Bookkeeping is one of the main services that we offer at Marcovich Cohen. The Bookkeeping Department has six dedicated employees who are responsible for collecting and sorting through all the information required for the monthly bookkeeping. Using this data, we produce VAT, income tax and National Insurance reports.
Income and expenses
The Bookkeeping Department produces a report that states each business’s tax liability. Our goal is to help business owners and companies reduce their tax expense, work efficiently and report expenses that are recognized for tax purposes. Under the law, some expenses are recognized for tax purposes, some are partially recognized and some are not recognized at all. We will help you decide which expenses to report as recognized and which ones should not be reported as such. This is extremely important as businesses that have filed inaccurate returns in the past have been fined and have incurred heavy costs.
Monthly trial balance
Our Bookkeeping Department summarizes the business’s operations on a monthly basis such that once a month a trial balance can be produced in order to examine the state of the business’s income and expenses, in addition to taxation. Careful documentation of expenses enables us to have access to the business’s general ledger so that we can prepare reports that provide information on the business’s financial management. Clients often request access to the data so that they can analyze their financial processes, and improve and streamline them.
Keeping to the tax authorities’ deadlines
Every business is required to report to the Income Tax Authority and National Insurance Institute on the 15th of the month, on a monthly or bi-monthly basis, with the exception of VAT-exempt businesses (“osek patur”). Sometimes, the tax authorities change the reporting date because of the holidays or other events, but we are meticulous about filing the reports on time. We deal with thousands of client files every month (companies and self-employed clients) using a rigorous bookkeeping system that we have built especially for this purpose.