Accounting

The management of accounting is an obligation that almost no accounting entities are able to avoid, except for certain cases. As an entrepreneur, you may be asking yourself whether you can manage this obligation alone, or if it is better to leave it up to an accounting expert. In the first case you would have to sacrifice your most valuable asset - your time.
The second alternative is leaving the management of accounting to an external company. We believe that this option will bring you much more than just saving time - in particular we will provide a guarantee of professionalism and quality, reduce costs and avoid unpleasant sanctions. You will learn about more benefits of accounting through our company in cooperation with a tax consultant here.

Single entry accounting

Who can apply single entry accounting?

The entities that have the option to apply single entry accounting under Slovak accounting and commercial legislation are:

  • Entrepreneurs who are not registered in the Commercial Register (e.g. lawyers, notaries, dentists, doctors, veterinarians, architects, civil engineers, visual artists, writers, interpreters and many other so-called liberal professions).
  • Individuals who conduct business activity (e.g. tradesmen) or engage in any self-employment excluding natural persons that conduct so-called tax records.
  • Civic associations, associations of legal entities, associations of owners and non-residential premises, non-profit organizations providing community services and others provided that they are not doing business and their income in the previous financial year did not reach 200,000 Euros.
  • Churches and religious communities, their bodies and church institutions, which have legal personality, if they are not engaged in business.
  • Land associations if their income did not reach 200,000 Euros in the previous accounting period.

What does single entry accounting in our company include?

When applying single entry accounting we provide the following accounting and tax consultancy services:

  • Keeping a cash book
  • Records of receivables and liabilities
  • Records of fixed assets
  • Stock records
  • Keeping a cash book and cash in bank accounts
  • Keeping other subsidiary ledgers
  • Processing of Financial Statements
  • Execution of the statement of income and expenditure and assets and liabilities
  • Comprehensive tax agenda (income tax, VAT, local taxes)
  • Tax optimization
  • Comprehensive payroll agenda
  • Interim accounting and tax reports according to your requirements
  • Providing information about the upcoming changes in accounting, tax and payroll via e-mail
 

Double entry accounting

Who can apply double entry accounting?

The relevant provisions of Slovak accounting and commercial-law legislation lays down an obligation on the following entities to apply double entry accounting:

  • Entrepreneurs who are registered in the Commercial Register (e.g. Trading companies - public companies, limited partnerships, limited liability companies, joint-stock companies).
  • Entities that do not fulfill any of the conditions of applying single-entry accounting (e.g. civic associations which conduct business and reached revenue of 200,000 Euros in the previous financial year.)
  • Accounting entities that have the possibility of charging under single-entry accounting and have not taken advantage of this possibility (e.g. tradesman or lawyers who decided not to charge under single entry accounting, but under double entry accounting).

What does double entry accounting in our company include?

When conducting double entry accounting we provide the following accounting and tax consultancy services:

  • Verifying the integrity of accounting documents
  • Keeping a general ledger
  • Keeping an accounting journal
  • Records of receivables and liabilities
  • Records of customer and supplier invoices
  • Property records by type, purpose and classification
  • Stock records
  • The records of cash on hand and in bank accounts
  • Processing of financial statements, including inventory of the balance of accounts
  • Execution of profit and loss statements, balance sheets and notes to the tax return
  • Comprehensive tax agenda (income tax, VAT, local taxes)
  • Tax optimization
  • Comprehensive payroll
  • Interim accounting and tax reports according to your requirements
  • Providing information about upcoming changes in accounting, taxes and payroll via e-mail.
 

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