Accounting Supervision

Professional supervision over accounting for medium and large companies in Poland.
Outsourcing of a chief accountant that not only measures value but also delivers it.

Specialist services of accounting supervision provided by MDDP Outsourcing

Every medium-sized and larger company needs an experienced chief accountant but actual employment of such a person is often very expensive and entails many mandatory workforce obligations. That is the reason why more and more companies decide to outsource the duties of chief accountant as a solution that ensures professional accounting supervision without the need of creating an in-house position.

As part of its accounting supervision services, MDDP Outsourcing provides an experienced team of experts who guarantee compliance of bookkeeping with the current regulations, comprehensive finance management and maximum risk reduction.

When is it worthwhile to outsource the duties of chief accountant?

Many companies struggle with the problem of finding and employing a professional chief accountant or the need to find a temporary substitution for them. The lack of a competent person for that position may lead to delays in settlements and financial reporting, accounting errors and, consequently, pose the risk of problems during fiscal audits.

Thanks to chief accountant outsourcing, companies can utilize the knowledge and experience of specialists without the need for permanent employment. It is a flexible and cost-effective solution that – in the case of professional service providers such as MDDP Outsourcing – guarantees the highest-quality of accounting management.

Chief accountant outsourcing will prove advantageous when:

• the company does not want to involve in the process of employing a chief accountant but it needs a specialist for financial supervision;
• the chief accountant unexpectedly filed their resignation and the company requires work continuity and immediate support;
• chief accountant duties at the company require specialist knowledge but do not justify creating an actual FTE position;
• there is a need for substitution of the accounting personnel during, e.g., restructuring or implementation of new technological solutions and systems;
• the company wants to optimize financial processes and implement automation of accounting processes but it lacks the sufficient experience.

What is the scope of services as part of the accounting supervision offered by MDDP Outsourcing?

1. Bookkeeping

Chief accountant is responsible for the correct handling of the company’s ledgers, including records of revenue and costs, tax settlements (VAT, PIT, CIT), and supervision over liabilities and receivables. He or she makes sure that all accounting transactions are in line with the applicable regulations and accounting standards. As part of chief accountant outsourcing services, MDDP Outsourcing offers:

• verification of the correctness of accounting documents,
• monitoring of changes in regulations and adjusting the bookkeeping to currently applicable regulations,
• minimization of tax risk through ongoing monitoring of, among others, tax liabilities and cooperation with tax counsels.

2. Preparation of financial statements

Chief accountant draws up annual and periodic financial statements that are necessary, among others, to assess the company’s financial condition. They consist of a balance sheet, a profit and loss account and a cash flow statement. In this scope, we offer:

• preparation of financial statements in accordance with the Polish Accounting Act and IFRS/IAS – including electronic financial statements,
• financial statements for companies and capital groups,
• consolidation of financial statements.

3. Management of the accounting team and accounting supervision

Chief accountant serves as the leader of the accounting team, organizing its work, setting the priorities, and caring for the growth of the employees’ qualifications. He or she effectively delegates tasks, monitors their progress and supports the team in solving ongoing accounting problems. Chief accountant is also responsible for the accounting supervision, ensuring compliance of financial operations with regulations and internal procedures of the company. We offer:

• effective management of the team of accountants employed by our customer,
• workflow optimization of the in-house accounting department, adjusted to the specificity of the company,
• optimization and adjustment of accounting procedures to the best industry practices.

4. Strategic support for the management board

Chief accountant not only leads the accounting department but often also serves the role of the key advisor of the management board. He or she delivers financial analyses, reports and projections to support making business decisions. We offer:

• preparation of management reports and analyses for the managerial staff which are adjusted to the needs of the managerial team of a particular organization or group,
• help in making strategic financial decisions by delivering reliable financial data,
• planning and optimization of processes related to management of financial liquidity or cost control.

Chief accountant outsourcing in a nutshell – why is it worth it?

Cost reduction  – no need to employ a chief accountant for a full-time equivalent.

Financial safety – supervision over accounting handled by experienced specialists.

