Whether you’re a newly opened company or an already settled business in Montenegro, it’s important to keep track of your financial situation and make clever business decisions. That’s where our accounting and bookkeeping services come in.
Accounting is the process of monitoring your income and expenses by us. In addition to being aware of your company’s finances, our accountants are responsible for giving you strategic financial advice.
Bookkeeping services are the process of keeping records of financial transactions and preparing financial statements such as balance sheet and income statement. Thanks to our accountants who participate in your day-to-day operations, you ensure that your company’s invoices and expenses are properly filed and that your payroll transactions are done correctly according to Montenegrin legislation.
Montenegro Experts accountants are the official registrar of your business’s finances and support you with your financial strategies. We are responsible for preparing you for audits, assisting you with tax planning and providing commercial financial analysis and advice.
We facilitate accounting and bookkeeping services at our office.
What is Accounting? Why Is It Necessary?
It is important to keep business records transparent and accurate. Accounting helps you understand what your debt situation is and prevents you from making mistakes that incur costs or may result in illegal practices that you may unwittingly make. It also helps you track your business and clearly identify sources of revenue.
Below is a list of accounting records that you should keep accurately and regularly when you set up a company in Montenegro:
Payroll transactions and employer taxes
Records arising from sales and purchases
Profit and loss statements
Cash flow analysis
Accounts receivable and accounts payable are also two important records to keep. Accounts receivable is a follow-up that arises from an uncollected amount, usually resulting from a subsequent payment contracted sale ( i.e. consignment) . Credit tracking and collection is the subject of this account.
Accounts payable is the amount owed to a vendor or the payment committed for completed goods/services. For example, a small business might have short-term payments to banks.
Tax planning and filing are not fun, but it is very important to make sure that everything is done correctly. An accountant can help you save money, as well as reduce filing errors and avoid unnecessary audits. Since it is the job of accounting to stay up-to-date on Montenegrin tax laws and regulations, we can advise you on how much money your business should set aside – so you won’t get any surprises.
A poor audit experience occurs when a business does not properly declare its taxes. However, before a bank or investor makes any investment or loan to the company you have established in Montenegro, they may subject you to audit to identify risks and understand your financial situation.
When it comes to preparing for any audit, we can help you and save you time.
To prevent your business from undergoing “poor oversight”, it is essential to follow carefully:
File and pay your taxes on time
Do not incorrectly file your receipts and invoices arising from your commercial sales
Do not report personal costs as operating expenses
Keep accurate business records
Know your specific business tax reporting obligations
Can I Follow Accounting Services Myself When I Establish a Company in Montenegro?
After starting a company in Montenegro, you are probably wondering if this is something you can handle on your own or if you need to transfer it to a professional. One of the first things to consider when making this decision is that you need to know when and at what periods certain financial and accounting tasks should be carried out in Montenegro. For example, will you need to prepare weekly or monthly financial reports, or will you only need to prepare quarterly and annual reports?
Another point to consider is the predominance in the constantly updated legislation. Is there anyone in your company who can handle important accounting and bookkeeping services and is qualified to speak Serbian? Otherwise, Montenegro Experts accountants may be the best choice for you.
Keep in mind that it may not be necessary to employ a full-time accountant in Montenegro, especially if you are a small business. Instead of hiring additional staff and paying full-time salaries as an expense in your company that you’re currently running in Montenegro, you can leave your monthly and annual follow-up to Montenegro Experts at a lower-budget.
If you decide to hire an accountant in Montenegro, we recommend paying attention to the following topics:
- Check their testimonials and previous experiences
- Make sure your accountant is trained in accounting software and technology
- Make sure your accountant masters Montenegrin accounting regulations and procedures
- Make sure your accountant can clearly convey financial terminology to you in words you understand
- Make sure your accountant can empathize, understand problems, and open up alternative ways for you when needed
In Montenegro, small business owners and entrepreneurs often outsource accounting and bookkeeping services. You can visit our ‘Prices’ page to see the cost of these services.