Ongoing financial accounting and payroll administration


Germany

Legal obligation to keep records

In accordance with § 238, paragraph 1 HGB [German Commercial Code], every businessman is obliged to keep records of his financial accounting and to demonstrate his commercial transactions and the state of his assets according to generally accepted accounting principles. The accounting must be in such a manner that an expert third party can gain an overview of business transactions and the situation of the company within a reasonable period of time. It must be possible to trace the transactions in terms of their origin and development. The obligation to keep records for tax purposes is provided for in §§ 140 and 141 AO [German Tax Code]. The keeping of accounts is, however, not only required by law, but financial accounting and related evaluations are an important control instrument within the company. It is therefore essential that the executive board is able to rely on timely and accurate financial records.

Companies with their own accounting staff

If you have an accounting department in your company, we will be glad to be of assistance with any difficult situations or should you need advice, for example:

  • Clarification of tax issues with foreign sales 
  • Adjustment of accounts receivable and accounts payable 
  • Checking the plausibility of evaluations prior to submission to credit institutions 
  • Sample-based audit of accounting documents 
  • Advice on the organisation of financial accounting 
  • Training for accounting personnel

Companies with outsourced financial bookkeeping

If you entrust us with managing your financial accounting, we will reliably and competently carry out all the necessary work. You can send us your documentation either digitally or as a hard copy. Depending on the scope of your needs, we can provide you with the following services:

  • Assignment of documents to accounts 
  • Electronically recording financial accounts
  • Accounts receivable and accounts payable 
  • Validation of turnover tax
  • Submission of advance turnover tax returns
  • Submission of the recapitulative statement 
  • Business analysis with trial balance 
  • Open items list with dunning proposal
  • Further analysis and consultation on request

Payroll administration

Due to constantly changing regulations, payroll administration for companies has become both extensive and complicated, a situation which poses enormous risks and possibilities for error. All reporting to insurance companies and authorities now needs to be carried out electronically. By means of continuous education and training, our specialists maintain high levels of payroll administration knowledge and quality standards. Our services include:

  • Capture of employee data 
  • Registration and de-registration of workers with the health insurance fund 
  • Billing of fixed and hourly wages 
  • Timely preparation of payslips 
  • Reporting of social security contributions 
  • Creation of payslips for employees
  • Reporting of payroll tax 
  • Analyses, such as payroll journal and wage accounts 
  • Annual reports to social security
  • Creation of the annual income tax statement
  • Further analyses on request

The experts at Viehbacher tax consultants and lawyers will create a service package best tailored to your needs. Get in touch with us!


Austria

Legal obligation to keep records for Austrian Companies

§ 189, para. 1 No. 2 UGB (Austrian Commercial Code) defines turnover thresholds. If traders exceed these, they are subject to bookkeeping or financial accounting requirements in accordance with § 5 EStG (Income Tax Act). In principle, the turnover threshold is €700,000.00 – should this be exceeded in two consecutive years, there is a ‘buffer year’, after which reporting obligations come into force. This obligation will already be applicable in the following fiscal year if the so-called "qualifying" turnover threshold of €1,000,000 is exceeded once. The obligation to keep financial accounting records lapses if the turnover thresholds are not met twice in a row. Liberal professions (such as doctors, lawyers or artists) as well as farmers and foresters are exempt from the obligation to keep records. Companies or corporations, however, are always obliged to undertake double entry bookkeeping; revenue limits are not applicable.

Companies with their own accounting staff

If you have accounting staff within your company, we will gladly help you in the event of any difficult situations:

  • Clarification of tax issues with foreign sales 
  • Adjustment of accounts receivable and accounts payable 
  • Checking the plausibility of evaluations prior to submission to credit institutions
  • Sample-based audit of accounting documents 
  • Advice on the organisation of financial accounting
  • Training for accounting personnel 
  • Companies with outsourced financial bookkeeping

If you do not undertake the financial accounting in-house, we would be happy to provide financial accounting services. We will reliably and professionally perform all of the necessary work. Whether you send us your documentation digitally or as a hard copy, we will prepare it in a tax-optimised manner. Depending on the scope of your needs, we can provide you with the following services:

  • Assignment of documents to accounts 
  • Electronically recording financial accounts
  • Accounts receivable and accounts payable
  • Validation of turnover tax
  • Submission of advance turnover tax returns
  • Submission of the recapitulative statement
  • Business analysis with trial balance
  • Open items list with dunning proposal
  • Further analysis and consultation on request

Payroll administration

For many companies, payroll administration is an extensive and complicated issue that poses enormous risks and the potential for errors. All reporting to insurance companies and authorities is carried out electronically. We are able to meet this requirement by means of continuous further education and training, so you can be sure that our payroll administration knowledge is always up-to-date and of a high quality. Our services include:

  • Capture of employee data 
  • Registration and de-registration of workers with the health insurance fund
  • Billing of fixed and hourly wages 
  • Timely preparation of payslips 
  • Reporting of social security contributions
  • Creation of payslips for employees 
  • Reporting of payroll tax
  • Analyses, such as payroll journal and wage accounts
  • Annual reports to social security
  • Creation of the annual income tax statement 
  • Further analyses on request

We are experts in tax and financial issues. Our tax consultants and expert advisers in international tax law will create a service package that is optimally tailored to your company. Get in touch with our law firm in Vienna!


