By 1 January 2013, 1.3 million businesses were required to review their accounts. Why? The tax office requires the tax balance sheet to be submitted electronically.
The starting point
Some companies are currently well on track. Others have not yet realised the seriousness of the situation. The new procedure requires extensive preparation. Horst Vinken, President of the Federal Chamber of Tax Advisers, advises all firms that have not yet started to begin now. It is still possible to meet the deadline.
Small and medium-sized enterprises that handle their own monthly bookkeeping also need to step up their game. In this case, the path to achieving results is considerably more arduous. The transition is more demanding. Due to the e-balance sheet, for example, an additional 120 items must be completed. It sounds like a huge task – and it is. But not if you start your preparations in good time. As with any race, the same principle applies here: if you’re properly prepared, you can get off to a flying start and reach the finish line safely and stress-free. With regard to the e-balance sheet, it’s essential to train staff and introduce the new software in advance. There are always critics. In this race, they include trade associations, representatives of smaller businesses and various others. It’s a race that takes up a great deal of time and frays the nerves.
The starting signal on the third attempt
The Federal Ministry of Finance takes a somewhat more relaxed view when it comes to small and medium-sized enterprises. There have already been two attempts. The launch of the e-balance sheet has been postponed on both occasions. Tax advisers and business associations point to other digitalisation projects undertaken by the tax authorities – and warn of chaos. The electronic income tax card, the Fiscus software project, the electronic payslip system Elena – projects that are still ongoing or have failed.
Horst Vinken believes that the e-accounts race will turn out differently: „And it does make sense, after all, that companies no longer have to send a thick bundle of paper to the tax authorities, who then have to go to great lengths to digitise these documents.“ An automated verification process would be beneficial once the transition is complete: any electronic financial statements received by the tax authorities would be automatically checked for any potential discrepancies.
Make up for the missed start and the time lost. We’d be delighted to support you on your journey to your goal with our Opti. Tax. solution package – the e-balance sheet tool. It contains everything you need for a flying start, as well as all the necessary data you’ll require along the way. We’ll be there to guide you so you don’t lose your way. Give us a call and get started at short notice.
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