Accounting / Bookkeeping is a system of tracking and recording historical business changes. It is about collecting and recording all business transactions in one business year. The results are the underlying financial statements, i.e. Balance sheet, P&L account and Cash flow report, which form the basis for financial analysis of a company, so it is very important to understand the documents that are the basis for accounting / bookkeeping and to properly record them in business books.
Proper recording of business transactions is extremely important because in the case of incorrect entries it is possible to get a wrong picture of the financial condition and the company’s performance. It is also important to understand that the P&L account and Balance sheet are the bases for making the Final calculation of the profit tax of each company, thus the method of recording directly affects the tax and contribution obligations.
Here in Liberfin, our educated employees assess each document they process in the ERP system Pantheon from the accounting and financial point of view, all in accordance with defined accounting policies and international accounting standards. This enables us to use the documents that present the bases for recording not only for accounting monitoring and recording business changes, but also for collecting more detailed data, such as data on profit / expenses centre, responsible person or project operator and the like, which enables us to understand business on more levels, i.e. enables reporting to the Management Board according to key business indicators.