The accounting documents of your business, in addition to being mandatory, indicate the general conditions and performance of the company. There are some essential documents for any type of organization, and it is important to always keep them up-to-date and available.
What are your company’s main accounting documents?
They are the most relevant accounting documents for the business. Through them, the accountant will calculate the taxes due in the month. These documents provide information about customers, sales, expenses, and other details about the period. They speak directly about the company’s revenue.
However, they are the most error-prone accounting documents, and this can result in penalties, fines, and other kinds of consequences for the business.
2) Extracts from means of payment
The means of payment statements contain information about your billing, used to calculate taxes, profit, or loss for your business. Therefore, they are essential for accounting activity and decision-making in the company.
Bank statements are also very important parts at this stage. In addition to having the payment date of some of their customers, they also carry several payments made that, generally, do not accompany guides, slips, or other vouchers.
3) Proof of tax collection
Payment vouchers are important because with them accountant can perform his/her work – especially tax payment slips.
In general, these accounting documents allow the accountant to raise the balance of suppliers, different types of payable expenses, and loans and issue detailed reports on your accounts.
4) Different labour documents
In summary, labour documents are the payment receipts of your employees, considering the taxes paid, payroll, and other documents that prove any movement related to the company’s employees.
Many are mandatory and serve as evidence and all help to create predictions of the business. They must be stored for a longer time than others.
5) Miscellaneous contracts
These documents must be shared with the accountant as he can manage the dates of signed contracts, installments, make the due payment, etc.
The accounting documents mentioned above are essential for the accounting routine of a business. They bring the information you need to manage the enterprise and to keep up to date with the company’s sustainability conditions.
It is through these papers that the accountant will carry out his work – such as sending statements, calculating and paying taxes, etc. And without these documents, it is almost impossible for an accountant to carry out his activities.
However, not all companies keep their accounting documents up to date and many managers do not regularly send these documents to the accounting department. This can generate a series of problems, related to mandatory deadlines, which can generate fines and expenses.
It is worth noting that many of these accounting documents are mandatory for certain periods and all of them can determine the most assertive decision-making by managers. In their absence, the company becomes vulnerable to fines, and penalties, which can even result in reputational disasters.
This content is meant for information only and should not be considered as advice, legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
CA Aman Aggarwal
AKGVG & Associates