Accounting Services in Russia

Accounting Outsourcing in Russia

Russian Statutory Accounting

For historical reasons, the Russian financial reporting framework is determined and regulated by the state. As such, the tax authorities and other state bodies, rather than management or third parties, are the primary users of Russian statutory financial statements.

A main aspect of the formation of financial statement on the basis of Russian Accounting Standards (RAS), is that formal documentation is an important part of this process. Each operation has to be supported by an appropriate source document or a set of documents. These source document have to be duly signed and stamped by the parties involved in the transaction. Although electronic document exchange and electronic tax reporting have been introduced over the recent years, this «form over substance» approach still makes the general administrative burden on Russian activities high in comparison to Western practices.

With documents being the formal basis of tax reporting, and tax authorities actively checking tax return accuracy, it is important for any business in Russia to be fully compliant with the local legislation.


Accounting Outsourcing by LowLands Accounting Services

Outsourcing the Russian accounting to LowLands Accounting Services ensures:

  • Full compliance with local  laws

  • Timely and compliant local (tax) reporting

  • Comprehensive on-line assistance from an English speaking consultant

Our accounting outsourcing services among others include:

  • Collection and processing of primary documents

  • Processing of travel expense reports

  • Invoicing

  • Banking operations support

  • Processing of import/export operations

  • Stock accounting

  • Manufacturing accounting

  • Payroll processing and salary (tax) payments preparation

  • HR administration

  • Preparation of all obligatory financial statements

  • Submission of statutory reports to the tax and other state authorities


Accounting Outsourcing