Uralsib Launches Outsourced Accounting Service for Small Businesses
Entrepreneurs using Russia’s automated simplified tax system can now fully outsource their accounting under a new service launched by Uralsib Bank.
The Automated Simplified Tax System (ASUT) frees businesses from almost all reporting requirements: taxes are calculated automatically at a rate of 8% on revenue or 20% on the difference between revenue and expenses. Not every business is eligible for the regime. It is available only to companies with up to five employees, fixed assets worth no more than 150 million rubles (about $1.9 million), annual revenue of up to 60 million rubles (about $760,000), and registration in a region where ASUT is in effect.
Uralsib’s service handles the tasks that remain outside the automated system, including keeping accurate records of income and expenses, personnel administration, support for marketplace sales and correspondence with tax authorities. The service also includes unlimited consultations with a professional accountant, effectively giving entrepreneurs a substitute for an in-house accounting department.
For Uralsib, the service is part of its strategy to provide digital services to small and medium-sized businesses. The bank is adding nonfinancial services that companies need in their day-to-day operations to its portfolio of financial products.
