Comprehensive accounting services for every association
Foundations and associations, irrespective of whether they generate income from their endeavors, are mandated to maintain complete or simplified accounting. This obligation extends to encompass the meticulous documentation of all economic transactions, even those of a non-profit nature. While the structure of accounts and their preparation for these entities shares resemblances with analogous records maintained by corporations, it is imperative to recognize and accommodate their distinct attributes. While the methodical upkeep of accounts can be managed by an association‘s internal personnel, a more optimal approach involves forging a collaborative alliance with a proficient accounting establishment. When considering the systematic management of accounts, the engagement of a professional accounting office proves to be a more advantageous avenue.
Frux – professional accounting service for associations
We employ qualified specialists with extensive, current knowledge and years of experience in accounting and managing non-governmental organizations. We provide comprehensive support to entities with legal status and to ordinary associations not registered with the National Court Register. We take on the responsibility of maintaining accurate and up-to-date financial records in accordance with the principles outlined in the current Accounting Act. Our services also encompass preparing annual financial reports for the entities we collaborate with and submitting the required documentation to the Head of the National Tax Administration.
We also provide services to associations with tax accounting in the form of simplified income and cost accounting. In addition to the systematic completion of the accounts, our services also include the preparation of the annual CIT-8 declaration, which must be submitted to the fiscal authority responsible for the seat of the organisation within a reasonable time after the balance sheet date.
Frux – comprehensive bookkeeping for associations
In our capacity as a professional accounting office, we assume full accountability for the seamless execution of all accounting functions. We recognize that the accounting for an association goes beyond mere mechanical registration of financial transactions. We actively contribute to the evolution of the organization’s accounting framework. This includes valuable assistance in structuring the chart of accounts correctly and accurately categorizing programmatic and administrative expenditures. Such practices facilitate the swift and effective recording of received grants and enable a dependable evaluation of the entity’s profitability.
We tailor our operational approach to suit the association‘s scale and the distinct nature of its undertakings. For instances where a limited number of financial transactions are conducted annually, we are open to discussing an optimal cost arrangement upon request. In scenarios where the entity handles a substantial volume of transactions each year, we leverage electronic accounting methods to ensure efficiency.
Our services include
- Keeping of accounts
- Payroll services
- Personnel services
- Design services, support in the preparation and implementation of projects financed from European and other sources
- Financial management
- Advice and legal services
- Miscellaneous administrative work
Detailed scope of services per group
Accounting services
- Keeping of the Commercial Register in as per the current legislation
- Keeping goods and services tax registers
- Preparation of relevant tax returns
- Delivery of the abovementioned declarations to the relevant Tax Offices
- Preparation of reports for statistical and tax purposes
- Representation before tax and other authorities
Accounting services
- Establishing the individual Chart of Accounts of an entity
- Keeping fixed asset records
- Settlement of accounts with counterparties
- Preparation of tax payment documents
- Supervising tax payment deadlines
- Provide explanations to the Principal and at his request in connection with the performance of the contract
Payroll services
- Payroll preparation for the client’s employees (also segregated for projects)
- Preparing obligatory forms and declarations pertinent to the insurance of our client’s employees, and subsequently submitting them to the relevant authorities.
- Maintenance of personal salary slips for employees
- Preparing and delivering documents related to the client’s role as payer to the relevant authorities
- Preparing contractual payment documents
Personnel services
- Maintenance of personnel files
- Preparing documents related to the establishment and termination of employment contracts
- Drafting of the relevant annexes
- Ensuring timely medical examinations and health and safety training
- Calculating and controlling accrued holiday days
- Storing the aforementioned documents
Project services
- Searching for sources of funding
- Providing support for the application process in financial terms
- Project budgeting
- Preparing financial and accounting documentation for projects
- Day-to-day supervision of project finances
- Preparing project accounts
- Preparing financial payment applications
Financial management
- Preparing and analyzing reports
- Liquidity management
- Enterprise risk analysis
- Preparing and implementing procedures and improvements within the company
- Participating in IT implementations
- Exchange rate risk management
- Participating in negotiations, evaluating commercial agreements
- Team leadership, structure building and staff appraisal policy
- Administration management – control of contracts, documents, approval levels, workflows
- Other
Legal services
We work with reputable advisers and law firms.
- Registration of entities with the National Court Register, amendment of articles of association, registration of business activities
- Tax law
- Labour law
- Business law
- Other
Virtual office and other administrative work
- Dealing with administrative matters for the client
- Address sharing
- Handling the customer’s telephone, e-mail
- Running the chancellery
- Other
