Financial Statement
Financial Statements reports that provide information about the overall performance of a company.
All our services are completely certified.
As stipulated by the law, it is compulsory for all companies (entities) to draw up Annual Financial Statements (hereinafter Financial Statements). These are divided into special chapters that contain various. These reports act as sources of information about the company and its financial strength. The Financial Statements are governed by the Accounting Act (see link below this article). The Financial Statements of business corporations always includes following parts:
b) Profit and loss account
c) Cash flows statement
d) Changes in Equity
e) Annex (adds and explains essential information)
Full and simplified format of Financial Statements
In general, entities draw up its Financial Statements in full. However, the law allows selected entities to draw them up in a simplified form (these entities are not required to have their statements audited). Joint-stock companies must always prepare Financial Statements in full form.
Balance sheet date
The Financial Statements are drawn at the balance sheet date. The annual Financial Statements are prepared by the entity on the last day of the financial year. In other cases extraordinary Financial Statements are prepared. In specific cases, also interim Financial Statements may be prepared.
Many companies, however, draw up their Financial Statements more frequently than required by law, since it is a valuable source of information for the company.
Independent audit
According to the Accounting Act, some entities are required to have their statements audited. The Auditor is an independent company that verifies the credibility and accuracy of individual reports and accounts of the company. An audit must be carried out, once following conditions are met by the company:
a) balance sheet total exceeds 40 million CZK
b) an annual net turnover exceeds 80 million CZK
c) average number of employees is higher than 50
Joint-stock companies only need to meet one condition in order to qualify, other entities need to meet at least two conditions.
Information presented in the individual reports
a) Balance Sheet provides information on the company's assets and sources for its coverage. Business assets are jointly referred to as Assets and the sources of its coverage are referred to as Liabilities. The fundamental balance equation where the Assets = Liabilities (to a certain day) shall be observed. The balance sheet informs about the amount assets and liabilities, or the indebtness towards various financial institutions, etc. The balance sheet gives a comprehensive picture of the current financial situation of the entity.
b) Profit and Loss Account basically analyzes the profit (or loss) made in the financial year, as a result of individual operations, in relation to specific income and expenditures that have influenced this result. From this statement it is possible to find out important information, such as material performance or wage demands of the company, tax expenses and depreciation.
c) Cash Flows Statements provides information on the cash flow of the company in the current financial year as compared to the last reporting period. Thus, the increase (or other change) between those periods is shown. This report complements the Profit and Loss Account; it shows whether the profit reported corresponds to the creation of funds.
d) Annex has a very important role. It explains which methods were used and what potential derogations occur in the statements. Further, data on outstanding taxes, social insurance or health insurance.
Publication
All entities that are registered in the Companies Register are obliged to publish their Annual Financial Statements and Annual Report. These are published in the collection of documents within the Commercial Register.
(Act no. 563/1991 Coll., Accounting Act, available on https://portal.gov.cz/app/zakony/zakon.jsp?page=0&nr=563~2F1991&rpp=15#seznam)
Interested in our services? Contact us.
Quick Price Quotation or Contact Form
Would you like to know how much our services will cost right away? Please fill out the form below and you'll receive a preliminary price quotation in your email in a matter of seconds.
Our clients include
We are very satisfied with the services you provide, particularly with accounting statements being presented in both English and Czech, as well as seamless bookkeeping. Our collaboration over the last years has been impeccable and void of any problems with either our parent company or the local authorities. Thomas Kudera, National Manager, Czech Forbo Flooring, Forbo Ltd.
Foreign Language Publications. "We have been using the services of Bell Consulting since our company's founding in 1995. We are satisfied with their work, as can be seen by our 17 years of cooperation. We value their reliability and professionalism, and their personal availability to our needs. Whatever the problem is we can always count on them to provide clear solutions, which, when trying to wade through current legislation, would not otherwise seem obvious. Their professionalism was highlighted by our being audited without an incident." Matilda Blahová FLP-CR Ltd.
Bookkeeping, payroll, HR services and comprehensive tax advice to the Czech subsidiary of this Swiss concern dedicated to the manufacture and servicing of printing presses.
ENVIORE CZ s.r.o. 'We decided to enter the Czech Market in 2009 and chose Bell Consulting after a selection round with 6 Czech competing accountancy firms. To date, Bell Consulting is providing us with accountancy services, reporting, payroll processing and support for legal matters. We experience the services rendered to be of high standards and value the swift response to the tasks assigned. The input of Bell Consulting is considered to be an asset for our Czech operations and we would recommend them to any organization, Czech or international." Mr. Martin Coysman, executive head and co-owner.
BELL Consulting has been providing us with tax advice and prepares our tax returns. Above all, I appreciate the ease of communication, quick response times and in depth knowledge of the issues facing leading companies. I value the pleasant office environment close to the city center with parking for clients. Bohumír Vesely, Managing Director, GELDBACH - CZ Ltd.
Comprehensive payroll and personnel services for the subsidiary of this American garment concern.
Bookkeeping, payroll, HR services and comprehensive tax advice. Liquidation of the company uopn cessation of its operations in the Czech Republic.
The pharmacy on Mendelovo Square in Brno. Accounting, payroll, personnel services and comprehensive tax advice to one of the largest pharmacies in the city.
Comprehensive payroll and HR services to this Czech subsidiary of the Danish holding company dedicated to the manufacture of surface coatings.
ABRAHAM MOTOR RACING. Bookkeeping, payroll, HR services and comprehensive tax advice. This company maintains one of the region's leading competitors in the city's World Motorcycle GP race.
Bookkeeping, payroll, HR services and comprehensive tax advice to a Czech company trading in medical technology and products.
Liquidation of the Czech and Slovak subsidiaries as part of an optimalization process of the holding structure of the FORBO Group.
Accounting and tax advisory services for this Engineering Studio focused on building projects.
Accounting and comprehensive tax consulting to the subsidiary of this British holding company who operate bowling alley installations.
Bookkeeping, payroll, HR services and comprehensive tax consulting of the Czech branch of this British recruitment agency.
Bookkeeping, payroll, HR services and comprehensive tax advice to this Czech company providing heating installations.
Bookkeeping, payroll, HR services and comprehensive tax advice to a Czech real estate development company.
Bookkeeping, payroll, HR services and comprehensive tax advice for the subsidiary of this American corporation involved in the development and testing of semiconductor components.
A Swiss holding company, engaged in construction projects, primarily hypermarkets. We provided bookkeeping, payroll, HR services and comprehensive tax advice. Upon completion of their operations we were entrusted with the liquidation of their subsidiaries in the Czech Republic.
MBI Marketingberatung International spol. s r.o. Bookkeeping, payroll, HR services and comprehensive tax advice for the subsidiary of their Austrian holding company that provides financial advice and sells financial products.
