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Reporting
Our office provides its clients with financial statement preparation and review services, as well as company audits.
The obligation of companies to appoint an auditor and prepare audited financial statements arises from the Companies Law. Companies with low turnover (less than NIS 615,408 in 2021) may exempt themselves from appointing an auditor. However, the Income Tax Ordinance requires companies to submit audited accounts to the tax office. For this purpose, all companies conducting financial and business activities in Israel are required to appoint an auditor.
The primary purpose of the audit is, of course, the preparation of financial statements that wholly and adequately reflect the results of economic activity and the financial condition of the company’s business for the period. In addition to its primary purpose, the audit identifies deficiencies in accounting, recommends measures to reduce tax debts and enables tax planning for subsequent periods of activity.
The final product of the office’s audit activity is a complete financial report with a signed opinion of an accountant-auditor. This report is submitted by the office to the tax inspectorate at the client’s place of registration, to the registrar of companies and other state authorities (as instructed by the client).
Our office ensures that the audit is carried out efficiently and in accordance with the schedule agreed with the client. It is important to note that the schedule is drawn up in such a way that the report is provided promptly to all stakeholders: tax authorities, investors and creditors.
The report is audited and edited using special software that enables accountants and owners of client companies to work in an understandable and acceptable mode. Upon completion of the audit, the working documentation of all audits performed, supporting documents, and audit evidence remain in the company’s possession.
At the client’s request, the financial statements are provided in Hebrew and English, as well as in accordance with Israeli accounting standards or one of the world’s leading standards, IFRS or GAAP, USA.
Accounting
Our office provides accounting services for the company’s financial and economic activities and the calculation of employee salaries, including the calculation of mandatory payments for transferring funds to various insurance funds, etc. Our office provides accounting services for the company’s financial and economic activities.
Accounting is performed using state-of-the-art software approved for use by the Israeli Tax Authority. The software is equipped with an interface for uploading digital documents. All exchanges of electronic documents and other information are secure.
The transfer of accounting materials is done online. This method completely eliminates the need for physical delivery of documents to our office, and everything used for accounting purposes remains available for review and analysis.
In the process of accounting, regular adjustments are made to the current state based on primary documents received from the client (changes in the status of the bank account, credit cards, and documents from suppliers and consumers of the company).
Making adjustments allows for timely deduction of all expenses and correct reporting to the tax authority. Another advantage of such adjustments is the guarantee that the accounting data reflects the business’s actual results and financial condition.
Practice shows that competent accounting, which allows you to analyze the results of the financial and economic activities of the company – is an essential tool for the effective financial management of the business. And we guarantee our clients that this essential tool will be filled with accurate, timely, complete and high-quality information.
Budget Preparation and Control
One of the services we provide is the financial management of the client’s company in terms of budget planning for its current and future activities.
First, budget planning and its formation are carried out to achieve the company’s business goals. Such planning ensures the most efficient use of financial resources and reduces to zero (or to a minimum) unplanned expenses.
Our employees provide qualified assistance in budgeting and exercise ongoing control over its implementation.
Formalized and approved in the form of an appropriate document, private investors and investment funds often request a company’s budget. Often the budget is requested by various government agencies, such as the Innovation Directorate of the Ministry of Economy, etc. In large and established companies, private investors and investment funds often request the company budget.
In large and established companies, budgeting can take up to two months. This process involves many specialists – economists, accountants, and executive staff. The budget is signed by the company’s management and approved by the Board of Directors, becoming the financial law of the company.
We know how to adapt the formation and approval of the budget to the client’s realities. Adaptation allows us to complete this complex process in a shorter time and with the resources available to the company.
Throughout the year, we support the execution of the approved budget. We compare the actual financial results of the company’s work with the approved plan in real-time.
In case of detection of deviations from the approved values or non-fulfilment of planned indicators, all information is immediately provided to the owner of the company.
The results of budgetary control, obtained in the company’s accounting process, are provided as a summary document of financial and economic activity.
Our experience shows that working by the approved budget is the key to improving the company’s financial performance.
Cash Flow Management
The accounting process carried out in strict compliance with regulations, provides complete and accurate documentation of all areas of your company’s financial activities and also allows you to prepare financial reports to the tax authorities on time and in full and provide them to any audit company at the discretion of the manager.
