COREDO > Business support > Accounting Service

Accounting Service

Service Overview

Accounting Service — a comprehensive solution for outsourcing bookkeeping and financial reporting. The service includes preparation of financial statements, maintenance of accounting records and submission of declarations to tax authorities in accordance with the requirements of each country.

COREDO handles bookkeeping, financial statements, and tax filings, ensuring transparency and compliance so you can focus on your core business.

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Cost of the service
from 400 EUR/yr

Who Is This Service For

Accounting outsourcing is particularly relevant for:

Newly incorporated companies that need to establish accounting from scratch and want a professional setup from day one rather than hiring an in-house accountant.

SMEs expanding into Europe that need compliant bookkeeping in the Czech Republic, Lithuania, Poland, Estonia or other EU jurisdictions without building a local finance team.

Fintech and regulated financial companies (EMI, SPI, CASP) that require IFRS-compliant reporting for licensing purposes and ongoing regulatory submissions.

International holding structures with subsidiaries across multiple EU countries that need consolidated financial reporting on a unified platform.

Companies preparing for banking that need properly prepared historical financial statements to satisfy bank due diligence requirements.

Foreign-owned businesses in the Czech Republic or the EU whose management lacks familiarity with local accounting standards and tax deadlines.

Service Navigation

Accounting Service is part of COREDO’s comprehensive administrative services. It is often used with:

Registered Office

registered office address for your company (EUR 400/year in Czechia)

Document Translation

certified translation services (EUR 35/page)

Administrative Services

complete suite of COREDO services

Services can be selected individually or in combination.

Why Choose COREDO: Accounting Outsourcing

Financial and accounting outsourcing (FAO) is one of the most common forms of outsourcing in Europe. Primary demand originates from small and medium-sized enterprises (SMEs).

There are several reasons why companies choose accounting outsourcing instead of maintaining an in-house finance department:

Cost Reduction:

Outsourcing can reduce accounting expenses by 40–60% compared to maintaining an in-house finance team, especially for SMEs.

Flexibility:

The scope of services can be quickly scaled depending on your company’s needs — from basic bookkeeping to comprehensive financial consulting.

Regulatory Compliance:

Each EU jurisdiction has strict accounting requirements and reporting deadlines. Professional accountants stay current with regulations and monitor legislative changes.

Multi-jurisdictional Complexity:

If your company operates in multiple EU countries or has operations in Asia, each jurisdiction requires separate financial reporting in accordance with local standards. Outsourcing eliminates this complexity.

Executive Focus:

Business owners and company managers can concentrate on strategy, sales and growth instead of being distracted by financial administration.

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What Our Accounting Service Includes

COREDO provides a full range of accounting outsourcing services:

Bookkeeping

Recording all business transactions, processing invoices, categorizing expenses, reconciling accounts. The service includes quality control of incoming documents and their preparation for processing.

Financial Statement Preparation

Preparation of Income Statements, Balance Sheets and Cash Flow Statements. Reports are prepared in accordance with IFRS (International Financial Reporting Standards) or national GAAP, depending on your jurisdiction’s requirements and company size.

Tax Reporting

Preparation of Value Added Tax (VAT) declarations in accordance with EU Directive 2006/112/EC, corporate income tax calculations, social contribution reports and other tax obligations in accordance with the specific country’s legislation.

Regulatory Submissions

Filing of financial reports with commercial registries, tax authorities, statistical agencies and other bodies according to deadlines established by local legislation.

Financial Consulting

Analysis of your company’s financial position, identification of cost optimization opportunities, recommendations for improving profitability and planning for financial growth.

Multi-jurisdictional Accounting

If your company operates in multiple EU countries or has operations in Asia and CIS regions, COREDO ensures a unified approach to financial reporting while complying with requirements of each jurisdiction.

Accounting Service Package Comparison

Feature	Basic Package	Standard Package	Premium Package
Volume	Up to 50 invoices/month	50–200 invoices/month	200+ invoices/month + multi-jurisdictional
Bookkeeping	✓	✓	✓
Financial Reports	✓ (annual)	✓ (quarterly)	✓ (monthly)
Tax Reporting	✓	✓	✓ + consulting
Financial Consulting	—	✓	✓ (in-depth)
Meeting Frequency	Quarterly	Monthly	On demand
Starting Price (CZ)	EUR 400/year	Custom	On request

Compliance Standards

All COREDO accounting services are provided in accordance with international and European standards:

