About the Author
Yulia Mazur holds a degree from the Ryazan State Radio Technical Academy in Accounting, Financial Control, and Business Analysis. She has advised the Ryazan Duma on tax legislation on several occasions.
With more than ten years experience, Yulia has worked as a chief accountant for construction, entertainment, and retail companies. She has been with Alinga for more than five years.
Ms. Mazur is a Certified Professional Accountant.
Alinga Consulting Group
+7 (495) 988-21-91
Does your company have an accounting policy? Is your accounting being conducted properly? Is your accounting policy helping you take advantage of the tax laws?
Alinga can create a new accounting policy or tweak your existing policy to save you time and money.
What is an accounting policy?
Accounting policies are guidelines companies put into practice to ensure that all financial and tax information is handled properly by company employees.
Accounting policy is also necessary for making an informed decision from a number of options established by the law. The correct decision will allow you to regulate several of your business processes, increase the effectiveness of resources used by your company, help you avoid easily-preventable mistakes, make your accounting more transparent and your business more attractive to investors.
An accounting policy should be individualized for each company
Review the specifics of your business in order to develop an internal accounting policy for your Company: characteristics of your industry, demands of investors, your Company’s long-term and short-term management plans, and other factors.
An accounting policy should be as flexible as possible
Rather than incorporate everything into the accounting policy we refer to the Company’s internal rules which can be changed from time to time without having to change the policy itself.
An accounting policy should make maximum use of rules stipulated by the law
We describe all allowed options of the Accounting Regulations, Chapter 25 (Profit Tax) of the Tax Code, and of any other legislative regulations that may affect your business. This is especially important for companies operating in highly regulated industries such as, for example, pharmaceuticals.
Benefits of Accounting Policy
There are numerous benefits to having a sound accounting policy, including:
Ensuring consistency in the application of financial and tax accounting;
Protecting information integrity when internal controls are addressed as part of the accounting policy;
Cost savings through enhanced accountability and consistency;
Enhancing the audit process;
Opportunity to review and improve current procedures;
It is a necessary document for application of rules set out in the Tax Code and Russian accounting standards.