Bookkeeping / Financial Statement Preparation

Clear Overview of Business Processes and Procedures

Statutory bookkeeping and documentation obligations require you to systematically record all relevant business and payment transactions.

We can assist you with everything necessary, whether you would like us to prepare your books in our firm’s offices (e.g., online or conventionally by submitting your documentation), or to set up and monitor a bookkeeping system you maintain. The collaborative working relationship between your company and our firm can also include an arrangement whereby we only manage certain aspects of your accounting activities.

Organization and a good overview also simplify financial matters in your private life. For this reason, we will also gladly handle all of the billing associated with managing your properties.

All of the services we offer in this regard are performed by experienced assistant tax advisors (Steuerfachangestellte) or tax professionals (Steuerfachwirte) in consultation with the relevant tax advisors (Steuerberater). It would be our pleasure to inform you about the specific options available to you in a personal meeting.

Financial Accounting

Bookkeeping in compliance with the applicable rules is the foundation for stable corporate governance. We can handle all or some of your bookkeeping activities to spare you this work.

  • Ongoing financial accounting, including account allocation and computer-based posting of vouchers
  • Monthly ledger accounting for accounts receivable and payable (open-item accounting)
  • Preparation of preliminary VAT returns and summary reports along with timely electronic submission to the tax authorities
  • Preparation of monthly lists of totals and balances with standardized management analysis (Betriebswirtschaftliche Auswertung – BWA)
  • Digital/paperless financial accounting
  • Financial accounting in compliance with applicable rules
  • Less work for you
  • Compliance with statutory submission and reporting deadlines
  • Avoidance of liability risks
  • Optimal advice, optimal tax design possible
  • Set-up of digital bookkeeping system
  • Handling of payment reminders (if using open-item accounting)
  • Preparation of cost accounting calculations
  • Preparation of management analyses (Betriebswirtschaftliche Auswertungen – BWAs) for banks
  • Preparation of management analyses for financial control purposes
  • Preparation of external company comparisons
  • Preparation of industry analyses
  • Advice on ratings
  • Bookkeeping on site

Payroll Accounting

The constant increase in demands—most recently due to the introduction and elimination of ELENA and the introduction of ELStAM, the German electronic wages tax card using electronic criteria for wages tax deduction—has made payroll accounting into something best left to highly qualified professionals, like our trained experts, who will have no problem handling your payroll needs.

  • Running monthly payroll
  • Preparation of construction payroll calculations
  • Subscribing and unsubscribing employees from health insurance
  • Management of employee payroll accounts
  • Timely reporting of payroll tax and social security contributions
  • Preparation of payment orders or bank transfer forms
  • Preparation of pay statements, applications to health insurance providers, employment offices, insurance companies, government offices, etc.
  • Preparation of pay statements for German Employers’ Liability Insurance Associations (Berufsgenossenschaften)
  • Reporting of pay data for all employees to the Centralized Data Pool (as part of ELENA, the German electronic wage verification system)
  • Contact for health insurance providers and tax authorities
  • Accurate keeping of payroll accounting records
  • Compliance with statutory submission and reporting deadlines
  • Time savings
  • Avoidance of liability risks
  • Advance calculation of salaries, e.g., for pay negotiations
  • Advice and support during audits, for example by the tax authorities, social security agencies, the German Employers’ Liability Insurance Associations (Berufsgenossenschaften), customs, etc.
  • Preparation of applications for mother’s / parental benefit
  • Processing of wage garnishments
  • Assistance with preparation of employment contracts (In cooperation with our partners, when necessary)
  • Set-up of payroll hotline for your questions
  • Handling of travel expense reports
  • Seminars for your employees on topics such as travel expenses, non-cash benefits, etc.

Preparation of Financial Statements

Financial statements are the centerpiece of accounting. Even if you handle the rest of your tax matters yourself, we would be happy to prepare your financial statements. The objective perspective of an outside party can often identify additional opportunities.

  • Preparation of single-entity and consolidated financial statements
  • Preparation of simplified profit statements on the basis of the cash method of accounting (for businesses not required by German law to issue balance sheets) for freelancers and small companies
  • Plausibility testing of your financial statements
  • Preparation of financial statements according to the German Commercial Code (Handelsgesetzbuch – HGB)
  • Notes to financial statements
  • Submission of financial statements for publication in the German Federal Gazette (Bundesanzeiger)
  • Discussion of results for the year
  • Financial statements in compliance with legal requirements
  • Timely preparation of financial statements
  • Calling card for banks
  • More reliability due to plausibility testing even if you do your accounting yourself
  • Overview of the financial condition and results of operations of your business
  • Fixed asset accounting services
  • Support for inventory taking
  • Visual presentation of your financial statements, for example to banks, shareholders
  • Advising on the future
  • Ratio analysis of financial condition and results of operations
  • Cash flow statement (“Where is my profit?”)
  • Business planning for subsequent years
  • Support during tax audits
  • Check for compliance with the German Regulations on Data Access and the Auditability of Digital Documents (Grundsätze zum Datenzugriff und zur Prüfbarkeit digitaler Unterlagen – GDPdU)
  • Preparation of financial statements according to IFRSs

Property Management

Many clients feel they spend far too much time and effort managing their rental properties. We would be happy to help!

  • Rental account management
  • Tracking of incoming rent payments
  • Payment reminders
  • Payroll accounting for building managers
  • Billing of heating costs/other utilities and expenses
  • Monthly income/expense report
  • Certification in accordance with section 35 a of the German Income Tax Act (Einkommensteuergesetz – EStG)
  • Preparation of building management invoicing in compliance with applicable rules
  • Billing of utilities and expenses in compliance with applicable rules
  • Less work for you
  • Tenant searches
  • Apartment hand-overs
  • Maintenance