When potential clients ask us “Is it going to cost us a lot to work for you and will you take a lot”, we usually reply that we don’t take or give anything.

The only thing that is certain is that we work for the interests of our clients.

When potential clients tell us, “The prices of the services of the accounting firm we used until recently are lower than yours”, we answer with great respect that this is wonderful, but then why did they not continue to use the services of colleagues, but look for us.

We do not compete with anyone on price, but on our experience, knowledge, skills and time invested in each service. And all this has… its price.

Because history is full of examples of how the customer’s pleasure from the low price of the service at one point disappears because of the bitterness of the low quality.

If someone tells you about us that we at Correct Account Consult accounting company are good at our work, we will not deny it. Because it is.

We do not hesitate to declare and sign under this statement that we understand this work and do it well.

We prefer to work for clients who know that hard work pays and so do good results.

We abide by the law and that makes us and our customers strong.

We work for your profit and will help you increase it. At the end of the month, at the end of the quarter, at the end of the year.

We are “Correct Account Consult” and we know how to put your finances in order.

And we are happy that many customers have given us the opportunity to prove to them how good we are.

Well, you’re on your way. If you want your accounting to be neat and in order, if you want your accounting to be uncompromisingly maintained and compliant to the last point, paragraph and article of the law…, look for us.

Consider this not as a future expense, but as one of your most successful investments.

We guarantee it!

If someone is said to be a person with a rich common culture, that should sound like a compliment, right?

And if they say about an accountant that he has a rich accounting culture, this is…

This is no longer a compliment at all.

This is, if you ask me, a mandatory requirement for every accountant.

Either you have an accounting culture or you don’t? You are either an accountant or someone who mostly fills out invoices and payment orders.

Is there a precise definition of what accounting culture is?

At the risk of scandalizing traditionalists in this area, I will tell you that

accounting culture is a combination of experience, knowledge of laws, good “reflexes”, good attitude towards clients, courage and …, surprise and general culture.

If I had to compare accounting to a sport, it would be chess, because in our field everything depends on decisions and the choice of combinations.

But for this the accountant must read. A lot to read. Information on all accounting cases. And in general, reading is mandatory for the accountant.

It is probably normal for your customer not to know how many changes to the VAT Act have been introduced in the last few years.

But it is abnormal for the accountant not to know these changes down to the smallest detail.

If you have a rich accounting culture, you will never let your client fall into a ridiculous situation.

Here is one such example.

In short, a company whose business includes e-commerce through the AMAZON platform produces goods and sends them to the Amazon warehouse in Germany, where the goods are stored and directed to customers.

One fine day he receives a notice from the tax authorities in Germany about VAT due. The company is in real shock because…

… because the accountant with a low accounting culture has neglected to read, learn and apply the VAT Law, according to which the Bulgarian company must register under the VAT rules in Germany …

But since this is not done and because the accountant has a low accounting culture, he gives the wrong advice. As a result, the Bulgarian company pays serious VAT in Bulgaria, and then it turns out that it was not due here in Bulgaria.

And if the accountant had read, learned, understood and applied the VAT Law correctly, he would have known that the company would not only not have to pay VAT in Bulgaria, but would have recovered it.

Good accounting culture means that the accountant is knowledgeable even about such exotic legal changes as the famous Art. 97a of the VAT, which requires companies that are not registered for VAT to register under this same article if they do ad on Google or Facebook, so they can receive invoices for their expenses.

But we’re still talking about a good accountant, right?

Hopefully, however, your accountant is aware of the new rules and regimes that apply to online trading and are effective from 07/01/2021.

In the accounting office “Correct Account Consult” we believe and are convinced of the correctness of the saying “A person learns while he lives!”.

Therefore, every day we learn something new and some new combination of the accounting “chess” to be useful to our clients.

And yes, we have a rich accounting culture, but we are constantly enriching it.

І. To know, to be able to do EVERYTHING

1. To know all the world’s written legislation – from ancient times to the present day, including the practice of its application and the instructions of the relevant authorities;
2. To know the rules and customary practice of all world trade – from the South Pole to the North Pole inclusive;
3. To know all living and dead languages, including those of the still undiscovered tribes – spoken and written;
4. To know all available and forgotten human knowledge – science, technology and so on;
5. To know everything about everyone and everything;
6. To be able to do anything;
7. To be able to do everything even by himself, and without machines, tools, equipment, knives and the like;
8. To even be able to keep double-sided accounting according to the law and standards;
9. To do everything he knows and can for the pleasure and benefit of the CLIENT.

