Financial administration meaning
A financial administration is the structured storage of your company's financial data. Storing your financial data gives you a clear overview and a good understanding of your financial situation, for example, for your company's cash flow. Keeping a good financial administration allows you to easily justify the data of your company's finances to the Dutch tax authorities as well. With Gekko, it is easy to keep a record of your financial tools with the use of our smart software.
What does a financial administration include?
A financial administration includes the following:
- keeping track of your receipts
- saving and sending your invoices
- your company's contacts and projects
- your bank statements
- your company's financial statements
Read in the wiki of Gekko what a financial administration needs to contain. Make sure to keep up your financial administration with the use of Gekko.
Rules financial administration
For a financial administration, you are required by law to keep your company's financial data for at least 7 years. Read in the wiki of Gekko more about this financial record keeping requirement.
Your company's financial administration is the basis for the declarations you send to the Dutch tax authorities. For example, the VAT returns and income tax returns for your company. If your administration is in order, you will have fewer things to be concerned about, so make sure you keep your financial administration up to date.