Financial Accounting

Financial accounting is one of the most important business management tools, and indispensable for decision-making processes. It is essential that information quality, timing and report generation are adapted to suit each company's individual requirements. In essence: all decision-relevant information should be available at all times.

GKK PARTNERS defines the generating process details and the extent of our involvement in advance in consultation with the client.

Only complicated at first glance. With structure and optimized processes, you can concentrate on your business.

Our range of services in the area of finance accounting

Finance accounting - Outsourcing

In the role of outsourcing partner, GKK PARTNERS takes over all day-to-day financial and balance sheet accounting, costing, and the filing of all current tax declarations. Our staff will also happily take over these responsibilities for you on site.

The preparation of national and international group financial reports is as much part of our day-to-day business as the carrying out of individual in-house analyses and budget/actual or industry comparisons in order to facilitate well-informed, important company decisions.

Financial Accounting - Interactive Cooperation

It is often not expedient to outsource all financial accounting tasks. For this reason, GKK PARTNERS offers a wide range of cooperation models. We initially define the processes and discuss the respective division of labour with the company.

One cooperation model is for the company to record all supporting documents online. The original documents remain in-house, allowing monetary transactions to be prepared as usual. In addition, an electronic archive allows the company to access the documents at any time. This also allows all accountancy tasks to take place on a daily basis, so all corporate figures are kept up to date.

Use of the internet also allows location-independent access to all accounts and reports at any time. This can be as useful for national or international group subsidiaries as it is for decision-makers wanting to obtain information no matter where in the world they happen to be at the time.

GKK PARTNERS also supports many clients in the preparation of budget calculations for subsequent budget/actual comparisons or in the processing of monetary transactions.

Financial accounting - Support for in-house solutions

GKK PARTNERS can also provide the respective support to companies opting for in-house accounting, or to companies unable to outsource their accounts department. This reaches from taking over management accounting responsibilities to providing assistance in the form of coaching, and even includes lending a helping hand in the case of accountancy staff absences due to illness or holidays.

GKK PARTNERS can also supply all of the relevant accounting and bookkeeping electronic data processing programmes. Our team can also access our clients' electronic data processing programmes online in order to support the in-house accountancy staff.

Process documentation

The GoBD - “Principles for the orderly management and storage of electronic ledgers, records and documents as well as data access” - stipulate that taxpayers must set out the process for electronic accounting (electronic ledgers and DP system) in process documentation. This documentation ranges from creating and entering documents to storage and archiving and the ability to analyse the documents. Deductions for operating expenses and input taxes may be put at risk and additional assessments may be applied if this documentation is missing, not complete or deficient.

Regardless of the size or complexity of a company, it has a general duty to prepare process documentation that can be easily followed by a third party. Many companies already maintain electronic accounting systems, and the electronic interfaces between the accounting and other systems are increasing. Accordingly, most companies are affected by this requirement.

Besides the disadvantages caused by the provisions under the GoBD, they also offer a number of opportunities and relief:

Compliance with the provisions allows for paperless work processes, and original copies can be destroyed after they have been digitised. Events in the recent past have demonstrated the advantages and necessity of digital processes, which in large part also applies to financial accounting. However, “document-replacing scanning” requires seamless process documentation and process instructions. The GoBD also include reliable statements for mobile scanning using a smartphone and app.

We would be pleased to support you with preparing your GoBD process documentation, and we can assist you with setting up digital and paperless processes at your company without breaching the tax provisions. We can also present solutions for digitising and optimising processes such as travel expense reports or invoice approvals.

myGKK Invoice Flow

Our digital workflow for incoming invoices

Flexible approvals of documents with short processing times and a high degree of process security will become even more important in the future due to the increasing complexity and digitisation of financial accounting. The ability to depict the current processing status of all approval processes means more transparency and significant efficiency improvements.

Your digitised documents are easily imported into myGKK Invoice Flow (e.g. e-mail forwarding), and the approval process at your company, which can be designed according to your needs, can begin. Do away with double document filing, unnecessary copying and - with regard to process documentation - unnecessary paper documents that need to be stored. Using freely definable workflows, you decide what types of approval processes are required for individual documents or document types - flexible and adapted to your company. Afterwards, the approved documents are directly archived (audit-compliant) at the DATEV computer centre in the client’s own DATEV Unternehmen online, and they are ready for further processing in the financial accounting system.

You can approve your documents when and wherever you want. Approvals can be processed independent of device - in the team and also simultaneously.

myGKK Invoice Flow can do all that and much more.

Receive documents by e-mail, combine multiple PDFs, get approval while on the road - whether you are in the office, at the construction site or on your holiday, if needed.

Salome Weininger | Steuerberaterin, Managerin

Our digitisation offering for financial accounting

Financial accounting in particular offers a lot of potential for accelerating, securing and simplifying processes.

All documents ranging from incoming invoices, bank movements and cash all the way to outgoing invoices are digitally forwarded to us from the company.
Documents are digitised using scanners or mobile phones and transferred into the document administration system on-line. Already digitised documents are not scanned again; they are only transferred into the document administration system. Electronic invoices are reviewed for the input tax deduction in accordance with the legal requirements.
Relevant information is identified with the help of automatic invoice detection, checked for validity and transferred to an incoming/outgoing invoices ledger.
Additional information such as suggested postings, cost centre or comments can be entered, allowing information for entry purposes to be provided in the accounting system.
Payments can be created from the invoice ledgers and sent to the bank digitally, and they can be viewed and allocated at any time.
Where a preliminary system (merchandise management system or similar) is already in use, it can be connected to the financial accounting system using multiple interface options.
This achieves the maximum reduction of paper documents and folders, as well as archiving requirements.
Access to up-to-date analyses provides the basis for sound decision-making, regardless of your location or time. This results in significant advantages particularly for multinational companies.
Our experts provide advice for digital accounting options, and they will coordinate the required posting rhythm with you.

Digital archiving requires clear process documentation for all processes involving every document type, which includes an internal control system. Once process documentation as defined by GoBD (Principles for the orderly management and storage of electronic ledgers, records and documents as well as data access) has been successfully implemented, paper documents no longer have to be archived.
Using up-to-date lists of open items, you can immediately retrieve outstanding payments and open invoices.
You can also retrieve daily or weekly data from the accounting system for company management purposes, or receive them as individual analyses (e.g. manager’s overview of cost accounting). Here, it is possible to move from the business management analyses all the way to the document using a link.
The analyses offer a compressed and visually supported overview of your management success, your liquidity and its expected development, the capital as well as accounts receivable and accounts payable.
There are also options for integrating a module for ordering processes. This means that offers and order confirmations can also be depicted digitally and GoBD-compliant in the context of the processes.
There are also benefits in the context of company audits, due to audit-compliant archiving (also for cash data, among others).
Our experts can use remote maintenance to access your employee's work station to offer support if there are questions.
The hardware requirements for implementation are less than you think; all that is needed is software for authentication purposes.
Access to the cloud can be expanded on short notice and limited to certain rights, so that personally tailored application options can be designed for the different positions at the client.