Outsourced Accounting Services

Companies usually refer to outsource accounting services due to quality assurance, a wide range of services, cost and time saving, etc. A major benefit to outsourcing your accounting department is Jafar & Company’s extensive tax knowledge combined with our financial and accounting services experience, provided for a broad range of industries.

By outsourcing accounting functions to us you will be more focused on the essentials and core of your business as we ensure you stay on top of your transactions, human resources and payroll, tax payments, administration, etc. Our outsourced accounting services also include operations recording (source documents, payment orders, expense reports, and other), preparation and reconstruction of accounting records/books.

Financial Accounting and Operations Automation

One of the most demanded professional services we can deliver you is the Automation of Financial Accounting and Operations of IFRS reporting and accounting methodology based on 1C/SAP or other ERP systems with providing ad-hoc continuous support.

New Company Registration

Jafar & Company assist businesses in key steps for registering all types of legal entities in Azerbaijan, preparation of required documents with local legislation, registration of the company’s official stamp, obtaining statistical number, Tax and Customs ID numbers, opening bank accounts, and other administrative activities depending on the nature of business operations.

Tax and Government Reporting

Our Tax Advisory and Compliance Services are commonly bundled with finance and accounting to create an essential compliance and reporting solution.

Physical and legal entities are obligatory to work with government structures and ministries to keep transparency and accordance with country legislation.

Jafar & Company provides to customers full financial communication with government structures, mainly with Ministry of Taxes, Ministry of Justice, State Social Protection Fund, State Employment Service and State Statistical Committee, which includes documentation (invoices, letters and other inquires) administration and review; preparation, submission and audit of relevant periodic mandatory reports to government structures; payments execution and control.

Financial Reporting and Controlling

– Preparation/review of financial statements, accounting reports, chart of accounts

– Conversion of IFRS Financial Statements to local accounting policy, and vice versa

– Implementation of parallel accounting under local accounting policy and IFRS

– Restoration of accounting and support on faster closing procedures implementation

– Financial Planning, Budgeting and Forecasting

– Design and implementation of accounting systems

– Temporary Finance Management and Operational Finance function support

– Support management with preparation, development and review of management accounts, financial analysis and reporting forms

– Treasury, Bank and Cash Management (preparation of payment orders, cash flow reports and maintaining payment schedules, etc.)

HR & Organizational Services

Outsourcing administrative human resources tasks can help businesses reduce costs, manage employer-related risks, decrease administrative burden, keep information confidentiality, and increase organizational effectiveness.

We offer preparation of employees’ payrolls, including calculation of salaries, contributions for social insurance, health insurance, unemployment insurance, and income tax.

Also, we support with registration/deregistration of employees, preparation of corresponding payment orders, controlling monthly and annual salary returns, and transfer orders for employees’ salaries.

Accounting Policies and Methodologies

Our professional team can deliver you the Development of Accounting Policies and methodologies under IFRS or GAAP, preparation of accounting manuals, establishment and integration of document flow, internal control and other procedures, customization of CoA (charts of accounts), and establishment of journals of accounting entries.