Category Archives: 4.7 General

Changes in accounting principles

As a general background, accounting principles are what you select for your company as a framework based on which you start recording your accounting entries, reporting on your results. The question one might have is whether accounting principles once chosen can be changed and I don’t mean changed entirely like you’d change from your local accounting principles to international ones for instance, but if the accounting framework you’ve applied gives you a chance to choose between accounting treatments for certain areas.  Continue reading

Your annual tax filings

Something that you inevitably have to prepare once a year are your official reporting apart from the annual report. There are filings such as statistics, employee related (depending on your local legislation of course), but almost certainly there are tax reporting (or tax filings) you have to prepare and submit to tax authorities once a year. Yes, some are prepared once a month, others once a quarter, but there are almost always some tax filings you’d have to submit once a year and not more often.  Continue reading

Period end financial statements

Your period end financial reporting (or financial statements) is something that comprises of the most significant statements for your company. When I say “period end” I mean both each reporting period, i.e. a month, a quarter, and the whole reporting period you prepare your Annual Report for (normally a year).   Continue reading

Before things go off the rails

When dealing with everyday business you may come upon (or should at least) a question of whether your company is able to continue. Questions you may ask are similar to if there are enough liquid assets to pay up your creditors, is there room for required investments etc. Or possibly also the question whether you’ve been following all regulations and the possibility of the authorities coming and asking for a closure. Okay, maybe not closure, but nonetheless, they may ask something so impossible that you’re forced to close down.  Continue reading

What happens if you lost all your documents for transactions and balances for this period?

Stuff happens and as it happens, there’s no reason to think why and how bad it is, but rather just move on. Obviously you should (if needed and possible for the situation) come up with actions to take so this doesn’t happen again, but more importantly, you now need to sort out your statements for the period!  Continue reading