My first degree - part 7

Thu, 28.07.2022, 08:00

The business year ends with an annual financial statement to present the economic situation and success of your company. In addition to their internal purpose, financial statements also provide stakeholders with a true and fair view of the current situation.

Who is required to issue an annual statement?

The Swiss Code of Obligations (CO) regulates what companies are obliged to keep double-entry accounts to close the financial year. According to OR 957, the following companies are obliged to keep books and accounts:

Sole proprietorships and partnerships that have achieved a turnover of at least 500,000 Swiss francs in the last business year
legal persons.

The following companies are only required to keep records of income, expenditure, and assets:

Sole proprietorships and partnerships with less than CHF 500,000 in turnover in the last business year;
associations and foundations that are not required to register in the commercial register;
foundations that are exempt from the obligation to designate an auditor pursuant to Article 83b paragraph 2 of the Swiss Civil Code630.

What do I write in an annual financial statement?

In addition to the balance sheet, which compares assets with liabilities, an income statement is also required. The income statement shows all income and expenses for the financial year.
Another requirement is an appendix in which certain formalities such as company name, location, date of foundation, description of business activity and also explanations of the balance sheet and income statement are included.

How can I close my business year?

We recommend that you work with a fiduciary to ensure that everything runs smoothly. To simplify the process, it helps if you already do your accounting through an accounting software, such as Atlanto. By using Atlanto, your fiduciary saves valuable time, and you have the opportunity to save money.

Simply choose a fiduciary from our online portal and discuss how you want to work together.

PS: The fiduciaries in our portal are all Atlanto professionals.

Additional Links

Blog part 1
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Blog part 5
Blog part 6
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