Managing bookkeeping and tax compliance proves to be a challenging task in the current dynamic economic environment.
Managing bookkeeping and tax compliance proves to be a challenging task...
Tax and finance departments face the need to follow-up, interpret and implement numerous and constantly changing regulatory requirements in order to be compliant with statutory reporting obligations, administrative deadlines and various specifics of the local tax and accounting regulatory framework while, at the same time, ensuring timely preparation of reliable accounting information for management
A wide range of requirements are set for the accounting systems, reporting currency and language, preparation of the financial statements, the storage of the accounting information, as well as the applicable financial reporting framework. Financial statements for all companies are public information which makes their timely and accurate preparation an important task.
The statutory reporting process is extensive and may vary depending on the nature of the business activities. There are a number of laws, not only tax related, which regulate the reporting obligations. Companies may be required to prepare on a monthly or quarterly basis various statutory reports requested by different official authorities.
Non-compliance with the deadlines and legislative requirements is subject to administrative penalties and fines which lead to unexpected costs and reputational risk for businesses.
The control from the tax authorities is strict, usually very formal and made on a regular basis. Communication with the authorities and provision of information is often a time-consuming and cumbersome process.
KPMG’s Accounting Solutions team can assist in setting up and maintaining the financial accounting function and help to ensure timely processing of information, preparation and submission of financial and tax reports, that comply with the local accounting and tax requirements and management needs.
We utilize the synergies across the team and provide an extensive package of services in all accounting and tax compliance areas whilst, at the same time, ensuring a single point of contact. Using our Accounting Solutions services, businesses can benefit from a multidisciplinary team of accountants and tax practitioners, increased efficiency and accuracy of financial services as well as cost and risk reduction.
We use local accounting software which is compliant with the regulatory requirements. Our approach appreciates your time and is tailored to your preferences and needs. We can either work remotely or from your office, respecting your internal reporting schedule and following the requirements of the existing software customization, management or other reports.
Our key services include:
Initial setup (opening of the accounting books), including:
- Setup of an accounting database and chart of accounts in a local accounting software product
- Advice on the accounting treatment of the major transactions of the company and the related tax implications
- Discussion and agreement on the communication channels and documentation flows between KPMG and the company
Monthly bookkeeping and statutory reporting services
- Posting general ledger, including recording of all accounting entries
- Maintenance of fixed assets register
- Maintenance of all other ledgers in the accounting software (cash, receivables, payables)
- Account reconciliations/intercompany reconciliations (receivables, payables)
- Monthly bank reconciliations
- Draft payments to suppliers and authorities (preparation of payment orders) after instruction of the management
- Assistance with the issuing of sales invoices
- Travel expense calculations
- Preparation of reports to the Macedonian National Bank
- Registration of foreign loans received in the Macedonian National Bank
- Preparation of reports to the National Statistical Office
- Cost accounting as per the company’s requirements
- Ad-hoc advice and additional assistance based on your specific request
Ongoing tax compliance, including registration with the tax authorities and assistance with tax liability payment transfers
- VAT registration of newly established companies
- Preparation of monthly VAT returns in the Macedonian e-tax system.
- Calculation of a monthly CIT advance payments
- Preparation and submission of WHT exemption requests to the PRO
- Timely delivery of the above tax return forms to the tax authorities
- Liaison with the tax authorities
- Preparation of management group reports in a format and content provided by the management (including GAAP adjustments, depending on the reporting standards)
- Intercompany reconciliations
- Assistance during budgeting and planning processes
- Preparation of the company’s annual group reporting package for consolidation or other management reporting purposes
Statutory year-end closing
- Closing accounts at year-end
- Assistance with year-end reconciliation procedures and stock takes
- Preparation of the annual financial statements according to the applicable accounting standards
- Preparation of annual corporate income tax returns
- Preparation of annual withholding tax returns
Support during external audits of financial statements