Our Services

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Why outsource?

Managing compliance risk – organisations that are setting up their businesses in countries they are not familiar with, PwC has ability to take care of the end to end local compliance function.

Human capital – Quick deployment of trained staff, including up-scaling and downscaling.

Managing a service level agreement with reputable organisations – This reduces the administrative burden of hiring employees and upfront investment costs. The risk of staff continuity is transferred out of the client organization.

Data confidentiality and enhanced segregation of duties – Better confidentiality can be achived when outsourcing the payroll function. From a wider purchase to pay cycle, including and independent party like PwC strengthens the control environment.

Leveraging service-provider technology and processes – PwC is constantly reviewing and improving its technology platforms and processes around the end to end finance processes, payroll and tax compliance. Clients can benefit from this, and drive improvement within their own organisations.

Our Services:

Statutory accounting services

  • Bookkeeping according to the local GAAP and rules
  • Reconciliation and reporting in US GAAP or IFRS per request
  • Preparation and submission of statutory financial statements according to the local rules
  • Co-ordination of bookkeeping (including web-access) and statutory financial statements for your operations abroad

The following scenarios are giving rise to accounting needs in companies today:

    1. Companies establishing a streamline finance and accounting function, spending less time on local statutory financial statements, local statutory accounting and other compliance requirements.
      This is often manifested in companies embracing one or more of the following:
      - downsizing of local finance and accounting functions 
      - cost reduction activities
      - primary focus on parent company (e,g US, IFRS) GAAP
      - use of a shared service centre to manage all local compliance - accounting and tax
    2. Initial expansion into Hungary or other CEE countries.
      In these situations it may be uneconomic to establish their own accounting function.
    3. Resource pressure in finance and account functions as a result of a significant business change e.g. merger, acquisition, disposals.
      Companies with an existing finance function under pressure, leading to a temporary requirement for highly qualified skilled accounting resource to provide support.

How we can help you?

We can provide advice and guidance, outsource some or all of your accounting services or provide you with a member of our team to help you make sure that you're meeting your company accounting needs.

Outsourcing of accounting function:

Using an established team of qualified accountants operating in Budapest, we can provide the following outsourced services:

    • preparation and filing of local statutory financial statements
    • bookkeeping and preparation of monthly management accounts, handling indirect taxes and other taxes
    • trust accounting, and
    • coordination of the delivery of cross-border accounting services within CEE or globally.

In providing these services, we follow tried and tested procedures, using standard processes and templates, specific accounting technologies (Microsoft Dynamics NAV or local software) and project management technologies (Encompass), all of which aid the overall efficiency.

We have an established approach over the planning, execution and completion phases of the production, audit and filing of SFS, which is known to assist with managing companies’ auditors and contributing to keeping audit costs under control.

Fees for routine services are fixed based on complexity of assignments and a number of key assumptions.

How does this help you?

    • Competitive fixed fees aids cost control and budgeting.
    • Quality accounting deliverables.
    • Contribution to increasing overall efficiency of local accounting.
    • Audit fees controlled.

Risk of late filing mitigated.

Tax Compliance Services

Rules of the calculation of the direct and indirect taxes are changing every year. It is challenging to keep your finance staff be up to date in every rules. Spending on continuous trainings can mean a high cost, and the tax risk is also significant. 

Our compliance team offers you flexible solutions where you can ensure, that your taxes are managed in an effective and professional way. We are ready to prepare your tax calculations and relevant tax returns. We are doing our best, to make sure, that our clients maximize their tax reduction possibilities while they remain fully compliant with the latest rules. We are also ready to review the tax calculations made by your tax team or other providers, to make sure that the figures are in accordance with the local requirements.

CIT and related tax compliance

  • Preparation or review of the calculation of the Corporate Income Tax, Local Business Tax or related other taxes
  • Preparation of the related tax returns
  • Submission of the tax returns to the Tax Authority
  • Group status reporting via Encompass technology
  • Preparation and review of deferred tax computations (US GAAP or IFRS)

VAT compliance

  • Preparation or review of the calculation of the periodic VAT liability
  • Preparation of the VAT return
  • Preparation of the EC sales and purchases list
  • Preparation of the Intrastat report
  • Electronic filing of the tax returns to the Tax Authority

Company establishment and deregistration related tax services

Planning to establish an affiliate in Hungary, but you are not aware the local procedures?

PwC can assist you during the company registration or deregistration related procedures in close cooperation with our legal team. We are aware of the necessary steps and we are happy to assist and guide you through the processes in the most time and cost effective way.

Registered seat services

It is compulsory for a company to have a registered seat address, but many times companies are not physically present in the country. In this case beside our other services, we can offer you an address, which can be registered at the authorities. We also receive your mails and forward it to you, if necessary with a short English summary regarding the content.

Assistance in Tax Authority audits

It is always a challenge in a company’s life, when they get a call from the Tax Authorities. They have country specific strict rules and processes, unique behavior. Language issues can occur too. How can we help?

PwC has deep experiences in all kind of Tax Authority audits in every fields of taxation. During the years we established good relations with the Tax Authority, became aware of their processes. We help you in the language issues, correspond with the authority, translate your documents if necessary and present them to the Tax Authority in the proper way, which helps to accelerate the processes. We have great records of successful tax audits, where we defended the interests of our clients.

Payroll and employee benefit administration services

Local payroll and benefit rules are very complex. There are various taxes on employees’ salary and benefits. It is essential to deal with the rules in a proper way, because significant risks and penalties can arise from the improper payroll processes.

PwC can offer you a professional and effective payroll service package regardless the size of your company. We are happy to work with you even if you have only one employee, but our team has experience performing payroll services for larger companies with hundreds of employees or more.

  • Performing monthly recurring payroll
  • Preparation of payroll related tax calculations
  • Preparation and submission of payroll related tax returns
  • HR administration
  • Review of payroll related tax returns prepared by your own provider periodically
  • Administration of the Cafeteria selection
  • Calculation and administration of the Cafeteria related taxes

Training on Compliance Related Matters