In connection with the end of the financial year and the beginning of the annual report submission period, we conducted a short interview with our head accountant, Jelena Vilbaum, in order to provide practical and useful advice that will help prevent headaches for both entrepreneurs and accountants in connection with the submission of the annual report.
What are your main tips for entrepreneurs to ensure smooth cooperation with the accountant when submitting the annual report?
First of all, based on my experience, I have always mentioned to clients that it is necessary to start the process of submitting the annual report as early as possible. This is one of the main tips I could give. This is precisely because, if you reserve enough time, you can deal with it calmly and eliminate all potential problems before the deadline for submitting the report is just around the corner.
Secondly, I think it is extremely important that all the necessary documents, invoices, files and reviews are submitted to the accountant at the same time. In most cases, if it is an existing client who is already managing the accounts on a daily basis, then this step is less important, but there are always new clients and requests, and taking this fact into account makes cooperation much smoother.
In addition, all our accounting is organized digitally. Therefore, it is also extremely important that entrepreneurs have valid ID cards or e-Residency cards with valid certificates. It is often necessary to sign documents and identify yourself in portals via the Internet. We have had several cases where the document has lost its validity just before the submission of the client’s annual report, and this has delayed the entire report submission process. It is especially important from this year, as the state will hand out fines more easily to entrepreneurs for not submitting a report. Therefore, I ask that entrepreneurs make sure at the end of the financial year that all cards and certificates are valid. If it has expired or is about to expire, the first thing you should do is get a new card.
Finally, I ask that entrepreneurs be conscientious about their accounting and reporting. Although accounting is one part that many entrepreneurs do not directly deal with, accounting is an integral part of the correct management and operation of a company.
By following these tips, any entrepreneur can ensure that the annual report is submitted on time and without problems.
If you find Jelena’s advice useful, please share this information with others.
If you have additional questions or are interested in our accounting services, make sure to contact us!