ІІ. To be a MEDIUM and a CLEAR SEER

1. To be a medium – to keep in touch with the beyond for the purpose of receiving advice and guidance, to do everything in Section I better;
2. To be a clairvoyant – to guess when and what changes in legislation, world trade and business conditions, and generally everything under Section I, will occur in the next 5 years. To predict the CLIENT’s thoughts and desires even before they arise and take shape in his/the CLIENT’s head.

ІІІ. To be DEVOTED and DEDICATED

1. To be devoted and faithful only to the CLIENT;
2. To remember and never forget that the CUSTOMER always has a right even when he has no right. Also, the CLIENT has the right even when breaking the laws;
3. To be available to the CLIENT – 25 hours a day, 8 days a week, 418 days a year;
4. If he becomes ill or dies, to provide the CLIENT with an equal substitute or even better.
5. Honestly, on time and without documents, to pay the CLIENT the amount necessary for the high honor rendered to the accountant – to exercise his profession, and the same amount is regularly indexed according to inflation and so on;
6. To be self-sacrificing – if necessary or even at the hint of necessity, to immediately offer the CLIENT free of charge all his personal and family property, as well as the property of his relatives up to the ninth knee, as well as his relatives and friends. And if he has to even steal.

ІV. To be RESPONSIBLE

1. To be responsible for all business failures, bad karma or karma of the CUSTOMER;
2. To be responsible for floods, volcanic eruptions, earthquakes and the like;
3. To be responsible for rising oil prices, falling stock prices and in general for all financial or economic catastrophes and unfavorable conjuncture;
4. To answer the telephone and the calls of the CLIENT;
5. And if he is called by the Lord to present himself to Saint Peter, he should first coordinate this circumstance with the CLIENT;
6. The accountant IS NOT responsible for the success of the CLIENT.

What happens when a business owner speaks a different language to their accountant?

Something similar to the Tower of Babel happens.

Do you remember this Bible story?

In short…

People decided to build a tower so high that they could reach God himself. In order to punish them for their audacity, the Lord decided to teach men in a harsh way. He made all the people speak different languages. They could no longer get along with each other. Accordingly, they could not build the tower.

To this day, the remains of the Tower of Babel serve as an example. To make it clear what happens when people “speak in different languages”.

Can we compare your business to building a tower?

Why not. After all, every entrepreneur wants to rise above the competition.

But what happens when an entrepreneur speaks a different language to his accountant?

If one talks mainly about income and the other only about expenses?

Or one and the other have diametrically opposed concepts about spending financial resources.

Then it’s entirely possible that your business will reach the “Unfinished Tower of Babel” phase.

They say that when God wants to punish someone, he first takes away their mind. Or he sends him a bad accountant.

Accountants adhere to the adage “When water drips from the tap, water fills the barrel”. In other words, they advise the client to limit extravagance. The problem occurs when the business owner unwisely buys a lot of empty barrels, but the water stops. Then it turns out that the empty barrels remain empty, and there is no water, that is, no income.

Hop, one floor of your business tower will not be built.

American billionaire and stock market investor Warren Buffett says: “Accounting is the language of business.”

But if we stay at this intersection between accounting and business, we can quote something else from Mr. Buffett, namely: “Ignorance mixed with greed is the main cause of financial catastrophes.”

An accountant helps you balance income and expenses. Protects you from unreasonable decisions. If you listen to him, of course. But not only when filling out the annual tax return, but throughout the year.

In fact, speaking the same language with your accountant means that he speaks more than you.

Especially in terms of costs, but not only…

If he tells you that the pen with expenses for “working evenings” has grown too much, do not be angry. Consider whether it is better to start offering your partners and customers something alternative. For example, “work walks” on the beach, and not dinner in an expensive restaurant.

Okay, well…we know you’re going to decline this option. But we have to warn you.

Expenses for frequent “business snacks”? Let’s cross out another floor of your business tower.

We know that you have generated this money in your company. We, the accountants, want more of that money left over for you after taxes. This is our goal.

But do you want your luxury resort vacation to be a company expense?

Maybe, but not now…

Aha, you want it to be now? Okay, one more floor of your tower remains unbuilt.

Here’s a case study. A business owner tells his accountant, “The company’s money is mine.”

His accountant replies “No, the company’s money is not yours, it’s the company’s.” Then?

Then we find ourselves in the middle of a typical case of speaking in different languages.

Your accountant tells you that you can’t just transfer company money into your personal account like that.

