Accounting is as old as the written word, i.e. the need to record information on business (financial) events for the purpose of control and making proper decisions.
Today this need remains and is additionally expanded with the government’s involvement which uses the accounting system as a basis for collecting and controlling tax and contributions.
From present day’s perspective, it is impossible to do business without adequately gathering, processing and storing information on the subject’s business events, i.e. without accounting.
Modern accounting is founded on international frameworks and national regulations and is strictly regulated. Technologically, it depends on IT solutions that expedite work depending on the degree of integration and quality of the subject’s IT system in general. The trend is for the information to enter the IT system in a quick and affordable manner, the system processes the information using automated predefined actions and the information comes out in forms adapted to the users as soon as possible.
Keeping all that in mind, it is clear that the quality of the management system and the degree of tax risk depend on the type and quality of the accounting services.
Classic accounting services
Classic accounting services are more or less known to everyone and they have their advantages and disadvantages; advantages are usually lower cost of service, education and investment in software together with greater flexibility considering the Labor Act. Some of the disadvantages are off-site service, issues with integrating the accounting into the system and focus on a certain subject.
Classic accounting service is recommended for less demanding subjects and in order to avoid some of the disadvantages it is possible to use additional services such as DMS integration, monitoring and similar. Accounting services usually are:
• financial accounting,
• basic tax optimization.
In-house accounting services differ from the classic service in a higher degree of integration.
In-house service provides service:
• whether at the client’s location, or software for remote work at the clients location (or a combination of two);
• using the client’s software (at the moment we use FIPOS and VIRGA (Login)) that creates a higher degree of IT integration of accounting.
• integration into the client’s organization using EBA-DMS software solution that makes the accounting regardless of its location and integral part of the client’s organization (almost like the client’s employee).
With these in-house solutions we bring outsourcing possibilities to larger systems that aim for greater flexibility, expertise and cost cutting while at the same time maintaining the degree of accounting integration in the system.
Administrative and secretarial services
We provide administrative services mostly to clients who don’t have their own administrative capacity. Typical administrative services can be:
• recording the usage of vacation days,
• preparing travel orders,
• entering foreign taxpayers in the VAT system,
• balancing customers and suppliers,
• processing inventory lists,
• calculating interest for customers and suppliers,
• creating treasury,
• writing compensations/cessions,
• writing demands for enforced recovery,
• preparing and sending invoices,
• preparing construction stages,
• Internet banking payments,
• preparing documentation for bids,
• preparing documentation for HZZ incentives,
• preparing decisions/internal acts/memos,
• applications for the environmental fees (car tires, vehicles, batteries, toners…),
• translations to and from English/German/Italian,
• assistance with presentations, texts, charts, tables, reports and similar.
Corporate secretarial services refer to a group of services that provide assistance to owners and managers to efficiently meet their legal obligations regarding the subject’s structure. These services are intertwined with attorney services and public notaries that we cooperate with as a team.
These services can be:
• founding services in the Republic of Croatia or abroad (for domestic clients),
• headquarter services/nominal director service,
• subject liquidation services,
• status and registration changes (in cooperation with public notaries),
• writing legal acts and documents (in cooperation with attorneys).
Presenting financial information
The most widespread service of presenting financial information is financial reporting for legal needs (e.g. in accordance with CFRS or IFRS) but there are other reporting services that we provide as needed, such as:
• personalized periodical financial reports for the needs of the owner of a commercial company,
• personalized periodical financial reports for the needs of consolidation,
• personalized periodical financial reports for nonprofit organizations,
• personalized periodical financial reports for state budget dependents.
In addition to these services or assistance with creating reports, we provide services for the implementation of complex automated solutions for financial reporting (e.g. automated solution for creation of notes in accordance with IFRS, automated consolidation and similar)
Financial management support
We provide certain financial management services to our clients with the goal of facilitating and more affordable subject financing. The services we provide in this segment are:
• estimating the subject’s financial status and recommendations,
• creating/evaluating investment reports, feasibility studies and CB analysis,
• preparing loan documentation,
• intermediation with financial institutions,
• optimization of financing costs,
• creating and monitoring cash flow,
• cash pooling services.
In addition to previously mentioned services of implementation of the controlling system we perform controlling services for clients (outsourcing). In this segment we provide:
• creating financial plans,
• analysis of financial information,
• defining budgets,
• budget control.