Why is responsible for accounts?

Who is responsible and why is it important?

Today I will touch the point who is responsible for preparing accounts of the company.

According to Article 87 of Federal Law No. 2 of 2015 “On Commercial Companies”, the manager of the company bears primary responsibility for accounts.

In addition, the manager of the company is obliged to submit an annual report on the financial position of the company and proposals for the distribution of profit to the Meeting of Shareholders within 3 months after the end of the financial year. This is an important point because a company’s financial statements are a key tool for understanding its financial position and performance.

At the same time, the manager of the company can appoint a responsible employee or department or outsource accounting to a third party to a team of professionals like Consorata who will help him in preparing accounts. This may be the accounting department or financial reporting specialists who have the necessary knowledge and experience.

Thus, the manager of the company bears primary responsibility for accounts, but can delegate this task to the appropriate specialists.

If you have additional questions about this topic, please leave a comment or ask your own question. I’ll be more than happy to help!