Certified public accountant VS normal accountant in Bulgaria: how to choose one

Entrepreneurs and investors looking to start a company in Bulgaria should consider seriously the matter of engaging the services of an accounting agency. An accountant or certified public accountant can become a strong ally in the process of setting up or growing a business in Bulgaria. 

When choosing an accountant in Bulgaria, there are a few aspects to consider. Investors will want their accountant to have lengthy experience dealing with the tax system, and public matters, as well as deep knowledge of the financial environment, which in turn can help them develop successful strategies. 

Finally, choosing a reliable accounting agency with positive references and experts with certified experience is something that will prove fundamental. We cannot but recommend Accountancy Bulgaria, a company with over 30 years of experience in the Bulgarian financial world, specializing in dealing with foreign clients, with experts that are multilingual and dedicated to understanding the particular needs of each business and tailoring solutions for them.

Why your accountant is an asset to your business

When deciding to register an Ltd company in Bulgaria, the matter of choosing an accountant to help take care of all your business financial and accounting needs is important. First of all, official papers are drawn in Bulgarian, which is a language barrier for foreign investors. 

Additionally, choosing an accountant or a certified public accountant can become an asset for your business. Bulgarian accountants who have experience with the tax system, annual reports, audits and can represent professionally your company will become allies on the path toward success, allowing entrepreneurs the time and space to focus on expanding their business and focusing on its growth. 

Normal accountant VS certified public accountant

While all certified public accountants are accountants, not all accountants are certified public accountants.

For an accountant to become a CPA (certified public accountant) they need to have completed a specific educational path and pass a CPA exam. However, rules and regulations are different in each country or state. 

In a nutshell, certified public accountants are permitted to fulfill certain tasks that normal accountants cannot. 

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Accountant and certified public accountant: what is the difference?

Passing a CPA exam, and becoming a certified public accountant, means this professional is recognized by the government as an expert. And this is why they are allowed to perform particular tasks like preparing an audited financial statement. CPAs can also be representatives of clients in front of tax officials during a tax audit.

While it is usually accepted that certified public accountants have a wider knowledge of the financial and tax systems, the truth is that for the normal accounting, reports, payroll, and advisory a company will need when settling down in Bulgaria, it is not necessary to engage the services of a certified public accountant. 

Both kinds of accountants can do certain tasks, like oversee internal audits, deal with tax reports, prepare financial statements, act as tax consultants, and make sure the company is up-to-date with policies and procedures, as well as standards in terms of accounting and taxes, there are a few things that accountants do that CPAs won’t and vice versa.

A certified public accountant can represent clients during audits in front of the tax office, as well as file some particular reports and work on preparing audits.

As you can see, this is very specific and for the common needs of a new or established company in Bulgaria, your accountant will prove more useful as they can manage the accounts, record and classify transactions, as well as deal with the daily bookkeeping, and set up the company’s accounting policies. This is, after all, what is necessary for a foreign investor looking to open a company in Bulgaria. 

Read also: 5 reasons to hire a Tax Specialist in Bulgaria

Conclusion

A certified public accountant could be necessary for a foreign company in Bulgaria under certain specific conditions. 

Otherwise, your trusted accountant can deal with the bookkeeping, financial, and tax needs of your business. 

Choosing a reliable accounting company like Accountancy Bulgaria can be one of the wisest decisions an entrepreneur can make for their business. Accountancy Bulgaria operates intending to help international companies establish, grow, and expand their businesses in Bulgaria. 

Most clients are from many different European countries and often looking for a more advantageous tax scheme, a cheaper lifestyle and a more affordable workforce, and attracted by the always-growing number of opportunities that Bulgaria offers to continue growing your business. 

Accountancy Bulgaria, a reliable and trustworthy accounting agency based in Sofia, can help you through the process of opening a company in Bulgaria, offering services that range from day-to-day bookkeeping needs to financial advisory and tax consultancy.