Checking And Restoration Of Accounting Documentation
Checking and restoring accounting documentation is an essential step in working with a company's documents. With large volumes of operations and primary documents, ensuring their presence is a mandatory procedure. It helps to confirm all accounting entries and calculations. Also, having all the documentation is a prerequisite during inspections by regulatory authorities. Our accounting firm's specialists provide services for checking the availability of documentation and, if necessary, its restoration. These services will help control document flow and ensure accurate accounting.
Checking and restoring accounting documentation includes the following services:
- Verification and analysis of the company's financial data related to its operations over a specific period. This includes checking calculations with customers and suppliers, cash and bank operations, analyzing the accuracy of income and expense accruals, calculations with the budget, etc.
- Analysis of financial, tax, and statistical reporting, the legitimacy of data reflection according to supporting documents.
- Control over the presence of original primary documents, compiling lists of documentation missing according to accounting entries.
- Reconciliation with counterparties and the bank, if necessary, restoration of accounting and lost records.
- Development of an action plan for document restoration, searching for ways to duplicate missing documents.
- If necessary, adjusting reports based on checks and reconciliations with suppliers and customers.
- Creating requests to the bank to provide duplicates of bank statements for the company's accounts.
- Creating new copies of contracts with customers and suppliers.
- Drawing up and signing duplicates of incoming and outgoing invoices, acts of provided services.
- Addressing written requests to counterparties to provide certified copies of missing documents.
- Applying to government agencies to obtain duplicates of missing documents.
- Creating requests to the tax inspection, statistical bodies to provide copies of previously submitted reports.
- Analysis of detected errors, providing recommendations for further storage of accounting documentation.
Advantages of outsourcing accounting audit and documentation restoration services:
- Accuracy and reliability: Qualified accountants can quickly and efficiently check documentation, find errors, and control document presence. They also have experience working with enterprises and government agencies for prompt and accurate restoration of missing accounting documents.
- Avoiding errors and reducing the risk of penalties. Regulatory authorities constantly require companies to provide documentary evidence of operations with tax credits, tax benefits, expenses, etc. Significant penalties are provided for the absence of original documents. By ordering checking and restoration services, you can be sure that all documents will be tracked and prepared on time.
- Resource savings: Instead of spending the company's internal resources on checking and restoring documentation, organizations can engage an experienced and qualified partner with the relevant knowledge and skills. Your in-house accountants can continue to perform their direct accounting and documentation duties, while significant volumes of work with documentation can be delegated to our specialists.
- Time-saving: Outsourcing frees you from the need to maintain your own accounting or control department. You can focus on your business's core activities, spending less time on the company's document flow control.
- Cost savings: Outsourcing the verification of accounting documentation and its restoration can be economically beneficial, especially for small and medium-sized enterprises. Instead of increasing staff and spending on their maintenance, the company can pay an external service provider for the actual work done. Collaborating with a reliable partner can help reduce overall accounting service costs, including staff costs, office rent, and equipment and software purchases.
- Providing recommendations for improving accounting processes and financial management in the organization. Our specialists can help identify problem areas and offer effective solutions to improve document flow and the company's overall operation.