Services

The services offered by Orenstein, Ostro & Associates Group guarantee the quality, efficiency, experience and punctuality of our team of specialists, whose objectives are to accelerate and maximize the financial performance of your company.

Financial Audit

The financial audit service that we can offer to your company ensures that the examined financial statements are complete and prepared accurately, and the financial-accounting operations have been performed in accordance with the legislation in force. Our experts ensure that all necessary procedures are applied in accordance with International Standards on Auditing. Thus, the auditor can express his opinion to what extent the financial statements of the company represent the financial statement at the financial position date and the result of the financial year ended on the same date.

The objectives we pursue in the financial audit are:

Verification of the accuracy, clarity and completeness of the accounting procedures regarding the financial year;
Verification of the application as follows: the accounting regulations in force, the general harmonization of the accounting standards environment, the general environment for the calculation and presentation of the financial statements elaborated by IASC, the National and International Accounting Standards;
Monitoring data processing for current execution, correctly and in accordance with existing laws;
Assessing the accuracy of the information provided by the accounting records; analysis of accounting and internal control systems so that it can be assessed whether they are suitable for use as a basis for preparing financial statements and for maintaining accurate accounting records.

At the end of the financial audit mission, an audit report will be prepared for the management of the company, which contains all the illegalities, irregularities and irrelevant records that were found during the audit process. The report will also contain the main deficiencies of the internal control system and of other aspects identified during the financial audit.

Fiscal Consultancy

Our objective is to identify the best fiscal solution related to operations, in order to maximize the profitability of our client. Using our experience in providing tax services, we offer complete tax advice, tailored to your own needs, requirements and expectations.

Through national tax consulting, we offer:

Analysis of the fiscal situation of the company;
Calculation of debts and penalties of the company;
Consulting on the effect of implementing the company’s fiscal strategy to streamline and maximize profitability;
Construction and proposal of the optimal fiscal strategy for the specific object of activity of the company, in accordance with the Romanian legislation;
Consulting on changes in current legislation.

Through international tax consulting, we offer:

Tax consultancy regarding the taxation of incomes and benefits between countries, in case of associations and companies owned by a group in accordance with the existing legislation;
Tax advice to avoid double taxation for dividends, interest, royalties, commissions and other types of income.

Accounting

Through the professionalism of our accounting experts we follow the correctness of the records by knowing the activity of our clients, both individuals and legal entities.

By contracting our accounting services, we ensure the following:

Recording of the company’s operations in accounting (operations related to customers and suppliers, treasury operations, stocks, fixed assets, debts, etc.);
Registration of income and expenditure accounts in accounting and calculation of profit tax in accordance with the legislation in force;
Elaboration of trial balance and profit and loss account per month;
Preparation of all current declarations required by the authorities and their submission within the legal deadline (VAT returns, tax returns, financial result at the end of the year, etc.);
Checking the records done in accounting by our clients’ employees on a monthly basis, closing the month and calculating the profit tax in accordance with the legislation in force (upon request);
Informing the client about the amounts due to the authorities;
Maintaining the relationship with the Fiscal Authorities.

Payroll & HR

One of the most important resources of a company and certainly indispensable is the human one. Orenstein, Ostro & Associates Group takes care of this by making the payroll and human resources service available to all customers and partners.

The services offered include:

Calculation of individual salaries in accordance with the company’s salary policy and preparation of related records for accounting;
Preparation of statements and reporting to the authorities;
Preparation of annual individual statements;
Preparing the payroll for cash or bank, as required;
Notifying the client about the legislative changes related to social securities;
Informing the client about the amounts owed to the authorities or to the employees;
Maintaining the relationship with the Territorial Labor Inspectorate;
Maintenance of the Register of Employees.

Reporting

Depending on your company needs, we can offer you reporting services that will help you monitor the activity of your company and/or report to shareholders / associates (as needed) such as:

Preparation of financial statements in accordance with IFRS on a monthly, quarterly and annual basis (financial position, statement of comprehensive income, statement of cash flows, statement of change in shareholders ’equity and related notes);
Preparation of consolidated financial statements for the group (upon request);
Issuing the monthly, quarterly and annual analysis of the differences between budget and actual, for revenues and expenditures for the reported period.

All the mentioned reports will be stated / translated in accordance with the international accounting principles, generally accepted and presented in indexed RON or in the operating currency of the company.

Internal Audit

The internal audit ensures an objective examination of all the activities of the audited company, generating an independent evaluation of the risk management, control and its management processes.

