IN-HOUSE ACCOUNTANT OR OUTSOURCING? HOW TO GROW A BUSINESS AMID THE TALENT SHORTAGE?
In recent years, the talent shortage has become increasingly pressing. Employers have to raise salaries, enhance work environments and pour resources into personnel development—all while rapidly restructuring their businesses and rolling out new products in response to a dynamic market. Furthermore, companies in Russia must not only respond quickly to market changes but also navigate a complex and fast-evolving regulatory landscape, especially in accounting and tax laws.
KEY CONSIDERATIONS FOR SETTING UP THE CORPORATE ACCOUNTING FUNCTION
- Recruiter fees
- Salaries, bonuses
- Voluntary health insurance
- Sick leave
- Vacation pay
- Training and upskilling
- Office space rental
- Computer hardware and software (including upgrades)
- Redundancy costs, etc.
- Difficulties in assessing candidates’ work histories
- Limited perspective on complex methodological issues, potentially overlooking areas requiring expert input and leading to risks and financial losses
- Staff rotation, posing challenges to maintaining continuity in corporate accounting and tax records
- The need to rapidly scale the team up or down in response to changing business volumes
- Management becoming overly distracted by routine accounting tasks
BENEFITS OF OUTSOURCING THE ACCOUNTING FUNCTION TO B1
An outsourcing agreement with B1 is the perfect solution to eliminate the complexities, inconveniences and concerns involved in setting up an accounting function:
Seamless support
You don’t need to worry about who will step in when your accountant is away—we are always here.
Expert team at your service
Our team comprises seasoned professionals in tax, legal, and business consulting. With extensive experience across diverse clients and industries, we swiftly address your needs.
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Cost management
All costs associated with personnel (hiring, training, management) and 1c support are seamlessly integrated into B1’s service package.
Planning and risk management
When terminating our engagement, you won’t have to deal with staff layoffs, and as your business grows, hiring new staff to scale your accounting function is no longer a concern.
Services for foreign companies
For foreign companies, outsourcing your accounting also ensures compliance with FAS 27/2021, which requires that databases be hosted in Russia.
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Software substitution
We offer substitutes for foreign ERP systems and IT solutions. Under our outsourcing agreement, our experts handle accounting and tax records using 1C.
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WHY B1
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QUICK PROJECT START: 1 week+
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SCALABLE TEAMS: Partnering with companies of all sizes through B1 teams (from 4 to 30+ members)
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SYSTEM EXPERTISE: Handling diverse ERP and accounting systems (1С, SAP, Oracle, Axapta, etc.)
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PROVEN EXPERIENCE: 30+ years of successful outsourcing
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COLLABORATIVE APPROACH: We work closely with you as one team
OUR SERVICES
- Maintaining accounting records of all business transactions
- Financial, tax and statistical reporting
- Assisting with revenue calculations and drafting primary documents
- Calculating personal taxable income for payroll purposes
- Preparing expense reports and drafting payment orders in the Bank-Client system
- Assistance during desk and field tax audits
- Supporting internal and external audits
- Developing/updating accounting policies in line with legislative changes
- Preparing corporate reports in the required format
- Methodological support on application of local accounting and tax legislation
- Supporting accounting processes and performing controlling procedures within client systems, aligned with corporate principles (including SOX controls)
- Providing full technical support throughout service delivery
- Payroll runs and statutory reports
EXAMPLES OF SUCCESSFUL PROJECTS
Full outsourcing for one of the top Chinese e-commerce firms globally
- One subsidiary in Russia engaged in more than 10 activities, with domestic revenue exceeding RUB 13 billion. The team, consisting of 100 employees, utilizes 1C software featuring the IFRS module. This integrated system manages accounting and tax processes, handling over 2 million transactions annually with automation above 50%. Furthermore, it seamlessly integrates transaction journals with Oracle
- Our services included outsourcing of accounting, reporting and tax compliance functions along with payroll processing
- Setting up accounting processes since the company’s inception
Tax returns and other reporting for a major technology player in China
- The subsidiary, operating as a distributor, manages its accounting internally through the 1C software and generates approximately RUB 20 billion in revenue
- Our services included preparing VAT and income tax returns, providing ongoing tax consultation, assisting with interactions with the tax authorities and compiling environmental charge reports
- We have been supporting the company since its inception in the Russian market, fostering effective collaboration across various departments and the head office
HR administration* for a leading Chinese IT giant with popular media services
- One subsidiary in Russia with a workforce of 400+ employees
- Establishing HR processes in Russia from the ground up, configuring an HR accounting system and assisting with policy development
- Outsourced HR administration (including military service records), providing updates on legislative changes as well as advice on labor and tax laws
* Plus accounting and tax compliance and reporting
A large accounting transformation project for a European multinational technology service and import company
- Two subsidiaries in Russia with more than 3,000 employees and multiple ERP systems including 2 SAP applications, 1C ERP and 1С
- Transformational outsourcing of accounting (including SAP), reporting and tax compliance functions, with support for the transformation of financial and tax processes; 35+ FTE
- The project started 1.5 months after it was officially announced by the company
Full outsourcing for a leading global technology company
- 4 Russian subsidiaries with a workforce of over 450 employees using SAP as their primary ERP system, supplemented by 1C as a backup system for specific accounting processes
- Outsourcing of accounting, tax compliance and controlling functions, working with 100+ diverse corporate systems; 12 FTE
- Experience with diverse accounting applications (SAP, 1C, >100 corporate systems)
- Phase 1 started 3 weeks after the project was confirmed
Payroll outsourcing for a leading beauty company
- Up to 1,500 employees, up to 90 locations
- Payroll services in respect of various employee categories (shift-based, hourly wages)
- Payroll compliance services
- Support with employment contract commencement/termination notices for foreign employees
- Importing data from another accounting application and starting up 1С from zero level
For details on our people advisory services, see here
Outsourcing of specific functions for a leading global auto manufacturer
- One subsidiary in Russia specializing in import, wholesale and retail with revenues of over USD 2 billion, SAP as the main ERP system and other tools, including 1С used in specific processes
- Outsourcing of Receivables, Payables, Bank and Master Data functions
- The project started 1.5 months after it was confirmed
Controlling functions* for a major pharmaceutical company
- Two subsidiaries in Russia (manufacturing and trading) with > 1,500 employees, revenues of RUB 55 billion, and SAP as the primary IT system
- Outsourcing of control procedures (R2R) in accordance with the corporate rules, working in SAP and other corporate tools, 4 FTE
- The project started 1 week after the first meeting with the client
* Plus accounting and tax compliance services along with deferred tax calculations for IFRS purposes
Tax return review with a subsequent transition to preparation services for a global food giant
- A Russian subsidiary with production facilities and locations across Russia and with revenue of about USD 1 billion and SAP as the primary system; 100+ unintegrated tax registers
- Routine review of income tax returns has evolved over the years into a larger outsourcing project involving the preparation of monthly income tax returns and income tax computations for IFRS reporting purposes. The transition from review to end-to-end preparation took less than a month to complete
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