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Importance of accounting and tax information

Importancia de la información contable y fiscal

After limited human mobility, health risks and impacts, and a complicated business situation resulting from a pandemic, signs of an economic recovery have been generated for the different countries. However, another event arose that generated uncertainty regarding the negative effects that it may cause to the economy, such as the war between Russia and Ukraine, which began to increase the cost of some raw materials of imported goods and transport. that today are marketed in the world.

In view of the foregoing, the entrepreneur must go a step forward in terms of financial information that supports decision-making, for example: an analysis of the external context must provide guidance regarding the actions to be taken and to negotiate with their suppliers, such as the timely determination of adjustments in costs or sales prices, or in the vision and innovation that companies require to keep their profit margins or business running.

We can obtain all this information, as long as we have adequate financial accounting processing, timely tax compliance and the issuance of key financial reports for the business. Today, companies must focus their best resources and tools on the management of their business and on financial or tax issues, seek strategic support with outsourcing services, be they for their preparation or for an adequate review.

The support in the generation and review of a “third party” service provider, allows the entrepreneur to have a second check on the direction of his business in financial terms, let us remember that each entrepreneur is a business specialist, but not necessarily, it is reflected in your numbers, that is why you can find great added value in your service partner.

It must be clear that, just as technological means allow the business world to connect, it also makes it vulnerable to cyber attacks, therefore, financial information must not only be accurate, it must be properly supported but also secure.

A recount must be made of how the company’s financial information is, if it is up to date in terms of tax compliance and conclude if it is ready to face, eventually, processes before the authorities or before cyber criminals.

The author isTax and BP partner inDeloitte.

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