Only small businesses owners are exempted from keeping accounts in Italy. Any other entity operating in Italy, whether individuals, small businesses and large multinational companies are mandated to record daily operations regarding their business activities. It’s obligatory for all these parties to maintain and update the following accounting books:
Daybook- records all daily activities of the company relating to company transactions;
book inventory - This book is drafted at the start of each year and serves to evaluate the company liabilities and assets.
optional correspondence file - comprises of invoices telegrams and letters.
Other mandatory accounting books
register of issued invoices;
considerations register (for retailers);
register of purchase invoices
The following documents should be prepared and submitted to the relevant authorities. Note that they might differ depending on the type of entity and/or the business activity of the Italian company:
Annual CIT (corporate income tax) return
Annual VAT return
Annual statutory financial statements
Annual IRAP return
Our highly experienced and certified bookkeepers ensure that your accounting processes are handled to the highest standards and are filed with the utmost care. We’ll help you keep up with the day-to-day managerial and financial transactions such as sales, purchases, nominal ledgers as well as bank reconciliation statements which can be handy when preparing financial reports.
For more details and assistance regarding bookkeeping in Italy, feel free to reach out to our expert Luxstart consultants. They have proven expertise and experience to assist you in each and every step and give you all the help you might need.