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Can an external accounting office help a company save money? Can you avoid paying taxes? What can be included in costs? Where can you get money without having to repay it? And how do you keep your sanity through it all?
Can an external accounting office help a company save money?
Companies, especially SMEs, seek different ways to increase company value or profitability. One is to give up an in-house accountant and entrust accounting and financial matters to an outside firm.
What does this involve?
Outsourcing accounting not only reduces costs but also generates profits. Above all, in light of changing regulations, the experience of a professional accounting office matters to every entrepreneur. The cost of incorrectly fulfilling obligations to institutions such as ZUS or the tax office can be enormous. An allegation of keeping unreliable accounting books most often results in a fine or imprisonment of up to two years, or both penalties together. The same applies to failing to prepare financial statements, preparing them contrary to the Accounting Act or including unreliable information.
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Why think carefully about choosing the right external accounting office?
Although doing your own accounting may be possible at the start, it becomes inefficient and can be risky as the business grows. According to Rzeczpospolita, a small entrepreneur would have to spend three hours and 53 minutes a day keeping up with changing laws. Employing an accountant in a separate full-time position in a small firm entails substantial salary costs and payments to ZUS and the tax office. Entrusting these tasks to specialists at an external accounting office is therefore a better solution. How do you find them? Ask acquaintances about their experience or search for a provider, considering reviews and checking their experience and knowledge of your industry. It is also worth checking the variety of skills in the accounting and HR team so the office can help in every situation. This lets you select an accounting service that offers high-quality work, tax security and stable profitability growth through tax optimisation compliant with current law.
An external company sets accounting fees according to the scope of services provided. Another advantage is that professional accounting offices work with current regulations, often specialise in particular industries and bring several experts together in one place. They also advise on optimal solutions that can bring entrepreneurs measurable savings or increased business revenue.
Financial protection is another significant benefit of working with an accounting office. By signing a service agreement, you can be confident that financial consequences of the office’s mistakes will be covered by its liability policy. Under the Accounting Act of 29 September 1994, an accounting office must purchase third-party liability insurance or face a fine or restriction of liberty (Article 76h). The standard compulsory policy covers only costs arising from mistakes in outsourced bookkeeping up to EUR 10,000. Check that the chosen office has extended cover for HR and tax advice and a limit above EUR 10,000. Team size also matters. Avoid one-person firms: if something happened to that person and contact was suddenly lost, recovering documents could be difficult. With a multi-person office this problem does not arise, and holidays or sickness leave need not disrupt service because another team member can take over.
Accounting services in Poland
Outsourcing accounting is evidently popular among Polish businesses: 72% of entrepreneurs use accounting offices, while only 8% of businesses employ an in-house accountant. A relatively high share of firms also handle accounting and finance themselves using available software (16%). Entrepreneurs rarely use spreadsheets (2%) or online accounting (2%) to keep their books.
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Summary
The continuing increase in the number of firms providing accounting services shows how popular external accounting support is among entrepreneurs.
Working with an external accounting office brings real benefits in savings and higher profits, and is convenient and safe. Entrepreneurs need not constantly follow changes in law or bear the consequences of an employed accountant’s errors. They can focus on growing the company while leaving accounting to professionals.
In summary, an external accounting office can help clients generate profits through expert advice on forms of tax optimisation. Professional guidance lets entrepreneurs learn which taxes they must pay and which can be reduced. Choosing the right accounting office can substantially increase a company’s real profits.
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