Annual accounting and tax closure

What does the annual closing involve?

The annual close for our clients starts well before the calendar year ends. We ensure they clearly understand their results, the available documentation, tax implications, and all other relevant details. The annual closing process can be most effectively summarised in several key stages:

- Planning: Even before the year ends, preparation begins with creating a timeline and deadlines for the annual closing process; clients are informed about the legally established deadlines; clients are also notified about their role in the process and the overall timeframe.

- Preliminary review: Before the year concludes, we present our clients with detailed results, highlighting areas for optimisation, potential tax implications, and possible future developments based on budgets, the economy, and industry trends.

- Accounting close: During the actual year-end closing, communication with our clients becomes more frequent—often daily—to ensure every detail of the process is clear and transparent. This close collaboration ensures that all aspects of the closing are addressed promptly and the client fully understands how their business is being managed. Thanks to the groundwork laid in earlier phases, the process flows smoothly, though some areas may still require clarification and refinement.

- The accounting and tax closing concludes with preparing and signing the financial report—the culmination of a year’s hard work for your business. At TSG, we prepare your report with great care and understanding. After approval, we file it with the Commercial Register at the Registry Agency.

Annual closing for small and micro businesses, sole proprietors, agricultural producers, and individuals.

At TSG Accounting, we don’t believe in one-off year-end accounting services. Anyone who values their business and reputation will work with an accountant throughout the year or engage one for a longer-term partnership rather than simply hiring someone to file their tax return at year-end. With that perspective, here are a few points for those considering ‘just closing their year’:

- Each year, businesses evolve in different ways and face unique challenges: You don’t have an accountant, so decide to handle things in the easiest way possible — A BIG MISTAKE. Every business transaction carries financial and tax risks that only experienced professionals fully understand.
- Tax inspectors come to audit your business — do you know what rights they have and whether they follow the law? Most likely, you’re not fully aware of all the regulations and procedures governing on-site inspections. At TSG, we know these details inside and out and are ready to assist you immediately.
- You may find someone to close your year, but if they don’t know the specifics of your transactions or what happened throughout the year, they can only provide a basic closing based on income and expenses. Such a superficial approach can lead to tax consequences that might jeopardise your business. Think carefully and put your trust in the experts.

We offer an annual subscription service designed specifically for small businesses with a fixed, transparent yearly fee. This comprehensive package includes year-round consultations, thorough document reviews, and timely filing of declarations as needed. Our service is ideal for:

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