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Accounting in Spain

Euro economy

Our firm provides full-charge Bookkeeping Services, including Bank Statement Reconciliation,
General Journal and Subsidiary Ledger Maintenance, receivables, payables, and payroll management. We prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) for use by banks, investors, and other third parties. Our firm will also prepare custom financial reports for internal, managerial use.

The most important appointment is at the end of the financial year (after the third quarter), planning to ensure the year's result is the desired one. There is no much to do after the financial year is over

There may be different ways we can offer the accounting services:

  • Email us or post us all the receipts (invoices, bank statements, etc).
  • Enter receipts data in a quite simple accounting software, and email us monthly an exported file.
  • We report quarterly by email a profit and loss account, and an interim balanced sheet.

Controlling in Spain

If your business is like most you offer more than one type of product or service. How do you know which product offerings have the best margins once all related costs are factored into the equation? The truth is most managers are surprised to learn what their true gross and net margins are once they have allocated the fixed and variable expenses. While this information is crucial to know where your business should focus its assets, cost accounting can be difficult to set up and monitor on a regular basis. We are experts at using accounting data bases to create the information you need. We are also experts at detailed ad-hoc profitability analysis using your accounting software and Microsoft Excel.

How can we help you

  • Cost accounting: if you carry a monthly budget control, is a good way to separate cost centers
  • Controlling/CFO: we can configure cost accounting parameters and adapt to budget model, report monthly, comparative data: real-budget-last year.
  • Budgeting & Forecasting: Knowing how well your business is doing this year can frequently be difficult if you do not have a yardstick to measure your performance against. An annual budget is merely that, a yardstick to help you gauge your performance and help you manage your expenses. We can help you establish a budget within your accounting software.
  • Our firm provides complete financial and business forecasting services. We will also customize -What If- planning scenarios to help management foresee and plan for unexpected business contingencies.
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Accounting FAQ's

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Accountancy legal framework

• Commercial Code (Código de Comercio) Royal Decree 22-8-1885, revised by Law 18/1989
• Spanish National Chart of Accounts (Plan General de Contabilidad) Royal Decree 1643/1990
• Corporations Law (Ley de Sociedades Anónimas) Royal Decree-Law 1564/1989
• Limited Liability Companies Law (Ley de Sociedades de Responsabilidad Limitada) Law 2/1995

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General considerations about the Spanish national chart of accounts

The Spanish National Chart of Accounts (Plan General de Contabilidad), aproved by Royal Decree 1643/1990 is of obligatory application for all companies.
Contents of the Spanish National Chart of Accounts:
Part I Accounting principles
Part II Chart of Accounts
Part III Accounting definitions and relationships
Part IV Financial statements
Part V Valuation rules

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Accounting principles

Principle of prudence
Going-concern principle
Recording principle
Cost principle
Accrual principle
Matching principle
No-offset principle
Consistency principle
Materiality principle

Spanish "Generally Accepted Accounting Principles" are very similar to the US GAAP.

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Accounting records

Commercial Code requires all enterprises to keep orderly accounts that are suitable for their business activities, to keep a book of inventories and balances and to keep a journal.

Also enterprises must submit the statutory books to the Mercantile Registry (Company House) in the place in which their registered office is located, in order to be authenticated.

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Financial Statements

The annual financial statements are consisting of the balance sheet, the income statement and the notes to financial statements. These documents jointly form a single body of information.
The whole mercantile regulation about accountant concentrate its efforts in these documents, as expression of the enterprise’s networth, financial situation at a given moment, and the annual results.

Enterprise’s directors must submit the financial statements to the Mercantile Registry (Company House) in the place in which their registered office is located, in the next month after the approval of the annual financial statements for the ordinary stock holder’s meeting.

The annual Statements and the management report placed in the Mercantile Registry (Company House) are public documents and any body can ask for a copy of them. Six years is the deadline to access to this information.

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