Maintaining financial documentation and tax accounting in commercial organizations requires strict compliance with the legislation of the Republic of Belarus.

Features of accounting in Belarusian LLCs

The legislation of the Republic of Belarus obliges each limited liability company to maintain continuous accounting. The company's director bears direct responsibility for the proper organization of accounting and timely submission of reports. The organization's staff must include a chief accountant, or these duties are transferred to a specialized company.

A competent choice of accounting form directly affects the financial stability of the business. Quality accounting services for an LLC allow reducing the risk of penalty sanctions. Qualified specialists monitor cash flow and compile income and expense books.

Tax regimes and reporting of legal entities

Belarusian enterprises choose between the general and simplified taxation systems. The general system includes profit tax at the standard rate of 20 percent and value-added tax at the rate of 20 percent. The simplified taxation system implies payment of 6 percent of the company's total gross revenue.

Tax returns are submitted to the inspection of the Ministry of Taxes and Dues on a quarterly basis. The deadline for submitting reports is set by legislation as the 20th day of the month following the reporting period. Actual payment of calculated taxes is made no later than the 22nd day of the corresponding month.

Processing of primary documentation and electronic invoices

Each business transaction of an LLC must be mandatorily recorded by primary accounting documents. The main documents include goods transport waybills, certificates of completed work, and cash orders. Any errors in filling out the details lead to the recognition of expenses as invalid.

VAT payers are obliged to create and issue electronic invoices on the state portal. Issuing electronic invoices (ESCHF) is done by the 10th day of the month following the month of shipment of goods or provision of services. Untimely issuance of electronic invoices entails fines and blocking of tax deductions.

Personnel accounting and mandatory social contributions

An LLC with hired employees maintains full personnel accounting and payroll calculation. The employer calculates and withholds personal income tax on employees' income at a rate of 13 percent. Additionally, mandatory insurance contributions to the Social Protection Fund are established.

The total contribution rate to the Social Protection Fund (FSZN) amounts to 34 percent of the formed payroll fund. The insurance premium to Belgosstrakh is calculated at an individual rate starting from 0.6 percent. Specialized reporting on forms PU-3 and 4-fund is submitted to the controlling authorities quarterly.

Advantages of outsourcing accounting to professionals

• Saving the company's budget on workplace equipment and purchase of licensed 1С programs
• No expenses for paying social contributions and vacation pay to in-house staff
• Continuous support from a qualified team of experts in tax law and auditing
• Guarantee of full compensation for possible damage from errors through liability insurance mechanisms
• Application of advanced cloud technologies for secure transmission and storage of financial information

Stages of transition to external accounting services

• Preliminary analysis of the current state of financial documentation and tax risks of the organization
• Selection of an optimal taxation system and agreement on the regulation of daily interaction
• Signing an official service agreement with fixation of material liability
• Transfer of primary documents, access to electronic keys and working databases
• Regular maintenance of accounting, preparation of declarations and their submission to the controlling authorities