Why Does a Business Need Accounting and Bookkeeping Services?
Bookkeeping and accounting together add value to your business. They help to show you the real picture of your financial status. Accounting and bookkeeping don’t only serve the owner but act as legal safekeeps for the court of law. Shareholders and stakeholders get assistance from the books of accounts to know about the company. Systematic and well-organized accounting services help a business to carry out its day-to-day transactions smoothly.
Accounting and Bookkeeping Services in Switzerland
Switzerland follows its own specifics in accounting and bookkeeping. The country is not subject to EU International Accounting Standards as it is not a member state of the European Union. All Swiss incorporations must register at the Swiss trade registry and comply the accounting standards according to Swiss GAAP outlined by an accountant of Switzerland.
The new Swiss Financial Reporting law came into force in January 2013 to increase the transparency and strengthen the rights of shareholders in Switzerland. One needs to follow certain accounting requirements in Switzerland:
- Companies need to keep accounts according to the Swiss Code of Obligation
- The larger companies need to deliver a cash flow statement and management report annually
- The profit and loss account, inventory and balance sheets need to be maintained in Swiss Francs
- There is a need to prepare consolidated statements if the legal entities control one or more entities
- The larger entities are required to prepare notes for all the transactions in their annual report
- A full audit with internal control verification can be conducted if any 2 out of these criteria are met:
- There are more than 50 employees in the company
- The turnover exceeds CHF 20 million
- The total balance sheet is in excess of CHF 50 million
Bookkeeping Services for Small Businesses
In Switzerland, small businesses are required to conduct bookkeeping if they have an annual income of more than CHF 1 million and above. Individual entrepreneurs and small companies need to follow the following bookkeeping requirements:
- They need to maintain the records of all expenditures and revenue receipts
- They must maintain their employees’ records accurately and up to date
- They should submit valid and accurate tax reports to tax authorities, if required
Our Accounting and Bookkeeping Services
Business Setup Worldwide provides a wide spectrum of accounting and bookkeeping services that help you understand the financial picture of your business. Our services include:
- Company financial performance reviews
- Bank reconciliation, audit reports, cash-flow forecasting
- Assistance in preparing tax structure as per Swiss GAAP or IFRS
- Generation of cash flow statement, profit and loss statement, and balance sheets
- Providing Swiss financial services, including preparation of financial reports
- Assistance in tax planning and preparation
Benefits of Availing Accounting and Bookkeeping Services
The benefits of accounting and bookkeeping services are:
- You get the clear picture of your financial status and stability
- You are equipped with better knowledge about tracking of finance
- The financial report analysis assists in decision-making
- Easy identification and evaluation of business malpractices is possible
Business Setup Worldwide is a management & consulting firm that helps entrepreneurs start their business in the international market. We provide a variety of services, ranging from accounting, finance, legal assistance, and tax advisory.
Our experts assist you in understanding the financial norms of a foreign land. They act as a guide and take care of the financial ground and set your free from financial headache. Business Setup Worldwide provides a wide range of financial and accounting services in Switzerland including accounts payable & receivable, preparation of financial reports, planning, forecast and many more.