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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