Flexibility – ability to adjust the scope of services to the changing needs of the company.

Access to experts – professional services without the need for recruitment and training.

Substitution in emergency situations – guaranteed continuity of accounting processes.

Looking for a solution that will be suitable for your company? Read about our case study devoted to the service of chief accountant outsourcing/accounting supervision:
👉 Chief accountant outsourcing in the IT sector
👉 Chief accountant outsourcing in the production sector

Ask for an offer for a chief accountant

Frequently asked questions concerning chief accountant outsourcing

What is chief accountant outsourcing and how does it work?

The service of accounting supervision involves entrusting a third-party company with the role that is usually served at the company by a full-time chief accountant. In practice, it means that an experienced expert supported by a team of specialists assumes the responsibility for the company’s finances – he or she ensures professional monitoring of accounting, makes sure that full accounting is handled according to regulations, carries out a regular verification of the correctness of documents and compliance with industry standards. This way, the company is provided with professional accounting services without the need to maintain a dedicated position within its own structure.

What are the advantages of chief accountant outsourcing compared to employing a full-time specialist?

This solution is often very cost-effective, falling within the category of variable costs. The company avoids costs of recruitment, training and facilities required for the position – it only pays for the actually received services, which means lower fixed financial burden. What is more, the company gains access to a team of professionals with a broad knowledge and experience, which translates to highest-quality accounting and minimal risk of errors. The company also ensures continuity of services (no downtime in case of leaves or personnel turnover) as well as the opportunity to take advantage of advanced technologies and improvements (such as automation of accounting processes) that would be very expensive, if implemented at the company’s own cost. As a result, the company is provided with high-quality accounting services, on a more flexible basis than standard employment.

How does a third-party chief accountant ensure accounting supervision and compliance?

An external expert performs an ongoing accounting supervision over all accounting and financial processes of the company, guaranteeing their correctness and compliance with the applicable regulations. As part of accounting supervision services, he or she carries out a regular verification of the correctness of documents and postings, monitors the bookkeeping and ensures the timely submission of tax returns and financial statements. What is more, such a specialist regularly monitors changes in regulations and updates the procedures in order to make sure that the accounting services are rendered according to the applicable law. This minimizes the company’s risk of errors and eventual fines while the company is certain that the accounting is handled in a reliable and lawful manner.

Does using services of an external chief accountant entail the need for full outsourcing of the company’s accounting?

No, it does not need to involve outsourcing of all accounting processes – everything depends on the company’s needs. One can decide only to choose services of accounting supervision, in the case of which an external specialist supervises and verifies the work of the in-house accounting department (providing expert monitoring and support) while the ongoing accounting is still handled by the employees of the company. Alternatively, many companies that offer accounting outsourcing services also allow full assumption of the duties – such complete outsourcing of accounting processes means that a third-party team carries out all the accounting tasks – from everyday posting of documents to preparation of financial statements. So, chief accountant outsourcing gives the freedom of choice: you can either entrust only the supervisory role or opt for comprehensive accounting services, depending on the individual needs of the company.

Does the outsourcing of a chief accountant guarantee high-quality accounting services and data confidentiality?

Yes, provided that you entrust it to professional service providers with extensive experience and numerous references from satisfied customers. Professional companies that provide outsourcing services of accounting pay much attention to quality and safety. They employ qualified and experienced specialists so that the rendered services are of the highest professional level. The best service providers usually ensure an individual approach towards every customer – the customer is assigned with a dedicated team that learns about the specific nature of the company’s business and cares for the customer’s ongoing needs. When it comes to data confidentiality, the customer signs confidentiality agreements with the service provider and advanced technologies (e.g. encrypted systems and backups) protect financial information against unauthorized access. The customer can then trust that their data are safe and the accounting services are realized in a reliable way and according to the highest safety standards.

How does everyday cooperation with a third-party chief accountant look like?

