Premium offshore accounting and auditing services in Romania
Let us handle your accounting and auditing in Romania while you focus on the most crucial aspects of your business.
Why FormationWise?
Start-ups and entrepreneurs are often preoccupied with selling their products or providing quality services to their clients, leaving them with almost no time to manage their accounting and financial issues. If you are an entrepreneur, start-up or mid-sized company looking for the best offshore accounting and auditing services in Romania, you have come to the right place!
Who are we?
FormationWise provides world-class offshore accounting and taxation services, bookkeeping services, and auditing and assurance services across Romania. In addition to our qualified offshore accountants, we have the abilities, expertise and skills to handle all of your internal audit and statutory audit needs.
Why you need accounting services?
According to Romanian Accounting Law, all companies must keep accounting records that offer an accurate and detailed picture of their company’s financial situation, and the accounts must be handled in the Romanian language and the official currency, RON.
Our experience
Having years of experience in handling highly complex accounting and auditing tasks for many Romanian firms, as well as the competence of our offshore accountants, enables us to solve any financial issues you may face while conducting your business in Romania.
The process
As offshore accounting is a lengthy process and it is costly to have a full-time accountant for your company in Romania, we can provide you with a complete set of accounting and auditing services for your Romanian business.
Our team
Our offshore accountants are always ready to manage your foreign company’s auditing and assurance services in Romania. Romania offers a highly appealing tax environment, but the statutory presentations are fairly tight and technical, therefore it is best to let the specialists at FormationWise handle these requirements for you.
What we do?
We keep an eye on any changes that take place in the laws and regulations so you don’t lose time and energy attempting to understand Romania’s challenging accounting environment.
How to place your order
- 1
Choose your preferred accounting and auditing package
Select the accounting and auditing package that best matches the requirements of your Romanian firm by filling out our form, by call or by placing an order on our website
- 2
Make your payment
After you've decided on the best package, make the payment for your desired services and forward us the financial records of your Romanian company
- 3
Submit your documents
Send us your Romanian company's relevant financial documentation through email with the documents attached or by phone
- 4
Start the process
Our team will start working on the accounting or auditing service that you have requested for your Romanian business, once we receive payment and the necessary documentation
- 5
Get it done
Whether it's a single task or an ongoing financial assignment, our Romanian accounting associates will get the job done in no time
Our offshore accounting and auditing services in Romania
Maintenance of accounting records, financial reporting and consolidation
In order to thrive in the competitive market of Romania, both local and international companies must conform to stringent Romanian accounting rules and regulations. The accounting of a company in Romania generally involves the compilation, monitoring, filing and consolidation of financial data that must be presented to the appropriate financial authorities on an ongoing basis. That is why you should engage offshore accounting and auditing experts for your Romanian company. In Romania, every company is required to consolidate its financial records at the end of each accounting period. FormationWise can handle all of your accounting obligations In Romania.
Arranging audits & performing internal audits
Financial audits and internal audit operations are critical for different types of companies incorporated in Romania. Our accounting law specialists can provide quality audit and internal audit services before relevant authorities within the context of the audit process carried out in compliance with Romanian legislation. We can design an audit plan for your specific requirements by using our knowledge, unique audit techniques and resources. We can also conduct internal audits to assist your company in meeting its accounting objectives and ensuring that its policies and processes are in accordance with international auditing standards.
Bookkeeping
Bookkeeping mistakes can pose a serious risk for your Romanian company. Therefore, it is necessary to avoid these costly blunders by engaging specialists who are familiar with Romanian accounting regulations to assist your firm in growing and expanding effectively in Romania. We have qualified bookkeepers in Romania that are trained and experienced in collecting invoices, preparing and handling bank transactions and payments for all sorts of companies. Our highly competent and experienced offshore accountants will manage your daily books, freeing up your time to focus on your main business. We provide premium bookkeeping solutions for your company in Romania at an affordable price.
Multi-currency operation
International businesses and traders operating in Romania must have access to a reliable multi-currency processing system that allows seamless payments from clients in their home currencies. At FormationWise, we have the skills and expertise to manage payments in different currencies for all your international business transactions in Romania. Simply send us the payment information for your customers to our Romanian multi-currency account professionals, and let them take care of the currency conversions. We will make sure you get the best conversion rate and that your transaction funds are paid to your selected overseas account as soon as possible.
Personal accountant
As your personal accountant, we will collaborate with you to develop a foolproof offshore accounting strategy that will put you in charge of your Romanian company and finances. FormationWise has a team of specialized offshore accountants who can assist individuals with the finest personal accounting services in Romania. Having a competent accountant on your side is the key to a successful and stress-free approach to a number of personal accounting issues in Romania. Our skilled Romanian accountants will thoroughly analyze your existing financial structure in order to provide you with timely and personalized advice on how to optimize your company or personal finances.
