Accountancy is measuring the performance of an enterprise and transmit this information to different users, including investors, creditors, management and regulators. Accounting is comprising the storage and preparation of financial statements, analysis, verification and reporting of recordings, interaction with various financial and fiscal institutions and many other activities.
Accounting is really important when starting a new business - it provides to entrepreneurs the clearest picture of their business successes and opportunities. A good accountant is saving time and money and is taking care of piles of financial documents.
If you want your business to run fast, smart and efficient, good accounting services are crucial and are a wise investment. Companies with VAT registration, need to report accounts every month.
There are two approaches to VAT - registration under the VAT Act in Bulgaria - mandatory and optional. Mandatory registration is required when the taxpayer reaches the taxable turnover of BGN 50000 or more for a period no longer than 12 consecutive months. A subject of VAT - registration is also any taxable person who is not registered on other grounds and is performing intra-Community acquisition of goods and services and/or intra-Community supply of goods and services.
VAT - registration becomes mandatory when the total value of taxable intra-Community acquisitions for the current calendar year exceed BGN 20000. VAT registration might be optional - upon request (even in cases where taxable turnover is less than BGN 50000). Either way, a good accountant is needed - to prepare financial statements and other documents, required by the National Revenue Agency. The VAT - registration (compulsory or optional) takes about two weeks.