ACCOUNTING

The majority of our clients are expats working in the Czech Republic. For that reason we have a lot of experience with the accounting and taxes of expats.  We work quickly and efficiently to save you money.

Our hourly rate is 600 CZK and you will only pay the time spent on your accounting – we don`t have any additional charges or any minimum monthly fee.

We will choose the correct accounting system for you (single or double-entry) and at the year end you will recieve all accounting documentation which is required by Czech tax and accounting law and which is necessary for filing your income tax return.

We will provide you with, free of charge, accounting templates which you will need (invoice, advance invoice, credit note, etc.). If you require it, we will inform you about revenues, costs and profit  during the year.

We provide accounting services for s.r.o.`s and we can manage payroll services as well.

 

USEFUL INFO:

 

- Single or double entry bookkeeping

The single-entry bookkeeping system or single-entry accounting system is a method of bookkeeping relying on a one sided accounting entry to maintain financial information. Single-entry systems are used because of their simplicity. They are usually less expensive to maintain than double-entry systems which require a significantly larger amount of expertise. If a double-entry system is needed, then the services of a trained person are often required.

The single-entry bookkeeping system is based on accounting only cash reciepts and payments. A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts.

Who must use double-entry bookkeeping?

• Companies with seats in the Czech Republic

• foreigners/expats 

• state organizations

• all persons registered in the Commercial register

• persons with turnover above 25 mil. CZK.

• optionally

 

- Financial statements

A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity using double-entry bookkeeping. It  includes three compulsory statements – a Balance sheet, a Profit and loss account and a Footnotes. All persons and companies using double-entry bookkeeping have to prepare financial statements at minimum once a year!