Any company that has an annual turnover of over fifty thousand lev is subject to VAT registration though individuals and legal entities could decide to go through such registration before reaching above mentioned threshold. Therefore such entity has to go through monthly accounting for Value Added Tax and professional counting houses perform this operation on VAT accounts for both revenue and expense.
Registration of a company is a complex process which needs experienced expert support to be sure that any unexpected circumstance is avoided. Accountants are well trained for such procedure from A to Z – doing the paperwork, gathering missing information if there is any and submitting documents to the Trade register. Spend some time and nerve – trust someone who knows what to do. There are specifics that you don't have to be aware of, if there is professional on hand to care about details like filling in address, type or types of activity, initial capital, partners, etc.
A milestone of any business is accounting close – monthly and yearly. This is the processing of transactions and financial statements at the end of each month, respectively year. Important part of monthly close is the balance on revenue and expense accounts, payrolls and accounting on VAT. Yearly close is directly linked to the monthly close and is the basis of Annual financial report.
There is wide spectrum of accounting services in Bulgaria and companies have to trust experienced experts for this activities to be done properly.