Accounting used to be seen as an obligation to comply with legal requirements, to file returns on time and to keep records "as required by law". But today's businesses need much more from accounting. They are looking for management information, certainty in decision-making, flexibility in change and the ability to respond quickly to new challenges - be they legislative, technological or business.
The accounting agenda no longer stops at accounting policies
The modern accounting team navigates an environment of dozens of interrelated laws and regulations: from accounting and tax laws, interpretations and regulations, to commercial and civil law, procedural rules and employment law. It is not enough to know only the Czech Accounting Standards or the Decree for Entrepreneurs. Awareness of the guidelines of the tax administration, case law and interpretations of the National Accounting Council play an important role.
All this creates room for systematic work with risks, preventing errors and anticipating the impact of more complex transactions. The ability to link the accounting agenda to the tax and legal context is almost a necessity today.
Quality accounting is not just about correct accounting
Today's accounting profession requires much more than accuracy in numbers. It's working with information, sorting it correctly, evaluating it, interpreting it and turning it into a basis for decision-making.
Accounting data becomes the basis for management reporting, cash flow management, investment planning or negotiations with banks.
In this context, it shows how important it is to have the right processes and workflows in place. Effective collaboration between accounting and other departments of the company - sales, legal, HR, project team or marketing - is crucial for the quality of the output.
Technology is changing the game
The speed and accuracy we expect from accountants today would not be possible without technology. Automation, robotics, data mining or integration with information systems are changing the way accounting works. At the same time, they are increasing the skill requirements of the people who work with these tools.
Online reporting and data visualisation - for example in Power BI - are becoming a common part of decision-making processes. Many companies are asking: what data are we actually tracking? What does it tell us about our business? And where are we wasting time or money because we can't make the most of it?
What questions should every responsible company ask itself today?
Our mission is not to "take over and run" accounting, but to transform it into a tool that actually serves the company. So that the owners can run the business with the confidence that they know where their business currently stands and where it is heading.
Autor: Lucie Pečenková
The accounting agenda no longer stops at accounting policies
The modern accounting team navigates an environment of dozens of interrelated laws and regulations: from accounting and tax laws, interpretations and regulations, to commercial and civil law, procedural rules and employment law. It is not enough to know only the Czech Accounting Standards or the Decree for Entrepreneurs. Awareness of the guidelines of the tax administration, case law and interpretations of the National Accounting Council play an important role.
All this creates room for systematic work with risks, preventing errors and anticipating the impact of more complex transactions. The ability to link the accounting agenda to the tax and legal context is almost a necessity today.
Quality accounting is not just about correct accounting
Today's accounting profession requires much more than accuracy in numbers. It's working with information, sorting it correctly, evaluating it, interpreting it and turning it into a basis for decision-making.
Accounting data becomes the basis for management reporting, cash flow management, investment planning or negotiations with banks.
In this context, it shows how important it is to have the right processes and workflows in place. Effective collaboration between accounting and other departments of the company - sales, legal, HR, project team or marketing - is crucial for the quality of the output.
Technology is changing the game
The speed and accuracy we expect from accountants today would not be possible without technology. Automation, robotics, data mining or integration with information systems are changing the way accounting works. At the same time, they are increasing the skill requirements of the people who work with these tools.
Online reporting and data visualisation - for example in Power BI - are becoming a common part of decision-making processes. Many companies are asking: what data are we actually tracking? What does it tell us about our business? And where are we wasting time or money because we can't make the most of it?
What questions should every responsible company ask itself today?
- Do we have the right accounting processes in place?
- What outputs do we get - and do we even use them in management?
- Does the substitution work in our accounting team? How much does it cost us to run it, including training?
- Do we consult with experts on important transactions and other significant operations before they are executed?
- Do we have an overview of how new technologies, laws and case law affect accounting?
Accounting as an investment in stability and growth
When accounting is linked to management, it brings much more to companies than the profit and loss statement. It brings economic stability, higher quality decision-making, and the ability to identify risks and opportunities early. Companies that understand this do not see accounting services as a cost - but as an investment.
How we do it at BDO
The accountant acts as a business partner
- At BDO, we believe that accounting should serve companies, not limit them. And that's how we approach it. We help a large number of companies across industries and sizes with their accounting agenda. This gives us, among other things, practical and very diverse experience.
- We don't start with what to charge - we ask: What is the purpose of the company? What are its plans? Where are its weaknesses, where does it want to grow, and what is holding it back?
- Only then do we set up processes, reporting, communication, and most importantly: we create a system that gives the company answers before a problem arises.
- We bring a combination of quality and expertise, assurance and reliability, experience and great insight to every collaboration. We can link the accounting agenda to the tax context, we can handle the technical detail and the strategic framework. And perhaps more importantly, we also understand that behind the numbers are people and specific decisions.
- We map existing processes and determine what makes sense to streamline or digitise;
- We set up reporting so that both owners and managers have a timely basis for decision-making;
- We eliminate or minimize accounting and tax risks that often arise unnecessarily through incorrect interpretation of regulations;
- Leading the accounting team or filling in for a missing competency until the team is stabilized;
- We're there for the big decisions - transactions, restructuring, expansion or succession.
Our mission is not to "take over and run" accounting, but to transform it into a tool that actually serves the company. So that the owners can run the business with the confidence that they know where their business currently stands and where it is heading.
Autor: Lucie Pečenková