Accounting Services in Romania
Managing your finances effectively is essential for businesses operating in Romania, a country with a dynamic economy and growing opportunities. At Fortuna Pro Consultants, we specialize in providing professional accounting services tailored to meet the specific needs of businesses, entrepreneurs, and individuals. Our expertise ensures compliance with Romanian regulations while helping you optimize financial performance and achieve your business goals.
Why Choose Accounting Services in Romania?
Romania has a unique accounting and taxation system that requires a thorough understanding of local laws and regulations. Whether you’re a startup, an SME, or a multinational corporation, accurate accounting is crucial for maintaining compliance, making informed decisions, and optimizing costs.
Our Accounting Services in Romania
1. Bookkeeping and Financial Management
Accurate bookkeeping is the cornerstone of successful financial management. Our services include:
- Recording and categorizing financial transactions.
- Bank reconciliations to ensure your financial records are accurate.
- Preparation of general ledger and trial balance.
- Maintaining up-to-date financial data for informed decision-making.
2. Payroll Services
Payroll in Romania involves strict compliance with labor laws and tax obligations. We offer:
- Preparation and processing of monthly payroll.
- Calculation of employee wages, taxes, and social contributions.
- Filing payroll tax reports with Romanian authorities.
- Management of employee benefits and deductions.
- Preparation and processing of monthly payroll.
3. VAT and Tax Compliance
Navigating Romanian tax laws, including VAT, can be challenging. We provide:
- VAT registration and compliance services.
- Preparation and submission of VAT returns.
- Advisory on VAT schemes and exemptions.
- Assistance with corporate tax, income tax, and withholding tax compliance.
4. Financial Reporting
We ensure your financial statements are prepared accurately and in compliance with Romanian accounting standards:
- Preparation of profit and loss statements, balance sheets, and cash flow statements.
- Monthly, quarterly, and annual financial reports.
- Consolidated financial statements for multinational corporations.
- Customized reports tailored to meet your specific business needs.
5. Tax Planning and Advisory
Effective tax planning can help minimize liabilities and improve profitability. Our tax advisory services include:
- Identification of tax-saving opportunities.
- Strategic tax planning to align with your business goals.
- Advisory on international tax matters and double taxation treaties.
- Assistance in managing tax audits and disputes.
6. Business Setup and Advisory Services
Starting a business in Romania requires proper financial structuring. We assist with:
- Choosing the right business structure for tax efficiency.
- Setting up accounting systems for smooth operations.
- Advisory on initial tax and accounting obligations.
7. Audit and Assurance Services
For businesses requiring audits, we provide:
- Internal and external audit preparation.
- Assistance with statutory audits as per Romanian regulations.
- Audit of financial statements to enhance stakeholder confidence.
8. Budgeting and Forecasting
Plan your business’s financial future with our budgeting and forecasting services:
- Preparation of annual budgets and forecasts.
- Cash flow projections to manage liquidity effectively.
- Profitability analysis for strategic decision-making.
Industries We Serve
We cater to businesses across a wide range of industries in Romania, including:
- Retail and E-commerce: Streamlining inventory accounting and VAT compliance.
- Manufacturing and Export: Managing cost accounting and cross-border tax obligations.
- IT and Technology: Supporting startups with financial reporting and R&D tax incentives.
- Hospitality and Tourism: Providing tailored solutions for hotels, restaurants, and travel agencies.
- Construction and Real Estate: Ensuring compliance with project-based accounting and tax regulations.
Why Choose Us for Accounting Services in Romania?
1. Local Expertise and Global Perspective
Our team has a deep understanding of Romanian accounting and tax regulations, combined with experience in serving international clients.
2. Tailored Solutions
We customize our services to align with your industry and specific business needs, ensuring maximum efficiency and compliance.
3. Technology-Driven Approach
We use advanced accounting software, including QuickBooks, Xero, odoo and SAP, to provide accurate and efficient solutions.
4. Multilingual Support
Our team offers services in multiple languages, including English, Romanian, and other major languages, to facilitate seamless communication.
5. Transparent Pricing
We believe in offering value-driven services with clear pricing, ensuring no hidden costs.
Romanian Accounting Standards and Tax Overview
- Accounting Standards: Businesses in Romania must comply with the Romanian Accounting Law, aligned with the European Union Accounting Directive.
- Corporate Tax: The standard corporate tax rate is 16%, with exceptions for micro-enterprises and special industries.
VAT: The standard VAT rate is 19%, with reduced rates of 9% and 5% for specific goods and services.
- Income Tax: Personal income tax is a flat 10%, applicable to salaries, dividends, and other income.
Our Process
- Initial Consultation: Understand your business needs and goals.
- Tailored Strategy Development: Design a customized accounting plan for your business.
- Implementation: Set up accounting systems and begin managing your financial data.
- Ongoing Support: Provide continuous updates, compliance checks, and advisory services.