Why Is It Important To Hire Accounting Service In Your Company?

Accounting in a company is mandatory and essential for every company. Let’s see why it is necessary to have accounting service in your company and how we can help you with this.

Accounting in A Company

One of the most critical tasks that the administration of a company must do is to keep the accounting up to date. Accounting is the registration and control of all economic movements that the company has made during a specific period. Therefore, it is essential to know the status of the business in addition to mandatory to be able to report and present accounting books to the State.

Importance of Accounting And Accounting Analysis

During a fiscal year, a large number of economic movements take place. Beyond the income and expenses of the company, you must take into account all those assets and assets that a company owns. Therefore, it is not enough to keep a record of the movements in the company’s report in an Excel file.

To keep a good record of accounting, it is critical to fill in the obligatory accounting books for the company. For this, it is important to centralize the information of the different accounts of the company in the same space that, in addition to complying with the obligations with the Tax Agency, allows you to know the status and financial situation of the company at any time.

Accounting for Small Business

Accounting is not a unique thing for large companies. Knowing the state of the business at all times is essential for any activity, including small and medium enterprises.

What is accounting for?

Mainly, keeping accounts in a company serves to know the state of the business as well as meet obligations with the State. However, it also has some other function such a :

1.Knowing the State of the Business

Keeping business accounting up to date is an essential task for all companies. Beyond the tax and accounting obligations that must be met, keeping track of the company’s accounts up-to-date allows visibility of the status of the business at all times.

Centralizing the movements of the company in the same space and having up-to-date information in real time allows the company to improve decision making as well as act immediately

2.Present taxes

The Tax Agency requires, quarterly, that the company submit mandatory tax models, such as the VAT (if your business entity in Europe) model 303, the IRPF model 111 or the rent model 115. Besides, on an annual basis, it also demands that annual tax models be presented, such as 180, 190, 347 or 390 to know how the company has fared the previous year and what the business situation is.

Every one of them must be delivered within the deadlines set by the Tax Agency and without any error. In the case that they are given later than they should or with an error in the tax model, the company would receive a sanction from the Tax Agency. If you want to avoid mistakes and deliver business taxes on time, you can ask the help of professional accounting servic

3.Present the Accounting Books

The presentation of accounting books is mandatory for all companies. On an annual basis, the State must be informed of the movements or transactions that have taken place within the company during the accounting year. However, the accounting records must be kept up to date. We never know when we are going to have a tax inspection! Also, the information they contain must be correct and accurate, since the Tax Agency can sanction you if there are any errors in the books.