Annual Report Preparation Is Just Around the Corner: Three Essential Things Not to Forget!

Dear Entrepreneurs,

The end of the year is fast approaching, which means that annual report preparation is just around the corner! This year, this period is marked by the impact of rapid inflation and economic uncertainty on financial statements. In these changing business conditions, these factors cannot be ignored, as your company may face an acute need for additional financing or access to support instruments for overcoming the economic crisis. All of these require immediately available, up-to-date, and correct accounting data; therefore, we would like to draw your attention to the following and invite you to:

• Take advantage of the statutory deadlines for the inventory of balance sheet items, which can be performed as early as three months before the end of the fiscal year. When preparing the annual report, it is important to conduct a detailed and correct inventory of balance sheet items to verify the valuation of long-term investments at their fair value and the recoverability of current assets. Special attention should be paid to meeting debtor payment deadlines, as your company’s business “cash flow” directly depends on timely settlements from debtors within the scheduled timeframes;
• Based on the rapid price increases of economic resources, we recommend implementing an internal corporate budget or financial control system to maintain control over their impact on the company’s operations;
• Without waiting for the end of the year or the annual report submission deadline, we invite you to evaluate the status of your company’s accounting records—whether they are maintained timely and continuously, and whether you have a colleague on your team who will prepare the company’s annual report in a timely manner;

If you feel that you are not in your “comfort zone” regarding your company’s accounting matters and you need assistance in organizing any type of accounting issues within your company, feel free to contact us through our website to receive a favorable proposal for starting a partnership.

Remember, you are the one responsible for organizing the accounting process within the company!