Financial and management accounting
Financial accounting refers to a reliable overview on the patrimony, on the financial standing and on the profit/ loss for the year overall. This overview is achieved by means of synthesis of documents.
Financial accounting has the role to provide the information necessary in taking economic decisions. Aside from being used in internal purposes, the financial-accounting information is also meant for external users (bankers, employees, suppliers etc.).
The management accounting aims at providing accounting information that is processed and reviewed on internal purposes.
Thus, the management accounting follows in detail the internal management activity of the unit (production cost, transfer pricing, sale cost) to take optimum and most rational decision.
The financial and management accounting consists in:
1. Calculating the corporate tax or the tax on the revenue of the micro-enterprise, as applicable, drafting and submitting the statements within the legal deadlines;
2. Calculating the tax on dividends, drafting and submitting the statements of dividend tax;
3. Calculating the tax on the income of non-resident individuals and legal entities;
4. Drafting the VAT return and submitting it within the legal deadlines;
5. Consolidating the trial balances for groups of companies and including them into the balance sheet;
6. Drafting other statements or reports required by the laws in force;
7. Drafting external accounting reports, if the company's specific requires it to foreign partners, suppliers or customers;
8. Specific works for participating in public tenders;
9. Regular notification of the management on the company's economic-financial standing;
10. Notifying permanently and in due time the management on the regulations from the tax and financial-accounting area;
11. Regular notifications on the amendments to the tax legislation on the beneficiary's activity;
12. Participating when the accounting books are inspected by the bodies assigned by law to perform financial and tax audits;
13. Drafting loan files, leasing files;
14. Obtaining tax certificates, confirmations of company's details;
15. Scoring with the tax agency;
16. Global-value, quantitative-value evidence, as applicable, and drafting the analytic inventory balance;
17. Drafting the trial balance and the analytic balances;
18. Drafting the accounting books provided by law: The accounting journal, the inventory book, the General Ledger;
19. Analytic and synthetic customer, supplier books;
20. Books of fixed assets, calculating the amortisation.