Accounting that shows what your products cost and what drives your profit.
UHY Prostir provides bookkeeping, HR administration and payroll services for companies that make and sell products: food producers and manufacturers of clothing, furniture, packaging, equipment and other goods.
Besides manufacturers, we work with companies that carry out work or provide services and need to calculate their costs.
We set up and keep records of production costs, inventories and finished goods, determine the cost of products and orders, and prepare financial statements, tax returns and management reports.
We can provide full outsourced accounting or act as your chief accountant. In the second case, your own staff enter source documents and production transactions into the accounting software. When needed, we also provide CFO-level support.
How we can assist you
- Set up accounting for a manufacturing company from scratch in line with Ukrainian national accounting standards (P(S)BO).
- Outsource accounting fully or partially.
- Switch accounting service providers.
- Engage an outsourced chief accountant or CFO.
Tell us about your situation, and we’ll propose an appropriate scope of accounting services.
Our services
Full outsourced accounting
We provide accounting services for manufacturing companies in line with Ukrainian law and Ukrainian national accounting standards (P(S)BO). Our services usually include:
- accounting for inventories, work in progress, finished goods and fixed assets, and documenting inventory count results;
- accounting for production costs and calculating product costs;
- VAT administration: registering VAT invoices and preparing VAT returns;
- preparing payment orders in online banking in line with the payment procedure agreed with you;
- preparing required tax reports;
- preparing financial statements and statistical reports;
- preparing documents in response to requests from tax and other government authorities;
- payroll calculation;
- HR administration.
Outsourced chief accountant services
We act as your company’s chief accountant. Our services usually include:
- organizing and controlling accounting;
- preparing required tax reports;
- preparing financial statements and statistical reports;
- preparing documents in response to requests from tax and other government authorities.
We agree on the processes you handle in-house when we sign the agreement.
Outsourced CFO services
We act as your company’s CFO. Our services usually include:
- assistance in preparing the budget and monitoring its implementation;
- preparing cash flow reports and liquidity planning;
- preparing management reports.
On-demand services
In addition to our regular services, we provide the following at your request:
- accounting, tax and HR advice;
- written explanations and official responses to requests from government authorities;
- assistance during tax inspections and audits: preparing documents and explanations, analyzing the tax audit report and preparing objections to it;
- taking over the accounting records from your previous accountant and the initial accounting setup, including preparing the accounting policy;
- taking part in inventory counts of assets and liabilities;
- preparing reports for the parent company in the group’s format, including in English;
- preparing financial statements under International Financial Reporting Standards (IFRS);
- collecting information for the controlled transactions (transfer pricing) report;
- analyzing specific transactions for tax risks and providing recommendations;
- preparing tax returns for seconded foreign employees.
Service fees
We set our fees for accounting services on a case-by-case basis. We set out the scope of services, fees and timeline in our proposal and record them in the relevant agreement.
Our fees for full outsourced accounting are based on:
- a base monthly fee — a fixed monthly payment for services within the base volumes set in the agreement, for example, the number of documents and bank payments;
- a fee for payroll calculation and HR administration, which depends on the number of employees;
- an additional charge for exceeding the base volumes — the number of documents, payments or employees — calculated monthly or quarterly;
- a fee for preparing required reports — tax returns, financial statements and statistical reports; VAT administration for VAT payers is charged separately;
- a one-time fee for the initial accounting setup;
- a one-time fee for the handover of accounting records;
- payment for on-demand services, including advice and assistance during inspections, based on the hours spent or a separate agreement.
Outsourced chief accountant services are charged by the hour.
Outsourced CFO services are also charged by the hour.
Fees may also include services not directly related to accounting, such as:
- a fee for hosting and storing your databases on our servers;
- reimbursement of license costs for accounting and other software;
- customizing accounting software to your business needs.
