As the world becomes increasingly regulated, the pressure on your finance department grows. How do you ensure your compliance requirements are in hand? What risk management strategies do you have in place?
Bookkeeping and accounting
By trusting your finance and accountancy functions to a truly independent third party with global reach, you can help mitigate these risks and deal with the challenges more efficiently, while ensuring your management time and resources are focused on both your core business and your growth strategy.
Russian accounting legislation poses many challenges to foreign business, such as the requirement for businesses to report their account statements in the Russian language or use the Russian statutory chart of accounts. These are only two of the many local challenges that we can help address, in order to keep your business compliant.
In Russia, TMF Group can help you with:
Statutory accounting: Maintaining your books and records in accordance with local rules and standards, and preparing and filing all required reports and specifications, i.e. the annual financial statements, and quarterly and annual tax reporting to regulatory bodies.
The bookkeeping and accounting can be maintained using our accounting software or yours, from our office or at your premises, as per your preferences and requirements.
International management reporting: Tailored to your individual requirements in terms of formatting, currency, language, frequency and accounting standards (including IFRS/IAS, US GAAP, UK GAAP, and any other GAAP).
Consolidated reporting: Monthly, quarterly and yearly assistance in preparing output accounting reports and accounting reconciliation, including the reconciliation between statutory and (company or group) management reports.
- Reorganising accounting systems, assisting with the implementation (localisation) of accounting software packages and establishing accounting control procedures.
- Local accounting system and Client&s ERP system interface:
1C This is the commonly used accounting system in Russia and CIS countries. It has the capability to interface with all renowned ERP solutions such as SAP, Hyperion, Oracle, MS Dynamics (Navision), Scala etc.
1C can support the import and export of master, sample, test and reporting data to and from ERP systems in a controlled process, ensuring data accuracy and integrity, reducing manual effort and improving the turnaround times for batch and lot dispositions.
Interfaces between the local accounting system and other ERP systems are configured or developed and maintained by our 1C-team.
We can also assist you with the preparation of information packages on controlled transactions to tax regulatory bodies and reporting on related parties according to the transfer pricing regulations.
Administrative support: Assistance with the preparation of your payment orders and documents required by the currency control regulations, the issuing of your customers’ invoices and the archiving of your accounting documentation, as well as with the preparation of statistical reports required by the local statistical office.