What should be considered in the annual financial statements?

In addition to a variety of legal provisions, the annual financial statements must also meet the requirements of the relevant tax authorities. This checklist helps you not to overlook any important points.

Annual Financial Statements Checklist

The annual financial statements must comply with legal provisions on one hand, and meet the requirements of the tax authorities on the other. Sole proprietorships and SMEs often have their statements prepared by a trustee. To guarantee a smooth and efficient process, the following documents should be prepared and submitted to the trustee:

• Liquid Assets: Keep receipts for cash, securities portfolios, and bank or postal accounts ready.
• VAT Settlement (see blog post)
• Listing of Fixed Assets: List all inventory values such as real estate, furniture, vehicles, etc.
• Mortgages and Loans: Copies of balance confirmations and bank statements at the reporting date, as well as any loan agreements.
• Employee List: List the average number of employees for the year for the appendix.
• List of Work in Progress
• List of Prepayments from Customers
• Insurances: Submit the final accounts of AHV, accident and daily sickness allowance insurances, liability insurances, and BVG premium account statements.
• Open Receivables: (Claims from delivery & service) Keep a list of invoices to customers that pertain to the old business year, but have not yet been paid by the customers.
• Open Payables: (Liabilities from delivery & service) Create a list of all invoices that you will pay in the new year but still pertain to the old business year.
• Accrued Assets: Compilation of all services that have been paid for in this financial year but will actually be incurred in the next year. E.g., payment of the semi-annual rent in October until March of the following year. Payment for insurance services in the summer for the whole year.
• Accrued Liabilities: Compilation of all debts incurred in the old business year for which you have not yet received an invoice (accrued expenses). E.g., the mobile provider's monthly statement that only comes in January for December.

Not sure if an event affects the annual financial statements? Ask your trustee, they will be happy to provide information. A smooth process saves time and costs.

• Further Information
   
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