Why accounting outsourcing is appropriate for small, medium and large enterprises?

Accounting outsourcing for large enterprises
The Bulgarian legislation considers for large enterprises, enterprises that as of December 31 of the current calendar year exceed at least two of the following indicators: book value of assets – BGN 38,000,000; net sales revenues – BGN 76,000,000; average number of staff for the reporting period – 250 people. They often have own accounting department. In turn, it may consist of different units in depending on the size, divisions and activities of the company: commodity unit, financial and accounting, payments to staff, stocks, capital assets, tax and excise unit, etc. Continue reading “Why accounting outsourcing is appropriate for small, medium and large enterprises?”

Announcement of an annual financial report

What is an annual financial report?

The annual financial report gathers full information about the financial position of the company. It includes a statement for revenues and expenses, a balance sheet, a statement for share capital and a cash flow statement.

The financial report is drawn up for one financial year, coinciding with the calendar year – from January 1st to December 31st. E.g: If you have a company created on 01.12.2020, you need to submit a report on the activity carried out in 2020 – in this case only one month.

Who is obliged to announce an annual financial report?

All the traders according to the Bulgarian Commerce Act – this includes Limited Liability Companies (Ltd.), Limited Partnerships, General Partnerships, Joint-Stock Companies, Limited Partnerships with shares. The non-profit legal entities and the rest enterprises are also obliged. Continue reading “Announcement of an annual financial report”