Corporate Accountancy Services

A wide variety of services are provided by accountants and auditors. In many countries companies must prepare accounts and in many of these countries the accounts must be audited (usually subject to a given threshold). The following is an outline of accounting services but most details are provided in the country specific section of each product.

The most basic service an accountant can provide is the keeping of financial records in order to allow the directors to understand the financial position of the company. Frequently for simple companies this work is done without the need for an accountant but it may be desirable to delegate this function in some cases and in all cases it is a necessary prerequisite for accounts preparation. Even where accounts are not legally required in almost all countries there is a requirement for the directors of a company to keep adequate records to explain the financial position of the company which amounts to good bookkeeping.

Credit Control
Accountants can also take over credit control functionality by keeping track of creditors, chasing outstanding invoices, preparing statements etc.

Preparation of Accounts
The preparation of accounts (or financial statements) is sometimes required by law (depending on the country in which the company is incorporated). The standard to which accounts must be prepared and whether or not they need to be audited varies from country to country and in some cases depends on the size of the turnover. Accounts are prepared by accountants and signed off by directors. Even where local law does not require the preparation of accounts it may be desirable to do so especially if there are third party shareholders involved.

In some countries accounts must be audited and this may also depend on the size of turnover, whether or not the company is licensed and various other criteria. An audit is an independent verification of the accuracy of a company’s accounts. Even where local law does not require an audit it may be desirable to do so especially if there are third party shareholders involved.

The registration of employees and the compliance with local National Insurance and Pay As You Earn (PAYE) income tax requirements can be handled by accountants along with the submission of ongoing returns, the payment of statutory bonuses and the removal of employees from the payroll system. Where work permits are required please review our section on residency and work permits.

Managed Service Company (MSC)
Accountants can also handle the administration including payroll of managed services companies. For more details on this please see the main article on Managed Service Companies.

VAT Services (EU only)
Value Added Tax (VAT) is a term used in many countries but this article deals with European VAT only. For local VAT and sales tax which is not relevant to the EU please see the country specific section for the relevant product.​

Registration for VAT
Registration for VAT is possible in any EU member state but time frame till account opening and minimum thresholds vary significantly from member state to member state as does the applicable rate of VAT. In most cases VAT will not be a cost.

Preparation of VAT returns
Depending on the type of VAT registration submissions are generally required quarterly or annually.

Accountants and auditors may be called upon to provide valuations of companies based on their assets, goodwill or projected operation.

Advice on taxation matters is addressed fully in the the accounting advice section.