Preparation of Procedures for Recording and Evaluating Business Transactions and Accounting Policy
The Law on Financial Accounting (Article 14, Part 1, Point 1) states that the person responsible for accounting must maintain the accounting according to the procedure for recording and evaluating the entity’s business transactions, as established by the manager.
Original price was: 625,00 €.500,00 €Current price is: 500,00 €. without VAT
- The deadline is determined based on the conditions of your business.
- Preparation of procedures for recording and evaluating business transactions;
- Preparation of accounting policy;
- Consultations.
- Clear pricing system;
- Fast professional assistance;
- Accounting services according to an individual plan.
Service Process
- Service Order: You place an order and pay for the service on the website.
- Data Submission: You will be asked to send all necessary data about the company’s activities.
- Document Preparation: Once we receive all the required data, we will prepare the procedures for recording and evaluating business transactions and the accounting policy.
About the Procedure for Recording and Evaluating Business
The Manager Must Establish the Procedure for Recording and Evaluating Business Transactions
According to the Law on Financial Accounting (Article 14, Part 1, Point 1), the manager is responsible for establishing the procedure for recording and evaluating business transactions. The accountant, or the person in charge of accounting, must adhere to this established procedure. Below are the key benefits of implementing an organized accounting process:
- Accuracy and Clarity: Ensuring the accurate recording of business transactions allows the company to track its financial status and assets clearly. This reduces the likelihood of errors in financial reports and provides a clear view of the companyโs funds.
- Compliance with Legal Requirements: By following the proper procedure, the company ensures compliance with legal obligations, minimizing the risk of fines for non-compliance. This also supports the reliable and orderly management of company documentation.
- Financial Planning and Forecasting: A structured accounting system facilitates accurate forecasting of future cash flows and financial needs. This helps in making informed business decisions and avoiding unforeseen financial challenges.
- Reliability with Partners and Investors: Proper financial accounting instills trust with external stakeholders, such as investors and suppliers. It signals that the company operates transparently and responsibly, which boosts its reputation.
- More Effective Internal Control: A well-defined procedure for recording and evaluating transactions allows for the identification of potential issues or inefficiencies. This enables prompt corrective actions and improves overall business operations.
About Accounting Policy: The Managerโs Role in Establishing Clear Guidelines
According to the laws of the Republic of Lithuania and the Business Accounting Standards, the companyโs manager is required to approve a clear accounting policy, which must be followed by the person handling the companyโs accounting. This policy is vital for maintaining consistent financial data recording and ensures the companyโs long-term success. Here are the key benefits of having a well-defined accounting policy:
- Consistency and Comparability: A clearly defined accounting policy ensures that accounting principles are consistently applied over time. This makes it easier to compare financial indicators and analyze financial data, enabling the management to make well-informed decisions.
- Transparency and Accountability: A structured accounting policy promotes transparency in financial data management, which enhances the companyโs reputation. It holds management and employees accountable for their actions, leading to higher operational quality and trustworthiness.
- Data-Driven Analysis: Establishing an accounting policy makes it easier to conduct a comprehensive analysis of the companyโs financial performance. It helps assess operational efficiency, improve cost control, and make more accurate income forecasts.
- Flexibility to Changing Circumstances: A well-defined accounting policy ensures that the company can adapt quickly to changes in economic conditions, regulations, or other external factors, supporting business continuity and agility.
- Reliability for Management and Employees: With a clear set of rules and methods in place, employees responsible for accounting can work with confidence, knowing they are following standardized procedures. This reduces the risk of errors and improves the accuracy of financial results.
An effective accounting policy forms the backbone of the companyโs financial operations, ensuring that accounting is carried out efficiently and in compliance with regulations.
Result
We will prepare a document package of approximately 100โ120 pages, which will include the procedures for recording and evaluating business transactions along with the company’s accounting policy.
Preparation of Procedures for Recording and Evaluating Business Transactions and Accounting Policy
Original price was: 625,00 €.500,00 €Current price is: 500,00 €. without VAT
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