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Accounting in Serbia

Updated on Thursday 22nd September 2022

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accounting in serbia
 
Due to a high number of companies in Serbia, whether subsidiaries, branches or local firms, the accounting legislation oversees how these legally operate under established values. Any company needs accounting services in order to control the financial activities among many others. We mention that our specialists in company incorporation Serbia are at your disposal for information about how companies should align with the accounting methods.
 
 
 Quick Facts  
Who requires accounting services in Serbia  Domestic and international companies with activities established in Serbia

 Applicable accounting legislation in Serbia

- Serbian Law on Accounting,

- IFRS (International Financial Reporting Standards) 

Types of accounting services we offer 

- bookkeeping,

- payroll,

- support for company accounts,

- annual financial statements,

- representation for tax registration,

- tax minimization procedures 

Tax advice and compliance  

- filing and payment of taxes,

- advice on the provisions of double tax treaties,

- verification of tax legislation modifications 

We offer support for tax registration  

Registration for:

- VAT,

- social contributions,

- corporate tax and more 

Financial planning for company owners in Serbia 

Support for risk-free investments made by businessmen in Serbia 

Risk assessment and evaluation  

Our accountants in Serbia can make verifications of company documents and reveal possible risks.

Specific measures can be suggested. 

 Types of audit services

- internal and external audits,

- forensic audits,

- financial and operational audits 

 Tax minimization methods available

- donations,

- advance payment of credits,

- travel deductions,

- retirement plans

 Personalized financial consultancy services

 - financial forecasting for business owners in Serbia,

- wealth management,

- financial analysis and evaluation

Investment consultancy for high-net-worth individuals 

Assets management and implementation of new technologies for companies in Serbia

 Financial and analysis reports for companies

Complete reports that can highlight the business direction and detect vulnerable areas in the firm. 

Human resources services available  

- staff recruiting,

- preparation of work contracts,

- administration services related to employees of the company

Expertise provided by certified accountants (YES/NO) 

Yes 

Fiscal year in Serbia   The calendar year

 

Types of accounting services for companies in Serbia

 
Businesses in Serbia are advised to use accounting services, a matter where our Serbian consultants can help. Among these, the following are mandatory for a company in Serbia:
 
  • VAT registration and filings;
  • payroll;
  • bookkeeping in Serbia;
  • accounts record for businesses registered in Serbia;
  • tax minimization strategies, if necessary.
 
The Commercial Code and the Company Act are two of the most important sets of laws which control the activities of firms in Serbia. If you need accounting services for your business, we suggest you address our Serbian accountants.
 

Bookkeeping in Serbia

 
Once the company is active on the Serbian market, the bookkeeping in Serbia must be considered too. Our team can provide you with the following:
 
  • recording the incoming and outgoing invoices in the book;
  • preparing and drafting the documents for VAT return;
  • offering support and assistance with the tax authorities in Serbia;
  • providing help with related accounting requirements for the company.
 
We also mention that our team of accountants can offer Serbian payroll services linked to the wages calculation, social contributions, and taxes, or registration of employees in a Serbian firm. On request, your company can receive tax consulting and tax minimization solutions in order to reduce the tax liabilities as much as possible. Please consider that audits in Serbia can be performed by our team. We also have experience in bookkeeping in Serbia.
 

Serbian payroll

 
Payroll is another important part of accounting for firms in Serbia. A wide variety of tasks are implicated and are related to company salaries. Payroll tax calculation, the distribution of electronic payroll records, wage calculation are important payroll tasks that enter the attention of our accounting specialists in Serbia. A dedicated team of accountants can handle the payroll tasks for your company in Serbia, so extra details can be solicited from our specialists.
 
An accounting department can be created at any time in a company, yet it is recommended to have in plan externalized accounting services. This means that a whole team can handle all the accounting requirements and duties in the firm, including payroll, as integrated solutions for companies in Serbia. Feel free to discuss with us and find out more about Serbian payroll.
 

Understanding Serbian payroll taxes

 
Serbian payroll involves the payment of salaries in a company, after calculating the taxes paid by both the employer and the employee. Below we present some of the taxes imposed in this regard, mentioning that we can deal with Serbian payroll taxes:
 
  1. 14% is the tax for pension insurance paid by the employing company.
  2. 11.5% is the tax for pension insurance paid by the worker.
  3. The employer must also pay the 0.75% tax for unemployment.
  4. As for health insurance, both the employee and the employer pay 5.15%.
  5. A personal income tax of 10% is also added for revenues that do not exceed RSD 4,570,128 (around EUR 38,900).
 
Therefore, once these taxes have been calculated and paid, you can move on to the preparation and distribution of salaries in the company. We remind you that you can benefit from our support for Serbian payroll taxes.
 

