Improved financial clarity through accurate sales reports

How Numarics corrected financial discrepancies to increase transparency and reduce tax liabilities

What happened?

In 2022, our customer faced serious challenges. The previous accountant had failed to correctly declare various liabilities and correctly account for marketing expenses. This led to a lack of transparency in financial reports and an increased risk of tax audits and penalties.

Problem statement

Unreported liabilities and the misallocation of marketing expenses distorted the company's financial presentation. Various obligations were combined into a single figure, which affected transparency and made financial reports unclear. This type of presentation did not meet applicable standards and led to potential tax problems and a higher tax base.

Our Approach

Numarics conducted a thorough review of the client's financial records. We have correctly declared the obligations for 2022 and have precisely recorded marketing expenditure. In doing so, we placed particular emphasis on the correct presentation of obligations in order to ensure transparency and clarity. We also pointed out to the customer a significant incorrect booking, in which part of the turnover was falsely reported as real income.

Results

As a result of our careful review and correction of financial reports, the client was able to correctly report their actual income. This resulted in a significant reduction in the tax base. Thanks to Numarics' expertise, a possible overpayment of income taxes was avoided and financial transparency was significantly improved.

Conclusion

This case study shows the importance of an accurate and transparent presentation of financial obligations. Through thorough review and correction by Numarics, the client was not only able to minimize tax risks, but also created a clear and reliable financial basis. Numarics' expertise has helped correct past mistakes and ensure financial stability and security for customers.

It is important to correctly declare obligations and expenditure and to ensure clear financial transparency. With Numarics by their side, companies can ensure that their financial reports meet the highest standards and help them minimize tax and financial risks.