Picker Energy is a trade company on the EU energy market. They had entered the Bulgarian market in the year 2000 and the first contact with Sb Accounting & Consulting was set up in the middle of 2007 seeking for alternative outsourcing solutions due to optimization of expenses which the client decided to implement. Therefore, at the end of 2006, for HQ management purposes the client had to implement SAP in all 20 European jurisdictions where Picker Energy is presented. Concerning Bulgaria, the client wished to outsourced the local reporting services for accounting, consulting, excise duties, Intrastat, VIES, VAT taxes and to fully outsource the payroll of the Bulgarian subsidiary.
Therefore on central level the client enters the accounting information in SAP, sends to Sb Accounting & Consulting the necessary extracts from the system and our obligation is to compile the payment documents for monthly taxes and duties and to submit the necessary statutory reporting to the tax and customs authorities, and to give tax consultations when necessary. Nevertheless for controlling and verifying purposes Sb Accounting & Consulting also enters all economic transactions in its local accounting software so that to avoid any discrepancies and errors in the reporting to the state authorities.
The scheme of the document flow between Picker Energy and Sb Accounting & Consulting is as follows:
Picker Energy HQ’s obligations related to Bulgaria:
- Accounting agenda and entries in SAP are done on central level;
- Approvals of invoices and payments related to Bulgaria are done on central level;
- Outgoing invoices are issued on central level;
- Original of outgoing invoice are kept on central level;
- Original of incoming invoices to be sent to and kept from the central level;
- Bank statements kept in treasury on central level;
- Monthly Trial Balances and other extracts from SAP to be sent on a monthly base;
Sb Accounting & Consulting ‘s obligations:
- preparation and submission of monthly VAT statements,
- preparation and submission of monthly excise tax statement;
- preparation and submission of monthly corporate income tax statement + filling;
- preparation and submission of monthly Intrastat declarations;
- other possible tax statements;
- accounting advisory based on HQ’s request and other consultancy,
- monthly payroll administration and payroll processing,
- representation before the National Revenue Agency, Labour Authority, National Statistic institute and etc.
- preparation and submission of yearly closing financial statements;
- preparation of corporate income tax and annual tax return declaration;
- cooperation with auditors for Independent Obligatory Audit;
- publishing of the Annual Financial Statements with the Registry Agency;
Letter of Recommendation from Picker Energy is at disposal of Sb Accounting & Consulting and available upon request from our prospective clients.