The multiple awards accounting firm Euro Accounting is setting up in Dubai
March 19, 2024
Accountant in Dubai
April 11, 2024

Welcome to Euro-Accounting, a multi lingual accounting firm based in London, Paris, and Dubai, led by Shabir Djakiodine. What sets our firm apart is our linguistic expertise. We are polyglots, proficient in 12 different languages.

 

Within our firm, we are committed to providing quality service to our clients. With our expertise and experience, we can meet each client’s expectations by offering services tailored to their needs. You will not be disappointed when discovering the range of services we provide.

 

The founder has won numerous awards, including:

– Outstanding Entrepreneur 2023,

– Best Business Awards 2023,

– Business Person of the Year 2022,

– SME National Business Awards 2022.

 

He has also been a finalist for titles such as:

– Entrepreneur of the Year 2023,

– Great British Entrepreneur Awards 2023.

 

Euro-Accounting as a firm has won the following awards:

– Diversity, Equality, and Inclusion 2023,

– Best Business Awards 2023,

– Best Accounting & Company Incorporation Service Provider 2023,

– Midlands Enterprise Awards 2023.

 

And has been a finalist for distinctions such as:

– London Chamber of Commerce with SME London Business Awards 2024,

– Business International of the Year 2023,

– Commonwealth Business Excellence Awards 2023,

– Employer of the Year 2023,

– SME National Business Awards 2022.

 

Our goal is to help you optimize your tax situation and meet your legal obligations. This allows you to focus on developing your business with peace of mind.

 

Today, we will explain how accounting works in Switzerland.

 

Accounting in Switzerland

 

In Switzerland, like elsewhere, there are two types of accounting principles: general accounting and analytical accounting. These two approaches differ in their objectives and methods but are essential for effective business management.

 

General accounting, also known as financial accounting, aims to provide a faithful and accurate picture of the company, especially its financial position at a given time. It is governed by a strict regulatory framework concerning accounting standards and principles. This discipline focuses on recording the company’s financial transactions, preparing financial statements, and communicating this information to external stakeholders such as shareholders, banks, and the government.

 

On the other hand, analytical accounting, also known as management accounting, is mainly used internally by the company’s management. It allows for operational and strategic decision-making by focusing on analyzing the costs of products, services, departments, projects, and activities of the company. This helps determine profitability, budget planning, cost control, and pricing decisions.

 

Entrepreneurship is thriving in Switzerland, but starting as an independent raises many questions, including those regarding accounting. We will provide you with an overview of accounting obligations and available options for managing your future accounting.

 

Accounting Rules in Switzerland

 

As mentioned earlier, accounting rules may seem complex, but it is crucial to know your obligations to avoid tax adjustments. Here are the key points to consider:

 

  1. For a Swiss independent, maintaining accounts becomes mandatory once the turnover reaches a regularly varying amount. However, it is necessary to conduct simplified accounting to declare income.

 

  1. If your business is a sole proprietorship, double-entry accounting becomes mandatory when turnover exceeds a defined amount.

 

  1. Furthermore, legal entities must maintain double-entry accounts, regardless of annual turnover.

 

  1. Once a predefined turnover is reached, you are subject to VAT.

 

  1. For sole proprietorships, account auditing is not mandatory.

 

Key Elements of Accounting in Switzerland

 

To better understand accounting in Switzerland, it is essential to become familiar with three fundamental elements: accounting documents, the concept of accounts in accounting, and the Swiss chart of accounts 2023 for SMEs. We will explain these three elements to help you better understand accounting in Switzerland.

 

Firstly, accounting documents are one of the foundations of accounting. These are all documents that attest to economic operations with a financial impact on the company. These documents include invoices, receipts, delivery notes, expense reports, and many more.

 

However, it is important to note that in Switzerland, it is mandatory to retain these accounting documents for at least ten years, for tax and compliance purposes.

 

Next, the concept of accounts in accounting differs from a bank account, so they should not be confused. In the accounting field, an account is a record that lists all financial transactions. For example, a cash account records all cash transactions, while a supplier account records all transactions with suppliers. Each of these accounts has a balance that can be debited (increased) or credited (decreased) based on different transactions.

 

Finally, the Swiss chart of accounts 2023 for SMEs is a guide describing how to organize accounts in a company’s accounting. This chart provides a standardized structure for recording financial transactions. It facilitates the preparation of financial statements and comparison of financial performance between companies. Moreover, this chart of accounts is adapted to Switzerland’s specificities, taking into account the country’s legal and regulatory requirements.

