In our first post on ‘Intacct for the Global Company’ we covered Value Added Tax (VAT) and the complexities and requirements. In the second post of this series we discussed Electronic Financial Statements and the Legal Requirements in Germany.
Approval is a legal requirement and it is required in advance of using Intacct.
The German Tax Authorities can reject and require replacement of a finance system if pre-approval is not sought. This can affect any future approvals for a company and fines can be imposed.
Be aware: some accounting software firms advertise that their software has been reviewed by an accounting firm and certified that they can process data accurately. This certification does not grant an exemption to the requirement that the data still has to be stored in Germany. In addition, approval from the German Tax Authority is always for a specific company, not for a specific finance system.
This approval process can take approximately two months and can be handled by any German accounting firm. Smaller accounting firms might not be familiar with this, and oftentimes prefer their standard accounting package (DATEV), which is endorsed by their professional association, but is purely focused on tax compliance and not for optimizing business process and insights.
Meet Hans at Advantage
Canto is a forward thinking company that sought a SaaS solution to meet their global needs! You can meet Hans at our upcoming Intacct Advantage 2016 conference where you can be sure to gain knowledge and expertise from this Intacct expert.