Accounting statements - a tool for enterprise management

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Any individual entrepreneur, any organization, whether it is LLC, OJSC or CJSC, will certainly face such a concept as "accounting statements". Moreover, its provision is necessary for any taxation system and regardless of whether there is a profit or not.

What does the financial statements include and why is it needed? For an inexperienced person, such words inspire fear. But in fact, this is structured information about the financial position of the company. It includes information about the movement of assets, profits, losses of the enterprise, the presence of liabilities. Documents are compiled for a specific reporting period (month, quarter, half year, year). Accounting reports are mandatory submitted to state bodies (tax office, FSS, Pension Fund), some employees of the enterprise, investors, counterparties. It is necessary for sound economic decision-making, determining the direction of the company's development, and analyzing the effectiveness of its activities.

In many ways, specific types of reporting depend on the form of the enterprise's activity, on the taxation system. So, the main unified forms are the following: “Balance sheet” and its appendix, “Cash flow statement”, “Statement of changes in capital” and “Profit and loss statement”.

In addition to these documents, there are a number of others, no less time-consuming and voluminous. However, it is worth noting that such forms are mandatory for those individual entrepreneurs and organizations that operate under the general taxation system (OSNO). There are also a number of preferential systems, such as the STS (Simplified Taxation System), ESHN (Unified Agricultural Tax) or the Unified Imputed Income Tax (UTII). For enterprises enjoying such benefits, the financial statements required to be submitted by state bodies have been significantly reduced, it is limited to only 2-3 documents for the reporting period. This applies to forms established by the state. But the management of a particular company may require the accounting department to draw up additional reports for more efficient enterprise management.

Wrong is the opinion of many start-up entrepreneurs that if the activities of their company are not carried out, then they are spared from registration and submission of reports. This is far from true. In such cases, enterprises provide zero financial statements.

It looks quite naturalirritation of directors and accountants of companies about huge queues at the tax office or, for example, at the Pension Fund. You will have to lose a lot of time, effort and nerves before you get an appointment with the inspector. Significantly simplifies the life of electronic financial statements. Almost all forms to all government agencies can be submitted using the Internet. To do this, you need to purchase specialized software or contact the services of an intermediary company. It should be noted that when sending documents, a digital signature is required, and the data itself is transmitted via secure communication channels. This means that all information is under reliable protection.