How to Decide the Best Way to Prepare Your Annual Report?
If you need to submit an annual report, you will quickly notice that prices vary widely.
On the one hand, self-service applications are offered that allow you to create a report for around 49 euros.
On the other hand, accountants and business consultants offer services at a much higher price for the same work.
Is the cheap solution too good to be true? Is the specialist asking too much?
In fact, neither statement is correct. They are simply two different solutions to different problems.
The purpose of this article is not to sell you anything, but to help you decide which group your company belongs to.
When is a 49-euro solution enough?
The honest answer is, quite often.
If the company's operations have been simple and there are no other problems, there is no reason to hire a specialist.
An app can be a perfectly reasonable choice if:
- only one year's report has not been submitted;
- the company was inactive or only normal economic activities were carried out;
- the company has no owner loans or more complex financial transactions;
- no warnings or other notices have been received from the Commercial Register;
- you can digitally sign the report yourself.
In this case, we would recommend using a self-service application or submitting the report yourself.
You do not need our help.
Where does self-service no longer work?
The problem is not with the software, but rather that the software only solves the problem of generating reports.
It does not solve the company's problems.
For example, no application can decide:
- what to do with several unsubmitted annual reports;
- how to handle owner loans;
- how to respond to a registry warning;
- how to resolve negative equity;
- whether it makes sense to revive or terminate the company.
These are no longer accounting tasks. These are decisions.
When is it worth using an expert?
In practice, we recommend seeking specialist help if at least one of the following situations occurs.
You have several overdue annual reports
Reports must be prepared in the correct order, and each subsequent year depends on the previous one.
The company has owner loans.
These are very common in small businesses, but often require proper accounting and tax handling.
A letter has already arrived from the registry.
Warnings, fines and registration procedures change the situation significantly. It is no longer just a question of submitting a report.
The company has negative equity.
In this case, the report may reveal the following problem that also needs to be solved.
Accounting documents are incomplete.
It is often possible to restore missing documents, but this usually requires the work of a specialist.
Your digital ID does not work or has expired
Often, the possibility of signing must first be resolved and only then can the necessary documents be submitted.
Quick self-check
Answer the following questions.
- Is more than one report missing?
- Does the company have owner loans?
- Has any warning already been received from the registry?
- Can equity be below the limit required by law?
- Are documents missing?
- Is Digi-ID expired?
If you answered "no" to all of these questions, you can most likely handle it yourself.
If you answered “yes” to at least two questions, it is worth reviewing the situation before taking the next step.
Often, it is not the report itself that makes the biggest difference, but the correct order of actions.
What does a good specialist mean?
If you decide to use professional help, you should not just buy a report.
A good specialist will help:
- assess the situation of the entire company;
- prepare an action plan;
- choose the correct sequence of activities;
- communicate with the registry if necessary;
- solve multiple problems as one comprehensive plan.
If the problem is simple, a good adviser should say so honestly.
Can you handle it yourself?
Probably yes, if:
- it is a simple report;
- no letters have been received from the registry;
- the company does not have any complex transactions.
It is worth seeking the help of an expert if:
- the problem has been going on for a long time;
- there are several unresolved issues;
- the company is already involved in registry proceedings;
- you are not sure in what order to act.