Accounting Services in Serbia for Foreign-Owned Companies
You’re running a company in Serbia. Your parent company in London, Munich, or Shanghai expects clean monthly reports in their format, in their language, on their deadline. The Serbian tax authority expects something completely different — filed locally, in Serbian, on a calendar set by Belgrade.
Most accounting firms in Serbia can do one of those well. We do both.
At HLB TM, we work with foreign-owned companies that need their books kept to Serbian law and their reports delivered to head office. We are part of the HLB Global network, and we’ve built our practice around the local entities of international groups operating in the region.
When you outsource accounting in your home market, you usually outsource one thing: the books. In Serbia, foreign-owned companies almost always need three things stitched together:
Hiring an in-house accountant gives you part of this. Hiring a small local firm gives you another part. We give you all three, run by a team that has built this exact bridge for years.
We handle the everyday: recording transactions, processing supplier and customer invoices, reconciling bank accounts, maintaining the fixed asset register, and running the general ledger. Everything is kept in line with the Serbian Accounting Law and the International Financial Reporting Standards (IFRS), so your books are valid for both the Tax Administration and your auditor.
→ Dedicated service: Bookkeeping services in Serbia
Every Serbian legal entity is required to file an annual financial statement with APR. We prepare the full set — balance sheet, income statement, cash flow statement, statement of changes in equity, and notes — and file them on your behalf, along with the income tax balance and supporting forms.
This is where most local firms stop short. We map your Serbian books to your parent company’s chart of accounts, prepare monthly reporting packages in your format and currency, and reconcile the differences between local statutory rules and IFRS. Your CFO gets a report they recognize — without you having to translate it twice.
We also produce internal management reports: monthly P&L, budget vs. actual, cash-flow projections, and any custom analysis your management asks for.
→ Why this matters: How Proper Accounting Protects Foreign Investors in Serbia
We file what needs to be filed and pay what needs to be paid — VAT returns, corporate income tax, withholding tax on cross-border payments, and the smaller filings most people forget. When the Tax Administration raises a question, we answer it on your behalf.
→ For an overview of the system: Taxes in Serbia: A Complete Guide for Foreign Businesses
→ Dedicated service: Tax consulting services
Serbian payroll is more complex than most foreign employers expect. We calculate gross-to-net, handle taxes and contributions, file the monthly returns, and produce the contracts, registrations, and deregistrations that go with every hire and termination.
→ Why it’s worth outsourcing: The True Cost of In-House Payroll in Serbia
→ Dedicated service: Payroll services and HR
If your company is subject to statutory audit — or your group requires one — we prepare the audit files, answer the auditor’s questions, and resolve adjustments cleanly. We work with all of the major audit firms in Belgrade as a matter of routine.
For new entities, we set up the accounting system, configure the chart of accounts, write the required internal acts (accounting policy, bookkeeping rulebook, inventory rulebook), and align the configuration with Serbian regulations before the first transaction is booked.
→ Related: Company registration in Serbia
Most onboardings take two to four weeks from signature to first delivered report.
Do we need accounting from the day we register the company? Yes. From the moment your company is incorporated, it has bookkeeping and tax filing obligations under Serbian law — even if you haven’t yet hired your first employee or invoiced your first client. We recommend setting up accounting in parallel with company registration.
Can we keep our books in English? Statutory records in Serbia must be maintained in Serbian and in the local currency. However, we deliver every report, communication, and analytical output to you in English and in your parent company’s currency. The Serbian-language layer is something we manage on your behalf — you never have to read it.
What’s the difference between bookkeeping and accounting in Serbia? In everyday language they’re often used interchangeably. In practice, bookkeeping refers to the recording of transactions; accounting includes everything beyond that — financial statements, tax filings, management reporting, advisory. We handle the full scope.
Can you report directly to our parent company in their format? Yes. We prepare monthly or quarterly group reporting packages mapped to your parent company’s chart of accounts, in their currency, under IFRS, and on their deadline. This is one of the most common reasons foreign investors hire us.
Can you replace our in-house accountant? In most cases, yes — and we usually do it more efficiently. Outsourcing removes the cost and risk of staffing (sick leave, turnover, salary inflation, training on regulatory changes) while giving you a full team instead of a single person.
How long does onboarding take? Typically two to four weeks. For new entities being set up from scratch, we can start the day your company is registered. For takeovers from another accountant, we need a few days to receive and review the prior records.
Do you also handle payroll, VAT, and tax filings? Yes. Payroll, VAT, corporate income tax, withholding tax, and routine filings are part of our standard scope. Some clients only outsource one or two of these — we’re happy to scope the engagement to fit.
What happens if Serbian law changes? Serbian tax and accounting regulations change frequently. Monitoring those changes and adapting your books and filings accordingly is part of our standard service. You don’t need to track this separately, and we will flag any change that affects your business directly.
How much does it cost? Fees depend on transaction volume, headcount, complexity of the required reporting, and the number of jurisdictions involved. We provide a written fee proposal after the discovery call.
If you’re considering outsourcing accounting in Serbia — whether for a new entity, an existing company looking to switch providers, or a group consolidating its regional accounting under one provider — we’d be glad to talk through your situation.
