WHAT DO WE DO?
- Advisory services in accounting
- Accounting and administrative services
- Tax services
- Administrative services in human resources
In the area of accounting services we offer our customers an external bookkeeping system, tailored to each company´s operative needs, guaranteeing accuracy and timeliness in accounting records and reports. Our objective is to provide useful and dependable accounting tools, as follows:
Accounting and Preparation of Financial Statements:
- Statement of Operating Results and Balance Sheet
We offer two options for the record-keeping and reporting process, depending on the client’s needs: month to month reporting or month-end results and cumulative results. The Financial Statements will then present results for each calendar month and year-to-date, including an Executive Summary of the principal income and balance sheet accounts and detailed breakdowns of each of those accounts.
- Notes to Financial Statements
As part of our professional responsibility we will guarantee the accuracy of the figures shown in the financial statements and compliance with Internationally Accepted Accounting Standards, which require the utilization of notes to the financial statements to provide information on the origin and type of the transactions which gave rise to the accounting numbers.
- Cash Flow Statements
The Cash Flow Statement is “a financial statement destined to provide information on the origin of the cash generated by the business and the way in which it was utilized for operations, capital investments and financing. For such purpose, it will be necessary to determine the changes in the balance sheet accounts that affect cash flows”. The objective of the Cash Flow Statement is to determine the capacity of the business unit or professional entity to generate the cash required to meet its day-to-day obligations, as well as its capital needs for business expansion. The cash flow statement further enables the business entity to analyze each component of the cash generation process, in order to design strategies and procedures to optimize the generation and use of cash resources.
- Statement of Changes in Shareholders’ Equity
The Statement of Changes in Shareholders´ Equity is intended to provide information on the variations of the individual components of the shareholder´s equity, during a specific period of time. In addition to showing those variations, the Statement analyzes and explains the variances and points to possible financial consequences therefrom in the financial structure of the company. It is important for management to understand the causes of such variations during the accounting period being analyzed. Such understanding may provide important insight on positive and negative trends, which may then be instrumental in decision-making for corrective action or business opportunities.
- Bank Reconciliations
Bank reconciliations are an important and fundamental internal control tool for any business enterprise. Efficient control of cash receipts, disbursements and balances is not only important for control purposes, but also to understand the differences between accounting balances and bank balances. Proper accounting of cash collections from accounts receivable and cash disbursements for payables is essential for the financial health of any business venture.
- Detailed Breakdown of Monthly Expenses
This type of report is essential for the proper evaluation of the expense pattern of the company. The final objective is to identify the major expense categories and their monthly variations, in order to determine their reasonableness.
- Documentary Archive
Accounting and related documents are properly ordered, numbered and filed in Ampo binders, which are subsequently returned to the clients, once the tax year has ended.
- Customer Billing
Should the client request it, we may provide customer billing services. Invoices for the products and/or services offered by the company will be issued and delivered to the customers and if requested, we can also provide the collection service.
- Presentation of Social Security and Workmen’s Compensation Monthly Reports
Statera Outsourcing also offers its clients a payroll preparation, payment and reporting service, which includes presentation of the required Social Security report, within the first four days of every month. A similar report, involving the workmen´s compensation insurance, has to be filed within the first ten days of every month. A third report which must be filed every month involves the income taxes withheld from each employee, if any.
- Payment of Payrolls
If the client prepares its own payrolls internally, we are also prepared to make the actual salary payments to employees. This is generally done through an agreement between the designated bank and the client, by means of which Statera will receive a payroll report in an Excel format from the client and then prepares and sends a group deposit to the bank, to be credited individually to each employee´s account.
- Effective Communication With Client Regarding Accounting Issues
Statera will effectively communicate with the person designated by the client to resolve accounting and administrative questions and issues. This communication channel is essential for an orderly and efficient handling of documentation, bookkeeping and reporting matters.
- Payment of Operating Expenses
Should the client request it, we are prepared to make payments to the client´s suppliers of goods and services. This can be carried out through authorized bank transfers or by using a designated corporate credit card.
- Preparation of Annual Tax Return, Form D-101
Using the software “Virtual Tax Administration”, provided to Costa Rican taxpayers by the Tax Bureau, we can prepare the client´s tax return, based on the company’s financial statements. Each item of the tax return will be examined for reasonableness and accuracy.
- Preparation of Annual Tax Report D-151: Sales, Purchases, Fees and Commissions
The above-mentioned tax report is prepared with the Declara 7 Tax Software, which provides detailed information on sales, purchases, services and fees paid to independent professionals, as well as rental expenses and commissions paid to other third parties. This report must be reconciled with each counterpart, since recipients of these payments also have to report them.
- Recasting of Accounting Books in New Format
The use of a digital system for keeping accounting records and financial information became mandatory as of the 2013 Tax Period. Our firm offers its clients a digital accounting system that complies with the Law, including excel spreadsheets for detailed information. The entire system is backed up for security in external media.
- Payment of Annual Education and Culture Fee
This mandatory fee (or Tax) is due on March 31st of each year. We offer our clients this service and payment may be made at the bank of your choice.
