The calculator allows you to calculate the approximate cost of maintenance of accounting services to support and audit the company.
CalculateA company must keep accounting records and store accounting documents for 6 years.
Accounting records must be in EUR.
Financial statements shall be filed with the Registrar along with a Certificate and Resolution of approval of financial statements and an auditor’s opinion, if necessary.
Financial statements must contain:
A condensed version of financial statements can be used (without a cash flow statement and statement of changes in equity) if during two consecutive financial years the company met the following criteria:
Companies are not required to be audited if in the current and previous year 2 of the following 3 criteria were met:
A company’s financial year coincides with calendar year.
A company must file financial statements within 6 months after the end of the reporting period.
Failure to comply with accounting requirements results in penalties imposed on the company. The amount of penalties depends on the degree of the offence and can be 90 EUR to 6 000 EUR. For example, not making financial statements and not auditing them when it is necessary is a serious offence and results in a penalty of 2 000 EUR to 6 000 EUR.
The amount of a penalty is also influenced by the size of the company, which is determined based on the number of hired employees.
In the case of a repeated violation, additional penalties can be charged and sanctions can be applied in the form of prohibition to enter into contracts with the administration, revocation of the right to file applications with the Registrar or revocation of the right to receive help and subsidies from state authorities.
Consolidated financial statements shall be prepared for a group of companies.
Group of companies is a parent company and all its subsidiaries that it directly or indirectly controls. Control means holding at least 20% of voting shares and influence on making strategic, financial and operational decisions.
Consolidated financial statements must be prepared within 6 months after the end of the reporting period.
