Restoration of accounting records

Every commercial and non-commercial organization is required to maintain accounting records in accordance with current legislation. Business transaction documents must be properly recorded and stored for 5-10 years, while tax reports must be submitted within the prescribed deadlines. Errors, omissions, and gaps in financial documentation can result in disciplinary, financial, administrative, or even criminal liability for company executives. If your company’s accounting is in disarray, contact Financial Outsource. Our specialists will handle the restoration of your company’s accounting records. You can find pricing details on our website.

What is it?

Restoration of accounting records involves reviewing and maintaining a company’s financial documentation in accordance with legal regulations and standards. This process helps identify and correct errors in accounting and tax records, recover lost documents, and compile complete, up-to-date, and accurate financial information about the company’s economic activities. It is a legal way to prepare for audits and avoid legal issues.

Who needs it?

There are many situations that require the restoration of accounting records:

• Business transactions were conducted for an extended period without proper documentation;
• The accounting database was partially or completely lost;
• The company switched to a different tax regime;
• An audit revealed serious violations, gaps, or inaccurate information in financial documentation and reports.

Bringing financial records into order provides a clear and objective understanding of the company’s current financial situation. This is essential for making effective management decisions and maintaining smooth interactions with business partners. Ignoring these issues can lead to financial losses and reputational damage, particularly in the case of regulatory scrutiny and legal claims.

Stages of accounting records restoration

The process of restoring accounting records with Financial Outsource includes the following steps:

• Analysis of financial documentation from the past three years. A specialist assesses the volume of records that need to be restored, checks existing documents for errors, violations, and inaccuracies;
• Verification of assets and financial liabilities. A comprehensive financial audit is conducted, along with a reconciliation of accounts with employees, business partners, and government agencies;
• Restoration of primary documentation. The company recreates its own documents, while copies are requested from business partners. In exceptional cases, requests may be submitted to regulatory authorities;
• Creation of new accounting registers with restored financial data;
• Final reconciliation of accounts with employees, partners, the Georgian Revenue Service, and other relevant organizations and funds;
• Preparation and submission of corrected reports and declarations to the Georgian Revenue Service. Based on the adjustments, the company may need to pay outstanding taxes, penalties, and fines.

In the future, clients can seek consultations or fully delegate their company’s accounting management to Financial Outsource specialists. This will protect the business from accounting errors and their potential consequences.

Why trust us with your accounting restoration?

Financial Outsource LLC provides accounting restoration services for large, medium, and small businesses, as well as government enterprises and non-profit organizations. Our experts will organize your financial records, help you navigate challenges with minimal losses, and advise on how to prevent similar issues in the future. Contact us by phone or online, we will answer your questions and provide a prompt, effective solution.