Lots of us are strongly linked to accounting, whether it is because we own our own business, because it is our area of work, or because we once had to become familiar with the topic to find a solution to a problem of said nature
You may be interested in our entry: Functions of accounting.
Accounting focuses on the need for control and register of all financial transactions, tax payments, policies, calculations, among others. It helps the company make better decisions with respect to its performance.
Over the years, businesses have evolved and have had some changes, especially technological. The speed of information processing has increased, which has gradually met users’ urgent need to obtain said information.
Practicality in the handling of information and the access to accounting documents has become of great importance.
The aforesaid factors would eventually lead e-accounting, or electronic accounting, to emerge, which would improve all business processes, and would allow all accounting information to be accessed through a computer or smartphone. Both natural and legal persons maintain accounting records in electronic systems that can create XML format files with information about all their transactions. These are then submitted to the Tax Administration Service (SAT) internet portal, through its e-filing mailbox.
This way, we use technology correctly and facilitate processes that were more complicated before. formerly more complex.
With the arrival of this type of accounting, new obligations have also appeared. Every business in Mexico is now required to keep their accounting registries in an electronic medium, as determined in the 2014 tax reform. Thus, fiscal authorities can now request that the company’s accounts are filed online.
Who is obligated to carry out this type of accounting and who may not use it?
Legal persons are obligated to carry out their accounting electronically. Some examples of entities that may not do this include:
● Federal entities
● Federal government
● Independent federal or state agencies
● Municipalities
● Religious organizations
● Worker unions
Now that you know some more about e-accounting, you will be able to understand its function and importance for your firm. Remember that the main goal is to carry out your accounting more efficiently and practically.
At QuAdrans Law and Finance we are committed to bring you the best advice in accounting matters. Contact us.
Legal and Accounting Service in Playa del Carmen