Tax planning, filing and returns
Coping with the constantly changing needs of Romanian tax authorities can be a challenging and stressful task for offshore companies and foreign individuals, that have just established their presence in Romania. FormationWise will inform you about significant changes in tax regulations before they occur and ensure that you are aware of and fulfill all tax filing deadlines in Romania. We will also assist you in developing a strategy to reduce your tax burden and enhance your earnings in Romania. Our specialist taxation team in Romania will precisely arrange your taxes, file them and submit them on time.
VAT registration
Any company that intends to engage in a VAT-related economic activity must register with the appropriate tax authorities, according to Romanian legislation. This only applies to businesses with a yearly sale of more than 220,000 RON. You must apply for a VAT registration within ten days after the conclusion of the month in which your company becomes subject to VAT. Foreign companies can apply for VAT registration without establishing a local company, as a non-resident. There is no VAT restriction in Romania for VAT registration of foreign individuals. FormationWise can serve as your VAT agent and promptly register you for VAT. Additionally, we'll submit your monthly VAT returns. Send us your company's VAT information and we'll take care of the rest.
Financial planning
The most critical thing your company needs to function effectively in Romania is a financial strategy. It acts as a reminder of your objectives and what you want to attain in the coming future. If you need a skilled offshore accountant to assist with financial planning for your Romanian company, we are glad to help. Our experienced offshore accountants help create a sound financial strategy for your Romanian business that will highlight your strengths. It sets out your potential expenses and attempts to address possibilities for managing these expenditures. A financial plan is also necessary, if you are looking for a loan, want to make an investment or conduct any financial activity for your small company in Romania.
Payroll services
Payroll administration for your Romanian company is a time-consuming and daunting process that is best left to specialists. There are Romanian laws that must be followed regarding offshore payroll and the work performed by foreign personnel. FormationWise offers an integrated compliant payroll service to small and mid-sized companies in Romania. We can handle monthly payroll, submit tax reporting to Romanian authorities and serve as an agent for your company as required. Our premium payroll solution relieves businesses of a significant burden, allowing them to concentrate on establishing and expanding their company in Romania.
Annual financial statements
Most Romanian enterprises are required by law to file yearly financial statements. The regulation requires different sorts of statistics to be disclosed depending on the size and nature of your firm. A financial statement depicts your company's financial situation, profits and performance. Our Romanian offshore accountants will examine how your company spent its finances over the course of a calendar year by creating your annual financial statement. We will submit your company's yearly financial statement in Romania on your behalf, providing you with a comprehensive picture of its financial condition including investments, debts, and profits.
Debt monitoring and analysis
Outstanding payments from your clients can easily become unrecoverable at any point. Our Romanian team's financial specialists understand how to identify a bad debt at the right time, allowing your company to thrive in Romania's competitive market. If you feel your Romanian company may benefit from debt management support, get in touch with FormationWise today. Our skilled debt analysts are here to help you in expanding your company in the Romanian market by listening to your objectives and working with you to design a debt monitoring and analysis strategy that is suited to your specific requirements.
Why choose FormationWise for accounting and auditing services in Romania?
Through a network of qualified local partners in Romania, FormationWise is able to provide clients with high-quality accounting, bookkeeping and tax auditing services. If you need assistance with your books or audits in Romania, consider working with FormationWise for the following reasons:
Complete range of solutions
We provide a broad variety of financial services including accounting for eCommerce, auditing for regulatory compliance, payroll accounting, and more, all with the purpose of making your company in Romania as financially effective as possible.
Fully confidential
When you work with FormationWise to manage your Romanian company accounts, you won’t have to worry about your personal information and financial records being leaked into the market.
Speedy and trustful
To enhance your company’s financial performance in Romania, we will efficiently maintain your financial records on time and in the best way possible.
Highly experienced
From start-ups to established businesses, we have the expertise to offer accurate and proficient accounting and auditing services to Romanian companies of all types.
Free initial consultation
Your first consultation with FormationWise will be totally free in which we will guide you to choose the right accounting and auditing services that perfectly fit your business in Romania.
Reasonably priced
Our team of financial professionals provides top-quality accounting and auditing services in Romania at the most affordable price in the market.
Fair and honest pricing
FormationWise is committed to delivering the highest levels of honesty and trust. Working with us for any accounting and auditing activity in Romania will never end in any unexpected fees or costs.
Benefits of outsourcing your accounting services in Romania to FormationWise
Start-ups may not always need a large workforce to function. Due to the limited amount of funds, the target is not to expand immediately but to grow profits. When it comes to handling your company’s financial aspects effectively, you should outsource your accounting to reap a number of benefits. Outsourcing your accountancy and financial services to accounting experts with a wide range of skills gives you access to their insights and talent. Here are some of the benefits of outsourcing your accounting tasks in Romania to FormationWise:
Cost & time saving
When you outsource your accounting operations, you save money on hiring an internal accountant, as well as on the monthly pay and yearly leave required for permanent personnel. You will also save time on employee training, recruitment and other tasks.