It says you can’t transfer from the company’s money to your wife’s bank account.

But you do. Get ready to see another floor of your business tower go unbuilt.

Because what your accountant tells you is that you owe 10% profit tax first.

After paying the tax, you can dispose of the profit by distributing it in the form of a dividend.

But!!! For this you owe the revenue agency another 5% tax.

If you speak the same language as your accountant, filling out your annual tax return won’t feel like the dreaded Judgment Day.

You’ll just know that your financial affairs are in order.

And at the end of the year you two can meet somewhere. Why not on a “work walk”. This will save you money and your accountant should be happy.

And if he is cold, you will tell him that the business lunch is an expense that the accountant does not recommend to be made.

If we are sure of something, it is that in the accounting office “Correct Account Consult” we speak the same language with our clients.

The language of accounting.

The language of facts. On income and expenses. The tax breaks. And financial discipline.

We are always willing to teach our customers this language.

Our goal is to help them build their business and rise above the competition.

Among the eastern peoples, bargaining is a trade tradition. The negotiation is a key moment of the deal between the two parties.

It’s quite simple. The seller sets a price, the buyer tries to bring it down. Finally, they shake hands for the price that satisfies both the buyer and the seller.

But accounting is not an eastern market.

Accounting is not the sale of a commodity, but the provision of a service. For sure. Peace of mind and properly prepared documentation. Guaranteed that the customer is absolutely accurate with regards to taxes. And fair to his customers.

Excellent accounting is the opposite of chaos.

But this orderliness, this balance for the client’s business costs money because the accountant took care of it. If he really understands his job and is really competent.

Allow us to share a story from our practice.

A citizen of an EU country arrived for a meeting at the “Correct Account Consult” office. He told us that he registered his company here in Bulgaria. As a true European, he hired the services of a lawyer and an accountant.

For one reason or another, his company was out of business, and when it comes to accounting, it’s a textbook example. In other words, the foreign entrepreneur should not owe funds for insurance contributions, since in practice his company did not carry out any activity.

But the accountant activated his activities in a document, and in this way the entrepreneur from abroad got into a Bulgarian accounting storm.

And although his company did not develop activity, according to documents it was active and the foreigner began to accumulate debts.

He paid a fee for accounting services every month, paid money for insurance /more than was necessary/, but gave this money “in hand” because the accountant told him that this is how it is done in Bulgaria. And she “consulted” him for free over the phone.

For 2020, the foreign entrepreneur paid some amount to his accountant, only to find that at the end of the year he owed a considerable amount to the NRA due to unpaid insurance. In other words, he found out the hard way that only the cheese in the trap is free, and the cheap always comes out expensive. Because that’s exactly what happened. Trapped.

And his accountant literally disappeared. She last informed him by email that she was sick with “coronavirus” and they could not see each other.

Finally, with all these “liabilities”, without any accounting documents and with outstanding debts to the National Revenue Agency, the foreign entrepreneur stepped on the threshold of our office to request consultation and assistance.

When we explained to him in detail what the possible way out of the impasse he had found himself in, when we presented to him in detail the correct steps, when we explained to him that we would get him out of the “swamp” and that our services would cost him so and so leva, he answer us

“I will pay you half,” i.e. haggling began.

We hung up, told him the price of our consultation, wished him well, and sent him off alive and well.

Do you think this is a manifestation of hard-heartedness?

No, we showed respect for the customer, showed consideration for them and expressed willingness to commit to solving their problems.

And we simply refused to be part of the bargain. Because you haven’t forgotten, have you?

At “Correct Account Consult”, we do not sell a product, but offer a service in which we invest knowledge, skills, competence, authority and everything that makes our clients in good standing before the state, safe and calm.

Otherwise, history is full of examples that prove that cheap always comes out expensive. Our foreign guest has already made sure of this.

He, and others like him, know that sometimes you have to pay dearly and dearly because you tried to save money for your financial sanity.

At Correct Account Consult, we never haggle with our clients, because each of our clients knows with absolute certainty what they will get for their money.

And he does not receive invoices, but competent consulting and assistance.

Because accounting is not just a debit or a credit, it is above all knowledge and an investment in time and means to create knowledge in accounting and tax matters. At least for us it is, to keep up with the times and in time with the changes.

And what happened to this foreigner?

He returned to the office again. He is now our client. And we are fighting for his interest as he never thought it possible for anyone to fight.

That’s what we’re telling you. Excellent accounting is the opposite of chaos. And we constantly prove it to our customers.

