Recoveries in Accounting and Tax Records In Malta

Accounting Recovery in Malta

Recoveries in accounting and tax records are mandatory in case of complete or partial loss of company documentation. This procedure can only be entrusted to specialists. After all, it requires special training and deep knowledge.

Why is the recovery of accounting significant? No reporting and poor accounting in business lead to:

• Impossibility of controlling the company’s finances and assets.
• Fines during a tax audit.
• Administrative and criminal liability of the company’s management for underpayment of taxes and lack of accounting.
• Termination of the company’s activities.

Importance of Recovery of Accounting and Tax Records

When is the recovery of financial accounting and tax records necessary?

• Accounting was not carried out at all or in a certain period.
• Accounting was done incorrectly (insufficient accounting competence).
• Errors in accounting and documentation during the auditor’s check.
• Loss of documents and information due to force majeure situations.

When contacting the FCHAIN outside audit company, you should not worry about such problems. We work globally, and all our employees are competent specialists with prestigious education and many years of experience. As a result of our work, you will receive high-quality bookkeeping recovery services in Malta.

Restoration of Bookkeeping in Malta

Financial Chain Corporation is ready to challenge the traditional way things work in accounting. We use outsourcing to optimize clients’ costs and work globally. We offer affordable and reasonable prices for bookkeeping restoration in Malta. Our specialists will individually discuss and announce the cost of the service. We consider all factors that can affect the tariff and provide competent assistance in this responsible matter.

What Does Accounting Recovery in the Company Include?

FChain specialists are ready to promptly and qualitatively restore accounting in many individual areas. Recovery of tax records and financial papers in the company has the following order:

• Complex analysis of accounting. Specialists will assess the enterprise’s accounting state and check the documentation for errors.
• Making registers and mandatory reports.
• Restoration of documents (if required).
• Making reports for a certain period.

The client must represent all the primary documents for the recovery period and the software product through which the reporting was submitted in electronic form.

The client receives reliable information on all accounts, rechecked statements, submitted statements, or revised calculations and financial papers. The quality result is influenced by the customer’s and the executor’s mutual work on the company’s accounting problem.

Expense Recovery

Expense recovery is an action taken by a business to recover money it has overpaid for other enterprises. To find the expense recovery ratio, divide the total revenue by the total expenses. An overpayment may have occurred due to an internal accounting or clerical mistake, or the business was overbilled for services received.

Tax Accounting Recovery

Recovery of tax records is necessary to recalculate the tax amounts and submit the corrected report correctly. The process includes the following:

• accounting policy analysis;
• recalculation of taxes and submission of additional reports;
• checking with tax authorities;
• vat recovery.

Bad Debt Recovery

Every business has to deal with delinquent and unpaid customer accounts. If someone owes you the money you cannot collect, that’s considered a bad debt. Sometimes bad debts that the accountant did not expect to be paid are delivered at the last minute. In this case, FCHAIN offers a bad debt recovery service to finally help you receive your money.

Record Keeping

Often, the management of financial and personnel documentation in companies is transferred to the shoulders of non-core employees, which leads to conflict situations. Documents developed by FCHAIN specialists repeatedly have passed checks by state institutions, inspections, and courts without notice, helping our clients avoid fines.

The Financial Chain Corporation consists of many departments, with specialists in accounting and auditors, lawyers, and tax consultants. We don’t see any problem in the recovery of accounting papers or VAT recovery. Their experience and skills will help you choose the best option for solving the issues facing your business.