Features of accounting outsourcing in the Czech Republic in 2021

Accounting outsourcing in the Czech Republic in 2021 is one of the most popular services. It allows medium and small businesses to away with an in-house accountant, entrusting third-party specialists with all the hassle of finances. The service is provided on the basis of an official agreement; it does not require changes in the structure of the company or cause complaints to the financial regulator of the Czech Republic.

Advantages of accounting outsourcing in the Czech Republic

• High professionalism of Czech outsourcers and trust in this type of service.
• An opportunity to save on taxes and contributions, which are paid from the salary of the registered employee.
• You can not waste time looking for an accountant, checking his qualifications on the trial period. All this will be done for you by a firm that provides outsourcing services.
• The opportunity to choose a company based on recommendations.
• Tax risks and disputes are minimized due to the close contacts of outsourcers with controlling bodies.
• Basic accounting outsourcing services in the Czech Republic

A hired accountant can perform various services, which are spelled out in the contract in advance. The most popular ones are:

• Accounting - salary charging, tax declarations, comprehensive reporting for VAT, support for export-import operations, and protection of the client in disputes with regulatory authorities, etc.
• Tax optimization - selection of profitable taxation, reorganization of accounting policy, use of discounts and tax accounting, and monitoring of changes in financial and tax legislation, etc.

Legislative base

The most important document for an accountant in Czech Republic is the Accounting Act. A specialist who provides outsourcing services must follow it completely.

Principles of accounting outsourcing

All legal entities which have their registered address in Czech Republic, including non-residents working in Czech Republic, must keep accounting. If there is no specialist, you have to hire one.

A company that offers the services of an accountant in the Czech Republic must follow these principles:

• The fiscal year consists of 12 months. By agreement with the tax authorities other accounting periods are allowed.
• Accounting is based on the classical double-entry bookkeeping system, which provides the company with settlement compatibility with other EU countries.
• The Czech accounting system is based on 6 depreciation groups. The lowest rate is calculated in the year of acquisition of the property, then it increases.
• An accountant must know perfectly what documents are submitted for reporting, collect them in time, and send them to the controlling authorities.
• It is important to properly record the asset status, so that the supervisory authority in the study of documents could be convinced that the full realization of all inventories will cover the current loan.
• It is necessary to constantly analyze the efficiency of business activities, as well as control revenues, costs and the formation of tax liabilities.

If you are looking for a company that provides accounting outsourcing services in the Czech Republic in 2021, contact IT OFFSHORE experts. We will find a qualified accountant who is well versed in all the nuances of Czech accounting.