Year-end is usually a stressful period for many business owners and managers. It may be more stressful if your business is fairly new. This is because all companies obliged to prepare annual accounts not only as a tax requirement, but for it’s shareholders.
During this period, accountants required to come up with a list of things to do as well as documents they need to put together. The aim of this is for them to be able to accurately calculate the company’s income tax obligations.
The fiscal year in Cameroon corresponds with the calendar – starts from January 1 to December 31. A company’s year-end is the date its accounting period ends. In the case of Cameroon, it is on December 31 yearly.
This date is also significant because the clock starts ticking for businesses to prepare and send their Statistical and Tax Returns to the tax authorities. Businesses in Cameroon that are liable to Corporate Income Tax are required to come up with financial statements, records of transactions, and others as required by the tax administration, including FUBLA (Foundation for a Unified Business Law in Africa).
Almost all businesses use the services of accountants and accounting software to prepare their year-end accounts. If your business is organized, it will be relatively easy to provide the necessary information that your accountant needs.
The year-end accounts filing is complex in nature, especially for small businesses who rarely have trained accountants. Even those with in-house accountants will have to handle many responsibilities including their routine activities. This may make it difficult for them to complete the formalities in an accurate manner and on time.
Having an experience with Excel Spreadsheet is one of the most important skills and accountant needs. It helps you to not only manipulate figures accurately, but helps you to efficiently manage and assess your business’ data.
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This content has been prepared for information purposes only. It is not intended to provide, and should not be relied on for, tax, accounting or legal advice. You need to consult your own tax, accounting or legal advisors before engaging in any transaction.