INTRODUCTION

Flow Management provides both statutory and management accounting services, including the maintenance of client books and records in accordance with local legislation and principles and the preparation of all statutory and management reports. Our professional and continuously trained staff utilizes modern software systems and work organization models to achieve this. It should be noted that Flow Management does not provide audit, tax or any legal advisory services. We effectively outsource clients routine administration and cooperate with their professional advisors.

STATUTORY ACCOUNTING

Our software system allows for multi-lingual data entry and can accommodate both statutory and clients chart of accounts. The accuracy of data entry is ensured through a review and approval system conducted by some of Flow Managements senior employees. By using standardized working methods, we can easily integrate additional employees into the clients project, if necessary, due to business acquisition or growth.

STATUTORY FINANCIAL REPORTING

One of the key elements of corporate compliance in the Czech Republic is the regular and accurate submission of local statutory financial reports, such as annual financial statements, notes to the financial statements and related party reports. Companies in the Czech Republic may also be asked to submit various statistical reports and, in the case of foreign investments, reporting to the Czech National Bank is requested as well. In addition, there are submission deadlines for annual corporate income tax returns, monthly or quarterly VAT returns, and additional tax returns that might be applicable from time to time (i.e., road tax, real estate tax, real estate transfer tax). Although we do not provide tax advisory services, we are prepared to draft these tax statements for review and approval by a clients tax advisor.

INVOICING

We can manage the invoicing process for clients and ensure that the invoices comply with local legislation, the clients standard layout and the valid agreement between the client and its customers. We can also provide collection management services and various billing reporting services; for example, the reconciling of invoice reports to the clients reported revenues.

ELECTRONIC PAYMENT PROCESSING

Flow Management uses electronic banking connections to handle payment processing. All payments executed must have prior client approval and two signatories of the Flow Management senior staff have to be included on the payment order. We further enhance this service by offering complete cash management assistance, including cash flow projections, bank depositing of excess cash, and overall optimization of working capital.

BUDGETING

We can prepare and propose complete financial budgets for our clients. The budgets are monitored and compared with the actual results so that clients receive timely information on their actual performance.

MANAGEMENT FINANCIAL REPORTING

Flow Management provides a range of financial reports to its clients at mutually agreed upon periods. Our accounting software makes it possible for us to easily extract information from client accounts and present it in a way that corresponds with the clients corporate standards. We do not simply present data in our reports; rather, we look behind the figures to comment on various changes, trends and developments of our clients financial performance.

FURTHER CORPORATE ASSISTANCE

We can fulfil other corporate requirements not expressly required by the Czech Act on Accounting, such as calls of annual board meetings, approving and filling of annual financial statements to the commercial register, keeping updated Articles of Association, trade licences, etc. Our internal legal department can also assist with minor corporate changes, such as change of domiciliation, statutory representatives, or changes in company name. We can also set up a limited liability company, joint stock company, or any other legal form of business enterprise according to a clients requirements.

PAYROLL SERVICES

We can manage complete payroll services on behalf of our clients, including the drafting of employment agreements, registering the company with the various authorities, calculating the monthly payroll, and issuing payroll slips to the employees. This is followed up with a monthly HR report to the client and the accounting department.