Accountancy and taxation

Comprehensive accounting

As specialists we provide a variety of necessary services in the field of accounting and tax bookkeeping with only a minimal involvement of clients’ employees. We take a personal approach and prepare an individual commercial offer for each client based on its business nature and requirements. You can find a short overview of Accounting services below. Please notice that it is not an exhaustive list of outsourcing services as we never set any boundaries. In case you need to address some other issues related to accounting and bookkeeping, we are always ready to analyze your case and provide you with an individual solution.

Accounting and Tax bookkeeping

I. Development and update of the accounting policy;

II. Set-up of the bookkeeping; creation of the accounting database of the client; assist with installation and setup of necessary software based on client's requirements;

III Providing accounting services:

a. Receiving of incoming documents of the client: receiving of primary documents of suppliers (form the client or supplier) for its subsequent processing and inserting of data into the database.
 b. Processing of incoming and outgoing documents:
 Processing of primary documents for settlements with suppliers and customers;
 c. Setting up and keeping of the register of documents and purchase and sales transactions, preparation of purchase book and sales book;
 d. Register incoming and outgoing financial business documents circulation;
 e. reconciliation with contractors:
 comparison of accounting data in settlement payments with suppliers for the aim of removing inconsistencies in accounting registers of two companies und reduction of risks of undesirable effects in case of cross-audit by tax authorities;
 f. Settlement payments.
 g. Preparation of primary documents:
 preparation of documents under concluded agreements; Preparation Customer invoices, tax invoices and delivery notes in governmental e-system, consignment notes or acceptance acts (in accordance with the legislation of the AR).

IV. Personnel settlements accounting

a. Wage calculation
 – wage calculation for employees;
 – calculation of leaves, temporary incapacity caused by illness, etc.;
 – full accounting follow up of personnel settlements;
 b. Calculation of taxes and insurance contributions of employees to be charged and deducted;
 c. Preparation of documents:
 – Preparation and execution of documents for settlements with personnel;
 – Setting up and accounting follow up of advance statements, business trip reports of employees;
 d. HR record keeping:
 – Preparation and keeping of applications, orders, labor contracts, personal employees cards
 – filing and keeping of employees’ personal records;
 f. Business trips processing;
 g. Entertainment costs processing; Preparation of advance statements;

V. Tax computation and notification of clients about liability to make all necessary payments. 

Consultations and recommendations: oral and written consultations on accounting, tax issues and requirements as per the current legislation of the AR.

VI. Preparation of financial statements

a. Preparation and submission of financial statements in accordance with requirements of the Azerbaijan legislation
 – preparation and submission of annual financial statements in accordance with Azerbaijan Financial Reporting Standards or IFRS;
 – Preparation and submission of all necessary statistic reports;

– Transformation of tax accounting data into IFRS-based statements;
 – Preparation of consolidated financial statements;
 – Assist in preparation of internal management reports.

b. Preparation of corporate statements for the client:
 – Control of main data of accounting (balance and profit and loss statements);
 – Control of bank transactions;
 c. Preparation of corporate internal reports in accordance with the form provided by the client, including such based on IFRS;
 d. Financial situation (Cash flow) forecasting

VII. Preparation and submission of quarterly and annual reports to all local authorities

Preparation (and submission) of quarterly reports and, especially, annual financial statements is a very important task and should be trusted to experienced staff.
 With a non-stop process of changes being made to statutory forms, it is a very difficult issue to prepare a correct report, which more and more often cannot be solved without involving a third-party specialist.
 We offer you a full package of financial statements as well as preparation of only necessary reports.
 – Updating from client’s contact person accounting data and accounting transactions, performed during the reporting period (if necessary);
 – Registration with a special provider to submit all the reports online;
 – Preparation of the quarterly reports to funds;
 – Preparation of annual financial statements (balance sheet and profit and loss report);
 – Preparation of other reporting forms (upon the request from a client);
 – Submission of all reports by online means.
 We assure you that all reports we submit are in compliance with the current laws of the Azerbaijan, and we secure the whole confidentiality of submitted reports

VIII. Preparation of internal reports in accordance with International Financial Reporting Standards (IFRS) or other standards used by the client

Financial statements prepared in accordance with IFRS are a common source of information for foreign parent companies which have subsidiaries in Azerbaijan.
 Preparation of financial statements based on IFRS requires a presence of high-skilled staff with knowledge of Azerbaijan accounting standards as well as international accounting rules. Besides, such accountant must have a good command of English, at least.
 We offer to you the following services:

Tax Consulting

Our tax consulting/services includes:

a) support during external tax audits

b) tax planning

c) Consulting on local tax code

d) Other tax related issues