Accounting & Financial Statements

Companies must prepare their financial statements within four months of the end of the financial year. A financial year is a 12-month period, often a calendar year or other period suitable for the operation of a company.

Financial administration 4/4

  • According to the Accounting Act, all companies are obliged to keep accounting records

    All companies are obliged to keep accounting records. Although accounting does not seem very interesting, you, as an entrepreneur, must fulfil at least your statutory obligations in order to avoid problems.

    According to the Accounting Act, accounting simply means the recording of transactions of the company, i.e. expenditure, revenue, financing transactions and related adjustments and transfers. If this sentence above already causes panic, no worries. There is no point in keeping the records by yourself, but you can outsource the accounting as well as your other financial administration work to a financial administration service provider, i.e. to an accounting company.

    The most common and important financial administration outsourcing step is to outsource the monthly accounting of the company and the preparation of the financial statements. Then, the accounting company will take the responsibility for preparing the monthly accounting of the company, the statutory notifications (such as VAT notifications) and financial statements as well as tax declaration. All you need to do is to authorise your accounting company to perform these tasks on your behalf.