Accounting

Think Safe Consulting

Accounting, Audits, and Compliance

Panama converted to IFRS as from 2009 and has historically utilized accounting principles that complied with the IAS Committee. The National Accounting Management created an integrated system of financial administration

 

​Our accounting service includes (but is not limited to) the following activities:   

  • Accounting and bookkeeping 

  • Audit

  • Tax

  • Compilation of Annual Reports 

  • Management reports 

  • Payroll service 

Accounting and bookkeeping

  • Processing on monthly transaction 

  • Preparation of bank reconciliations

  • Update of asset subledger level

  • Monthly update of the asset ledger of accounts receivable and accounts payable.

  • Monthly issuance of financial statements 

  • Estimate and assessment of the tax obligations

  • Account analysis 

Audit

In Panama, all companies as well as subsidiaries of foreign companies are required to seek the services of an external auditor to carry out an annual financial audit of their organization. The auditors have to be certified public accountants and have to satisfy the government of the accuracy of the published accounting information. 

Tax

We will do an in-depth analysis of our clients’ individual and corporate tax situations with solutions for minimizing Panama taxes for both.  These services are also available for foreign corporations considering doing business and minimize taxes in Panama.

Compilation of Annual Reports 

It refers to the papers and reports prepared by the Firm in accordance to the International Standards for Related Services, Assignment collection.

Generally, the job and report of financial compilation, includes the preparation of financial statements, but it may also include: collecting, classifying and summarizing other financial information.  

Management reports

We offer our clients support with the following reports for additional information for proper decision making:

• Budget preparation

• Budget execution control

• Cash flow reports

• Project expenditure report.

Payroll Service 

• Payroll payment estimates

• Filing and processing of debentures to the tax authorities

• Work Consultations

• Annual Tax Report (Form 03)

• Employer Registry

• Severance Fund

• Settlement Calculations

• Salary Certifications.

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