 

The Accounting Obligations

 

  1. For sole proprietorships with an annual turnover below CHF 100,000, maintaining commercial accounts is not mandatory, and they are not subject to VAT (except for exceptions). However, it is necessary to declare income and thus maintain a record of the company’s revenues and expenses.

 

  1. If the annual turnover ranges between CHF 100,000 and CHF 500,000 for a sole proprietorship, it is mandatory to register with the Commercial Register, which makes commercial accounting necessary. In this case, a simple commercial accounting system is required, and VAT is applicable (unless exempted). This accounting must:

 

– Chronologically record revenues and expenses.

– Include the evolution of the company’s assets.

– Calculate VAT (unless exempted).

 

  1. For sole proprietorships with an annual turnover exceeding CHF 500,000, as well as for legal entities, maintaining double-entry commercial accounts is mandatory. This double-entry accounting includes balance sheet accounts (assets and liabilities) as well as income statement accounts (profits and losses).

 

The difference from simple accounting lies in recording each revenue and expense twice in double-entry accounting.

 

Account Review

 

To clarify certain aspects of account reviews in Switzerland, here is a brief summary:

 

Annual account reviews are mandatory for most companies in Switzerland to ensure compliance with Swiss standards.

 

The economic importance of the company is taken into account, including its balance sheet total, turnover, and number of employees. Two levels of reviews are distinguished: ordinary review and restricted review. The difference lies in the extent of the review and the type of auditor responsible for the audit. This practice mainly concerns large companies. Therefore, sole proprietorships and partnerships with an annual turnover below CHF 100,000, as well as those with fewer than 10 employees, are not required to use an external auditor.

 

Accounting for Self-Employed Workers in Switzerland

 

Being self-employed has its advantages: you can be your own boss, enjoy flexible hours, choose your clients, and much more. However, it can also be exhausting due to numerous administrative tasks to set up a business, as well as other areas such as invoicing, taxation, contract management, and accounting.

 

That’s why we are here to help simplify this daunting task of accounting.

 

Why Choose Euro Accounting?

 

Linguistic Versatility

 

Euro Accounting leverages a major asset: our linguistic versatility. Our team is proficient in twelve different languages, including English, French, Spanish, Arabic, Hindi, Gujarati, etc. This linguistic diversity allows us to communicate effectively with our international clientele.

 

Mastering these languages helps us understand each client’s specific needs, facilitating communication and significantly reducing the risk of misunderstandings.

 

Additionally, our multilingual team comprises skilled professionals, each fluent in at least two to three languages. This cultural and linguistic richness makes our firm a preferred choice for businesses operating on an international scale.

 

In-Depth Tax Knowledge

 

Our team of accounting experts has solid training and experience in managing tax obligations, ensuring quality service tailored to the specificities of the Swiss tax system. We assist our clients in all tax matters, whether it’s income tax filings for individuals or tax management for businesses. Moreover, we master the tax nuances concerning expatriates and non-residents, allowing us to offer personalized and adapted advice. With our expertise and in-depth tax knowledge, you benefit from quality support.

 

Quality Services and Value Addition

 

Our main goal is to support your business development and optimize your accounting and tax management. We are committed to providing superior services, adding tangible value to our clients. With our experience and expertise in accounting and taxation, we meet each business’s specific needs, ensuring that our services are perfectly tailored to your unique context.

 

Our strengths lie in our proven experience and expertise in accounting and taxation. Furthermore, we offer a comprehensive range of services, including business incorporation, assistance with bank account openings, accounting management, financial statement preparation, payroll management, VAT management, international taxation, consolidation, business plan development, and audits.

 

We place great importance on client relationships by maintaining transparent and smooth communication to keep you informed at every step of the process.

 

Expertise and Tailored Services

 

Our distinction lies in our expertise and ability to provide personalized services. We understand that every business is unique with specific needs. Therefore, we are committed to providing tailored solutions that meet your expectations and goals.

 

Our highly qualified and experienced team of accounting experts is competent in handling a variety of accounting and tax situations, from business incorporation to payroll management, including human resources (HR) and consolidation.

 

Furthermore, we stay updated on the latest legal and tax developments to provide you with current and relevant advice. This ensures you receive accurate and clear information.

 

By choosing Euro Accounting, you opt for a trusted partner who will guide and support you in all your accounting and tax efforts. Our expertise and ability to adapt our services are at your disposal to help you succeed.

 

Services offered by the accounting firm Euro-Accounting

 

Company Formation in 3 Days

 

Speed is one of our main advantages at Euro Accounting. We offer a company formation service that takes only 2 to 3 days, allowing you to quickly start your business. This service is designed to simplify your entrepreneurial experience and save you from the complications of administrative procedures.

