Believе or not, but in Bulgaria there are very well qualified and solid experienced companies that provide unbeatable accounting services to foreign investors, comparative only with the services provided by the Big 4 . Of course, like elsewhere, also in Bulgaria there is a chance to fall among unprofessional, but very quickly you will be aware about that. Usually those companies do not continue their existence for a long time.
However, what to expect from the accounting company, once you choose the right one for your business? Following in brief we will summarize the general overview of the process for your company accounting:
a. The company documentation shall be send to the provider on a weekly or on a monthly basis. That’s depending on the accounting company’s policy and scope of activity.
b. The company documentation could be sent either in original or copies.
Note: In that regard you should be aware that all documentation in other language should be accompanied with Bulgarian translation.
c. Once the documentation for the month is received properly, then the processing accounting should be as following:
– Entering in licensed accounting software of all income invoices;
– Entering in licensed accounting software of all suppliers invoices;
– Preparation and submission of VAT ledgers;
– VAT payment instruction for the bank;
– Preparation of Advance Corporate Tax installment payment instruction for the bank;
– Calculation of representative monthly expenditures (if any);
– Preparation of payment instruction for the bank for representative taxes (if applicable);
– Preparation and submission of Intrastat (if applicable);
– Entering in licensed accounting software of all bank reconciliation for the month;
– Calculation and entering into the system of the assets’ monthly depreciation;
– Calculation and entering into the system of the reconciliation with payroll & social & health contributions;
– Other accounting entries, if any;
d. Statutory reporting in relation with loan agreements in the Bulgarian National Bank;
e. After the monthly accounting processing is ready, then the management reports could be prepared like:
– Trial Balances
– Balance sheet
– Profit and Loss statement
– Others – upon request
Following the brief explanation of one monthly regular accounting process mentioned above, it doesn’t mean that some other and complicated tasks could be assigned and of course, accepted. This depends on what had been agreed between both parties.