Standard	Description	Applied To
IFRS (International Financial Reporting Standards)	International standards mandatory for large companies and all listed companies in the EU	Listed companies, large SMEs, consolidated reporting
EU GAAP	European generally accepted accounting principles (national GAAP of each country)	Private companies, SMEs, depending on jurisdiction
AMLR (EU 2024/1624)	New anti-money laundering regulation; requires maintenance of transaction registries and monitoring	All companies conducting financial transactions
Accounting Directive (2013/34/EU)	Requirements for preparation of annual financial statements for companies in the EU	All companies in the EU
VAT Directive (2006/112/EC)	Harmonized VAT system in the EU	Companies carrying out VAT-taxable transactions

How We Work

COREDO follows a four-step approach when providing accounting services:

Step 1: Needs Assessment

During the initial meeting, we review your company’s structure, operational scale and registration jurisdictions. We also analyze your reporting requirements and operational divisions.

Based on this assessment, we determine the scope of services needed and provide a customized quote.

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Step 2: Setup and Configuration

We establish your workflows: integration of primary documents, configuration of accounting systems, establishment of reporting schedules, agreement on standards (IFRS or GAAP). We provide training for your internal teams if required.

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Step 3: Ongoing Service Delivery

We perform monthly bookkeeping, prepare quarterly reports for internal analysis, and prepare annual financial statements for regulatory filing. All deadlines are met in accordance with jurisdiction requirements and the schedule agreed with your company.

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Step 4: Review and Optimization

We conduct quarterly or annual meetings with management to discuss your financial position and identify optimization opportunities.

As your company grows or expands into new jurisdictions, we review and adjust your service package accordingly.

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As your company grows or expands into new jurisdictions, we review and adjust your service package accordingly.

Jurisdictional Coverage

COREDO provides Accounting Service for companies registered and operating in:

All 27 European Union states: with full compliance with local legislation and standards of each country.

Asia-Pacific countries: including Singapore, Hong Kong, Thailand and other jurisdictions with developed financial centers.

CIS regions: Kazakhstan, Belarus, Kyrgyzstan and other post-Soviet countries.

For each jurisdiction, we engage local experts familiar with the unique characteristics of local tax and financial legislation.

Beyond Europe: Global Accounting Compliance

COREDO extends its accounting services to key non-EU jurisdictions, ensuring compliance with distinct regulatory frameworks and reporting standards.

United Kingdom

Companies House — financial statements filing within 9 months (FRS 102 or IFRS).
HMRC — CT600 tax return (profit, tax, supporting calculations).
FCA — regulatory reporting (capital, liquidity, risk) for regulated firms.

Canada

CRA — T2 tax return + financial statements (GAAP or IFRS).
FINTRAC — STR and terrorist property reports, audit trails.
Provinces — separate tax and reporting requirements.

Switzerland

FINMA — reporting (capital, liquidity, risk).
Standards — Swiss GAAP FER or IFRS.
ESTV — federal and cantonal tax filings.
Substance — requirement to demonstrate real economic activity.

Dubai & United Arab Emirates

VARA — reporting for VASPs (AML/CFT).
FTA — VAT (registration from AED 375,000, 5% rate).
ADGM / DIFC — IFRS reporting and local regulation.
Substance — local presence and management.
Multi-jurisdiction — separate reporting per entity + group consolidation.

Regulatory Navigation by Country

European Union (EU)

Country	Characteristics	Reporting System
Czech Republic	Proximity to COREDO HQ, fast service	GAAP (local), IFRS (large companies)
Lithuania	Member of EEA, fintech hub	IFRS, local standards
Estonia	Digital-first approach, advanced IT infrastructure	IFRS, digital signing
Other EU Countries	Complete coverage of all 27 member states	National GAAP + IFRS

Asia-Pacific

Region	Examples	Support
Singapore/Hong Kong	Financial centers	IFRS-compatible
Thailand	Growing business centers	Local requirements
Other jurisdictions	By request	Custom approach

CIS

Country	Support
Kazakhstan	Full service
Belarus	Full service
Kyrgyzstan	Full service
Other countries	By request

Pricing

The basic price for Accounting Service in the Czech Republic is EUR 400 per year.

However, final cost depends on the following factors:

Document Volume: The number of invoices, expense documents, bank statements per month.
Accounting Complexity: Multi-jurisdictional accounting, foreign operations, currency transactions — increase complexity.
Reporting Frequency: Annual reporting is more cost-effective than monthly or quarterly reporting.
Additional Services: Tax planning, financial consulting, audit support — are billed separately.