Why you should outsource Serbian payroll

 
Serbian payroll involves a series of activities, and the outsourcing of this type of service can only be beneficial for a company. We review some legal aspects of payroll in Serbia and the services that a specialist can offer you:
 
  • Monthly payroll for staff in a company in Serbia.
  • Calculation of paid and sick leave, state holidays, maternity leave, annual leave, compensations, etc.
  • Income tax calculation.
  • Personnel administration including preparation of work contracts.
  • Registration and deregistration of employees with relevant authorities.
  • Preparation of work and residence permits for overseas workers in Serbia.
  • Registering the modifications involving staff in the company.
 
 
So, if you want to outsource payroll services in Serbia, we invite you to contact our accounting firm. We mention that the prices for this type of service are set according to the number of employees in the company, plus other criteria that we can explain to you.
 

What is an accounting report?

 
The accounting operations in a company are normally kept in a journal, with attention to the order in which they are recorded. This journal plus annexes (if any) will stand at the base of the financial reports necessary for yearly submission with the authorities in charge. The accounting report is comprised of information about the liquid assets, financial standing, income statements, and any change related to the capital of the company.
 

Where do I file the financial report for my company in Serbia?

 
Companies in Serbia need to submit the financial reports with the National Bank of Serbia at certain dates. For instance, medium and large companies with establishments in Serbia must file the reports by the end of April, and small firms by the end of February.
 

Bookkeeping documents – What you need to know

 
Traveling orders, outgoing invoices, entry notifications, supplier invoices, payroll, payment slips are a few of the documents in the firm which enter the attention of an accounting firm. No matter the type of business you want to establish in Serbia, whether it is a large company running under the rules of a subsidiary or branch or a small company, it is highly recommended to address your inquiries to an accounting firm in Serbia and ask for this kind of services.
 

What is the purpose of the accounting services in Serbia?

 
All the business activities entries, including payroll accounts, trade receivables, trial balance, journals, sales contracts, material expenditure and inventory process must be in the attention of companies through its accounting department or specialized firm in this area. The financial status in a company is extremely important, therefore, specialized support is needed, and you can get in touch with our local consultants.
 

Publication requirements in Serbia

 
Depending on the size of the company, the owners will have to observe the rules for audits and publication with the National Bank of Serbia. This institution will then publish the financial standing of each firm registered in Serbia, no matter if it is established with local or foreign capital. The Association of Accountants and Auditors in Serbia is the institution that supervises the activities of registered accountants in this country.
 

Is audit imposed in Serbia?

 
Yes, auditing is required for medium and large companies in Serbia and optional for small-sized businesses incorporated in this country. The Serbian fiscal administration is in charge of audits for these companies in Serbia, mentioning that the international standards need to be respected. Entrepreneurs from abroad looking for company formation in Serbia can get in touch with our team and solicit complete accounting services. If you do not want to set up an accounting department in your firm, we recommend you ask for our accounting firm in Serbia and tell us more about your future activities in this country.
 

The preparation of annual financial statements in Serbia

 
Companies with activities on the territory of Serbia must ensure the preparation and submission of the annual financial statements. These documents reveal the financial status of a company, as well as information about taxes paid or not. Our accountant in Serbia can take care of annual financial statements and their preparation, using financial reports such as balance sheets, calculation of tax balance, or income statements. To these is also added a statistical annex with financial information about cash flow, capital changes, footnotes, etc.
 
We remind you that there is an obligation to present these company documents to the relevant financial institutions in Serbia for checks and other activities.
 

Tax advising for firms in Serbia

 
There are a number of tax consulting services that you can benefit from if you own a company in Serbia. Among them, we mention VAT registration with the help of a representative, support for the requirements imposed by the tax administration in Serbia, tax payment deadlines, altering the local tax policies as well as business consulting for company owners.
 

Transaction advisory – Is this necessary for my firm in Serbia?

 
A complete analysis of the company assets, of the incomes and of the financial status is part of the transaction advisory. This is also known as a financial due diligence which helps the entrepreneur understand better the business direction, including risks and opportunities. A specialized accountant can make the needed evaluation and can provide a complete report in this matter. Here are a few aspects linked to a financial due diligence:
 
  1. A fiscal analysis can determine if there are any risks or liabilities in the firm.
  2. For potential deal breakers, solutions and strategies can be offered.
  3. The main cash-flor indicators can be adjusted if the financial status requires.
  4. In a corporate planning, the analysis of the business opportunities and risks is recommended.
 
We remind that hidden risks and a company evaluation can be identified by a solid financial due diligence for your business in Serbia. Let us tell you that our team of consultants in Serbia ais at your service if you would like to know more details in this matter.
 

Other accounting services for your firm in Serbia

 
Our experienced accountants in Serbia are at your disposal with assistance and information, if you would like to have a separate accounting for your firm through an externalized agency. We can handle the tax planning and consultancy in respect to the financial targets of your business which might involve the profit and loss calculation, plus complete control of your tax accounts.
 

