Bookkeeping Services
Bookkeeping services are another service offered by our firm, acting as an external service bureau providing support to clients throughout the country, including material collection services as needed. Our bookkeeping services are available to businesses that require double-entry bookkeeping or single-entry bookkeeping for independent businesses, in accordance with bookkeeping regulations for companies, self-employed individuals, partnerships, non-profits (NPOs), and other entities. As part of this service, we also offer payroll preparation services for employees.
Our bookkeeping services may include the following, depending on the client’s needs and agreement:
Managing the business’s accounts digitally, including recording income and expense invoices, bank transactions, payroll entries, and other accounts.
Performing computerized account reconciliations, including cash and bank reconciliations, customer and supplier reconciliations, and reconciliation of other accounts.
Preparing payroll for the business’s employees, including assistance in generating annual payroll reports, such as Form 106 for employees and Form 126 for the tax authorities.
Submitting monthly or bi-monthly reports to the tax authorities, including VAT, the National Insurance Institute, and income tax, in accordance with legal requirements, and assisting with online VAT reporting (PCN file) as needed.
Assisting with tax refunds, VAT refunds, and refunds for excise taxes related to diesel purchases.
Monitoring advance tax payments to ensure that businesses avoid overpaying taxes, which can strain cash flow, or underpaying taxes, which could result in a significant tax liability when annual reports are filed.
Providing advice on managing the business’s cash flow using specialized software, spreadsheets, or other methods to ensure effective management of this critical aspect.
Our accounting department employs highly experienced and certified tax consultants as well as skilled and certified bookkeepers. The department’s staff are professional and courteous, performing their duties quickly and efficiently while maintaining a personal relationship with each client.
In addition to managing the business’s books in accordance with bookkeeping regulations and legal requirements, businesses are required to retain their financial records for several years, as specified by law. Since the retention period can vary, we have published an article on our website explaining the required duration for keeping business records. For your convenience, here is the link to the article – Retention Period for Business Records.
At Michael Weizman & Co. – Certified Public Accountants, we provide long-term solutions for businesses seeking to transfer full bookkeeping responsibilities to a professional organization. We ensure high-quality, continuous service without delays, at affordable rates accessible to all businesses.
An accountant from our firm will be happy to assist you with this service. Contact us today for a no-obligation consultation.