 

With our expertise, we identify your company’s specific needs and guide you in choosing the most suitable legal structure. Additionally, we take care of all the necessary formalities for your company formation, allowing you to focus on growing your business.

 

Our support doesn’t stop at company formation. We are here to accompany you throughout your entrepreneurial journey.

 

Bank Account Opening

 

We understand the importance of a bank account for your business, which is why we offer assistance with bank account opening. Our goal is to help you start your business on the right foot.

 

Opening a bank account can be complex, especially for foreign entrepreneurs. Our team of experts is here to guide you through the process, assisting you step by step and helping you gather the necessary documents while informing you about the required conditions.

 

At Euro Accounting, our aim is to provide comprehensive support. That’s why we offer assistance with bank account opening to help you effectively manage your finances.

 

Financial Statement Preparation

 

Preparing financial statements is a crucial step in business management. We offer our expertise to assist you in this process. Our accounting experts help you create accurate financial statements that comply with regulations.

 

We handle the preparation of annual financial statements as well as interim statements if needed. This provides you with regular monitoring of your financial situation, allowing you to anticipate developments and adjust your strategy accordingly.

 

By choosing Euro Accounting for financial statement preparation, you gain peace of mind. You benefit from our team’s expertise and personalized support. Feel free to contact us for more information on our financial statement preparation and reporting services.

 

Payroll Preparation

 

Payroll management is a complex task for businesses. We offer a payroll preparation service tailored to your needs, aiming to help you manage this responsibility with ease.

 

Calculating salaries, social contributions, and various deductions can be challenging. Our team of experts is here to assist you in these processes, ensuring compliance with regulations.

 

Payroll preparation also includes producing pay slips tailored to your company’s specifics. This allows you to focus fully on your business activities.

 

Human Resources (HR)

 

We support you in all aspects of Human Resources. We draft employment contracts for your employees and guide you step by step in understanding labor laws.

Swiss regulations differ significantly from those in France, and our experts are here to help you understand and correctly apply them. We advise you on recruitment, dismissal, and daily management, and we prepare and update your company’s internal regulations.

 

By engaging Euro Accounting for Human Resources (HR) management, you benefit from professional support.

 

VAT

 

VAT is a major concern for businesses conducting transactions within the European Union. At Euro Accounting, we are here to help you manage this complexity. Our expertise in this area ensures full compliance with tax rules.

 

Transactions in Switzerland or abroad require special attention regarding VAT. It’s essential to know the applicable rates and declaration procedures. Our accounting experts are available to guide you through these processes.

 

VAT management includes identifying relevant transactions and verifying invoice compliance. We also assist you in filling out VAT returns and meeting deadlines to avoid errors and potential penalties.

 

International Taxation

 

International taxation is a complex and ever-evolving field. At Euro Accounting, we offer our expertise to help you navigate this world. Our goal is to support you in managing your tax obligations internationally.

 

Mastering international tax treaties is crucial for businesses operating abroad. Our accounting experts are here to advise you on applicable rules and best practices to optimize your tax burden and comply with regulations.

 

We assist you in declaring your income and expenses abroad and help you understand mechanisms such as tax credits and double taxation relief to avoid errors and penalties.

 

Consolidation

 

Consolidation is essential for groups of companies with subsidiaries or holdings in other companies. At Euro Accounting, we offer our expertise in this area to help you prepare consolidated financial statements compliant with international accounting standards.

 

We assist you in preparing consolidated financial statements, including the balance sheet, income statement, and cash flow statement, taking into account each entity’s specifics and applicable rules.

 

Virtual Offices / Domiciliation

 

Having an address in Switzerland is imperative if you own a business, and that’s where we come in with our domiciliation service. This service provides you with a professional address without using your personal address, enhancing your image in the eyes of your clients.

 

The time-saving benefit of this solution is significant, allowing you to focus more on your business and increase your revenue. A virtual office also gives you the freedom to choose your company’s location, which is a significant strategic advantage. Additionally, the flexibility offered by this service makes it easier to adapt to market fluctuations.

 

Regarding specific services, Euro Accounting offers mail forwarding by Post to your chosen address, whether in Switzerland or abroad, as well as a telephone call management service tailored to your company’s size. By leveraging the flexibility and efficiency of virtual offices, you can promote your business’s development.

 

www.euro-accounting.com

info@euro-accounting.com

Phone: +44(0) 778 986 2405 / +33 (0) 7 56 91 93 32