All entities registered in Azerbaijan, which includes Azerbaijani legal persons, representative offices and branches of foreign companies within the territory of Azerbaijan are required to keep their accounts and records in accordance with the Azerbaijani accounting legislation. This includes the use of a mandatory and quite rigid chart of accounts which, in most cases, will also necessitate the service of a full-time accountancy.
The law “On Accounting” stipulates that all significant entities including credit institutions, insurance companies, investment funds and commercial organizations which meet certain criteria are subject to International Financial Reporting Standards (IFRS). Others (except for small private businesses) have the choice of using either IFRS or National Accounting Standards (NAS). Small private businesses also have the right to choose between NAS or the simplified method of accounting.
Taxation in Azerbaijan is regulated by the Tax Code and other relevant legislative acts. Tax Code establishes the statutory tax regime and defines taxation and also recognizes the existence of special tax regimes.
In this context in order to maintain smooth running of a business we provide following services:
Accounts outsourcing – maintaining the client’s accounts, prepare and provide appropriate statements in timely manner;
Payroll Service – managing all payroll related activities, such as formulating payroll process, salary processing, employee reimbursement processing, handling compliances, employee exit process, advising client on best practices for payroll.
Receivables & Payables Management – managing all activities, formulating the complete vendor payment and client receivables process, timely transactions as per process, account reconciliation with the vendors & clients;
Fund Management – managing the clients funds to achieve objectives of best return on capital and liquidity on behalf of the client;
Tax Planning – planning tax of business with the purpose to minimize both current and future tax liabilities;
Financial processes and controls – conceptualizing, formulating and implementing financial processes and control in conjunction with the client team;
Fund Utilization & Working Capital Requirement – advising client and implementing best practices on improving cash flow and working capital management, forecasting and evaluating the cash flows and working capital requirement of the client;
Audits, Reviews and Compilations – examination of an entity’s accounting records, to assist the management of a business in presenting its financial statements;
Stock-taking or “inventory checking” – physical verification of the quantities and condition of items held in an inventory or warehouse.