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Financial Management & Documentation

Balance sheets, tax compliance, assets, and liabilities

Balance Sheet

A balance sheet is a snapshot of a company's financial position at a specific date, listing assets, liabilities, and owner's equity.

Required Balance Sheet Items:

  • • Budget for the period
  • • Payments made and received
  • • Operating expenses
  • • Cash inflows and outflows
  • • Net profit or loss

Company Assets

  • • Office premises (owned or leased)
  • • Personal vehicles for business use
  • • Equipment and inventory
  • • Cash and investments

Company Liabilities

  • • Current debts (short-term loans)
  • • Long-term obligations
  • • Bank guarantees
  • • Supplier credit arrangements

Tax Audit Preparation Steps

  1. Prepare all financial statements and supporting vouchers
  2. Reconcile all figures with accounting records
  3. Organize documents by year and category
  4. Submit required documents to the tax office
  5. Retain proof of no outstanding tax liabilities