Navigating the intricacies of accounting in Poland can be a complex task for businesses both large and small. With a multitude of regulations, tax laws, and financial standards to consider, companies require full support to ensure compliance and optimize their operations.
This is where our specialized accounting services in Poland come into play. For years, we’ve been the trusted partner for outsourcing accounting services in Poland, aiding small to medium-sized enterprises and international corporations alike.
From comprehensive accounting and bookkeeping to meticulous adherence to domestic and international standards, we ensure that every financial detail is managed with precision. Whether you’re searching for a dependable accounting or payroll service provider in Poland, we extend an invitation to experience our bespoke services.
We’re not just about numbers; we’re about fostering long-term partnerships to help your business flourish.
Contact us today to start a conversation about your accounting needs and discover how our expertise can propel your business forward.
Full support in accounting in Poland
We provide comprehensive services of accounting in Poland which enable our clients to fully focus on the development of their companies. Thanks to the knowledge, experience and involvement of our specialists we are able to cooperate with both small and large enterprises.
For many years we have been providing outsourcing services of accounting in Poland for small and medium-sized enterprises and international corporations. We provide comprehensive accounting and bookkeeping services in Poland required under the applicable law, tax law and in accordance with domestic and international standards. In everyday work, we use the latest software adapted to current regulations.
Scope of our services of accounting in Poland
Our offer for accounting in Poland consists of:
- bookkeeping services for limited liability companies, joint-stock companies, limited partnerships, representative offices, funds and associations as well as other companies subject to Polish regulations;
- helping with procedures connected to closing the fiscal year;
- preparing financial statements in accordance with IFRS foundation, US GAAP or the client’s internal reporting standards;
- providing accounting services for customers who keep the revenue and expense ledger, including tax services;
In terms of tax obligations of Polish entities the service of accounting in Poland at CGO Finance includes:
- keeping registers of VAT sales and purchases in the form of SAF-T file;
- supporting and assisting in the process of VAT registration before tax office;
- preparing monthly settlements and tax returns (CIT, VAT, PIT);(CIT, VAT, PIT),
- keeping VAT registers of foreign companies registered in Poland;
- Preparing and implementing the entity’s accounting policies, including a corporate chart of accounts;
- Preparing VAT statements and keeping VAT purchase and sales registers in accordance with the Goods and Services Tax Act;
Accounting in Poland includes also formalities such as:
- Keeping records of fixed assets, equipment and intangible assets, as well as preparing the depreciation plan;
- drafting annual financial statements, calculating income tax advances in accordance with the tax regulations;
- preparing annual and interim financial statements as well as consolidated financial statements on the basis of financial data provided by the client according to established standards and cooperating with a chartered accountant auditing the client’s books. Companies subject to audit must also prepare a statement of cash flows and a statement of changes in equity. ;
- reporting to statistical offices, the National Bank of Poland (NBP) and other financial authorities.
Outsourcing accounting in Poland with CGO Finance
Many businesses in Poland choose to outsource their accounting functions to professional accounting firms. This approach offers several advantages:
- Cost-effectiveness and efficiency: Outsourcing accounting in Poland can be more cost-effective than maintaining an in-house accounting department. It allows businesses to access specialized expertise without the burden of hiring and training additional staff.
- Access to specialized knowledge and expertise: Accounting firms possess extensive knowledge of Polish tax laws, financial regulations, and industry-specific practices. By outsourcing, businesses can tap into this expertise and ensure compliance while gaining valuable insights.
- Focus on core business activities: Outsourcing accounting in Poland enables businesses to focus on their core competencies and strategic goals. It frees up time and resources that can be directed towards activities that directly contribute to business growth.
Basic legal acts governing accounting in Poland
The accounting principles in Poland regulate the Accounting Act of 29th September 1994.
