1. When do you need an accountant?
It is recommended for every business to work with an accountant to keep finances transparent, tax returns accurate, and operations compliant with applicable regulations.
Using the services of a registered, certified accountant (“mérlegképes könyvelő”) is mandatory if:
- The company’s annual net revenue exceeds HUF 10 million.
- In the case of associations, foundations, and NGOs, as required by the Accounting Act.
- When using grant funding, if the call for proposals requires it.
When it is recommended:
Even for smaller businesses, it is worth hiring an accountant so financial decisions are based on real data and potential penalties can be avoided.
When it may not be strictly necessary:
If the entrepreneur has the necessary accounting and tax knowledge, can keep the finances accurately, and is willing to handle official audits and inspections.
2. Why is an accountant important?
- Meeting obligations: compliance with tax, accounting, and labour regulations, and support/representation in the event of an authority inspection.
- Decision support: accurate financial reports, analysis of profitability and financial position, and identification of risks.
- Security and peace of mind: the accountant helps ensure the business remains compliant, reducing the risk of fines and late-payment charges.
3. What does an accountant do?
- Recording income and expenses
- Preparing and submitting tax returns
- Preparing financial reports and statements
- In the case of digital accounting: online document uploads, handling e-invoices, and fast, simple administration
4. What does an accountant need from you?
- Bank statements
- Income and expense documents, invoices, receipts
- Contracts and other financial documents
- Accurate information about the business operations and any changes that may occur
5. How to choose an accountant or accounting firm?
- Check whether they are a registered certified accountant in the Ministry of Finance register.
- Clarify exactly what services they provide, with what deadlines, and what responsibilities they assume.
- Ask whether they have professional liability insurance and what references they can provide.
- Ensure confidential case handling and document protection are in place.
- Consider how easily reachable/available the accountant is.
- Make sure the pricing is transparent, how often it may change, and on what parameters it is based.
6. What does the monthly accounting fee include?
- Recording income and expenses
Processing invoices, receipts, bank and cash transactions. - Maintaining current accounts and financial records
Reconciling bank accounts and the cash book. - Preparing monthly tax returns
Preparing VAT returns, local business tax (HIPA), and payroll-related returns. - Liaising with authorities
Communication with NAV (the Hungarian Tax Authority) and other authorities when needed. - Reports, year-end closing, and financial statements
Monthly financial reports and balance sheet-type statements. - Advisory support and answering questions
- Continuous monitoring of revenue thresholds for VAT-exempt status, KATA, and flat-rate taxpayers
Accounting is the recording of a business’s financial transactions, the preparation of tax returns, and the production of financial reports.
7. What does “digital accounting office” mean?
Online document upload, preparation of returns, digital invoicing, fast and easy administration, and case management accessible anytime, from anywhere.
8. What happens in a “zero-activity” month or when a business is suspended?
The accountant records the period and indicates that there was no income or expense, ensuring statutory obligations are met, completes the related administration, and submits any required notifications.
9. How can an incorrect tax return be corrected?
By submitting a self-revision or correction to NAV. The accountant helps with accurate corrections and proper documentation.
10. What administrative tasks are required when starting a business and during operation?
Tax registration, authority notifications, reporting the invoicing software, and managing data reporting and tax filings.
Administrative steps required when starting a business
a) Choosing the business type
- You must choose from forms such as Kft., Bt., Zrt., sole proprietorship, or other structures.
- The choice determines legal, tax, and administrative obligations.
b) Preparing the founding documents (with legal counsel)
- Deed of foundation or articles of association
- Details of members/managing directors, registered office address
- Documents required for company register entry
c) Company registration
- Using the company court or an online system (e.g., Ügyfélkapu).
- Electronic signature and payment of fees.
- Applying for a company registration number and tax number.
d) Tax registrations
- Applying for a NAV tax number.
- VAT registration if the business is subject to VAT.
- Choosing KATA, KIVA, or another taxation regime.
- Registering additional filing obligations (e.g., local business tax, social contribution).
e) Opening a bank account
- A corporate bank account is required for operations, deposits/payments, and invoicing.
f) Concluding contracts
- Preparing subcontractor, lease, and supplier agreements.
- If there are employees: employment contracts and social security registration.
Administrative tasks during operation
a) Invoicing and bookkeeping
- Issuing and recording invoices.
- Organising income and expense documents.
- Maintaining accounting records (analytical records, general ledger, and data needed for tax filings).
b) Tax returns and deadlines
- VAT, personal income tax, corporate tax, KIVA/KATA, and local business tax filings.
- Paying contributions and social contribution tax.
- Preparing returns by deadline and, if needed, submitting self-revisions.
c) Legal compliance obligations
- Compliance with labour law: registrations, payslips, social security.
- Maintaining mandatory records (e.g., assets, depreciation, inventory).
- Preparing for authority inspections: NAV, labour authority, statistical office.
d) Documentation and archiving
- Secure storage of invoices, contracts, and employee documents.
- Organising digital and paper-based documents.
e) Financial planning and reporting
- Preparing monthly and quarterly financial reports.
- Monitoring cash flow and budgets.
- Decision-support reports for management.
f) Online administration
- Digital invoicing, document upload, and online tax filings.
11. What does the contract with the accountant include, and how is the fee determined?
The contract specifies the scope of services, deadlines, responsibilities, and the amount of the fee.
