Accounting & Tax Services for SMEs in Paris, France
Annual accounts are a company’s most reliable report card on its financial performance. They help owners and managers achieve their business goals, whether it’s raising cash, making an acquisition, selling a business, or restructuring. As a result, during the company’s lifecycle, every business activity has an impact on the financial statements, which must be carefully prepared and analysed.
Review Engagements – Preparation of annual accounts in France
A review engagement is preferred when a company’s in-house finance team have already prepared the annual accounts up to a certain point and then engages GAAPWise to review and adjust the accounts (where necessary) before they are filed and presented to the stakeholders.
As part of the review, we will perform analytical procedures to gain a better understanding and substantiate all financial statements items.
GAAPWise performs review engagements by working closely with your in-house accountants and by complying with the applicable professional standards.
Limited Assurance Engagements
A limited assurance engagement is a middle ground between the audit engagement and the review engagement.
The thresholds that oblige companies to appoint a statutory auditor have been raised in most European countries so the limited assurance engagement is increasingly being seen as an alternative to statutory audits.
As part of the limited assurance engagement, we will perform procedures regulated by professional standards to decide whether the financial statements contain material misstatements from the applicable financial reporting framework (ie.: French GAAP, IFRS, US GAAP etc.).
Our conclusion is formalised in a report addressed to management at the end of the assignment.
A compilation engagement involves GAAPWise preparing and presenting financial statements using financial data provided by the management. Unlike audit and review engagements which are assurance engagements, the compilation engagement is not. Therefore, the financial data provided by management is assumed to be complete and accurate so won’t be subject to any in-depth review by us.
In France, compilation engagements are exclusively aimed at companies that are part of a group that presents consolidated financial statements but need their individual statutory financial statements to be compiled as per French GAAP for compliance purposes.
A report setting out our work, observations and recommendations is submitted to management at the end of the assignment.
Level of assurance
Payroll services in France
Payroll is both time-consuming and a sensitive function. It involves your company’s most important resource: staff. Therefore, it is important that this function is entrusted to experts who will be able to respond quickly and efficiently to changes in legislation and employees or URSSAF (France HMRC equivalent) enquiries.
Our services include pre-employment declarations, administrative management of events (illness, leave, maternity leave, resignation, dismissal, etc.), monthly Full Payment Submissions (DSN), preparation and electronic sending of payslips.
Tax compliance in France
As tax legislation is constantly changing, your accounting department may not have the time or resources to keep up to date.
There are several tax returns in France. Some are due at regular intervals (e.g. VAT, CVAE, corporation tax, etc.). Others are due on the occurrence of certain events (e.g. dividend distribution).
Thus, GAAPWise relieves your finance department of this responsibility so that it can focus on activities that will have a higher strategic value for the company.
Unlike annual accounts, which are mainly intended to be used by external stakeholders (banks, tax authorities, customers, suppliers, etc.), management reporting is intended to be used by the company’s internal stakeholders: mainly directors, managers and investors (venture capital and private equity).
Management reporting is a monitoring and decision-making tool. It is a set of financial documents adapted to the specific needs of the company. It includes at least an analysis of the P&L by period. However, the most complete reporting packs will also include :
- A balance sheet analysis with financial ratios;
- A cash flow statement;
- A CAPEX analysis;
- Aged debtors analysis;
- And other bespoke information relevant to the managers.
GAAPWise supports you in setting up and producing your monthly financial reports, whether in French or English.
We also implement powerful automated reporting solutions on Microsoft Excel and/or Microsoft Power BI. Visit our Business Intelligence et Data Analytics page for more information.
Now, let’s discuss your specific needs
Do you need occasional interim support?
Find out more about our outsourced CFO & Controller services
Are you a French subsidiary of an international group?
Find out more about our services aimed at French subsidiaries and branches