Provisions of the Accounting Act apply to the entities specified therein, including those with their registered office or place of management in the territory of the Republic of Poland:
- commercial companies and partnerships (including those in the process of formation);
- other legal entities, with the exception of the State Treasury and the National Bank of Poland;
- natural persons, civil-law partnerships formed by natural persons, civil-law partnerships formed by natural persons and inherited enterprises, general partnerships formed by natural persons, limited liability partnerships and inherited enterprises operating pursuant to the Act of 5 July 2018 on Succession Administration of a Natural Person’s Enterprise and Other Facilitators Related to the Succession of Enterprises (Dziennik Ustaw 2018, item 1629), if their net revenue from the sale of goods, products, and financial operations for the previous financial year amounted at least to the equivalent of EUR 2,000,000 in PLN;
- inherited enterprises operating pursuant to the Act of 5 July 2018 on Succession Administration of a Natural Person’s Enterprise and Other Facilitators Related to the Succession of Enterprises, provided that accounting books were kept as at the day preceding the day of opening the estate;
- organisational units operating on the basis of Banking Law, provisions on trading in securities, provisions on investment funds and management of alternative investment funds, provisions on insurance and reinsurance activity, provisions on credit and saving unions, or provisions on organising and operating pension funds, regardless of the revenue amount;
- gminas, poviats, voivodships, and their associations, as well as: a) budgetary units of the state, gminas, poviats, and voivodships, b) budgetary establishments of the state, gminas, poviats, and voivodships;
- unincorporated organisational units, with the exception of the companies and partnerships referred to in subparagraphs 1 and 2;
- branches and representative offices of foreign entrepreneurs within the meaning of the provisions of the Act on the Rules for the Participation of Foreign Entrepreneurs and Other Foreign Persons in Business Transactions Within the Territory of the Republic of Poland, of 6 March 2018;
- entities not listed above if their assigned tasks are financed with grants or subsidies from the state budget, budgets of local government units, or special-purpose funds – from the beginning of the financial year in which a grant or subsidy was obtained.
Additionally, there are several dozen regulations of the Council of Ministers and the Minister of Finance in the field of specific accounting practices, and several executive regulations to the Accounting Act itself.
Currency and Taxation in Poland
When it comes to currency and taxation in Poland, businesses must adhere to specific requirements. All accounting documentation, records, and financial staements must be prepared in Polish and using the Polish zloty (PLN). Moreover, Corporate Income Tax (CIT) advances are due by the 20th day of each month, making it crucial for businesses to stay on top of their tax obligations.
In the following subsections, we will delve deeper into the currency requirements and corporate income tax deadlines in Poland, providing valuable insights for businesses operating in the country.
The official currency of Poland is the Polish zloty (PLN). There are no currency restrictions impacting trade in goods, making it relatively easy for businesses to conduct transactions with international partners. When it comes to payment methods, using an ATM or a prepaid card is recommended, although credit cards are also widely accepted.
As a result, businesses operating in Poland must ensure that their ledgers and accounting records are kept in Polish zloty, in compliance with the country’s currency requirements.
We use both national and international accounting standards for accounting in Poland
Accounting in Poland on the basis of National Accounting standards
The main goal of the National Accounting Standards is to establish the principles applicable to the correct recognition of business operations. Using the National Accounting Standards is not obligatory. Nevertheless, it ensures that the accounting of a given entity is conducted fairly and in accordance with the regulations.
Accounting in Poland on the basis of International Accounting standards
International Accounting Standard (IAS) or International Financial Reporting Standards (IFRS) have been established in response to the need of unifying reporting standards on an international scale. They are a consequence of the development of the international capital market and the increasing number of international transactions. This became particularly important after the rise of the European Union and the OECD (Organization for Economic Cooperation and Development). IFRS adoption Use of IFRS standards by jurisdiction: Poland Country profile prepared by the IFRS Foundation with notes on the extent of IFRS application, relevant jurisdictional authority, IFRS endorsement and translation of standards.
How can we help you with accounting in Poland?
Our team of certified accountants provide tax settlements and financial statements to entrepreneurs with various business profiles and our services are adjusted individually to the needs of even the most demanding customers. We provide comprehensive accounting in Poland that enables you to fully focus on the development of your company. Thanks to the knowledge, experience and involvement of our specialists we are able to cooperate with both small and large enterprises. We constantly broaden our knowledge to – apart from standard services – also implement nonobvious and novel solutions that aim at improving the financial conditions of our customers. CGO Finance – your accountant in Poland.