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an overview of the company's assets and liabilities at all times. At least once a year, the asset and debt situation must be documented in the balance sheet and evidenced by an inventory.

Identify and systematically record all transactions that change assets and liabilities.

Determination of success by comparing income and expenses. This is done at least once a year in the profit and loss account.

Provision of the legally required information on the basis of which the tax authorities carry out the taxation of the company, as well as further information for authorities, courts, banks or other external addressees in the prescribed form.

Addressees of results from financial accounting

internal addressees:

the entrepreneur himself: He cannot keep all transactions in his head. He needs a constant overview for his commercial decisions.

Investors participating in the enterprise: Many enterprises are organised in the form of a company. Participating shareholders demand - constantly or at least periodically - meaningful, verifiable information about the situation of the company.

Employees and their representatives

external addressees:

External capital providers, especially banks

Creditor

Tax office

Public

If different addressees require different standards for reporting from the financial accounts (balance sheet, profit and loss account, cash flow statement, among others), this may require parallel accounting.