Our team focuses on delivering complete solutions for companies, meaning that we also offer accounting services in Bucharest. Our team can help you open a company in Romania as well as throughout all the post-incorporation steps, which also include handling financial submissions required by law.
Main accounting services in Bucharest
The proper functioning of a company must be reflected in the different accounting documents it issues, whether we are talking about small, medium, or large companies.
Working with a certified accountant is a requirement for companies in Romania, and it can also be a suitable option for a sole trader (the PFA in Romania), for the purpose of ensuring proper compliance with its submissions.
Below, our team specializing in company formation in Romania lists the main types of services offered by accounting firms, which are also available as part of our packages, upon request:
- services of keeping the accounting evidence, consisting of the introduction of the accounting data in specialized programs and the preparation of the accounting documents;
- payroll services that consist of handling wage payments, bonuses handed out to employees, payslip issuing, and other employee accounting issues;
- tax consultancy that can help entrepreneurs in making decisions of vital importance for the future of their companies;
- services for drawing up individual or consolidated financial statements, in accordance with the laws in force;
- financial analysis services that evaluate the financial trends, the risks of a financial nature in the company and the proposal of financial solutions for sustainable development;
- accounting expertise services that can be requested by clients at times when they need clarification of financial statements.
Different types of accounting documents for companies in Romania
Accounting record keeping is the most important part of carrying out a commercial activity from an accounting point of view, as it involves the preparation of primary documents, such as:
- the preparation of sales and acquisition logs,
- the recording and keeping of stock records,
- the preparation of semi-annual and annual financial statements,
- the preparation and filing of financial statements,
- evidence of clients and suppliers,
- drawing up the house register, bank deposits, and bank registers.
The preparation and submission of financial statements in Romania is done by observing clear submission deadlines. Companies are required to outsource this step to entities that offer accounting services in Bucharest, in order to ensure compliance with the laws in force.
Investors who set up a company in Romania are required to observe the Romanian accounting standards, a task that their accountants oversee. Moreover, banks and other financial institutions are subject to different requirements, and these entities often use the International Financial Reporting Standards, the IFRS.
When you choose to work with our team that offers accounting services in Bucharest, you will benefit from personalised solutions, according to company type and size, number of employees, and other criteria.
Accounting compliance for Romanian companies
All legal entities in Romania, be it the SRL or the SA, including the SRL that qualifies for the micro-company regime, are required to meet the filing and payment requirements.
Failure to observe the due deadlines, late payments or incorrect submission are subject to penalties.
If you have a limited liability company, or another business form, we list below some of the main compliance requirements for corporations:
- The tax year is the same as the calendar year. Opting for a different period is possible, however, our accountants in Bucharest can give you more information on when this is an option;
- Corporate income taxes are submitted quarterly. There is one end-of-year calculation, submission, and tax payment;
- Quarterly returns are due by the 25th day of the month following the one for which the reporting is made;
- The prepayment system is available for some taxpayers. For these companies, an end-of-year calculation is made and any difference is payable at this point. Our accountants in Bucharest can give you more details about this option.
Companies pay the following taxes:
- 16% corporate income tax rate;
- 1% or 3% of revenue for micro-companies;
- 10% dividend withholding tax;
- 19% standard VAT rate.
Working with our accounting specialists in Bucharest
Our team that can help you open a Romanian company can also provide the services required to ensure that it remains tax compliant.
As part of our solutions, our accountants in Bucharest offer complete bookkeeping and payroll services, as well as preparing and submitting the quarterly and yearly reports.
We work with accountants who are accredited by the Body of Expert and Licensed Accountants of Romania (CECCAR) and our team has relevant experience with all types of companies in the country, regardless of size or number of employees.
Contact us for more information about our accounting services in Bucharest and the solutions we provide to entrepreneurs who open a company in Romania.