Why the new accounting guidelines are important for your business

It is often the new additions to the GTCs or changes and additions to formal clauses that we tend to carelessly scroll over or throw in the bin. However, companies should take the new accounting guidelines into account. Companies should also check ERP software, such as SAP Business One, for this.

Versino Financial Suite for SAP Business One Finance

The Federal Ministry of Finance has introduced the new „Principles for the Proper Keeping and Retention of Books, Records and Documents in Electronic Form and for Data Access“ for this year (GoBD) has been published.
The accounting guidelines set out how to recognise ITAccounting and other tax-relevant records must be kept in the company. This reinforces the requirements for bookkeeping and makes them more specific. According to Trovarit, this is an intervention in the commercial processes of every company. This includes, for example, the immutability of postings and records or the storage of electronic receipts and computer data are affected.

Objectives of the accounting guidelines

These requirements of the accounting guidelines primarily serve to ensure traceability. This includes, for example, that an entry may not be changed in such a way that the original content can no longer be determined. Furthermore, once information has been entered into the processing procedure (document, basic record, posting), it should no longer be possible to edit it without subsequent visible intervention.

Implementation of accounting guidelines in ERP software

For these requirements ERP systemsSAP Business One, must be equipped with a corresponding log function. This allows changes to recorded documents, master data or programmes to be tracked. In addition, the new principles require at least one employee who is able to visualise all business processes in a comprehensible manner. An accounting system must therefore also be managed accordingly.