If you are an individual and need to draw on the collective Bulgarian wisdom, then it is very likely that you will look to proverbs and sayings. Or call your wise grandmother.

If you are a legal entity and you have a financial imbalance in your company, then it seems most reasonable to look for an accountant…

Well, if you don’t believe us, call your wise grandmother again and she’ll tell you the same thing.

How do we know? History has proven that almost every grandmother knows two and two hundred. Accountants too.

Today we will try to find an intersection between accounting and proverbs.

Let’s start with this folk wisdom “Measure three times, cut once”, in other words this is the typical advice that any accountant from Correct Account Consult would give you.

That is, carefully plan your expenses even before you make them. Otherwise, you will have a serious problem with income.

Because if you cut without measuring, then you will face the realization of another old wisdom “He who pays badly, pays twice”. There is no way that the author of this insight is not some accountant.

But on the topic of income and expenses, we would also add this proverb “Many know how to make money, few know how to keep it.”

Knowledgeable accountants will recommend that you distribute a dividend because then you will owe 5% tax on the amount. And, at the same time, your remuneration under a management and control contract not only guarantees you taxation, but also requires an additional expense for insurance.

But if your plans include a high pension, don’t underestimate social insurance. Seek balance in everything. The choice is yours, but consult with your accountant to make an informed decision.

After all, in his capacity as your consultant, he is always ready to protect your financial interests, and this goes through the strict and regular payment of your obligations under the old rule “If you want to take, learn to give”. In fact, the Bible says it even better: “Give and it may be given to you.”

To save your business from financial chaos, you certainly need to be able to balance between income and expenses, between assets and liabilities. If you have to, embroider it somewhere or tattoo it, but remember that your expenses should not exceed your income, and your assets should be more than your liabilities, otherwise you will realize that the saying “Eyes full, hands empty” is written for you.

Have a question about your tattoo?

Well, no, under no circumstances would anyone from the “Correct Account Consult” team advise you on this. It’s difficult to report an “accounting advice tattoo” as a business expense on your annual return. It’s not impossible, but we don’t recommend it.

The universal rule that any entrepreneur should follow is “Everyone spreads according to his own rug”. Yes, it’s conservative, but it’s true.

Assets and liabilities are the true picture of your business and it’s up to you what it portrays. Therefore, it is necessary to constantly exercise strict control over them.

Assets bring benefits to your business, liabilities harm it in the long run.

But this is not about any kind of control, but about strict accounting control. And do you know why?

Because one day you will reach the point where you will visit one of all the possible banks in the market to request a loan for your business.

If you are in good accounting terms, then the vault will open for you and you will get approval. Otherwise…

We admit that we are not able to give you such information, because the clients of the accounting office “”CORRECT ACCOUNT CONSULT”” are in good standing and receive loans.

Guaranteed, throughout the year we constantly inform each of our clients about their financial balance and alert them early if there is even the slightest risk of any financial turbulence. As the saying goes, “Fear the vineyard keeps.”

Because “A friend in need is known.” So does a good accountant.

Some find this out the hard way unfortunately.

In your business, you should never allow something as important as your bookkeeping to be in the hands of unproven and incompetent accountants who presume to improvise or advise you to circumvent the laws so that you don’t have to realise the meaning of the proverb “Steaming mess of blow”.

And you can choose something significantly more optimistic, right…

“He who works honestly lives easier,” for example.

Do you know when you have the right to define your company as prosperous?

The day your accountant tells you that your assets are higher than your liabilities. Then you can boast a high degree of liquidity.

This is the goal you need to set and follow.

You can also reach it using “Correct Account Consult”.

Because “A friend in need is known.” So does a good accountant.

Have you heard this saying?

“Behind every successful man is a strong woman.”

And have you heard this saying?

“Behind every successful man is an astonished mother-in-law.”

As we ponder the meaning of proverbs, let us look at an undeniable truth.

Behind every successful company stands a competent accountant.

Almost always, the choice of an accountant in a business is key to its future… The business.

The correctness of the choice is proven in the long run when you find that your accountant has saved you time, money and energy. He has done this for you by guiding you to the most optimal legal option for paying taxes and insurance and helping you make the best decision as a manager and business owner.

With his skills, knowledge and practical experience, the competent accountant has made audits and inspections a painless and routine procedure for you, because your documentation and accounting have been properly maintained.

Or at least it should be.

And if it’s not…

We will introduce you to some of the most obvious signs and symptoms that should tell you that it is imperative that you take matters into your own hands and say goodbye to your previous accountant.

