How do I create a proper annual financial statement?
July 16, 2022 | 40,00 EUR | answered by Isabel Müller
Dear tax consultant,
I am Alwin Busse, the owner of a small business, and I am facing the challenge of preparing my annual financial statements properly. So far, I have never delved deeply into this topic and therefore feel somewhat unsure about how to best approach the process.
The current situation is as follows: I have meticulously kept my accounting records and collected all relevant documents. I am aware that the annual financial statements are an important basis for tax returns and business planning, and therefore want to ensure that they are correct and complete.
My concerns are that I may make mistakes in preparing the annual financial statements, which could lead to tax disadvantages or other problems. Additionally, I lack the necessary expertise to be certain that I am complying with all legal regulations and guidelines.
Therefore, my question to you is: Can you explain to me step by step how to create proper annual financial statements? Which documents do I need to consider, which forms are required, and which deadlines do I need to meet? Are there any specific software or tools that can help me in preparing the annual financial statements?
I would greatly appreciate your assistance on this important topic and look forward to your expertise.
Sincerely,
Alwin Busse
Dear Mr. Busse,
Thank you for your inquiry regarding the preparation of your annual financial statements. It is understandable that you may feel uncertain when dealing with this topic for the first time. But do not worry, I am happy to assist you and will explain to you step by step how to create a proper annual financial statement.
First of all, it is very positive that you have kept your accounting records carefully and have gathered all relevant documents. This is an important basis for the preparation of the annual financial statements. Documents that you need to consider include the income statement, balance sheet, fixed asset schedule, inventory, and any provisions and depreciation. These documents are crucial for determining the company's financial performance and financial position.
To prepare the annual financial statements, you need to fill out various forms. These include the income surplus calculation (EÜR) for small businesses, as well as the balance sheet and income statement for larger companies. These forms must be completed correctly and submitted to the tax office on time. The deadline for submitting the annual financial statements is usually at the end of the following fiscal year.
There are various software and tools that can help you with the preparation of the annual financial statements. It is important to use software that is suitable for your company and accounting needs. Popular programs include DATEV, Lexware, or even Excel, which is well-suited for smaller businesses. These programs offer functions for capturing and analyzing your accounting data, making the preparation of the annual financial statements easier.
In summary, it is important that you proceed carefully when preparing your annual financial statements, consider all relevant documents, fill out the necessary forms on time, and use the right software. If you are unsure or need assistance, I am happy to help. Do not hesitate to contact me if you have any further questions.
Best regards,
Isabel Müller, Tax Advisor
