Finance and Accounting Outsourcing was set up as a service line of the Baker Tilly in Russia company more than 20 years ago. The first customers were foreign-owned companies that looked to develop business in the Russian market with its great potential. Today we can see that small, medium-sized and large businesses in Russia increasingly opt for outsourcing their accounting in order to focus on their core operations.
“We effectively use innovative management techniques and embrace novel solutions. The company's core asset, however, is our staff, to whom we give every opportunity for professional advancement. The department has 80 highly skilled members. I myself also continue advising clients on financial challenges. This makes it possible to respond quickly to all changes, remain hands-on and know what is happening in business here and now”.
Sergey Kalinin
Partner and Head of Accounting Services Department
We have been providing accounting outsourcing services to companies in various industries for over 20 years. We offer bespoke and flexible solutions for the pharmaceutical industry and medicine, power engineering and supply, IT engineering, software solutions and services, transport and logistics, construction, the financial sector and trade.
Our experience in serving these industries enables us to set up the process quickly and efficiently, drawing on our in-depth understanding of the ins and outs of the business. We also expand our areas of focus and are prepared to offer innovative solutions for fast-growing and promising areas such as e-commerce and technology entrepreneurship.
Setting up day-to-day warehouse inventory accounting in real-time and computerizing preparation of labor-consuming management accounts in accordance with corporate standards of the group for a company - the leading European manufacturer of winch trucks
Client
Client is the leading manufacturer of winch trucks in Europe and a Top3 globally. The core activity of the Russian legal entity in the group - wholesale distribution of winch trucks.
Objectives
- Real-time accounting system for the Russian company of the group;
- Restoring past period accounting on a tight schedule;
- Setting up day-to-day warehouse inventory accounting for a large number of commodity items;
- Detailed analytics on the basis of IFRS with the use of profit-centers and cost-centers for month-end closings;
- Setting up management accounts of the Russian company for subsequent consolidation with management accounts of the group.
Proposed solutions
- Structures accounting process inbuilt in business processes of the Client;
- A unique accounting software configuration was created on the basis of 1C program;
- Parallel IFRS accounting was set up in order to provide accounting data to the group in accordance with the corporate format and month-end closing schedule;
- Additional reporting process was set up in order to enable the Client to monitor on a daily basis the financial condition of the company and receive detailed data on profit-centers and cost-centers.
Deliverables for the Client
- Past period accounting restored in accordance with corporate policies;
- Real-time day-to-day warehouse inventory accounting system;
- Up-to-date information on tax calculations and tax return preparation;
- High level of accounting data detailing;
- Reconciliation of accounting records and management accounts;
- Accounting period closing procedure for the purposes of consolidation of accounting information within the group and computerization of preparation of labor-consuming reports on a tight schedule in accordance with the group's reporting schedule;
- Day-to-day functional support as needed.
Provision of financial information, calculation of taxes, representing the client in dealings with tax bodies
Client
Client is a leading supplier of global communication solutions, providing services to transnational corporations, government agencies and local companies.
Objectives
- Maintaining accounting of the Russian company of the group, calculation of taxes and filing tax returns and financial statements
- Support for specific accounting processes
- Setting up document turnover procedure
- Cash flow management in accordance with corporate policies
- Tuning up day-to-day accounting of the Russian company in accordance with global taxation policy of the Group
- Consolidation of accounting data received from an external service provider
Proposed solutions
- A procedure was developed for document turnover between Moscow office, including documents for buyers
- Regulations were tuned up to ensure that data for general and tax accounting were provided in accordance with the group policies
- A system was built for day-to-day management of bank accounts of the Moscow office for the purposes of settlements with counteragents in accordance with the group policies
- Tax calculation process was synchronized in accordance with the RF legislation and corporate reporting schedule of the group. A process was developed for timely approval of tax calculations
Deliverables for the Client
- Reliable financial information on company activity confirmed by auditors
- Data confidentiality
- Tax calculation for the Russian company of the group in accordance with the RF legislation and timely tax payments to the budget.
- Representation of the company in dealings with tax bodies (IFTS, registering bodies)
High degree of specification of accounting data on the basis of a unique software configuration developed for corporate accounting of a Branch office of a foreign company - a leader in the global market for collecting, processing and analysis of energy market data
Client
Client is a global market leader in the sphere of information sources and solutions for strategic and tactical business objectives, specializing in collection, processing and analysis of energy market data.
Issues to resolve
- Day-to-day support of the Russian Branch's accounting, calculation of taxes and filing tax returns, timely settlements with counteragents and employees
- High labor intensity of issuing sales documents
- Regular malfunctions during the process of preparing consolidating financial statements
- In the view of constant expansion of the Branch's activity in Russia, the financial service of the Client had to tune up the Branch's accounting in accordance with requirements of the corporate financial and tax accounting system
Proposed solutions
- A structure of agreements with companies of the Group was developed with account of specifics of the Branch's taxation
- A process of collaboration with the Client's financial service was set up for the purposes of receiving up-to-date and correct data on the Branch's activity
- A system of day-to-day management of the Branch's bank accounts was built for the purposes of settlements with counteragents and employees
- A unique accounting software configuration was created on the basis of 1C program
- Accounting system of the Branch was tuned up and aligned with the corporate accounting system in order to upload its data into the corporate system in accordance with the Group's monthly closing schedule
Deliverables for the Client
- Data confidentiality
- Calculation of taxes of the foreign organization's Branch in accordance with the RF legislation and timely payment of taxes accrued
- Up-to-date financial information on the Branch's activity
- High level of accounting data detailing
- Less time spent on month-end closing
- First-line support during preparation of monthly reports
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