Monthly digest: August 2017


August 2017


Dear Sir / Madam!


The role of CFO is changing and is becoming comparable to that of CEO. The traditional focus on accounting and financial functions is shifting to supporting top management in making strategic decisions.

Studies show that CFOs increasingly focus on strategic tasks, they are actively involved in their company’s development, and they advise management on business development issue.

To find out more about new approaches and work models as well as the circumstances that are changing the functions and tasks performed by CFOs, read the article by Stanislav Skakun, Director of Economics and Finance at Intercomp, on the Evolution of the role of CFO. Trends in 2017.


Intercomp – No. 1 in accounting outsourcing


According to RA Expert (RAEX) ranking, the group of companies Intercomp topped the list of largest companies and groups engaged in accounting outsourcing in 2016.

The growth in revenues and strengthening of market position experienced by Intercomp is due not only to the company’s constant work on quality, but also to the combination of consulting and IT in the services we offer.

"In addition to traditional services – payroll, accounting and HR recordkeeping – there is also demand for convenient portal services for employees and for coordinating work between clients and outsourcer consultants, as well as requests for additional HR applications. Realizing this, we focused more in 2016 on developing the IT aspect of our services" comments Ilya Panteleev, General Director at Intercomp.


Analytics, knowledge, trends


Electronic sick leave notes: important points

We share our experience with electronic sick leave notes, describe how the registration of legal entities is organized and how to connect employees to the electronic sick leave process, as well as list the documents required for this process.


Q&A about the taxation of foreign representative offices and branches

We look into the complexity of tax accounting before quarterly reporting and describe how to keep records based on scanned documents. We also explain what to do upon change of address or name of representative office and how to minimize the risk of fines.


New rules for international exchange of tax data

A bill on collection of Russian tax information necessary for automatic exchange with other countries has been approved. We review the reporting that will need to be prepared for international groups of companies and describe how the preparation of documentation on controlled transactions will change.


Currency control: key points, liability and recommendations

Companies must report transactions exceeding USD 50,000. We list the documents that need to be submitted to banks as well as the reasons for currency control agencies to impose fines. We also describe the provisions that need to be included in contracts and what company executives should do.


Q&A about wage indexation

We explain key points about wage indexation: requirements to employers’ internal regulations, indexation rate, procedure and liability.


Webinar: how to operate with foreign employees in Russia


August 10, 10:30 a.m

Intercomp webinar How to operate with foreign employees in Russia: documents, notifications and responsibility.

Participation is free, registration is required.


To make sure foreign professionals that work at your company match all Russian migration requirements, company’s management should be aware of legislation peculiarities. E.g. how should documents be submitted, when to send notifications to the state authorities and many others “how to”. Intercomp’s expert will also share practical advice for different types of foreign employees and clarify employer’s responsibility.

Our webinar is intended for HR managers, CFOs and CEOs.

Please note the webinar will be held in Russian and we encourage you to forward this invitation to your Russian-speaking colleagues who might be interested in this topic.


Video of a webinar on inspections from state authorities


We are pleased to share this video of a webinar on How to Prepare and Pass Inspections from State Authorities.


  • Types of inspections: by whom, when and how can your company be inspected?
  • Inspection process;
  • Liability for violation of labor law; ​​​​​​​
  • ​​​​​​​Our recommendations: how to prepare for inspections.

Please note: webinar was held in Russian.

Our lawyers look forward to assisting your company in preparing for inspections as well as duly drafting all internal regulations required by law. If you have any queries, please send an email to


Intercomp library


Ilya Panteleev, General Director at Intercomp, recommends "The True Believer: Thoughts on the Nature of Mass Movements" by Eric Hoffer in order to better understand our everyday lives as well as complex business processes in large companies.

One of the key questions this book helps to find an answer is – who are the leaders of mass trends and why these people can easily move from one trend to another.

“The True Believer” is a very modern read, no matter it was written in 60s. Some observations might seem simple, and normally there is no use of looking for complex approaches when simple theories provide easy to understand explanations.


Kind regards,
Intercomp team