Management reporting provides managers with information to analyze the company’s financial activities. It helps to make management decisions and maximize benefits by optimizing costs. As a result, the company owner understands how efficiently his business is operating.
Large companies can afford to maintain full-fledged financial and economic departments, in which large-scale preparation of management reports for the management. These functions are entrusted to a whole staff of qualified economists, accountants and analysts.
But, this task seems impossible for a small business, especially when the scale of the company’s activities still needs to be more significant.
Our services will free small and medium-sized businesses from the need to hire a full-time financier. We will prepare informative, concise, timely and detailed reports.
Our experts will thoroughly analyze and report on your financial performance. You will get a clear picture of the state of your entire business, including analyses of financial results, cash flow, debt and equity.
Upon your request, the report will be prepared in one of three languages – Russian, English or Hebrew.
Due Diligence
Due Diligence is an expert examination of a company’s financial condition. It is a procedure of objective and scrupulous analysis of all aspects of a company’s financial activity, resulting in an independent opinion. Usually, such Due Diligence is one of the parts of a comprehensive audit of a company and is performed before a possible merger, acquisition or attraction of significant investments.
Our Office provides companies with such due diligence services, including assistance in preparing the necessary documentation.
We have noteworthy experience in due Diligence, acting both as a financial auditor on behalf of investors and as an accompanying company preparing the necessary package of documents.
In the process of analyzing the financial condition of a company, investors require its accounting statements. In addition, they are interested in reliable information about compliance with obligations to various counterparties, the presence (or absence) of tax risks, the clarity of regulatory procedures in the process of hiring and firing employees, the correctness of payroll and all mandatory deductions, the reputation in relations with banks.
Suppose the company acts as an entity that expects to receive investment. In that case, it must provide the investor with the most objective and accurate high-level presentations and professionally and clearly answer all its questions. Only this thorough approach allows the expectation that the deal will go through and the investment will add to the account or assets.
Suppose the company is acting as a reviewing party. In that case, it is imperative to conduct Due Diligence on the recipient company for the company to understand the effectiveness of the investment. Due Diligence aims to determine an objective picture of the company’s current financial condition, identify possible accounting discrepancies, and identify financial, operational, tax or regulatory risks.
No matter what role your company plays, conducting a DD process in the shortest possible time is crucial. We can fulfil this requirement.
The experience accumulated by our Office suggests that a professionally performed DD process significantly facilitates and accelerates critical decisions in transactions related to investments, acquisitions and mergers, improves the company’s business reputation and increases the personal image-capitalization of its executives.
Relationship with Banks
A bank account is one of the most essential instruments in the entrepreneurial activities of any business. Any movement of funds in Israel is carried out only through bank accounts. Organizations and private entrepreneurs use bank accounts to receive payments for services rendered under client contracts, settle their financial obligations, use them to make tax payments, receive loans and conduct investment activities.
Our Office fully supports our clients in all possible areas of their interaction with the Bank. We help choose a Bank for opening a current account, pass the ” Compliance ” procedure (verification of the primary documents provided), collect and prepare all the necessary documents for obtaining a loan for business development, and much more.
Support allows the head of the company to free up a significant part of his time, avoiding losses on bureaucratic routine. That, in turn, helps to speed up strategic decision-making on the conduct and development of the business, including financial management.
A streamlined and efficient bank account is vital to properly managing a company’s finances. In large companies, financiers, treasurers, and accountants constantly work with the banks where the company’s accounts are held. That allows the company’s management to concentrate on management and not waste time on bank bureaucracy.
It is only sometimes possible for small and even medium-sized companies to afford to employ professional financiers. Our Office gives them the undeniable advantage of outsourcing, taking over all day-to-day communication with banks (preparing documentation, performing settlement operations, and obtaining various certificates).
Contact Us
Our address:
- +972-53-5606631
- office@tzer.co.il
-
David Ben Gurion Rd 2,
Ramat Gan, 52573
Israel
Roman Tzerelstein is a CPA (Certified Public Accountant), and licensed auditor in Israel (Roe Heshbon).
Registering and starting a business, taxation, Esek Murshe, Hevra Baam, Amuta and Halatz registration. Annual report, capital declaration.
Tax refunds, counseling, pension taxation. Professional accounting services for businesses at any level.
Ramat Gan, 52573
Israel
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