High-quality work
When you engage FormationWise to manage all your accounting requirements in Romania, you can anticipate the most precise and best accounting services. Our years of expertise and skilled staff of offshore accountants in Romania can help you resolve your financial issues in no time.
Timely preparation of reports
You can rest assured that your financial data and tax returns will be filed on time with the help of our offshore accountants in Romania. This helps ease the pressure of deadlines and enables you to focus on other important elements of your business.
Always updated with the latest laws
Our team is always on the hunt for any new accounting rules that may apply to your Romanian company, ensuring that your accounting is always compliant with the accounting legislation.
Auditing services in Romania
Auditing services may be seen as an optional activity by some small businesses, however, they are an extremely important yet complex task that should only be done by professionals. FormationWise provides high-quality auditing services that adhere to Romanian auditing norms as well as International Standards on Auditing (ISA).
The core purpose of a financial audit that we undertake is to detect and prevent financial risks that can harm your company in the future. Our skilled auditors also validate whether all of your financial activities are lawful according to Romanian legislation.
We will construct a strong audit strategy after studying your company’s present financial condition, which will help you to recognize the challenges you may face in establishing your firm in Romania’s complicated economic climate. We concentrate on each client’s critical challenges, tailor our audit techniques to their operations, and identify risk areas in their business.
FormationWise can offer legal audits, tax audits, compliance audits and internal audit services to entrepreneurs and small to mid-sized businesses In Romania.
We use our technical and managerial skills in a wide range of industries to improve the management of your accounts so that they fully comply with Romanian tax legislation. Our skilled auditors at FormationWise are always ready to provide the finest audit advice and services for your Romanian business.
Documents required for outsourcing your accounting and auditing services to FormationWise?
Due to the complicated and constantly changing Romanian rules and regulations, a lot of experience and several documents are required to manage your Romanian company’s accounting and auditing process. Here are some of the documents you’ll need to handle your accounts, submit your taxes, file them or conduct an internal audit for your company in Romania:
- Company bank statements for the accounting reference period
- Sales orders/invoices
- List of customer’s deposits and pre-payments outstanding
- Purchase invoices from suppliers, both paid and unpaid
- Cash expense receipts
- List and evidence of all the transactions
- The general ledger
- Inventory listing
- Trial balance of the company
- Copies of all legal documents of the company (License, memorandum and articles of association, tax registration certificate, etc)
- Documents pertaining to purchase, major repair and sales of fixed assets
- Detailed payroll information
- Any other related documents i.e. Bank loans, lease agreements, insurance, etc
Mandatory reports required in Romania on an ongoing basis
According to EU Directive 2013/34, the new Romanian Accountancy Act requires some companies to provide new mandatory reports on an ongoing basis. Here are some of the necessary reports required:
Financial reporting (EU directive 2013/34)
These reports are necessary for big businesses and all public interest groups participating in the extractive industry or primary forest logging, and they must be declared along with annual financial accounts. If the company is expected to disclose consolidated financial information, a detailed report on government payments is then prepared. The entire value of payments paid to each government by type will be included in the report.
Non-financial reporting (EU non-financial reporting directive)
Large corporations that are public interest companies and employ more than 500 people on average per year, should comprise a non-financial statement regarding their company activities in their yearly report. The non-financial statement explains the policies of the entities in relation to their activities. The Commercial Register must receive these updated reports and the yearly financial accounts by June 30th of the following year.
SAF-T declaration in Romania & D406 standard tax control file
Romania encourages companies to electronically submit their accounting and tax statistics using the SAF-T system beginning in 2022. After studying the various models used in other countries, the ANAF has opted to join other nations and apply the OECD standard for electronic tax information transmission.
The SAF-T PDF file, also known as the D406 Standard Tax Control File, is the required format for sending data to comply with ANAF requirements. The SAF-T is a regulated file that streamlines fiscal oversight by tax authorities, simplifies tax compliance for taxpayers and ensures data security.
Declaration of corporate governance
Issuers of listed securities, lending institutions, reinsurance and insurance undertakings are required under the Public Offering of Securities Act to provide a summary of corporate governance activities in their annual report. The corporate governance statement may be prepared as a separate report that is published with the activity report or as a document that is publicly accessible on the authority’s website.
Important accounting deadlines in Romania
Tax Year
The financial year starts on January 1 and concludes on December 31; however, taxpayers can select a fiscal year that corresponds to a financial accounting year.
The tax year in Romania is usually identical to the calendar year. Corporate income tax is payable on the 25th of the 3rd month after the conclusion of the fiscal year (for companies that follow a calendar year, this would be the 25th of March).
