Accounting and financial statements

Importance of accounting

Purpose of accounting and requirements of it as a reporting system for society and funders are set out in accounting, corporate and tax legislation. In accounting formalities need to be followed because accuracy of the statutory information provided needs to be verified based on the accounts.

The idea of separation and exploitation guides accounting decisions. Accounting makes an entity an independent entity whose revenue, expenses, assets and liabilities are kept separated from the corresponding items of other entities. The purpose of accounting is to produce, in accordance with good accounting practice, information to the management of the company for the purposes of conducting business as well as reporting to stakeholders and authorities. You can read more about reporting to management here.

Professional accounting

We at Fiscales take care of your accounting and related VAT calculations and statutory seasonal returns to the Tax Administration professionally and on timely basis. We appoint you your own accountant who will take care of your issues. Doing business with us is easy and effective. You can ask your accountant for advice and support on all matters related to financial management and, if necessary, discuss problems related to accounting.

Financial Statements

The financial statements are a statutory report on the company's financial performance and position that is subject to formal requirements. The purpose of the financial statements is to give a true and accurate view of the company's profits and assets, profitability and financial position. Although it’s not required by the law to draw up financial statements for small accounting entities, accounting is required to determine the taxable income for tax purposes. The preparation of financial statements is governed by the law the same way as accounting. The accounting rules are not the same for all entities because there are exceptions to the information required in the financial statements depending on the size and the legal form of the entity. The role of a good accounting firm is to produce a report that meets the requirements of the law and the tax administration at the end of the financial year, while at the same time serving the client in the best possible way. Preparation of financial statements is an important part of accounting expertise. Experts of Fiscales can draft the financial statements with decades of experience.

An essential part of the financial statements is audit that ensures that financial statements are truthful and accurate. Here you can read of our audit services. Because of the requirement of independence, we don’t audit our accounting customers.