Publication of annual financial report
The Accounting Act obliges every merchant within the meaning of the Commercial Act (TA) to prepare an Annual Financial Report (AFR) for the previous year by March 31, and a certain group of enterprises are obliged to publish the reports in the Commercial Register by June 30 (Art. 40 of Accountancy act)
Persons who can be applicants (Art. 15 Trade Register Law)
The persons who can request the publication of the Annaul Finacial Statement are explicitly specified in the Trade register act, as applicants can be:
- The Merchant;
- A lawyer with an express written power of attorney for representation before the Registry Agency;
- The financial report preparer with a notarized power of attorney. Pursuant to the Accounting Law, an accountant with the relevant educational qualification and experience who is employed or employed under non-employment legal relations with the company can be a compiler of an annual financial report. The accountant may also be a representative of an accounting office or a specialized accounting company, with which the respective company has a contract for accounting services or specifically with annual accounting closing.
Subject to compliance with all procedural requirements, these persons have independent authority to be applicants when announcing the Annual Financial Statement. However, this does not mean that the Annual finacial Statement together with all the documents for its announcement must necessarily be submitted to the Commercial Register (TR) personally by them. They can also be submitted by a proxy with a notarized power of attorney, and in addition, the signature of the applicant in the application for announcement must also be notarized (Art. 15, Para. 2 Trade register Act).
By entrusting your accounting reporting to an external accountant, your company receives the following advantages:
- Significantly lower costs of subscription service compared to the costs of salaries and insurance of accounting staff.
- You save funds for building and maintaining an accounting office – rent, consumables, energy, etc.
- You save funds for the purchase of inventory, computers and other necessary equipment.
- You save the need to purchase licenses for accounting, Human resources and other necessary software and their continuous updates.
- In accounting practice, unconventional and complex cases often arise, which are usually beyond the capabilities of the operational, ordinary accountant. Solving such cases with a specialized external accountant is a daily routine.
- You save time and money for training and familiarization with changes and innovations in accounting and tax legislation, because the external accountant is always “on time”.
- You do not have to be responsible for deadlines and correctly processed documents and data, because the responsibility lies with the external accountant.
- Last but not least, you get a complete complex service, including various areas such as accounting, insurance, labor
Ana Petrova – managing owner
Graduated Master in Accounting and Control. With 20 years of professional experience as Chief Accountant and Financial Director in a German-Bulgarian company, a market leader in his field of activity.
Expert in the field of tax and accounting consulting. Author of articles and materials discussing important topics of tax and accounting legislation.
Responsible for business development and business processes in the accounting office. Leads and manages all projects, as well as accounting and tax consulting for clients.
He works in close contact with his clients, always managing to offer them an appropriate way and rational solutions for organizing and optimizing the company’s activities, so that they can improve their financial and accounting reporting as much as possible.
He readily accepts any challenge to lead and manage the accounting of individuals and legal entities from various spheres of modern business.
Quality accounting services at unbeatable prices!