Financial Reporting in the Czech Republic

Companies functioning in the Czech Republic must file annual financial statements and reports either electronically or on paper. Reporting of financial statements in the Czech Republic complies with the Accounting Act and other Regulations.

The term” financial report” is often referred to as “financial reporting” or “annual report”. It is a summary document including financial costs and revenues of the business in the space of a year consisting of revenue from income providing guidance on the owned capital to show business expenditure in details.

Sometimes the terms “financial statements” and “financial reports” are interchanged, as they have some similarities. But they differ from each other.  Both of them play a role in preparing annual financial data report.

Financial reports are used by the companies to organize data and a report on their current financial state. The information included into the reports can be used by a company to manage its debt, to make future decisions. The purpose of financial reporting is to keep a close watch on, analyse and report about your business revenue and expenses, study resource exploitation, flow of money for productivity, financial position of the business.

Financial statements are not long as a rule. They include data about income, cash flow showing where the funds come from. Information about expenses or purchases are not included into a financial statement.

Financial statements in the Czech Republic are annually submitted to the trade register (Obchodni rejstřík). As a rule, the deadline of submission is March 31 of next year, but in some cases it can be prolonged.

An annual report gives full information about the company’s business over the previous year. It is not only a document including the performance and fiscal effect of the company, it is important data reflecting your activity and business result as a mirror. It is broader than a financial statement.  So, it should be composed professionally and accurately, as well as has to be executed correspondingly and validly.

Annual reports are submitted by companies once a year until March 31 of next year, but should the turnover be large, they are filed on a quarterly basis.

The companies filing financial statements, annual financial and quarterly reports need a number of documents and plenty of time. Preparing a number of documents is tiresome work and will detain you from the key business activity.

So, why not to apply to the Prague Office of Financial Chain Corporation?! You can entrust some functions of your company to the qualified, experienced and trustworthy staff saving your valuable time for your main business. The Prague office will timely, correspondingly and qualitatively carry out your task. The skillful experts will please you with their professional work.

The office provides the following services:

• Accounting,
• Accounting recovery,
• Preparation of annual tax reports and tax optimization,
• Registration as a VAT payer/Identified person.
• Legal,
• Liquidation of a company
• Ready-made companies for sale,
• Registration of companies and individual entrepreneurs,
• HR and Payroll,
• Employee outsourcing,

The Prague branch of FChain Corporation ensures high quality, professional, timely and corresponding services complying with law and regulations.

Save time and money using our services! Everything you need is to contact us:

Tel: +420 776 798 700

Address: The Czech Republic Vinohradska 184 130 00, Prague 3

Working hours: 09:00 am – 18:00 pm