Finance and accounting - simple and with no complications!

An integrated IT system - such as SAP - should support you in a wide range of activities and enable you to respond to changes in the environment of your organization. Thanks to these two features of the IT system, company's work can become much simpler and... more enjoyable! When legal regulations are constantly changing and employees "drown" in a sea of paper documents, it is difficult to have peace of mind and avoid nervous situations. There are many things we do not influence (e.g. imposing complex changes in legal regulations on entrepreneurs), but we can always approach them in the right way - to simplify and automate the work. How to achieve it when it comes to finance and accounting? We know several effective methods for this!

International Financial Reporting Standard (IFRS) 16

One of the biggest difficulties in work related to finance and accounting is frequent changes in legal regulations. One such change that influenced the functioning of many companies was the one introduced by the International Accounting Standards Board (IASB), i.e. IFRS 16. IFRS-16 requires reclassification of a large part of rental or lease agreements so that they are presented in the financial statements as lease agreements. It is associated with several complications, both in terms of how contracts are qualified with appropriate parameters as leasing, as well as the calculation and presentation of adequate values in the financial statements.

From the moment these regulations are introduced, the office lease agreement should be presented as leasing, that is:

  • estimate the value of the asset,
  • calculate the value of the total liability for its use,
  • calculate the value of interest,
  • charge depreciation.

Sounds complicated? And that's just the tip of the iceberg... This process can be simple and smooth, but it would be difficult to achieve without the support of an appropriate application enabling process automation, e.g. the SI-MSSF16 application.

Whitelist of VAT payers

Another legal regulation that was widely echoed among our clients was the provision of the Whitelist of VAT Taxpayers, i.e. the database of the National Tax Administration containing information on VAT payers. Now the tax administration imposes on you the obligation to verify the VAT taxpayer status of your supplier. The presence of your supplier in the Whitelist will dictate whether you can set off the VAT from the invoice or not. Another new obligation is also the obligation to check whether the bank account to which you make the transfer is on the whitelist of taxpayers. Failure to exercise due diligence, i.e. lack of the above-mentioned verifications, may lead to severe tax sanctions. Besides, the matter is not made easier by the fact that since the database was made available, the regulations regarding its use have changed multiple times... So, how to not get lost in all these changes, always have the most up-to-date information, and, above all - how to reliably and without complications fulfill the imposed obligation? The SI-MFFS16 is coming with help.

Printed invoice versus e-invoice

Speaking of finance and accounting, it would be impossible not to mention invoices. This topic applies to virtually all companies, so do the complications arising from the long process of processing them. By using SI-EFAKTURA, you're not only focusing on the digitization of invoices and being eco-friendly but also:

  • you distribute invoices to recipients faster while reducing the costs of the entire process,
  • you meet all the requirements of national and international law for electronic invoices,
  • you save invoices in pdf or XML format,
  • you sign invoices with an electronic signature or qualified signature,
  • you automatically send invoices based on customer consents,
  • you use the electronic invoicing platform,
  • you receive confirmation of invoice delivery.

Issuing, distributing, and storing invoices in electronic form is an improvement that allows you to get rid of paper and gives you full control over the process of documents' processing and circulation.

The entry was prepared based on video materials from the Customer Day 2020 conference