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What does full accounting look like in a company?
One of the most important things in running your own business is accounting. In the era of the pandemic and constantly changing tax law, more and more accountants have to revise their methods to optimize financial issues, especially taxes. It is not uncommon for a virtual office to have an offer from accounting offices. The purpose of this article is to present what full accounting looks like in the light of the latest regulations.
Let's start with the definition itself. Full accounting is called
"recording business transactions in limited partnerships, limited joint-stock partnerships, joint-stock companies and limited liability companies regardless of their revenue. In the case of other companies, this obligation applies to entities whose revenues reached or exceeded EUR 2,000,000 per year."
Experts on the subject also emphasize that an entrepreneur who kept simplified accounting and exceeded the limit of EUR 2,000,000 in the previous year will necessarily be obliged to keep full accounting. There will also be an obligation to prepare financial statements, i.e. a balance sheet, profit and loss account, introductory information to the statement and additional information or explanations. The term "accounting books" means: - a journal, - a general ledger with a statement of turnover and balances of its accounts, - subsidiary ledgers with a statement of balances of their accounts - an inventory of assets and liabilities.
Most entrepreneurs outsource full accounting to specialized outsourcing companies. This is due to the fact that the full accounting procedure itself is a series of procedures. Registering a company in a virtual office and a virtual address can simplify many dilemmas related to correspondence and document transfer. A virtual office has experience in forwarding correspondence to a virtual company address and document transfer. According to the regulations, the books must be:
1. permanently marked with the name (full or abbreviated) of the entity to which they relate (each bound book, each loose account card, even if they are in the form of a computer printout or a list displayed on a computer monitor screen), the name of the given type of accounting book and the name of the processing program,
2. clearly marked as to the financial year, reporting period and date of preparation,
3. stored carefully in a predetermined order.
It is also necessary to note and save the changes that have come in 2021. The first of them is the increase in the limit from which we must maintain full accounting to PLN 9,030,600. Another is the possibility of voluntary bookkeeping, provided that this option is reported in advance to the tax office competent for income tax matters. The third thing is the possibility of submitting a declaration of the lack of obligation to prepare a financial statement if the sales revenue for the previous financial year amounted to less than the equivalent in Polish currency of EUR 2,000,000.
When running a business, we need to keep up to date with tax changes - changes can be introduced very quickly and without a prior information campaign. We recommend following government websites, where we can find the latest changes, and working with an accountant who specializes in bookkeeping in our industry, and who, due to his profession, should always be up to date with the latest changes.
If you are looking for information on - virtual office Krakow, you want to register a company in Krakow, rent an address for registration Krakow is a great place for this. We invite you to us
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