Financial and tax accounting outsourcing

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Regular accounting in the Russian Federation is mandatory for legal entities and individual entrepreneurs (Art. 6 of Federal Law No. 402-FZ "On Accounting" dated 6 December 2011). This enables state oversight of organisational financial flows, prevents tax evasion, and ensures business transparency. Financial and tax accounting helps companies maintain financial records, calculate taxes, and file tax returns. Without them, determining taxable bases and avoiding penalties for calculation errors is next to impossible.

Beyond regulatory compliance, financial and tax accounting services offer critical business advantages:

Financial Planning: Tracking income and expenses lays groundwork for financial analysis, forecasting, and data-driven resource allocation.
Financial Control: Recording all transactions allows monitoring cash flow, identifying losses and inefficiencies, and preventing fraud.
Performance Evaluation: Financial statement analysis (balance sheets, income statements) assesses business profitability, pinpoints weaknesses, and informs improvement strategies.
Investment Attraction: Investors and lenders require reliable financial data before committing funds. High-quality accounting boosts their trust in your business.
Contractual Compliance: Ensures adherence to counterparty agreements and timely payments.

FBK performs daily transaction recording based on source documents for both accounting and tax purposes, culminating in report preparation.

Financial and tax accounting outsourcing includes:

Review of agreements for accounting/tax adequacy and advice on tax risks.
Tax prepayment notices five business days before deadlines.
Counterparty settlement reconciliations.
Monetary item stocktaking.
Weekly/monthly/quarterly review of source documents for compliance and issuance of recommendations for correction.
Set up electronic document management (EDM).
Client workflow execution in relation to client-specific document/payment protocols.
Development of tailored document/payment workflows.
Preparation and uploading of payment orders to banking systems for client authorization.
Assistance with tax refund procedures.
Establishing electronic source document repositories.
Recording source documents per strict processing schedule.
Bank statement posting by 12:00 PM the next business day.
For clients who have opted for full accounting support services, outsourcing of CEO functions is available.

Financial and tax accounting outsourcing may also include counterparty vetting or developing due diligence protocols for client approval.

The result of our financial and tax accounting outsourcing services is the high-quality execution of accounting and reporting functions for your entity. Outsourcing these processes delivers significant advantages as outsourcing companies provide:

Accuracy & Timeliness. Outsourcing companies ensure precise data processing and strict reporting deadlines, reducing errors and tax authority penalties.
Cost Reduction. Outsourcing accounting functions eliminates expenses for maintaining in-house accounting departments, including payroll, office space, software costs, etc.
Access to Experts. Outsourcing companies have qualified professionals who hold audit certificates and industry diplomas, with cross-sector experience and up-to-date regulatory knowledge to guarantee service quality.
Flexibility & Scalability. Outsourcing companies seamlessly adapt to workload fluctuations (for instance, business growth or seasonality) by scaling resources without requiring new hires.
Risk Mitigation. A professional accounting approach minimises human-error risks and reduces tax controversies and inspections.
Confidentiality & Security. Outsourcing companies enforce strict client data confidentiality using modern protection systems thus preventing financial data breaches or unauthorised access.
Resource Optimisation. Free your team from routine accounting tasks to focus on core business activities and strategic growth.
Advisory Support. Many outsourcing companies provide ongoing advisory on taxation, financial planning, and business process optimisation.
Regulatory Compliance. Outsourcing companies proactively track legislative changes and implement adjustments to prevent violations and sanctions.

Our advantages

Expert Team

FBK experts have proven expertise – DipIFR certificates, IAB and professional accountant certificates from the Institute of professional accountants of Russia (IPAR).

Confidentiality

FBK ensures the highest level of information security through specialised software that safeguards an IT infrastructure. All client data is stored exclusively within the territory of the Russian Federation.

Flexible Approach

We adapt to your workflows using existing procedures, templates, and specific client requirements.