Paper is a Thing of the Past – Quicker, Simper and More Cost-Effective Reporting with Electronic Financial Reporting and SAP

The German law that got the ball rolling is called the "Steuerbürokratieabbaugesetz" and is a law for reducing tax bureaucracy. Electronic financial reporting is an enormous challenge for all companies that prepare balance sheets, regardless of the legal structure or size of the company. Strictly speaking, electronic financial reporting is an attachment for tax returns. It implies a complete tax return or a German Commercial Code financial statement with reconciliation.

The obligatory information required for the balance sheets is tripled; six times as much information is required for profit and loss accounts. In the future, businesses will have to provide the tax authorities with over 450 characters, whereas previously the maximum amount was 80.

At first, determination of taxable income was to be reported electronically starting with the 2011 fiscal year. In December 2010, the start of electronic financial reporting was pushed back by one year in order to provide more time to make the necessary organizational and technical changes and to test out whether the system could be used in practice. Electronic financial reporting is now obligatory for 2013 annual financial statements. Starting with the 2013 fiscal year, electronic financial reporting must be reported compliant with the legal regulations. As a result, it is important to establish the technical and organizational framework early enough for the new procedures and to check the compliance from 2012 and make necessary adjustments.

UNIORG can help you to perform these preparatory activities in your SAP system as follows:

  • Identification of the requirements and structuring the procedures
  • Implementation of the corresponding SAP Notes in your system
  • Uploading the corresponding taxonomy in SAP (“Tax, Financial Reporting, and Profit and Loss Accounts”)
  • Support during mapping of the accounts in the taxonomy (if required)

If you have any other questions, don’t hesitate to contact us.

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