Bookeeping and Accounting
Title: Accounting and Bookkeeping in Tbilisi, Georgia: A Comprehensive Overview
Accounting and bookkeeping are vital aspects of running a business in Tbilisi, Georgia. Accurate financial management, compliance with tax regulations, and maintaining organized records are essential for the success and growth of companies. In this article, we provide a comprehensive overview of accounting and bookkeeping practices in Tbilisi, along with an introduction to taxation percentages and our monthly accounting services.
1. Accounting and Bookkeeping Practices:
In Tbilisi, accounting and bookkeeping practices are guided by the Law on Accounting, Reporting, and Auditing. Companies must adhere to International Financial Reporting Standards (IFRS) or the Georgian Accounting Standards (GAS) when preparing financial statements.
2. Record-Keeping and Documentation:
Companies in Tbilisi are required to maintain proper books of accounts and retain relevant financial records for at least 6 years. This includes invoices, receipts, bank statements, payroll records, and other supporting documents. Organized record-keeping ensures accurate financial reporting and compliance.
3. Taxation Overview:
In Georgia, the tax system is relatively favorable for businesses. Here is a brief overview of the basic tax percentages:
- Corporate Income Tax: The standard corporate income tax rate in Georgia is 15%. However, there are special zones and incentives available that can lower or exempt businesses from corporate income tax.
- Value Added Tax (VAT): The standard VAT rate in Georgia is 18%. Some goods and services may qualify for reduced rates, such as 5% or even 0%.
- Personal Income Tax: The personal income tax rate in Georgia is a flat rate of 20%. However, certain types of income, such as dividends and interest, may be subject to different tax rates.
4. Monthly Accounting Services:
At Bookkeeping.ge, we offer comprehensive monthly accounting services to businesses in Tbilisi. Our team of experienced accountants can handle all aspects of your company's financial management, including:
- Recording and categorizing financial transactions
- Preparation of financial statements (balance sheet, income statement, cash flow statement)
- VAT calculations and reporting
- Payroll accounting and calculation of social security contributions
- Liaising with tax authorities and ensuring compliance with tax regulations
- Providing regular financial reports and analysis to support decision-making
By outsourcing your accounting needs to us, you can focus on running your business while ensuring accurate financial records and compliance with tax obligations.
Accounting and bookkeeping are fundamental for businesses in Tbilisi, Georgia. Proper financial management, adherence to tax regulations, and organized record-keeping are crucial for business success. At Bookkeeping.ge, we offer monthly accounting services to help businesses streamline their financial processes and ensure compliance. Let us handle your accounting needs, allowing you to concentrate on growing your business with peace of mind. Contact us today to learn more about our services and how we can assist you.
Budgeting and forecasting support are also available with our accountant team of English and Russian speaking accountatcs..