Why choose our accounting services in Serbia?

 
Local and foreign investors wanting to explore the business opportunities in Serbia will have to respect all the conditions implicated, especially the ones related to the accounting matters. A company cannot function without an accounting department inside the firm or as an externalized service. This is where our accounting firm can intervene for your company’s needs because they can handle the entire financial records (bookkeeping, payroll, internal audits, financial statements and many more). A professional advice can be offered by a team of accountants in Serbia who have experience in this area and who can guide business owners towards a proper management from a financial point of view. Acting in the best interest of the clients is definitely our concern in any accounting matters that involve your company in Serbia.
 
Limited liability companies, partnerships, joint ventures and joint stock companies are the type of structures available for foreign investors looking for business in Serbia. We remind that our team of company incorporation agents in Serbia is at your service if you want to do business in this country and if you would like to receive accounting services tailored to the business needs. Wanting to develop your company in a solid and efficient manner? Feel free to address your inquiries to our team of consultants.
 

External accounting services for your company in Serbia

 
Bookkeeping in Serbia, Serbian payroll, annual financial statements, and tax compliance come under the attention of an accounting specialist. The outsourcing of these services is more than recommended for companies with activities in Serbia. Among the advantages, we mention those related to costs, efficiency, and professionalism, which you can rely on if you choose to outsource accounting services in Serbia.
 

FAQ about accounting in Serbia

 
1. Can I solicit bookkeeping services in Serbia?
Bookkeeping services are already part of the accounting services we can provide to companies in Serbia. These are important financial tasks in a firm.
 
2. Is forensic accounting available for my company in Serbia?
Yes, if interested in accounting and audit methods combined with investigative techniques, you can discuss it with our forensic accountants in Serbia.
 
3.Can I receive payroll services in Serbia? 
Yes, payroll services are part of our offer. Our accountants in Serbia can tell you more about the accounting services you can receive for your firm in Serbia.
 
4. Can I ask for tax registration support?
Yes, our specialists can help foreign entrepreneurs register their companies for taxation in Serbia. We work closely with the tax registration authorities, so feel free to discuss it with us.
 
5. Do I get support for annual financial statements in Serbia?
Yes, the annual financial statements can be properly handled by one of our accountants in Serbia. Foreign entrepreneurs in Serbia must align with the financial requirements imposed in this country.
 
6. Can I get tax planning and consultancy for my company in Serbia?
Yes, tax planning and consultancy are important in a firm, regardless of the activities. Our advisors can explain to you more.
 
7. What is a fiscal analysis?
A fiscal analysis is also referred to as a financial due diligence through which the financial status of a firm is verified. If potential financial risks are discovered, our accountants can offer recommendations and tailored solutions.
 
8. Why should I ask for externalized accounting services?
Instead of creating a whole accounting department in your company, you should consider the advantages provided by an externalized accounting firm in Serbia. Our experienced team of accountants in Serbia is at your service right from the start of your business.
 
9. What is the meaning of an accounting report?
An accounting report comprises all the accounting operations in a firm. Varied financial reports and journals show the financial standing of the firm, assets, income statements, and many more.
 
10. Why choose our accounting firm in Serbia?
Each company needs specific attention from an accounting point of view. Our specialists have experience in a wide range of accounting matters and can provide the exact type of services, tailored to the company's needs. Feel free to discuss with our accounting experts and look for the best solutions for your business in Serbia.
 

Making investments in Serbia

 
Serbia is an appealing country from an investor’s point of view. The business opportunities are interesting and sustained by a great climate for development for both local and international entrepreneurs. The legislation related to foreign investments is permissive and provides equal rights to businessmen, regardless of the country of residence, type of company, operations, etc. The tax regime is a great business advantage in Serbia, alongside the experienced workforce available for foreigners in this country. Here are some interesting facts and figures about the business and economic direction of Serbia:
 
  • About USD 44 billion represented the total FDI stock for Serbia in 2019.
  • Serbia ranks 44th out of 190 economies in the world according to the 2020 Doing Business report issued by the World Bank.
  • Around 70% of the FDIs in Serbia come from EU countries.
 
When considering making investments in Serbia and starting a business in this country, foreign entrepreneurs should also pay attention to the tax requirements. An accounting specialist in Serbia can provide the needed help, plus tailored services. You can talk to us about Serbian payroll taxes and more.
 
 
If you want to know more about the accounting services we can provide for your company in Serbia, whether local or established with foreign capital, we invite you to contact our team of company formation agents in Serbia.
 
 
 

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Call us now at (+44) 203-287 0408 to  set up an appointment with our company formation specialists. Alternatively you can incorporate your company without traveling to Serbia.

As our client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Serbia.

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Mihai Cuc, Partner of
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www.romanianlawoffice.com

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