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Accounting: Everything Your Accountant Requires

Accounting: Everything Your Accountant Requires

There is a well-known joke that says that an accountant will solve a problem that you don’t know in a way that you don’t understand. But if you have your own project, you need at least a basic overview of accounting to know what your accountant should do.

I’m sure you’ll find that accountant Invoicing. However, this is not the case in many companies and invoices are issued, for example, by traders who enter into transactions with customers. Issuing an invoice in the form of Accounting programs It is a relatively simple activity.

Evidence of documents

One of the important activities of every accountant is to record the documents received, i.e. receipts or invoices from your suppliers. You keep real expenses when keeping the accounts and you need to prove them all.

The accountant rewrites the data from the received documents into the accounting program so that they are all in one place.

Archiving documents

The accountant is also responsible for archiving documents. The archiving period varies according to the type of documents and whether you are self-employed or have a limited liability company

A limited liability company that is not subject to VAT must keep its books and related documents for at least five years and its financial statements and annual report for at least ten years.

If the company is a VAT payer, it archives tax documents for at least ten years.

VAT Agenda

If you become a VAT payer, the accountant will also deal with the relevant agenda. If you are a monthly payer, you must submit a VAT inspection and return report by the 25th of each month. If you trade with partners in other countries of the European Union, your accountant must also submit a summary report.

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Tax return

Corporate accountants often process tax return documents and sometimes prepare them themselves. In this case, consider contacting a tax advisor directly. Taxes are complicated and an accountant’s professional insurance does not cover errors on a tax return, because he or she does not have the qualifications to address them.

Financial Statements

In the first quarter the accountant must prepare the financial statements for the previous year. They include, for example, the balance sheet, profit and loss statement and cash flow statement.

The workload of some accountants also includes other duties, such as processing employee payroll or checking the data box.

If you are looking Free accounting software, where the accounting will start, try Money S3. You can use the Start version for free for an unlimited time. Once you reach the limits of this version, you can choose one of the paid groups.