Pricing is calculated individually for each client based on a personal consultation. Contact our team for a free estimate.

Our Experts

Pavel Kos

Head of COREDO's legal team since July 2020. Previously served as Project Manager at COREDO from June 2017. Pavel coordinates legal support for accounting services, financial licensing and AMLR compliance requirements. Education: University of Finance and Administration, Prague.

Why Choose COREDO

Multi-jurisdictional Expertise:

COREDO serves companies in 27 EU countries, Asia and CIS. We understand all the nuances of each jurisdiction and can quickly adapt our services to new requirements.

Dedicated Account Manager:

Each client is assigned a single point of contact responsible for everything — from document collection to regulatory filing.

Up-to-Date Knowledge:

Our team continuously monitors changes in tax legislation, new AMLR requirements and other regulatory updates.

Integration with Other Services:

Accounting Service naturally integrates with COREDO’s other services — Registered Office, Document Translation, Compliance Services.

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Our Advantages

1. Complete Transparency:

Transparent pricing (EUR 400/year base price in Czechia)
Clear description of what is included in each service package
Regular reports on your financial status

2. Multi-jurisdictional Expertise:

Experience working across all 27 EU member states
Knowledge of local tax and financial legislation
Support for operations in Asia and CIS

3. Personal Approach:

Custom pricing calculation for each client
Dedicated account manager overseeing the entire process
Flexibility in service package selection

4. New Regulatory Compliance:

Full support for AMLR 2024/1624 requirements
Current knowledge of all legislative changes
Readiness for new tax and financial requirements

5. Integrated Support:

Synergy with Registered Office and Document Translation services
Comprehensive approach to your company’s administrative needs
Single point of contact for all administrative questions

Case Studies

Case 01E-commerce holding in Estonia.

A Hungarian e-commerce holding with subsidiaries in Germany, Poland and the Czech Republic needed to consolidate accounting onto a single platform. COREDO took over bookkeeping for all three entities, unified reporting under IFRS and established monthly group-level reporting. Consolidation was completed within 6 weeks; the group achieved annual savings of EUR 12,000 by eliminating separate local accounting teams.

Case 02SPI licence in Poland.

A startup registering as a Small Payment Institution in Poland needed to migrate its accounting infrastructure from a legacy system to IFRS ahead of the KNF application. COREDO conducted a comprehensive audit of existing records, performed the data migration and ensured a clean audit with no findings. The company received its SPI licence from KNF without any accounting-related objections.

Case 03Crypto exchange in the Czech Republic.

A crypto platform operator in the Czech Republic needed to clarify its VAT compliance position for cross-border digital asset transactions. COREDO analysed its operations, updated VAT calculations in line with EU rules and prepared the documentation package for the tax authority. Full compliance was achieved within 4 weeks and the company avoided potential penalties.

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Frequently Asked Questions

Can COREDO set up accounting for a company that was incorporated but has never filed?

Yes. We frequently work with companies that have been registered but have not yet started formal bookkeeping. We begin with an initial assessment, reconstruct any missing entries from available bank statements and documents, and set up the full accounting workflow going forward. The process typically takes 2–4 weeks depending on how much historical activity needs to be captured.

What happens if I miss a statutory filing deadline in the Czech Republic?

Late filings to the Czech Business Register or the tax authority can result in fines of CZK 1,000–100,000 depending on the severity, and repeated non-compliance may trigger a court-ordered liquidation notice. COREDO maintains a dedicated deadline calendar for each client and sends reminders in advance, so missed deadlines are rare. If a deadline has already been missed when a client engages us, we assist with the late submission and, where possible, prepare a statement of circumstances to mitigate penalties.

Can you serve a company with operations in multiple countries?

Yes, this is one of our core specializations. We maintain unified financial reporting while complying with requirements of each jurisdiction where your company is registered or operates.

What report submission format do you offer — only electronic?

We prepare reports in required formats: printed copy, electronic copy, digital signature for electronic submission to authorities. This aligns with local requirements of each country.

How long does annual financial statement preparation take?

Typically about one month after all primary documents have been collected and provided. Timelines depend on document volume and transaction complexity.

Are cost optimization consultations included in the basic package?

Financial analysis and optimization consulting is part of our standard process (Step 4 — Review and Optimization). More in-depth tax planning and strategic consulting can be added as an additional service.

Contact Us

Have questions? Our team is ready to help.

Call us: +420 228 886 867 | Email us: info@coredo.eu Visit us: K Červenému dvoru 3269/25a, Prague, 130 00, Czech Republic