In our Case Studies we have described some examples of how we work for our clients and what benefits we have achieved for them. The Case Studies also allow you to look at how our auditors, tax advisers and lawyers work together providing effective, multidisciplinary solutions.
A Europe-based company producing electronic components decided to set up a production site in Hungary in order optimize the supply chain for an important customer which had recently moved its factory to Hungary.
Working together with the management of the company, we set up the legal, accounting and taxation structure for new subsidiary. Our law firm drafted the necessary corporate documentation and registered the subsidiary with the registration court. We advised the company on all legal questions arising in the initial stage, such as leases, contracts, employment issues, etc. Based on the parent company’s home system, we helped the new subsidiary to set up an accounting and reporting system under Hungarian Law. After the subsidiary became operational we continued to act as advisers on financial accounting, taxation and legal issues.
The firm had operated successfully for several years when their business partner relocated its factory to Asia. Subsequently the European parent company decided to wind up the Hungarian subsidiary and entrusted us with taking care of all the legal, accounting and taxation steps that lead to the closing of the subsidiary, including the gradual dismissal of their employees.
Looking back on our client’s successful operations over the years, the efficient, wide-range support by our professionals enabled the firm to concentrate on their core business and thus enhance the entrepreneurial success of the group.
A large US-based group manages its European distribution units as branches. Due to the fact that its business requires a reduced number of employees in several smaller European countries, the parent company decided not to establish its own administration centres in those less significant locations, but to outsource accounting, reporting, payroll and taxation to member firms of DFK International.
Our firm has been retained as accountants and tax advisors in Hungary. Our responsibilities include accounting and reporting based on Hungarian Law and US-GAAP, as well as participation in the consolidation of accounts for group purposes. We file all tax returns for the group in Hungary and manage administrative processes by providing a registered office.
Our law firm takes care of the business law issues that arise. Based on several years of profound knowledge of the complex business processes of the company, as well as regular, direct contact with our client and their DFK advisers abroad, we continually provide efficient, interdisciplinary solutions to the group.
An international investment firm formed an investment group and a real estate development company in order to purchase some valuable property in Hungary. After the purchase they invested substantial amounts into the property causing a significant value increase. A complicated network of various agreements was created between the development company and the investment group.
The investment firm decided to leave the group, selling its share and some of the property directly to its business partners. Our firm was retained to carry out the legal and taxation work necessary for the transaction. The due diligence process showed that there was a state imposed sale ban on parts of the property and that the contracts our client had entered into with its partners and the real estate company would result in future liabilities after the sale.
We negotiated the restructuring of the contracts between our client, its business partners and the real estate company, also finding a favourable solution with the authorities on the sale ban. As a result, our client entered the sale without the previous transaction risk and benefited from reduced income tax.
An agency entrusted us as financial auditors. In the course of the regular audit we discovered that the internal cost clearing system of the agency provided only an incomplete allocation of costs generated on behalf of customers. Certain costs which should have been allocated to projects were qualified as general costs of the agency and were not invoiced.
We proposed changes to the cost clearing system and supported the company in revising its accounting for the entire period concerned in order to retrieve hidden agency costs. After the reallocation of costs had been completed successfully, the agency could invoice its clients, resulting in an increase in their profitability by a two digit percentage.
The Client is the Hungarian subsidiary of a large international technical manufacturing firm. The worldwide operations of the group, including the Hungarian subsidiary, rely on their in-company ERP software. In a tax audit we discovered that their digital system was handling a certain type of mass-generated business transaction incorrectly.
We helped the firm to correct the mistake, in a first step by using a temporary compliance solution, until, in a second step, the ERP software could be re-parametrized based on our advice. At the same time, we supported the subsidiary with retrospectively correcting their tax returns. As a result, the client avoided a significant amount of tax fines.
The Hungarian subsidiary of a European firm invested a substantial amount into asset development. Due to an unforeseeable increase in certain development costs, the equity of the company turned substantially negative.
As financial auditors we informed the parent company that the subsidiary could not operate further with a negative equity due to legal requirements. Working together with our lawyers and tax advisors we advised the management on possible options, resulting in the decision to change the company form into a personal company with limited liability.
After we had completed the transformation in Hungary, the parent company was able to make use of considerable tax cuts at its home base. This was due to the fact that we had built a tax relief structure into the legal framework, made possible by the double tax treaty.
