Bookkeeping, Tax Returns and Financial Reporting services in Country Georgia (the country)
We offer accounting, bookkeeping, and reporting services together with tax control
Tbilisi (Georgia)-based accounting and consulting firm, TPsolution LLC aims to keep service levels as high as possible. That is why we always go above and beyond with our clients; we fully dedicate ourselves to each project. For example, many accounting firms in Georgia provide bookkeeping services without tax control, meaning that only bookkeepers do work for the clients, which in our opinion, is ineffective.
Bookkeepers are highly valued professionals, but they are not supposed to know Georgian tax law in depth, their main responsibility is to reflect transactions on accounting ledgers correctly and fill in tax declarations. However, to fill in tax declarations correctly, it is important to know which transaction should be taxed and at what rate, what tax risks there are, and so on. Therefore, a bookkeeper’s work is most effective if he/she works in tandem with a tax adviser. In addition, business operations need proper formalization. For example, proper contracts should be concluded with clients and/or vendors. The contracts should be in line with the applicable laws in Georgia and should be worded in such a way that does not create any significant tax risk.
Resultantly, tax experts play a key role in providing bookkeeping services: They consult bookkeepers regarding the applicable taxes for a client’s transactions, they review contracts for tax purposes, and they check tax declarations before submitting them. All of this is to ensure the accountant’s work was completed without mistakes.
Based on the above, we believe that the highest quality of accounting and bookkeeping services can only be achieved by the combined efforts of both an accountant / a bookkeeper and a tax adviser.
We provide combined Bookkeeping, Reporting, and Tax Consultation services in Georgia
Our firm provides the combined services of accounting/bookkeeping with tax consultation and control. Regarding our accounting and bookkeeping services we offer the following:
Reflecting a client’s transactions into the accounting ledgers (Debit, Credit) done by our bookkeepers. For bookkeeping, we use either excel files (for small clients) or accounting software.
The filling in of Monthly and Annual Tax Declarations:
Our bookkeepers fill in tax declarations for our clients under the supervision of our tax experts, who review the reports before submitting them and provide ongoing tax consultation. Bookkeepers do their work; then our tax experts support our bookkeepers in terms of compliance.
The submission of Monthly and Annual Tax Declarations
After the financials and the transactions are reviewed by our tax experts, bookkeepers submit tax declarations before the due date with more confidence.
In addition, preparation and submission of annual financial reports are done by our experienced bookkeepers or IFRS experts (depending on the complexity of the case).
Annual Financial Reporting obligations in Georgia
Besides bookkeeping and tax reporting, Georgian companies have an obligation to prepare and submit annual financial reports according to IFRS standards.
The due date for financial reporting is no later than 1st October of the year following the reporting month. In case of breaching this obligation, a company will receive penalties.
In our package of bookkeeping services, we also provide preparation and submission of annual financial reports.
Tax Reporting periods in Georgia
Tax reporting periods in Georgia are either monthly or annually.
Usually, when the tax reporting period is monthly, the due date for submitting a tax declaration and paying taxes is the 15th of the month following the reporting month. Except for withholding tax declarations – for these, tax payments should be made the same day when the wage, dividend, interest, or service fee was paid out by the Georgian business and the withholding tax declaration on such payments should be submitted later (by the 15th of the next month).
The due date for submission of annual tax declarations in Georgia is usually by the 1st of April of the year following the reporting year (with an exception in the case of property tax for individuals).
Tax Reporting obligations for non-active companies in Georgia
You might have a tax reporting obligation even for the months when your business was not active, and if you do not do this you risk receiving penalties each month.
For more details about bookkeeping and reporting obligations in Georgia, you can read our blog here.
Postal Addresses in Georgia
Besides accounting services, we offer the use of our address to make sure that post sent to your Georgian business arrives safely. We can scan your documents and send them to you by email so there are no delays in your business communication.
High-Quality Bookkeeping services is our main priority
We provide premium bookkeeping and reporting services combined with a high level of due diligence. For bookkeeping projects, we combine the work of our bookkeepers and tax experts. This type of cooperation always provides the best results for our clients.
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