather than having any legal complications on its way. Any legal complication can turn out to be an extremely costly affair for a company when it comes to accounting and financial management. This is the last thing any business entity would want. But the assurance for accuracy of accounts comes from employing experts only.

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Bookkeeping and Accountancy in a Business

Be it any genre of business, accounting, payroll, and tax form the backbone of a business, and so, it is highly...highly important for a new business to have an efficient and a sound accountancy system. To assist new and growing businesses, there are some of the most professional accountants in Bulgaria which not only offer accounting services, payroll services, and tax services, but also provide complete support in creating a new company in Bulgaria.

Many businesses feel that if they have a reliable bookkeeper, there is no need for an accountant; but, most of the times, it is not so. A bookkeeper might be doing a great job, but, quite possibly, he doesn't have the experience to address any complex issues arising in a business. An efficient bookkeeper would be involved in recording transactions timely and properly, but he wouldn't be aware of the implications associated. It is only a professional accountant that would provide the necessary guidance and management, in addition to making the right decisions, even if the issues tend to emerge at the most inopportune times. Also, a proficient and an experienced accountant would inevitably deliver services like bookkeeping, VAT and VIET returns, Business tax returns, Tax compliance, Tax strategies, Advice on new projects, Payroll compliance, Legal assistance, and many more.

All in all, an accountant could deliver the work of a bookkeeper as well, but a bookkeeper isn't capable enough to deliver a range of services as an accountant could do...

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Why do business in Bulgaria?

When someone thinks of launching a start up overseas or expanding an existing business unit in another country, Bulgaria may not be the first option to come to your mind. It is because it wasn't until a few years ago that this economy started attracting the attention of businessmen. But now people are realizing that this country has such a huge set of advantages to offer to companies.

The procedure of company formation Bulgaria happens to be less tedious and cumbersome than any other European site. It is one of the low risk countries in terms of conducting business.  It has an extremely stable political environment and the overall risk is lower than anywhere else. Politically speaking this country has NATO membership as well as EU membership. It doesn’t end here. One of the most attractive features why people are drawn to this country for starting a corporate entity is because of the extremely favorable tax routines here.

The rate for corporate income tax is ten percent. Areas where level of unemployment is higher there are no corporate taxes at all. The person has to pay a personal income tax of flat ten percent. There is a five percent tax on liquidation quotas and dividends and zero percent taxation policy on dividends for EU tax residents.
The cost of company creation in Bulgaria and operating it is relatively lower. The workforce here speaks multiple languages which removes communication barrier. Workforce here happens to be highly skilled too. If yours is going to be a priority investment project you may get great financial aid and support from government. Bulgaria is a country that is seen as one of the best destinations for outsourcing business activities.

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How Can a Professional Financial Accounting Firm Help Your Business

The primary concern of a professional financial accounting firm in Bulgaria is to fully understand the accountancy needs of the client and his business. Such a firm is highly experienced in delivering tailored business solutions in accounting and book keeping, corporate services and tax in Bulgaria. The firm provides real time professional financial and accounting services that are in full compliance with the demand of the business. Such consultancy and accounting firms provide an array of services:

• Annual Tax Returns for Corporate Tax
• Bank and Cash Reconciliation
• Accountancy maintenance and Book keeping
• Accounting for Payroll
• Management of Accounting/Financial reports to the concerned authorities outside the business, as well to shareholders
•  Preparation of VAT returns on monthly basis

A business needs to look into a few parameters before deciding whether to outsource accounting/tax/financial services or handle them within the organization; However, for an organization that has branches, subsidiaries, sister-concerns, it is recommendable to go in for outsourced services by a specialized firm in Bulgaria.
Many of these firms also offer assistance in incorporation of a Bulgarian company, payroll, tax, and consulting services; this allows the employer and the management to focus on other important issues within the organization, with absolutely no burden of handling any of the outsourced tasks.

The best part is that an efficient firm has an in-depth sector knowledge, business advisory skills and business networks. Al in all, such a firm delivers advice on improving systems and processes, with intent of creating an appropriate balance between performance, risk and control. Click Here

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A Basic Overview on Bulgarian Taxation System!

Bulgaria is known to be a country in EU that offers the best taxation opportunities and schemes for both businesses as well as individuals. The taxes in Bulgaria follow a flat system in which the residents are taxable on their worldwide income. The Bulgarian companies, unlike companies in other parts of the EU, are subject to a flat tax rate of 10%; Also, the personal income tax follows a flat rate of 10%. 

However, the main sources of taxes in Bulgaria are the Corporate Tax, the Withholding Tax, the Alternative taxes, the Personal Income tax, and the Value Added Tax. Like the Taxation, payroll Bulgaria is also known to be simpler than what it is in other parts of the EU. And the best part is that there are professional services available in Bulgaria that help new and existing businesses to handle taxation, payroll, accounting, finance, company registration, legal and likewise. 

If you too wish to set up a business in Bulgaria, then you need to know more about Corporate tax; the following entities are required to pay the Corporate tax;

• Bulgarian legal entities- commercial enterprises
• Bulgarian unincorporated companies;
•  Foreign entities trading in Bulgaria via a branch;
• Foreign unincorporated entities trading in Bulgaria through a branch;

In addition, there are the local taxes that are collected by the municipalities and include- Immovable property tax, Vehicle tax, and Inheritance tax.

A useful advice to entrepreneurs is that by hiring a professional accounting service and outsourcing relevant tasks to the professional team, things can certainly work out in a more streamlined, efficient and fruitful manner.

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