1. Increases the prices for accounting services without reasons

Some accounting firms use unfair trade practices. Initially, they offer unrealistically low prices to service their customers. At some subsequent point, the prices of the service are raised seriously, and the customer is faced with a fait accompli. You should be aware that if the price goes up, it must be a result of:

• from increased document turnover;
• increase in staff;
• VAT registration, etc., not accounting improvisation.

If the responsibility and hours of work that the accounting firm puts in for your company have not increased, the price of the service should not increase either.

2. You are bombarded with alerts and messages from the NRA about irregularities

That an accountant is incompetent always becomes clear the hard way. In other words, the business owner understands the level of competence of his accountant in difficult times. This is when you start getting:

• notifications from the tax administration about irregularities;
• fine warnings;
• follow-up inspections and revisions;
• refusal of credits due to incomplete or inappropriate accounting documentation, etc.

Take all of this as a warning “red light” that signals to you that this accountant is not competent enough and is not useful for your business.

3. It doesn’t know, won’t or can’t optimize your taxes

There are also such accountants. They have limited, basic knowledge in the field of accounting and never make unnecessary moves, i.e. they don’t want to complicate their lives by looking for and finding new opportunities to optimize your tax burden and they don’t offer you options through which you can legally enjoy tax preferences. They do this mostly because it is time consuming, requires high levels of competence and risk taking for extensive tax audits. Such a pseudo-specialist runs away like a devil from incense from the opportunity to get you recognized for travel and accommodation expenses, accounting for fuel and overnight invoices, transport tickets, travel orders and so on. And of course, it will avoid the thankless work of reducing your corporation tax. For the experienced accountant, the tax audit is a chance to confirm his expertise, and for the incompetent accountant, it is proof that you should dispense with his services.

4. It makes working with you a mess

If in working with you the accountant only creates chaos, makes mistakes, loses documents or allows you to lose documents, then the future of your company is bleak. You have two options:

• to sink ingloriously or
• to change that accountant who is like a millstone around your neck.

5. Lack of good communication between you and the accountant

In fact, what exactly are you hiring an accountant for? To constantly monitor the financial and property status of the company and, if there is a problem in this area, to provide timely information to the owner of the company. But if such information is missing, if the accountant often goes into deep illegality, it can harm your company. If the accountant is untraceable for most of the month, if he is not able to explain to you in an accessible language some accounting, tax or legal case, if he does not offer you a clear solution to a given problem, you know … you do not need this one accountant.

6. Ignores your problems

When you need help in solving a specific case of a tax-accounting nature, more and more often you hear the words: “No problem, we will fix things!”. In practice, however, the problem deepens and not only deepens, but also leads to serious sanctions.

7. Reveals your company secrets

In a normal relationship with your accountant, he will certainly know in detail almost everything about your company. Even at some point it is possible to have a more complete picture than yourself:

• about the financial and property status of your business;
• who are your customers and suppliers;
• what sources of funding you have available;
• what technologies you use in your production;
• what is the organization of work;
• what are your shots;
• what contracts have you signed…

If the accountant does not protect this information, but abuses it, break up with him as quickly as possible. It’s not even bad to see each other in court.

8. Violates deadlines

The world of accounting is unforgiving in one respect. Failure to comply with the deadlines set by law leads to sanctions and lost benefits. If you as a client deliver your documents on time to your accountant, but he is late in processing them and this causes you problems, solve the problem radically … break up with this accountant.

9. Takes unreasonable risks without your authorization

Your accountant represents you and your company in front of serious institutions such as the NRA, NII, NSI, IT, Registration Agency, as well as in front of banks, clients, etc. Bona fide professionals strictly adhere to the rules, but in individual cases there are accountants who, driven by the intention to perform a service for third parties or companies, issue an invoice on behalf of the client. Or make payments to a supplier without the owner’s consent. Dismissal of such accountant or termination of contract with such accounting firm is the least. At such a time, consider whether you do not have to seek legal responsibility of the incorrect specialist.

10. Makes serious mistakes to your detriment

We started with proverbs. Let’s end with the one that says “To err is human”. You know, a competent accountant is never guided in his work by this proverb. Yes, it is true that even the most authoritative accountant can be wrong, but this should be an isolated case. If the mistakes start to become a practice and almost a daily routine, then the time has come to end your relationship.

Even if you find just one of these symptoms in your accountant’s work, take it as a warning that a problem is brewing. How big this problem becomes is up to you.