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Advantages of Outsourcing Finance and Accounting Processes
Advantages of Outsourcing Finance and Accounting Processes

Organizations benefit by outsourcing their finance and accounting processes to a specialist, some of them are the followings:

  1. Outsourcing Enables Strategic Redeployment of Staff:

Outsourcing allows companies to free their own staff from mundane day-to-day accounting operations and adds value to their customers. 

  1. Ensures Daily Monitoring of Accounting Rules and Implementation:

The outsourcing company would keep track of all the changes and implement them as and when required, making sure that the client company is always in the good books. An outsourcing company should follows GAAP and IFRS guidelines and other accounting standards.

  1. Companies can Benefit from Advanced Technological Know how:

As in every other field, technology is making an impact in the accounting sphere as well. External service providers are willing to invest in this technology, knowing which ones are right for which kinds of business.

  1. Outsourcing Services Protects Companies in Times of Difficult Economic Situations:

As the responsibility of managing the talent assigned to a project lies with the outsourcing company, the client company does not have to take any decisions regarding its internal workforce or pay huge compensations in retention pay.

  1. 24×7 Operations:

Outsourcing financial and accounting functions to an external service provider with 24×7 operations confers a time-zone advantage. The business can be confident that their finance and accounting tasks would be completed within any scheduled deadlines.

 

Getting Back Your Financial Assets
Getting Back Your Financial Assets

Soon is the end of the financial year.

If you are a company that exports services and goods, or you have VAT amount which can be compensated, then it’s time to review and recalculate the VAT liabilities and assets and in case of positive results (from the point of the company) using the 348 article of Tax Legislation as well as Government Decision 333-N, you can improve the financial position of the company (reconcile the tax liabilities or get tax refund).

Up to 20 million drams VAT overpayments can be easily refunded due to Government decision 333- N with the simplified procedure. After the inspection of necessary documents you will get confirmation about tax refund approval within 1 working day and the refundable amount should be reimbursed to the company within 2 working days.

 

 

Support for IT sector StartUps in Republic of Armenia
Support for IT sector StartUps in Republic of Armenia

Support for IT sector StartUps in Republic of Armenia IT sector is one of the development priority branches and the development of the sector is always is in the center of attention for RA government. Although the deadline of the applications of the certificates is defi read more