Accounting services

So that you get information on the financial standing of your company as quickly as possible, we regularly:

• record the client's business transactions in the accounting registers as they occur;
• keep strict track of unpaid receivables from customers and of liabilities to suppliers and the state budget, as well as of payments under leasing contracts and bank loans;
• draw up individual depreciation plans that fit the business and the useful life of the assets;
• prepare business trip orders for Bulgaria and abroad as the regulations require;
• prepare the VAT ledgers and VAT returns and file them electronically;
• prepare and file on time the reports to the Bulgarian National Bank on the client's liabilities and receivables in foreign currency;
• draw up interim financial statements: balance sheet, income statement and cash flow statement;
• prepare specific management reports at the client's request;
• hold meetings and discuss current issues and questions.

The annual closing is a complex process that calls for a detailed analysis of all business transactions of the past year. To guarantee the quality, completeness and reliability of the financial statements, we go through a number of control stages:

• we clarify whether there have been changes in the legal form of the company, its management, the amount of its capital and its main activity;
• we analyse the changes in the economic environment in order to update the accounting policy for the next reporting period;
• we check the conditions for a mandatory audit;
• we check the limitation periods for the repayment of liabilities and for writing off receivables;
• we take stock of receivables and liabilities and, where needed, ask counterparties to confirm the closing balances;
• we organise the stock-taking of inventories, warehouse stock, cash in hand and others;
• we check whether assets and liabilities need to be revalued or impaired;
• we check whether there are grounds for tax relief;
• we determine the financial result and the amount of profit tax due;
• we prepare the income statement, the balance sheet, the cash flow statement, the statement of changes in equity and the notes to the annual statements;
• we present the annual financial statements to the management of the company;
• we help with the calculation of dividends;
• we complete the annual tax return and file it electronically;
• we publish the annual financial statements.

People are the most valuable asset of every company, so we pay special attention to the following:

• we set up and keep an up-to-date file for every employee;
• we keep track of leave and sick leave taken, night work and overtime, length of service and the seniority supplement;
• we prepare payrolls for both daily and aggregated recording of working time;
• we prepare the payment orders to the state budget for the tax and social security contributions due. Our team has many years of practice with online banking under "limited accountant's rights – without the right to order payments", which saves our clients time and makes communication easier;
• we issue certificates of income and other official notes;
• we prepare employment contracts, job descriptions, additional agreements and orders for the termination of employment;
• we help with drawing up the internal rules of the company;
• we notify the National Revenue Agency electronically of new employment contracts and of changes in employment relationships, as the Labour Code requires;
• every month we file the data for the personal register electronically;
• we prepare and file electronically the quarterly reports to the National Statistical Institute on employees, time worked, wages and other labour costs;
• we have the social security booklets of self-insured persons and of persons working without an employment contract certified at the National Social Security Institute;
• we prepare retirement documents;
• we develop budgets for the cost of staff.

• we determine the type and amount of the direct and the fixed costs of the business;
• we calculate the abridged cost of production and of work in progress;
• we choose the most suitable method for allocating overheads to the cost of products and services, depending on the client's business;
• we calculate planned and actual cost;
• we compare the planned and the actual cost of products and services and analyse the deviations;
• we build control procedures for the movement and traceability of inventories.

Simplex method

For most goods and services a small change in price can lead to higher sales and to some change in revenue (elasticity of demand).

From the available sales information we work out the elasticity of demand for the individual goods and services. With these coefficients we apply the simplex method to optimise revenue, with maximum profit as the aim.

Other methods

We also use a simpler method for optimising profit. It is not as precise and effective as the simplex method: with it we find which products and services bring more profit, so that marketing efforts can be directed at them. The approach suits companies with a smaller product range especially well.

Another popular method shows whether the prices of products and services are optimal for profit, given the resources available. We check the equation MR = MC = P and the deviations from it. This tells us whether the costs and the profit we work with are optimal.

Sensitivity analysis

A comparison of different market and production plans.

SWOT analysis

An analysis of strengths and weaknesses, opportunities and threats.

BEP analysis

The cost – volume – profit relation, used to find the break-even levels of sales revenue and to interpret the results.

Optimisation of revenue and profit

The simplex method for maximising profit, and others.

Cost analysis

Comparison of planned and actual cost. Analysis of deviations by the chain substitution method and others. Finding cost "leaks". Analysis of fixed costs.

Revenue analysis

The effect of inflation and exchange rates. Hedging of currency and price risks. Regularity and seasonality of revenue. Finding hidden reserves.

Profit analysis

Profitability indicators: ROI, EVA and others.

Fixed assets analysis

Analysis of their utilisation and planning of the optimal amount of fixed assets in line with the production and marketing strategy of the company.

Inventory analysis

A plan for securing production. Controls for minimum stock levels. Planning of deliveries. Hedging of price and currency risks.

Analysis of the company's capital

Equity and debt. Return on equity. Cost of equity and of debt. Financial leverage. An optimal capital structure with a minimum weighted average cost of capital. Working capital turnover – number of cycles.

Liquidity analysis

Maturity tables and planning of free funds.