Accounting services for a limited liability company (LTD)

What is included in accounting of a limited liability company? Contrary to what is believed, it includes not only managing accounting records or preparation of the financial statement. When managing the accounts for limited liability companies, MDDP Outsourcing also deals with legal and tax consultancy, HR & payroll services, or even issues sales invoices for the customers or manages bank accounts.

The long-term experience and a team of over 170 specialists allow us to reliably and efficiently manage the accounts of a limited liability company that frequently requires additional actions, such as management reporting or financial controlling. Thanks to know-how and experience, we are able to comprehensively address such needs.  

LTD companies – our accounting services offer

The management of the accounting of a limited liability company by MDDP Outsourcing covers the following:

• accounts management
• personnel and employee services
• legal and tax consultancy
• electronic documents workflow, online access to data (among others, employee e-files)
• handling bank accounts, including input of payments,
• issuing sales invoices
• management reporting

Accounting in a limited liability company is a set of actions that together comprise the efficient and successful functioning of the company on the market. At MDDP Outsourcing, we make effort so that the accounting of a company is clear and comprehensive for the partners and managerial bodies.

We support entrepreneurs in the most important decisions regarding the development of their business, by searching for optimum solutions and offering a wide package of additional services.

Accounting in a limited liability company

Among many forms of business activity, the most frequent one is limited liability company. One of the reasons is, primarily, the fact of having legal personality. Consequently, from the legal point of view, a limited liability company is independent from partners who established it: it can incur liabilities and be a party to various legal actions.

A limited liability company is represented by its management board that makes all decisions regarding its operations. The partners’ financial liability – as the name suggests – is limited to the contributions they made. When it comes to accounting, a limited liability company requires keeping complete accounting, which means that all costs and revenues of the company must be properly recorded.

According to the Accounting Act and the Commercial Companies Code, accounting of limited liability companies covers evidence of any cash and non-cash flows in the company, as well as preparation of the financial statement of its operations. Accounting of a limited liability company requires opening a company bank account and all financial operations on that account must be connected with a specific entry in the accounting records. The same rules apply to payments made in cash, which must be acknowledged in the cash report.

What does comprehensive accounting service stand for? At the end of each year, limited liability companies are obligated to file a financial statement that comprises of:

• a profit and loss account, which is a listing of all financial operations conducted by the company in a particular year;
• a balance sheet, which is a listing of all assets and liabilities representing the status of the Company’s possessions;
• additional information, meaning all the data regarding the company operations that were not included in the profit and loss account or the balance sheet.

If one asks for the advantages of a limited liability company, complete accounting is most certainly one of them. Thanks to the financial statement, partners are able to look at all financial operations of the company, as well as to accurately estimate the held assets and liabilities. The knowledge about revenue, costs, and profits of the company is necessary for efficient management and making rational financial decisions.

Accounting of a company – benefits of outsourcing

Accounting in a limited liability company does not have to involve as much effort and time as one would expect. Thanks to this solution, the company accounting is managed by experts, while partners and members of the management board do not need to participate in the process.

Another advantage of outsourcing of accounting for limited liability companies is the specialist knowledge and rich experience that a reliable accounting agency is in possession of. At MDDP Outsourcing, we take all the steps necessary to continuously increase the quality of services we provide, by training our employees on a regular basis and using the most advanced IT solutions. Thanks to the fact that we operate as a part of the MDDP Group, we can also offer our customers professional advisory services within the scope of restructuring, optimization, audit, taxes, and due diligence.

The safety of our customers is our priority – that is why we apply a set of security procedures, such as encryption programs or rules of limited access to documents. We use modern IT systems, i.e. electronic document workflow or electronic employee files that allow online accounting. Limited liability company is one of the most frequent legal forms that we provide services for, which guarantees perfect awareness of the applicable regulations and procedures.

When deciding on outsourcing of accounting, a limited liability company must remember that all irregularities in the accounting records are attributable to the management board. Thus, it is recommended to order accounting services of a proven and trustworthy agency that knows all the risks and takes the burden of the customer’s back. Choose a reliable business partner – trust the experts from the accounting office MDDP Outsourcing!