Financial & tax reporting and compliance
Accurate reporting is not a formality. It is the basis of trust: with the tax authorities, your bank and your shareholders. Your annual accounts, VAT returns and corporation tax must be correct – down to the last comma. But reporting is also an opportunity to gain insight into your own performance. Compliance requires discipline and expertise. Legislation changes quickly, and mistakes can be costly. A structured approach helps you avoid fines and stress. And those who look beyond their obligations often discover opportunities for tax optimisation.
Recognizable situations
Situations you recognize, answers that help you move forward.
Although the VAT system is designed to be neutral for businesses, VAT can still be a significant cost for your company. If you do not comply with VAT regulations, the VAT authorities may, for example, impose additional VAT and heavy fines. But even if you comply with VAT rules, you may be faced with the cost of non-deductible VAT, costs associated with (foreign) VAT registrations and VAT compliance obligations, VAT pre-financing, etc. If you want to avoid such VAT costs as much as possible, it is best to follow these rules of thumb:
- Thoroughly map out the VAT implications of your outgoing and incoming transactions in advance;
- Make sure you are well informed about the various registration, invoicing and reporting obligations that arise from this;
- Carefully keep the necessary evidence to substantiate the VAT treatment applied;
- Regularise any infringements as quickly as possible.
So make sure you get good advice, because a small mistake in VAT can have major consequences.
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Efficient statutory reporting starts with a clear structure and planning. Which reports are mandatory? When must they be available? And what data is required for this? First and foremost, this concerns the annual accounts in accordance with the statutory model (full, abridged or micro), approved by the general meeting and filed with the National Bank of Belgium.
But internal reporting can also mean much more than a legal formality. By monitoring your accounts accurately and on time, you will have reliable figures on which to base your decisions. A good reporting process will help you avoid last-minute stress and errors, and give you more time for analysis and strategic insight. Digitisation and automation can make a world of difference here.
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Consolidation is mandatory when your company controls one or more other companies and exceeds certain thresholds at the consolidated level. These thresholds include: a balance sheet total of more than 21.25 million euros, a turnover of more than 42.5 million euros and an average of more than 250 employees. You must then prepare consolidated financial statements in accordance with Belgian consolidation rules.
Even if it is not always required by law, consolidation may be advisable for the sake of transparency towards shareholders, banks or investors. It provides an overall picture of your group, with all intercompany transactions eliminated. Are you unsure whether you need to consolidate or which method to use? Have this analysed in good time, as an incorrect assessment can lead to penalties or reputational damage.
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Gaining a clear view of your company’s performance starts with setting clear objectives and measurable indicators. Think of metrics such as revenue growth, margins, customer satisfaction or departmental productivity. By defining KPIs (key performance indicators), you gain insight into what is going well and where adjustments may be needed.
It’s important to monitor and interpret the figures regularly and accurately. A dashboard or reporting system makes performance data visual and accessible, even for team leaders. Want to steer more effectively towards results? Then link your measurements to concrete actions, responsibilities and evaluation moments.
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Other important moments
These topics will help you think, plan and grow further
Other important moments
These topics will help you think, plan and grow further
Are you at a strategic turning point?
Whether you want to grow, internationalise, digitise or transfer, we are happy to think along with you. Contact us and discover how we can support the growth of your business.