Restoration of Accounting
What is Accounting Restoration?
Accounting restoration: our professional work is the compliance of your accounting with all of the provisions of operation requirements of the legislation:
- accounting policy development;
- Reporting of the economic activity primary documents;
- creation and maintenance of accounting based on valid and reflective primary documentation (quantitatively, qualitatively, and on time) of business transactions;
- prepared accounting reports based on accounting system records database (registers) information;
- tax reports compiled based on accounting and tax records information database that is formulated from primary of accounting and tax documentation.
CHATTERJI SUBHRENDU - Accounting Outsourcing and Consulting,
The Institute of Chartered Accountants in England and Wales
Who Needs this?
As a rule, accounting restoration issue occurs in the organizations that were not foresight enough, have not paid enough attention to their accounting management due to illusory savings, or have not implemented proper accounting and have not reflected all the facts of the economic life by using a simplified taxation system.
Necessary reasons for help-seeking in the accounting restoration process:
- Absence of primary documents regarding economic life facts;
- Economic life facts classification error and their inaccurate accounting records in registers;
- Violation of accounting standards;
- Accounting policy absence or applied terms that contradict current accounting standard;
- A need to present financial statements to shareholders, investors, or a bank.
The price of organizational accounting restoration depends on accounting status and the volume of activities performed during the restoration period. In each case, the cost of restoration service is determined by the contract. One of the determinants can be consideration of 40% – 50% average salary of an accountant with secondary professional skills considering the volume of operation. An average monthly salary of an accountant with secondary professional skills complies with 200,000 AMD, therefore, yearly accounting restoration will amount to 960,000 – 1,200,000 AMD.