Administrative elements of the accounting process

Back to the sun (my blog lol), today I bring you a post to continue the administrative views of the accounting process, since understanding the accounting process allows from a business perspective the fulfillment of the formal duties established in the state laws, particularly those related to tax returns clearly established in the Organic Tax Codes and the internal accounting processes of the company.

In this context, companies, whether public or private, face challenges as they are immersed in an increasingly demanding and competitive market, where only concepts such as: quality, productivity, competitiveness and tax performance that rebound and promote success, which, in turn, determine the survival or extinction of the same in the field of their specialty.

In this way, formal duties demand an effort from taxpayers that translates into resources of time, money and administration. However, it is necessary to recognize that with them a greater tax control is achieved. And, on the other hand, to prevent non-compliance with the duties established by law, avoiding penalties or fines that, depending on their severity, could jeopardize the continuity of their work and the ongoing business.

Consequently, this publication seeks to analyze internal control as a process for the fulfillment of the formal duties of companies, first outlining the elements, followed by the objectives of internal control.

On the other hand, compliance and penalties in terms of formal duties regarding tax returns at the corporate level, based on the above, I hope that the content has been of academic benefit.