Getting started
- Tell us what you need
Submit a request or contact us. Tell us what task you need to solve and from what date you need our services. If your parent company, bank or investor has accounting or reporting requirements, please send them to us. - Provide information for a proposal
We’ll send you a questionnaire and, if needed, discuss the details in a call: your production specifics, accounting policy, costing method, accounting software, number of documents and employees, and how accounting areas will be divided between our team and your specialists. This helps us define the service format and fees. - Review our proposal
You’ll receive a list of services, base volumes, fees and a start date. We’ll discuss your questions and agree on the terms. - We sign the agreement
We send you a draft accounting services agreement with the agreed terms, in Ukrainian and English if needed. You review it and return it with comments or confirmation of your approval. We agree on the final version, sign the agreement and move on to planning our cooperation.
Our process
After the agreement is signed, we provide our services in the following stages:
- Introducing the teams and planning our cooperation
Our team gets to know your team. We plan the handover of accounting records. - Handover of accounting records
We receive documents, accounting databases, reports and the necessary access. We reconcile the balances handed over, including inventories, work in progress and finished goods, against the documents and accounting data (without carrying out an inventory count) and check the status of period-end closing. We record unfinished tasks and matters to clarify with the previous accounting team. - Initial accounting setup
If your company is newly established, we set up accounting from scratch: we fill in master data in the accounting software and set up the document workflow in line with the agreement. - Setting up collaboration between the teams
On our side, we appoint responsible persons and define which processes each of them is responsible for. You also appoint responsible persons on your side and tell us which processes they are responsible for. We set up communication channels, the document transfer procedure and the reporting calendar in line with the agreement. - Maintaining the accounts
We exchange documents and information with your team: we process documents, get clarifications and answer questions. We prepare information for calculating and paying salaries, payment documents and other agreed calculations. - Period-end closing
We close the month, quarter and year, organize source documents for archiving and answer your questions about the results. - Preparing and filing reports
We prepare and file tax returns, financial statements and statistical reports by the required deadlines. If needed, we prepare additional reports and explanations on matters agreed with you.
If our cooperation ends, we hand over the accounting records to the specialist or team you designate on an agreed schedule and explain unfinished tasks and open issues.
What you can expect
Depending on the agreed services, you’ll receive:
- Access to the accounting software where your business transactions are recorded, including inventories, work in progress and finished goods.
- Accounting registers: journal orders, trial balances and summary statements, and reports on inventory and finished goods movements by item.
- Finished goods cost calculations in line with your accounting policy.
- Filed required reports: tax returns, financial statements and statistical reports, with receipts confirming their acceptance.
- VAT invoices and adjustment calculations registered in the Unified Register of Tax Invoices.
- Prepared management reports: reports for management in the agreed format and at the agreed frequency.
- A budget, reports on its implementation, cash flow reports and a liquidity plan — if you use our outsourced CFO services.
- Payroll calculations and HR documents: payroll statements, payslips for employees, HR orders, timesheets and employment certificates.
- Payment orders prepared in online banking in line with the payment procedure agreed with you.
- Organized source documents, processed and prepared for archiving.
- An accounting policy — if you order the initial accounting setup.
- An agreed division of processes and responsibilities between your team and ours.
- Answers to your questions and advice on accounting and tax law when you request it.
- Documents, written explanations and official responses to requests from tax and other government authorities.
- Documents and explanations requested by auditors and tax inspectors during an audit or inspection, and objections to the tax audit report — if you engage us to assist with the inspection.
- Reports for the parent company in the group’s format and IFRS financial statements — if you order these services.
- Tax documents on request: information for the controlled transactions (transfer pricing) report, tax risk analysis of specific transactions with recommendations, and tax returns for seconded foreign employees.
Why clients choose UHY Prostir
We combine our experience in Ukraine with the international experience of the UHY International network to serve Ukrainian and international clients.
- Independence, integrity and objective professional judgment.
- In business since 2003.
- A member of UHY International, a global network of specialists in audit, tax and consulting: 340 offices in 95 countries and over 10,000 professionals.
- Doing business abroad: if you already have a business in another country or plan to open and grow one, we can assist by connecting you with our UHY International office in that country, where you can discuss registration, accounting, tax and audit matters.
- Remote collaboration where the nature of the engagement allows.
- Communication and document preparation in Ukrainian and English.
