The decisions of a company's shareholders can be made in a simplified manner during the pandemic based on a new government decree. The simplifications apply, among other things, to the conduct of the shareholders’ meeting or the members’ meeting, the approval of the annual report and the decision on dividend payment. Management can get additional powers and decide on behalf of the owners in certain cases.
The meeting of the main body of a legal person can take place electronically or by written vote, unless this is not legally excluded and if it cannot be held in a conventional manner due to epidemiological measures.
If it is not possible for the shareholders or shareholders to make the necessary decisions in a conventional or simplified manner, the decision-making powers of the shareholders pass to the management, with the exceptions specified in the government decree.
In view of the above, the management of the legal person can decide on the adoption of the annual financial statements in accordance with the Accounting Act, the use of the after-tax profit and other important questions within the limits set by the decree. The regulation also specifies the areas over which management cannot make decisions, even in an emergency.
The financial audit according to the Accounting Act can be carried out even in the case if the annual report was passed by the management of the legal person. If the legal person has a supervisory board, the management can decide on the annual financial statements after it has considered the written report of the supervisory board.
The general deadline for the publication of the annual report in Hungary is May 31, this date also being applicable to the yearly tax returns. This date has however been postponed to September 30 by the government, so it may be an option for companies to simply postpone the shareholders’ meeting until the epidemic has somewhat subsided and travel becomes possible again.
The simplified decision-making process described above enables legal entities to operate smoothly, but the regulation contained in the decree is extremely complex and incomplete due to the special circumstances under which it was passed. Therefore it is important for corporate decision-makers to take their decisions with the greatest care and after thorough examination of the legal regulations.
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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