The Hungarian subsidiary of an international company had been operating for a number of years when headquarters decided to sell the subsidiary to a competitor. They entrusted our firm with the due diligence process and the legal work for the transfer.
The purchaser insisted that the sellers should warrant any newly arising debts that relate to the time before the share transfer. In the course of the due diligence we stated that there was a substantial risk from the incorrect application of some tax laws by the previous management. This could have resulted in serious fines in case of a tax audit. Thus, the purchaser would have been entitled to claim significant damages from our client.
After communicating our findings to the client we presented some options for an optimal outcome. Acting upon our advice, the company carried out a retrospective review of its tax returns for the period in question. Finally, the financial risk could be eliminated and the shares were transferred to the buyer.
Our Client, a mid-sized foreign company needed a digital solution to complement their ERP system. Their aim was to produce invoices with Hungarian VAT in a compliant manner, send them to the Hungarian Tax Authority as data files and also to generate VAT returns.
Advising them in the process, we evaluated several digital solutions and enabled the client to implement the technology that could deliver an optimum result for their very specific situation.
We are dedicated to adding value to our clients’ businesses through understanding their objectives and supporting them in achieving their goals. With over 20 years of international experience and a strong focus on digitalization we provide full scale professional services at a single point of contact.
In our Case Studies we have described some examples of how we work for our clients and what benefits we have achieved for them.
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Businesses looking to permanently outsource their accounting and reporting functions can benefit from our full-scale, fully digitalized accounting solutions, including a wide range of professional services.
Our outsourced accounting services are built on three pillars:
Depending on your preference, we will maintain your accounts in HUF or any other functional currency such as EUR, USD, or CHF. We also manage all interconnected tasks arising from foreign currency accounting.
Our comprehensive accounting services include filing financial statements and registering your firm in the electronic systems of the Hungarian tax administration. We also prepare and submit your tax returns electronically.
If your company requires a tailored management information system in Hungary, we will adapt our services to align with your preferred accounting system, policies, and data format.
Our fully digital accounting platform streamlines financial management for businesses of all sizes. With a cloud-based system, our clients can gain real-time access to their accounting data, ensuring accuracy, transparency, and efficiency. The integration of tax compliance features also ensures that businesses remain up to date with local regulations, avoiding costly penalties.
We will generate detailed financial reports tailored to our clients’ needs, a further useful function of our fully digital accounting system. These reports provide valuable insights into cash flow, profitability, and the overall financial status, enabling better decision-making.
Another key advantage is the flexibility of digital collaboration between our clients and their accountants. A centralized platform allows for efficient document sharing and direct communication with our financial professionals. This enhances workflow efficiency and ensures that accounting tasks are completed accurately and on time. Whether managing payroll, tax filings, or financial planning, our clients benefit from a reliable, secure, and scalable accounting solution tailored to their specific needs.
We understand the importance of a smooth and efficient accounting process, also in cases when you wish your financial data to be integrated in your company’s own ERP-system. To ensure that financial data is seamlessly integrated into your ERP we handle the direct upload of your accounting data, eliminating errors and saving valuable time.
This automated process ensures that your company always has access to up-to-date financial records, improving accuracy and operational efficiency. Quarterly, monthly or weekly financial reporting enhances decision-making by providing your management team with precise, reliable insights.
We tailor our accounting services to our clients’ needs—whether for permanent outsourcing or for temporary support until an in-house accounting department is established.
We provide expert accounting advice, especially valuable in the early stages of business operations. Our team also advises on implementation and compatibility related to IFRS, US-GAAP, and Hungarian Accounting Standards.
While most companies in Hungary maintain accounts in Hungarian Forints (HUF), this may not be ideal for internationally active businesses. We guide our clients through the process of transitioning their accounting system to a preferred functional currency, such as EUR, USD, or CHF.
Once implemented, we support your accounting team in maintaining the accounts, compiling financial statements, and managing all related tasks in the chosen currency.
We offer payroll services for companies that require complete confidentiality of salaries or find it impractical to employ an in-house payroll team. This is particularly beneficial for:
Our payroll experts meet all legal requirements for handling payroll for companies with over 100 employees.
We handle full-scale payroll administration, allowing your company to focus on core business operations. Our services include:
Most clients who outsource their accounting with us also choose to use our payroll services.
For an estimate of employer wage costs, you can use our online salary calculator.
International businesses that do not wish to maintain a physical office in Hungary can outsource their registered office to us.
We can:
A registered office is a supplementary service available to clients outsourcing their accounting and reporting with us.
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