Accounting After Company Closure

The closure of a company is just as significant as its establishment. Ensuring compliance with current legislation is crucial to avoid future inquiries from regulatory authorities. Besides completing the necessary legal steps for the company's dissolution, it is important not to overlook the accounting aspect. Maintaining proper accounting records is a complex and meticulous task.

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Liquidation Reporting

Liquidation Reporting This is one of the final stages in dissolving a legal entity, where the accountant is required to prepare a liquidation balance sheet for the fiscal authorities. This is submitted as part of the financial reports. Additionally, a separate document is prepared after settling debts with creditors and distributing the remaining assets among stakeholders.

The Role of an Accountant in Company Closure

During the closure of a company, the accountant plays a pivotal role, responsible for various accounting tasks, including:

• Calculation and payment of taxes.
• Calculation and disbursement of payments to employees, including severance payments.
• Inventory of the company's assets.
• Dealing with creditors.
• Preparing liquidation balances.
• Other financial tasks of the company.

The need for accounting persists throughout the entire liquidation process. There are no significant differences in the procedures. All daily operations are recorded, taxes and fees are accounted for. Therefore, even after the company has ceased its operations and until the complete liquidation, the involvement of an accountant is indispensable. Maintaining proper accounting and reporting is essential.

Calculate the cost of accountant services

If the company did not employ an accountant before or for any other reason, they cannot fulfill these tasks, it is advisable to seek the services of specialized firms that provide accounting services. This is necessary to avoid problems with regulatory authorities and to complete the company's liquidation process correctly and without unnecessary issues.

Persons in charge of the liquidation process must strictly adhere to all legal requirements; otherwise, they may face administrative penalties. Violations during inventory or balance sheet preparation can result in fines. Attempting to save on accounting services may lead to much greater expenses in the form of penalties.

Moreover, compensation payments may be imposed for delays in settling accounts with employees during their dismissal. Responsible accounting even after the company's closure is essential to avoid such situations.

To receive consultation from our accountant and precise information about the cost of accounting services after company closure, please fill out the form below, and our specialists will provide you with all the necessary information.