The objectives we pursue in the internal audit are:

Adapting the internal procedures to the company’s activity objective and verifying the conformity of the company’s activity with its policies, programs and management, according to the legal provisions;
Monitoring and reporting the observance of the established procedures, evaluating the adequacy of the financial and non-financial information provided to the management, in order to know the realities within the company;
Evaluating the adequacy of the financial and non-financial controls ordered by the company’s management, and if they are applied and to what extent, in order to increase the efficiency of its activity;
Protecting the company’s patrimonial elements and consulting on the existence of procedures for optimizing and / or implementing new procedures in order to minimize the risk of errors and fraud as much as possible;
Emphasizing the evaluation of risk management within the company.

Business, Organizational and Investment Consultancy

Every company needs an objective, external look, necessary for the improvement of the activity, of the commercial offers, of the service towards its clients. Our experts have the necessary skills to provide a complete and coherent picture of the business, in order to achieve the objectives you set. Orenstein, Ostro & Associates Group offers 4 types of consulting:

Business Consulting

Assistance for identifying the market target;
Assistance in financial negotiations with banks, leasing companies and investors;
Business plan preparation;
Computation of the cost price, post-calculation in order to evaluate the inventory for accounting and pre-calculation in order to establish the selling price and budget forecast;
Annual, semester, quarterly and monthly budget preparation;
Consulting in the choice and designing of the information and communication technology system.

Organizational consulting

It aims to optimize the size and structure of the organization in accordance with the size of the business, as well as short and medium term development objectives. We can offer you:

Analysis of the organization (company), depending on the size and structure;
Creating and implementing the company’s organizational chart in order to optimize the operability;
Establish internal control procedures to minimize the risk of error and fraud;
Analysis and evaluation of positions and assistance in choosing the staff that will occupy the positions established in the organizational chart;
Implementing the necessary systems in the new organizational format;
Supervision of the implementation of the new organizational chart.

Investment consulting, in which we offer:

Business plan computation;
Consulting in order to establish the optimal legal form for investments;
Activity planning in order to maximize the net profit for the investor;
Designing the financial accounting system;
Designing the information and communication technology system;
Consulting in order to establish the management team;
Consulting on investment opportunities.

Recovery service

The recovery service offered by Orenstein, Ostro & Associates Group is based on the analysis of 53 major parameters through which it evaluates the way the company acts on the market; the way it is organized and the roles of the departments in the company; suppliers, customers and the history of business relations with them; internal procedures and authorization levels and more. In the analysis process, both the weaknesses and the strengths of the organization are identified and it offers a realistic and efficient reorganization plan to eliminate problems and maximize strengths. Although each situation is unique, we use a consistent, previously tested process that has proven viable in restoring organizational competitiveness. The methodology used follows a few steps to develop the recovery plan:

Studying the targeted business through interviews with top management and analyzing contracts with major clients;
The analysis of the organization based on the documents provided by the client, the analysis that will include the organizational chart, the company’s policies, standard employment contracts, the flow of information and documents in the company, the employees’ rights depending on the position;
The analysis of the organization on the field, in order to verify the implementation of the information flow and the observance of the authorization levels;
Interpretation of the information collected and preliminary conclusions;
Validation of the conclusions with the previously interviewed persons;
Preparation of the final analysis report and conclusions and of the recovery plan.

The recovery plan thus outlined will contain the ways to eliminate the identified weaknesses, recommendations for optimizing the advantages that the company has and recommendations for relocating resources according to the major priorities.

Customized training Finance for Non-Finance Top Executives

Whether you are a shareholder in a company, an entrepreneur or a manager, a thorough and complete knowledge of taxation and finance will contribute decisively to your success in business. And as a good knowledge of these areas can help you improve your company’s financial condition or increase your profit, we, Orenstein, Ostro & Associates Group, have created a customize financial training module to fit your requirements, entitled Finance for Non-Finance Top Executives. This is not training for accountants, but for people in management positions who are not finance executives but who are in dire need of financial knowledge.

The training is addressed to top management and / or shareholders or entrepreneurs, aiming to provide an essential financial knowledge base for a better understanding and operation of the financial process;
It contains basic notions in the financial-fiscal field and also a personalized component depending on each student, for mastering the organizational flow specific to each company;
The training sessions are designed to have up to four students and can last approximately one working day;
The small number of students allows a better distribution of information, a personalized and directed communication to all participants, the format thus promoting open and learning-oriented conversations;
The location where this training will be held is flexible, the clients being able to choose between their or ours location.

Self employed individuals package

Professionals in any field need to focus on doing what they do best. Therefore, in order to relieve them of accounting worries, Orenstein, Ostro & Associates Group has launched a special accounting package for self-employees.

The service targets top professionals who work as self-employees, such as: doctors, artists, freelancers in industries such as advertising, IT, etc .;
It offers accounting services at company standard at an advantageous price for individuals;
The package offered by Orenstein, Ostro & Associates Group allows professionals to free themselves from the worries of the bookkeeping and preparing the reports for the tax authorities in order to dedicate themselves entirely to a rising career.