Hermes Expert Conta – Full Financial-Accountancy Services

Under the umbrella of HERMES EXPERT CONTA a well integrated team of people specializing in various fields of the consulting industry is permanently ready to help you with everything a businessman may need:

·                Full financial accountancy services

·                Business consulting services

·                Salary-related issues

·                Obtaining non-refundable funds for your business development

·                Incorporation of companies or operation of changes in companies

·                Notarized translations

HERMES EXPERT CONTA is a company that provides for business accountancy and consulting services. You come up with the idea and we help and assist you step by step in developing and turning it into a sound business.

We offer tailored solutions for each of your businesses, guide you through selecting the best form of company that perfectly matches your type of activity and, with the help of our legal advisors, we can incorporate companies or operate changes in the existing ones.

While being constantly up to date with the changes in the regulations – we have subscriptions to specific magazines and counseling publications, legislative software programs, and access to various specific books and studies, training courses – our specialists will help you forget about the daily concern to be permanently informed about the accountancy and tax regulations. You will thus have time to focus on a single concern: how to enhance your business and increase in your company’s profits.

Our experts are there to advise you and solve all your problems with the Tax Administration, the Labor or the Bucharest Territorial Inspectorate of Labor (ITMB), the Trade Register or any other authorities, so as to allow you to concentrate on business only and forget about any other issues.

We can also assist you in obtaining non-refundable European funds through our associate company specializing in the field. For more information in this respect, please visit www.fondurieuro.com.

BUSINESS CONSULTING

Our company offers business consulting services for startups as well as for ongoing businesses that need enhancement and growth.

In terms of foreign and Romanian businessmen who are merely starting doing business and are not familiar with the taxation system of Romania:

·                We discuss with them about the business they intend to implement in Romania;

·                We explain to them the Romanian taxation system; and

·                We recommend the taxation system that best fits their business needs: the tax on profit system or the freelance system (PFA); with or without VAT etc.;

·                We present the list of compulsory documents and contracts that need to be prepared;

·                We identify and present the main rules governing the registration of documents and the degree of deductibility of expenses.

With us, experienced persons and entities will find the answers to their questions about their business’ development or growth or about the increase in profit of their current or future businesses.

HERMES EXPERT CONTA SRL is also capable of providing a less common accountancy type, that is, the accountancy services for freelancers (PFA – Persoane Fizice Autorizate).

For most taxpayers that are freelancers (PFA), the accounting records are kept in a single entry system, generally by the freelancer himself/herself.

Keeping “single entry” accounting books is simple when the activity is not complex, that is:

-                 When the freelancer’s income does not exceed a threshold of Euro 35,000 (a limit above which he/she becomes a payer of VAT);

-                 He/she has no employees; and

-                 The person who acts as a freelancer (PFA) has also concluded an individual employment agreement with an employer.

As soon as one of these conditions is not longer met, the accounting books shall continue to be kept in a “single entry” system but their keeping shall no longer be simple because:

-                 When exceeding the income threshold of Euro 35,000, in addition to the Payments and Collections Journal the taxpayer must prepare some other, specific VAT-related books – the Sales Journal and the Purchases Journal – that would record again all documents; the deductibility conditions are those provided for by the Fiscal Code;

-                 At the time he/she hires persons (only from an industry other than the one in which the freelancer operates) the taxpayer must prepare a payroll and the statement related to the payroll and register them in due time with the relevant authorities;

-                 If the person authorized to operate as a freelancer (PFA) DID NOT conclude an individual employment agreement with an employer, he/she must apply for registration as payer of the mandatory social insurance contributions according to the regulations applicable in this field.

Our company can offer a full range of accountancy services for freelancers (PFA) “in single entry” system, even when the keeping of accounting books becomes complex.

IX). IMPORTS/INTRA-COMMUNITY ACQUISITIONS

Should you wish to perform import operations or intra-community acquisitions you need to follows the steps below:

1.              You should register as a VAT payer (unless you are already registered) in order to be able to deduct the VAT paid in customs (in case of imports) or in order to be exempted from the payment of VAT (in case of intra-community acquisitions);

2.              You should register in the Register of Intra-Community Operators if you are about to perform intra-community operations;

3.              You must follow all the steps in order to obtain the EORI number.

Attention! Completion of all these steps will take 2 to 3 months. Therefore, you should bear this term in mind when you intend to perform an import operation/an intra-community acquisition.

X). For companies that PROVIDE SERVICES TO THE POPULATION:

1.              Purchase an electronic cash register (one for the main headquarter and one for each of the secondary offices) according to Government emergency Ordinance 28/1999;

2.              Post in a visible place a disclaimer about the clients’ obligation to request and keep the fiscal receipt until they leave the store (both at the main headquarters and at each of the secondary offices) – according to Government emergency Ordinance 28/1999;

3.              Starting with April 14^th, 2010, economic agents have the obligation to post the telephone number called “Consumer’s Hotline: 0800 080 999” – a telephone line to be used free of charge from the Romtelecom network, the address and the regular telephone/fax numbers and e-mail addresses of the county agencies for consumer’s protection and of the Agency for Consumers’ Protection of Bucharest Municipality, respectively, in the territorial jurisdiction of which the economic agents operates, as well as the website address of the National Authority for Consumers’ Protection www.anpc.gov.ro – according to Order 72/2010 concerning some measures for the information of consumers;

4.              Display the opening hours, including lunch breaks, if any;

5.              Display (a copy of) the registration certificate;

6.              Display (copies of ) the authorizations that are necessary for conducting the activity – specific authorizations, for each type of activity;

7.              Display the trade markup (applicable in case of companies that conduct trading activities).

XI). OTHER OBLIGATIONS:

·                personalizing and programming the fiscal electronic cash registers with codes for each product

·                obtaining the annual metrological permit for electronic scales

·                displaying prices and tariffs

·                registration of individual employment agreements one (1) day before the employee begins working

·                preparing the monthly time sheets

·                preparing the job description for the employees

·                drafting the internal regulation of the company

·                signing a contract with a labor protection and fire prevention inspector and a separate contract with an occupational medicine doctor

For a better organization of your activity our recommendation is for you to distinctly archive all your documents by categories, ascribing distinct numbers to each of them:

-                 the incoming correspondence (incoming registration number)

-                 the outgoing correspondence (outgoing correspondence numbers)

-                 the internal documents (internal registration numbers)

-                 the contracts (contracts needs careful filing and archiving in order to be easily accessed even more since invoices issued by legal entities to other legal entities are conditional upon the existence of written contracts).