- Payment of Quarterly Income Tax Advance Payments
We also offer our clients this payment service, at the bank of your choice.
- Registration of New Companies in the Treasury Ministry – D140
Our firm may accompany a new company in the registration process at the Treasury Ministry (and Tax Bureau). This is a mandatory step before starting a new business and it is important to properly select the type of commercial activity that corresponds to the nature of the business, since that will determine if the company is required to submit income tax returns or sales tax returns, or both.
- Tax Withholding on Employee Salaries, Report D-103 and Annual Report D-152
Salaries which surpass a certain tax free upper limit are subject to withholding by the employer. Reimbursement to the Government of the amounts withheld must be accompanied by a monthly report identifying the names and amounts withheld (D103). On January of each year an annual D-152 report must be submitted.
- D-179 Report on Luxurious Homes
Our firm has ample experience in preparing for and filing this special tax declaration, which applies only to residences exceeding a certain adjustable base value. The tax, if applicable, must be paid in January of each year.
- Monthly Sales Tax Return, D-104
This tax report shows the total amount of gross sales invoiced to customers during the foregoing month, as well as the amount of sales taxes charged on such sales. Reimbursement to the Treasury Department of the invoiced amounts must be prompt and it must be submitted by means of the ATV sales tax system of the Treasury.
- Training of Client´s Staff in Accounting Practices and Tax Legislation, as well as Social Legislation
Our professional staff is well versed in accounting policies and practices, tax legislation and social security legislation and we may conduct training sessions in any of these topics for our clients’ personnel, upon request.
- Preventive Tax Audits
A Preventive Tax Audit is carried out to determine the degree of compliance and possible contingencies associated with the Income Tax Law. As part of this review, we will issue recommendations to help our client to minimize fiscal contingencies and risks determined during the audit.
- Assistance During Government Tax Audits
If a client should be faced with an official tax audit, our firm is prepared to accompany him during the entire process, providing expert advice and counsel. An important part of the work that must be carried out is to examine each and every bit of information and documentation that is handed over to the authorities. Subsequently, we can provide expert advice to minimize the impact of any tax adjustments imposed by the Tax Office.
- External Financial Audit
This service consists of an independent external audit of the company´s financial statements, covering a previously-agreed accounting period, ended on an established cut-off date. The objective is to render an opinion on the reasonableness of such statements, if they were prepared according to generally accepted accounting standards and principles. We will render an independent Auditor´s Opinion on such Statements.
- Certification of Financial Statements
Utilizing specific review procedures, this service consists of certifying that the financial statements of a company were prepared by utilizing the formal accounting records of said company, at a predetermined cut-off date.
- Income Certification
At a client´s request, our Firm will review the back-up documentation supporting a person’s (physical or legal) income, during an established period of time, in order to issue a Certified Statement of such income.
- Due diligence
A due diligence process consists of examining areas of interest to the client, for the possible acquisition of another company or business segment. It is intended to reduce the financial and legal risks associated with such a transaction by providing the potential buyer with an independent and detailed description of the business and exploring the possible existence of unrecorded liabilities or contingencies in all the areas being reviewed.
- Previously-agreed Special Procedures
Our firm will conduct special reviews and exploratory accounting procedures covering specific accounting information or financial issues previously determined by the client.
- Design of Job Profiles and Descriptions
Job profiles and descriptions are designed to suit each customer’s needs regarding unfilled positions. These customized designs include the preparation of minimum job standards, a description of the skills required to perform the work, the responsibilities associated with the job and the parameters that will be used as indicators for measuring future performance.
- Recruitment and selection of Personnel
We recruit and select those candidates who dutifully meet the indispensable requirements to perform the work that is needed in each individual position. We interview and select potential candidates to fill positions in middle management, supervision, general management and high-level directorships. Our selection process includes skill evaluations, accumulated professional experience and research on previously-held positions, as follows:
- Curricular evaluation
- Psychometric testing
- Verification of previously-held positions
- Skill Assessment
The purpose of this technique is to provide the company, as well as the employee, with a clear picture of the skills demonstrated by the incumbent in the present position, as compared to the ideal skills or standards previously established for such position. This practice facilitates the task of designing plans for future training and development.
- Performance Evaluations
In the area of Skills, the objective of this tool is to provide the company, as well as its employees, with valuable and relevant information to be used in improving individual and team performance. This is a fundamental tool for feedback and career development.
With regard to Objectives, this tool enables companies, departments and individuals to have a clear panorama regarding achievement of annual objectives, how they should be measured and what feedback is required by users.
- Analytical Review of Internal Labor Climate
Our tool for analytical review of the internal labor climate provides employees with valuable decision-making information regarding the degree of commitment and identification with the company felt by its employees. It identifies factors and departments requiring improvement actions, in order to increase productivity.
- Advisory Services in Human Resources
We provide our clients with accompaniment in various human resources tasks and endeavors. Our services are tailored to the client companies’ needs.
- New Employee Induction
In accordance with client instructions, we provide accompaniment to new employees during their induction process, to insure that the integration process with the new company is successful and productive.
- Design of Organizational Structures
Based on our proven experience in human resources, we provide advisory services to our clients during their planning and design process for an organizational structure.