Liechtenstein

Our information in the English language concerning ongoing finance accounting and payroll accounting in Liechtenstein is currently still being developed. We kindly ask for your understanding. Therefore, please do not hesitate to contact us directly with your queries and concerns. For over ten years now, we have been managing the ongoing finance accounting and payroll accounting for clients in five different countries. With us you are always competently advised and well represented. We look forward to receiving your message or call!


Switzerland

The legal obligation to keep records in Switzerland

In accordance with Article 957 et. seq. OR [Swiss Code of Obligations], legal persons, sole proprietorships and partnerships are obliged to keep financial accounting records and to demonstrate their commercial transactions and the state of their assets according to generally accepted accounting principles. The financial accounting must be in such a manner that an expert third party can gain an overview of business transactions and the situation of the company within a reasonable period of time. It must be possible to trace the transactions in terms of their origin and development. An inventory must be made pursuant to Article 958c para. 2 OR, and a balance sheet and income statement drawn up. Sole proprietorships and partnerships with a turnover of up to CHF 500,000 are subject to simplified financial accounting methods. The keeping of accounts is, however, not only required by law, but financial accounting and related evaluations are an important control instrument within the company. It is therefore essential for the executive board to be able to rely on timely and accurate financial records.

Companies with their own accounting staff

If you have an accounting department in your company, we will be glad to be of assistance should you come across any difficult situations or if you need advice with the following, for example:

  • Clarification of tax issues with foreign sales
  • Adjustment of accounts receivable and accounts payable 
  • Checking the plausibility of evaluations prior to submission to credit institutions 
  • Sample-based audit of accounting documents 
  • Advice on the organisation of financial accounting 
  • Training for accounting personnel

Companies with outsourced financial bookkeeping

If you entrust us with managing your financial accounting, we will reliably and competently carry out all the necessary work. You can send us your documentation either digitally or as a hard copy. Depending on the scope of your needs, we can provide you with the following services:

  • Assignment of documents to accounts
  • Electronically recording financial accounts
  • Accounts receivable and accounts payable 
  • Preparation and submission of turnover tax accounts 
  • Business analysis with trial balance
  • Open items list with dunning proposal
  • Further analysis and consultation on request

Payroll administration

Due to constantly changing regulations, payroll administration for companies has become both extensive and complicated, a situation which poses enormous risks and possibilities for error. The majority of reporting to insurance companies and authorities is now carried out electronically. By means of continuous further education and training, our specialists maintain high levels of knowledge and quality standards. Our services include:

  • Capture of employee data
  • Registration and de-registration of workers with social security funds
  • Billing of fixed and hourly wages 
  • Timely preparation of payslips 
  • Creation of wage statements for employees 
  • Analyses, such as payroll journal and wage accounts 
  • Annual reports to social security
  • Further analyses on request

The Swiss tax experts at Viehbacher tax consultants and lawyers will create a service package best tailored to your needs. Get in touch with us!


Italy

Our information in the English language concerning ongoing finance accounting and payroll accounting in Italy is currently still being developed. We kindly ask for your understanding. Therefore, please do not hesitate to contact us directly with your queries and concerns. For over ten years now, we have been managing the ongoing finance accounting and payroll accounting for clients in five different countries. With us you are always competently advised and well represented. We look forward to receiving your message or call!

Your contact persons

Uwe Bruckner, Dipl.-Kfm., Steuerberater, Fachberater für Internationales Steuerrecht

» Uwe Bruckner

Dipl.-Kfm., Tax Consultant, Specialist Advisor for International Tax Law

email: u.bruckner@viehbacher.com

Siegrid Rosenauer, Dipl.-Kffr., Steuerberaterin Österreich, Steuerberaterin Deutschland, Fachberaterin für Internationales Steuerrecht, Wirtschaftstreuhänderin

» Siegrid Rosenauer

Dipl.-Kffr., German and Austrian Tax Consultant, Specialist Advisor for International Tax Law, Commercial Trustee

email: s.rosenauer@viehbacher.com

Your contact person

Siegrid Rosenauer, Dipl.-Kffr., Steuerberaterin Österreich, Steuerberaterin Deutschland, Fachberaterin für Internationales Steuerrecht, Wirtschaftstreuhänderin

» Siegrid Rosenauer

Dipl.-Kffr., German and Austrian Tax Consultant, Specialist Advisor for International Tax Law, Commercial Trustee

email: s.rosenauer@viehbacher.com

Your contact person

Peter Fröhlich, Rechtsanwalt und Dipl. Steuerexperte

» Peter Fröhlich

Lawyer and Certified Tax Expert

email: p.froehlich@viehbacher.com

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