Barbare Benashvili

In business, documents are often associated only with accounting, audits or tax compliance. In reality, they serve a much broader purpose. One of the primary functions of a document management system is risk management - providing evidence of rights, obligations, agreements and completed transactions. A source document typically serves at least one essential purpose: it confirms an agreement, proves that a specific transaction or activity took place or demonstrates that goods, services or...

Businesses often start thinking about tax risks only when they receive a notification regarding a tax audit. At this stage, the company’s main priority becomes finding the relevant documentation, explaining the origin of transactions and defending its position. In reality, effective tax risk management should begin before an audit starts. During the audit process, it is often already too late to correct many issues, because the regulatory authority assesses the existing circumstances, facts,...

Timely and accurate control of financial information is one of the most important aspects of business management. A company owner or manager should be able at any time to see what is happening in the business, such as revenue and expenses, cash flow and outstanding obligations and other financial results. In small businesses that do not use well structured ERP systems, financial information often reaches decision makers late. This is because operational data is stored in separate files,...