Who keeps accounting?
All enterprises (companies, non-profit organizations) are in charge of accounting in Bulgaria. After the end of the financial year (in Bulgaria it coincides with the calendar), a financial statement is produced, a tax declaration is submitted and the tax must be paid by the end of March.
Can I have an activity and not keep an account?
No. All enterprises are required to have a bookkeeping and all Financial statements must be signed from a dedicated accountant.
Can I have an activity and not pay social insurance to the government?
No. Once the company receives and issues documents, then there is an activity and there should be an acting manager. This manager must be insured under the Social Security Code.
Who is responsible for keeping company accounts?
The management bodies of the enterprises. Of course, the manager should use the services of an accountant.
Who draws up the financial statements at the end of the year?
Person entitled to compile financial statements under the Accountancy Act – dedicated Accountant.
Can I prepare my financial statements myself?
No, unless I am a person with a higher accounting and economic education and experience in the field of accounting, external audit, internal audit and financial inspection, tax audits, lecturer.
Why Accounting and Tax consulting Should Be On Monthly Base?
For every document/transastion that does not comply with the legislation in our country there is a penalty by a fine of BGN 500 and above for a first offense. This means I risk, besides the nerves and unpleasant experiences I would have with the tax administration, but also to pay for fines much more money than I would have done for an accountant.
What benefits do I have from accounting services?
- I comply with the law and save money and headaches.
- They consult me on all current and future business related issues.
- I work calmly and focus on running the business.
- I get a summary of “business engines” – revenue and costs.