Accounting policy - a key element of a company's financial management

What is an accounting policy?

An accounting policy is a set of principles, methods and procedures by which a company keeps its accounts. A properly developed accounting policy ensures legal compliance, financial transparency and facilitates business decision-making. FLOWER ACCOUNTINGas experienced accounting office Wilanów, supports entrepreneurs in creating and updating an accounting policy tailored to the specific nature of their business.

What elements should an accounting policy contain?

Every company, according to the Accounting Act, must have an internal document setting out its accounting policies. Key elements of the accounting policy include:

• Scope of accounting principles applied - e.g. method of valuation of assets and liabilities, method of depreciation,
• Chart of accounts - tailored to the company's financial structure,
• Methods of recording business operations - e.g. electronic or paper-based bookkeeping,
• Principles for the preparation of financial statements,
• Storage of accounting records.

How often should the accounting policy be updated?

The accounting policy should be adapted to changes in legislation and the company's financial situation. It is recommended to review it at least once a year or when there are significant changes in the company's operations. FLOWER ACCOUNTING assists in the ongoing updating of accounting records, ensuring compliance with current regulations.

Frequently asked questions

Does every company need to have an accounting policy?

Yes, this obligation applies to all entities with full accounting.

Can the accounting policy be adapted to the specifics of the company?

Yes, the document should reflect the individual needs and financial structure of the company.

What are the consequences of not having an accounting policy?

Incorrectly maintained accounts can result in tax sanctions and difficulties in managing the company's finances.

Why use the assistance of KWIATKOWSKA KSIĘGOWOŚĆ?

A well-developed accounting policy is the foundation for stable financial management of a company. FLOWER ACCOUNTING, reputable accounting office Wilanów, offers professional support in the development and implementation of accounting policies.

Our services include:

• Individual adaptation of accounting rules to the needs of your business,
• Constant monitoring of regulatory developments and adaptation of documentation,
• Optimisation of accounting processes, increasing the efficiency of financial management.

If you need professional accounting policy support, contact FLOWER ACCOUNTING and ensure the compliance and financial transparency of your company!