Financial Accounting

Financial Accounting

Continuous financial accounting in accordance with current legislation (local, IFRS or group accounting policy) according to the chart of accounts and cost centers specified by the client

  • Financial accounting system: Navision
  • Location: at KPMG office or at the client’s registered seat in the client’s system
  • Bookkeeping in HUF or EUR
  • Working language: client communication takes place in English or in Hungarian

Financial accounting and related services

  • Issuing invoices from the Navision system, which ensures the data provision requirements of the Hungarian Tax Authorities
  • Registration of invoices, sending for approval
  • Possibility of direct access right to Navision, which enables our customers to track their bookkeeping and approve invoices
  • Preparation of transfer lists
  • In case of booking an entire group, we can perform reconciliations between affiliated companies and support transactions (e.g. calculation of interest)
  • Archiving service
  • Preparation of MNB reports
  • For newly-established clients, the fulfillment of various registration obligations (e.g. to Statistical Office, Chamber of Commerce and Industry, or EGYKE)
  • Navision training
  • Development of automated queries relating to a client's other financial processes
  • Process development, process design

Monthly closing procedures

  • Preparation and provision of monthly reports based on client instructions
  • Preparation and provision of various reports (e.g. general ledger, open customers, open suppliers, sales list)

Preparation of regular management reports

  • Preparation of mapping structure between local and group chart of accounts
  • Preparation of group reporting package in accordance with client’s instructions

Year-end closing procedures

  • Preparation and publishing of financial statements
  • We provide support to a company’s appointed auditor for the statutory audit of financial statements

Tax compliance services

  • Preparation and submission of yearly and top up corporate income tax returns
  • Preparation and submission of VAT returns
  • Preparation and submission of local tax returns
  • Preparation and submission of Intrastat or other statistical reports
  • Assisting with provision of necessary documents to the Tax Authorities in case of tax audits
  • Other taxes (e.g. innovation contribution, company car tax)

Advisory and other services

  • Business gate services
  • Translation services
  • Seating services
  • Accounting Advisory Services (HAL, IFRS)
  • Providing support in preparation of accounting policies
  • Analysis of contracts from tax or accounting perspectives
  • Recommendation of other departments:

o   Tax advisory
o   Transfer Pricing services
o   Legal services

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