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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