Accounting Services For IT Companies
Our outsourcing accounting firm "First Accounting" has a team of professional accountants with extensive experience working with IT companies. In particular, our specialists are familiar with all the nuances and specifics of accounting for software and other intangible assets. An accounting firm for IT can save time and money that would have been spent on accountants' salaries, purchasing equipment and software, organizing a workspace, training, and more. So, you can fully delegate accounting duties and devote time to business development.
Accounting services for IT companies may include:
- Financial accounting of intangible assets, reflecting the costs of software development in accounting, and also keeping calculations of profit from its sale;
- Accounting for income and expenses, including employee salaries, rent, equipment and software purchases, marketing, operating expenses, and others; Assistance in choosing the optimal taxation system and other issues that will help minimize tax burdens within the framework of current legislation;
- Calculation of income tax, value-added tax, taxes and fees from wages;
- Compilation and submission of tax reports;
- Conducting foreign economic activity;
- Personnel accounting, assistance in the optimal registration of hired employees. Optimizing employee employment can also significantly reduce labor costs and taxes and fees from it;
- Financial consulting includes advice on budget planning, forecasting income and expenses, risk management, and investments. This will help minimize financial risks for IT freelancers and companies;
- Creating an IT enterprise or individual entrepreneur, concluding contracts with clients, including foreign ones, will help maintain a good business reputation;
- Account management may include creating invoices, maintaining a client register, monitoring payments;
- Compilation and submission of financial statements;
- Auditing the company's activities for previous periods, correcting errors if necessary;
- Implementation and use of accounting software solutions.
Advantages of accounting services by the specialists of the "First Accounting" company for IT companies:
- Our accountants have experience working in this industry, so they understand the specifics of accounting and tax accounting for IT companies. We also know how to properly account for software development costs and other expenses, which can help reduce tax payments;
- Our company uses the latest programs and technologies to ensure the accuracy and reliability of accounting reports;
- We can help reduce tax risks by helping IT companies understand the correct way to tax their activities and meet legal requirements;
- We offer competitive prices for our services. Outsourcing also allows the company to avoid the costs of searching for and hiring new employees;
- Only qualified specialists with many years of experience work for us. They provided accountant services for programmers and large IT corporations. We take full responsibility for the services provided and guarantee that all tasks will be performed correctly and on time;
- Accountants solve individual accounting tasks at a convenient time and form for you;
We can help report to investors, banks, and other stakeholders. Accounting for IT companies has its characteristics since such companies usually work with complex products and services that require a large amount of investment in research and development, and also have market conditions and technologies that change rapidly.
When conducting independent accounting in IT companies, the following problems may arise:
- It is much more difficult for non-professionals to choose a taxation system and properly arrange employees to minimize costs while not violating the law and avoid fines;
- IT companies usually have a significant part of their property in intellectual property. Their definition and evaluation can be complex for non-professionals;
- IT companies often conduct research and development of new products, which can be difficult to account for in accounting since they are non-recurring expenses that must be amortized over a certain period;
- IT companies have more complex taxation since their products and services can be sold in different countries, leading to different tax rules and rates;
- IT companies often conduct their operations electronically, which can lead to difficulties in determining tax liabilities and preparing tax documents; Most IT companies use special software for accounting, which can be quite complex to use and requires additional qualifications for accountants for IT companies.
Our solutions to IT company service problems:
- We offer comprehensive solutions for IT companies, from creating a company to compiling and submitting reports;
- Our specialists will help to correctly reflect intangible assets, costs for their creation, and calculate profits from their sale;
- We provide accounting services for long-term projects, accumulating costs for their creation, and accruing depreciation;
- Accountants will help in cooperation with clients, including foreign ones.