MagyarSERVICES & FEES
We provide services for the whole business cycle starting from setting up the organization through the actual operations until liquidations.
Our top priority is to meet our clients’ needs which we secure with local compliance practices. We immediately respond to clients’ needs and offer prompt professional solutions.
We offer tailored, professional services to our Clients as follows:
From local requirements to international GAAPs, we help to ensure that the accounting records are properly implemented, maintained and regularly reviewed.
- start-up support: Investors are typically not familiar with the administrative challenges they face when setting up a new operation in Hungary.Our service supports our Clients to outsource their initial administrative duties enabling them to focus on setting up their business operation. We ensure that the work-flow and the documents comply with the local legislation.
- statutory accounting and tax compliance: We set up and maintain the accounting records in the required functional currency which complies with both management reporting requirements and local tax regulations. We can maintain your accounting records at our firm’s office or at your premises.
- statutory reports and tax filings: We produce annual and interim Financial Statements and file periodical and annual tax returns using the electronic tax filing system of the tax authorities.
- clean up of accounts and tax records for audit: In preparation for a potential tax audit or statutory / internal audit, we conduct a review of your accounting practices and tax records. As a result, we provide assistance in solving the issues we recognized and noted during our review.
- management and IFRS reporting: We prepare monthly / quarterly closing of accounts and reporting according to internal guidelines / group accounting policies or applying IFRS standards.
We have extensive experience in providing business administration services, company representation; and managing companies established for a dedicated purpose (SPV). We have specialized knowledge and experience required to administer the local operation of foreign registered companies.
- cash flow management and treasury functions: We set up and manage the bank accounts responding to the Client’s requirements with implementing various signature authorities and using electronic banking applications. We continuously monitor the cash position and prepare cash forecasts with funding requirements.
- billing and accounts payable functions: We issue invoices on behalf of the Client and monitor cash collection. We administer and pay all vendor invoices with the agreed limitations.
- payroll bureau, employee file administration: Our services include complete payroll and employee file administration; tax, social security and pension fund compliance and administering employee expenses or paying salaries, taxes and contributions on behalf of the Client.We use a payroll system which supports interface with the Client’s time & attendance system and can generate payroll journals to upload into the Client’s accounting system. The used payroll system automatically processes bank payment files and reports payroll data to the tax and social authorities.
- corporate domiciliation / secretarial services: We provide registered seat for the Client and act as delivery agent for all official and commercial correspondence. We process incoming mails and inform the Client with all relevant matters in due course.
- provision of directors: At the Client’s request, we act as director or board member, representing the Client in front of various authorities or third parties.
We have an expert team that gained knowledge and experience from advising Clients of various industries and jurisdictions on local compliance matters. Our goal is to ensure that Clients benefit from this knowledge and experience.
- financial and accounting consultancy: We advise our Clients on day-to-day accounting, tax and legal compliance matters.
- developing and refining accounting and financial processes: We help to design, implement and operate the administrative functions of our Clients and help to assess and optimize the existing functions.
- merger and functional currency change advisory: We set up models for optimizing timing and equity requirements of mergers together with our Clients. We fully manage all accounting and tax duties of mergers and coordinate the process with the advisors or our Clients.We provide solutions for accounting and tax issues regarding functional currency changes.
- provide staff and interim managers: We offer a service where a professional or professionals from our office are temporarily dedicated to the Client’s accounting team, working under the Client’s direct supervision. This provides additional resources for a year-end closing / audit period or provides temporary solution for lack of staff.
- liquidation services / winding-up: Once the Client wishes to close its local operation, we provide administrator and manage the whole winding-up procedure including cooperation with legal counsels and various authorities.
- project management: We provide review and supervisory of accounting and financial processes on project basis.
We understand our Clients’ need to acquire high quality support at an affordable price. We are committed at all times to tailor the fee structure to correspond to the Client’s actual size, scale of operation and services required therefore providing value added services to our Clients.
We offer competitive fees. We are a privately-owned entity operating with low overhead costs, with a strong dedication to invest in the growth of our firm.
We have a transparent fee structure with a combination of fixed fee and hourly rates. We agree with the Client in advance on the desired fee structure.