Tax Counselling and Fiscal Representation
Bookkeeping and Payroll Accounting
As audit is compulsory for businesses with sales revenues above a specified limit only, we have to meet higher-level challenges in this field. Furthermore, in an application for credit, the confirmation of the balance sheet submitted to the bank by an internationally recognized auditing company plays an important role.
Regardless of their size, subsidiaries of foreign company groups may have their annual profit and loss statement and balance sheet report audited, with special regard to the compliance with international accounting standards and preparation of the preliminary balance sheet needed for group consolidation.
Our office will audit your financial statements, certify conformity of accounting records and compliance of the financial statements with legal prescriptions and standards. As a result of our audit, we issue our independent audit report on the financial statements - including also consolidated financial statements. As conclusion of our controls, we prepare a supplementary audit report, in foreign languages, too, if required. Budapest Consultans Kft. has an experience of several decades in performing audit of clients' financial statements according to international audit standards (IFRS, US-GAAP, HGB).
Budapest Consultans Kft. has the special authorizations also for auditing financial organizations.
Reorganization of companies requires services of an independent auditor. We have accumulated considerable experience in this field during the past years and we cooperated even in audit of cross-border mergers.
When companies are sold or merged, goodwill often should be assessed. We prepare the required economic calculations to support you in making the right decisions and lend a hand in managing the actual transactions.
In our audit work, we use the documentation and quality assurance software developed by the largest German professional software company DATEV eG, meeting even the most stringent international requirements.
It is known that the true value of your business is a key element in many of the business decisions you have to make; thus, complex business valuation cannot be left out of our offering. An accurate valuation of your business also plays a key part in:
- deciding whether and when to sell,
- understanding the relative values of businesses planning to merge,
- setting retirement objectives,
- valuation of employee share options,
- valuation of shares for other purposes.
Tax Counselling and Fiscal Representation
As auditors and tax advisors we know strengths and weaknesses of our clients. We have a general overview on cost management and profitability both in individual companies and in the relevant industry. We share this knowledge and experience with our clients within strategic counselling. Foreigners wishing to establish a sound and stable business in Hungary are aware of the invaluable advantage of the involvement of a local advisor with the necessary background concerning local regulations and market environment. The presence of such a professional provides not only a marked advantage but also adds to your reputation during negotiations. Our staff with international experience has been specialized in such advisory tasks. Through these services, both your business risks and start-up time can be minimised.
Hungary's complex and ever-changing tax system requires significant financial and human inputs to keep pace with these changes irrespective of the company's size; and those inexperienced in this market find extremely difficult to analyse the effects of changes. Continual and provident counselling is especially important in order to optimise tax payment. In spite of our hope that Hungary's tax system will be gradually simplified, we are convinced that several allowances will always remain that may be taken advantage of. Our professionals will provide you with all the necessary proposals in order to best utilise all available allowances. With the help of our international network, we will guide our clients also in tax difficulties of international relations.
We are ready to prepare for affiliated companies the regulation on using transfer prices and develop the relevant records as well as to act as fiscal representative of foreign companies.
International tax counselling plays a key role in optimizing combined tax burdens through establishing effective company structures. In the field of applying agreements on the prevention of double-taxation, our tax advisors have deep-going experience that can be made even more efficient by the opportunity, offered by our membership in Kreston, to consult professionals working in different countries over the world.
Budapest Consultans Kft. performs all the legal and financial preconditions prescribed by law and has the adequate experience necessary to act as fiscal representative of international organizations in Hungary. Via our international network of members we support international transactions of our clients; our partner companies are ready to cooperate in establishing international representation of clients and in local knowledge transfer.
As a consequence of globalization, it becomes more and more important that Budapest Consultans Kft. with its international background is able to provide tax representation abroad, thus, cross-border product sales and service providing become possible just for one single transaction without cost-intensive foundation of an own representation abroad.
By its nature, corporate finance covers complex services. Just for illustration we list some fields where our professionals are active:
- stabilization of financial position,
- discovering reasons of problems,
- critical path determination,
- developing solutions and strategies,
- help in implementation of the strategy,
- support financial operation,
- negotiations with funders,
- viability studies.
In the case of special transactions (transformation of companies, merger and acquisition, purchasing company shares), consultation with an advisor at the right time may minimize tax burdens and problems after the transaction.
Opportunities provided by a relatively new act about trust funds are in focus of our activity. We were among the first companies to cooperate in setting up such trusts, first of all, as a tax planning tool but we offer also continuous bookkeeping for trusts.
Bookkeeping and Payroll Accounting
Regular bookkeeping is the basis of preparing financial statements in line with law. At the same time, it provides valuable information about the soundness of a business allowing to make correct business decisions. The importance of bookkeeping is often underestimated. If it operates as a part of an ERP system, it is practically able to supply the management with all the required data. We can provide these evaluations in several languages depending on client's demand.
Outsourcing accountancy will ensure that your accounting is done in a professional manner. Even if you are missing a responsible employee, we are able to supply you with the required information. As a part of accounting functions, we monitor receivables and payables and supply you with the relevant information. When required, we prepare the reminders, and our clients mail them at their discretion. Based on the data of accountancy, we also prepare the financial reports needed for management information.
Preparation of the financial statements:
The annual profit and loss statement and balance sheet represent a report on your business and are also used as the basis for preparing a tax return. Therefore, the preparation of the financial statements is especially important among our services. Several decades of experience in various professional fields enable us to prepare the optimum financial statements for our clients. During the preparation of the financial statements, we ensure that all legal regulations are fulfilled while paying special attention to deadlines and obligatory formalities.
The preparation and submission of monthly, quarterly and annual tax returns are included in accounting tasks carried out by our company. After completion of the financial statements, tax returns often need to be amended. In revisions by tax authority, a tax return being in line with financial statements' figures regarding all types of tax obligations is the basis of a successful revision. Our staff members prepare your tax returns under supervision of tax advisors, with the use of proper forms required by the tax authority and fulfilling all deadlines. At the same time, leading managers of our company act on behalf of clients before authorities based on power of attorney given by our clients.
The preparation of payroll has grown rather sophisticated in recent years, as a result of which it requires up-to-date professional knowledge. The use of our professionals ensures that all regulations will be taken into consideration - with special regard to social security regulations - when doing payroll, and clients receive in due course a list of their payment obligations. With our services we assure that your employees do not have insight into incomes of each other as we give you the payroll sheets in personalized and encrypted envelopes; if required, we mail them to the address of the employees or send them electronically to the e-mail address of each person. We apply in our work the NEXON program, being the most popular software of this kind in Hungary.