The cooperation with an external chief accountant should be smooth and adjusted to the customer’s needs. In the case of MDDP Outsourcing, we first analyze the customer’s needs in order to determine the scope of duties and the preferred method of communication. Everyday contact takes place remotely – usually by e-mail, phone, or through a dedicated platform – and the accounting documents are delivered in an agreed way (e.g. electronically). The dedicated team assigned to the customer regularly posts the received documents and reports on fulfilled tasks. The customer has a constant access to financial information (24/7) and receives ongoing reports (not only analyses for the managerial staff, but also reports regarding the cooperation as such) which are discussed during periodic meetings. In case of questions or the need for consultation, the team is at the customer’s disposal while international companies are also provided with services in English (i.e. an accounting team that works in English). This cooperation model is characterized by high flexibility of services and an individual approach towards the customer who has access to regular information about their accounting, despite of the fact that the service is provided remotely.

Is chief accountant outsourcing relevant for small and medium companies?

Yes, chief accountant outsourcing is often a good solution for small and medium companies. Thanks to the outsourcing of accounting services, even a small undertaking can take advantage of the knowledge and experience provided by a team of experienced specialists, without the costs that would result from employing a full-time chief accountant. With professional accounting services rendered by a third-party expert, a small business entity is ensured with the same level of reliability and compliance as the one at the disposal of large companies with own financial departments. Along with the growth of business, the scope of outsourcing can be easily adjusted (extended or reduced) – with such flexible services, the company avoids an expensive restructuring process of the accounting department. Consequently, owners of medium and small companies can focus on the growth of their business while being assured that accounting matters have been entrusted to professionals.

Can chief accountant outsourcing serve as a temporary solution (substitution) in case of the lack of own employee on this position?

Yes. This type of services works perfectly in case of temporary substitution of accounting personnel in a crisis situation when there is no such specialist available on-site. An external provider can quickly delegate an experienced specialist who will temporarily assume all the duties and ensure full continuity of accounting processes. As a result, the company does not suffer from a downtime or drop in quality from a financial point of view – hiring an external company of adequate reputation will guarantee that the bookkeeping, preparation of statements and settlements will be continued without interruptions. Importantly, when the substitution period gets longer or the company decides not to employ a new person, such service of accounting supervision can be extended and maintained on a long-term basis, entrusting such duties to third-party experts.

How much does chief accounting outsourcing cost and is it worth it?

Costs of chief accountant outsourcing depend on the scale and needs of the company and the scope of entrusted duties, but they usually are competitive compared to the costs of employing a full-time specialist. Providers usually offer an individual estimate after analyzing the customer’s needs – the company will pay for the actually required range of duties. If we sum up the costs of an experienced employee, costs of recruitment, training, employee benefits and maintenance of the position and systems, it turns out that employing a third-party company may be a cheaper solution. What is more, chief accountant outsourcing allows to avoid expensive errors and fines thanks to professional supervision as well as to save the time of the managerial staff (that can focus on doing business instead of dealing with accounting matters). As a result, such approach is more cost-effective for most companies – they get high-quality comprehensive accounting services and, at the same time, optimize costs and reduce the financial risk.

 Read more [PL]:

• https://www.mddp-outsourcing.pl/blog-outsourcing-glownego-ksiegowego-proces-krok-po-kroku/
• https://www.mddp-outsourcing.pl/glowny-ksiegowy-w-firmie-lepiej-zatrudniac-czy-outsourcowac/
• https://www.mddp-outsourcing.pl/korzysci-i-ryzyka-outsourcingu-glownego-ksiegowego/
• https://www.mddp-outsourcing.pl/glowny-ksiegowy-pracownik-wewnetrzny-czy-outsourcing-czesc-1/
• https://www.mddp-outsourcing.pl/umowa-outsourcingu-funkcji-glownego-ksiegowego-na-co-nalezy-zwrocic-uwage/
• https://www.mddp-outsourcing.pl/odejscie-glownej-ksiegowej-jak-wyjsc-z-problemu-z-sukcesem/
• https://www.mddp-outsourcing.pl/outsourcing-glownego-ksiegowego-biezaca-wspolpraca/