VAT
Companies having a VAT number in Romania must file regular reports describing all taxable sales and costs. Non-resident businesses in Romania typically file VAT returns monthly or quarterly by the 25th of the month preceding the accounting month-end or quarter-end. Please keep in mind that VAT reports are only due quarterly if the yearly sale is less than EUR 100,000 and no EU acquisitions were made during the year.
Tax reporting deadlines
The following are the submission deadlines for the tax reports in Romania:
- By the 25th day of the preceding month/quarter
- By the 15th day of the following month
- By the 25th of the following month/quarter
- By the 25th day of the following month/quarter
Annual account submission
The General Directorate of Public Finance and Financial Control must receive one copy of each Romanian company’s annual accounts by April 15 of the previous year.
FAQ
Romania, as a member of the European Union (EU), has to comply with the accounting, auditing and financial reporting standards outlined in EU Laws and Guidelines, as incorporated into national laws and regulations. The Romanian Accountancy Law 82/1991 (updated) serves as the general accounting outline that governs all entities in Romania. All Romanian firms whose securities trade on a standardized market are obligated to apply for IFRS standards set by the EU in their financial accounts. Audits must be done in harmony with the Romanian Chamber of Financial Auditors’ Standards of Auditing, which are identical to international auditing standards.
Whether you are a new start-up or an established international business, Romania’s ever-changing business and tax rules need precise compliance with accounting legislation in order to effectively run your business in Romania. A solid and effective compliance strategy can bring significant value to your business by strengthening its reputation and considerably lowering the chance of regulatory noncompliance or worse, serious criminal proceedings. Hiring a skilled team of offshore accountants from FormationWise will guarantee that you and your company are completely compliant with Romanian accounting rules and regulations.
Yes! As a new firm, you will have a hard time finding qualified candidates to fill your employment openings in Romania. To strengthen and multiply your business, you must have access to a qualified team of employees with local expertise and knowledge of how to efficiently carry out business in Romania’s competitive market. Outsourcing your human resource services to FormationWise will help you get top talent in your market with the assistance of an established business that knows the Romanian workforce. Our local HR partners in Romania can also recruit personnel on your behalf and add them to your locally compliant payroll.
According to Romanian law, every company that wishes to participate in VAT-related commercial activity must register with the competent tax authorities. This applies exclusively to companies with an annual revenue of more than 220,000 RON. VAT registration is required within ten days after the conclusion of the month in which your business becomes registered for VAT. FormationWise can act as your VAT agent and register you for VAT in Romania in no time. In addition, we will file your monthly VAT returns. Send us your company’s VAT details, and we’ll handle the rest.
Yes! Romania has signed a number of double tax treaties to prevent double taxation on earnings in both Romania and in every country that has enrolled into a joint agreement with Romania. The objective is to prevent the payment of double taxes on the same income, once in the country of residence and once in the country of origin. Romania continues to sign and establish additional key double taxation accords with nations with whom it has already conducted or wants to conduct business in the future.
Other than the typical taxation regime of a Romanian company, a different tax rate, ranging from 1 to 3 percent, is applied to businesses that meet the requirements of the Romanian Law for microenterprises. You must ensure that your offshore business complies with all of the following requirements in order for it to be considered a microenterprise for the purposes of taxes:
- On the 31st of December of the previous fiscal year, the company’s income (without VAT) should be below 1 million Euro
- The company’s social capital is privately held
- No dissolution procedure has been registered with the Trade Registry or with the Court regarding the company
Any certified public accountant who is also a representative of the Romanian Chamber of Financial Auditors can lawfully perform audits in Romania. Our accounting professionals have the expertise to carry out effective audits and work in accordance with all applicable Romanian regulations. We will conduct an effective audit of all of your financial data after conducting a comprehensive assessment of your financial statements in compliance with the International Accounting Standards. At FormationWise, our experienced line-up of auditors is able to provide the comprehensive help and direction you want in order to have an audit conducted on your Romanian firm.
Most Romanian firms are subject to different types of audits in order to offer a detailed picture of their financial status and evaluate risk management in their company, according to Romanian rules. Companies that are obliged to undergo an annual audit of their financial statements include:
- Come under the supervision of the National Securities Commission
- Companies that, although are not obliged to have an annual audit but are interested in an audit report to obtain financing
- Companies where investors want a specialty certification on the annual financial results
- Companies in which investors want to trade shares or stocks
You certainly can! FormationWise provides a robust payment processing system that can handle multi-currency payments in a range of currencies, enabling you to include additional currencies like GBP, USD or Euros into your business operations. All you have to do is send us the payment information for your foreign customers and we will convert the currencies and guarantee that the proper amount is delivered to the appropriate overseas account. We will also handle your customers’ incoming foreign currency payments, with or without currency conversion.
Here are some of the services that we offer our international clients to run or incorporate their offshore business across the globe: