e-SF Generator: How to easily prepare an electronic financial statement

A financial statement contains organized information about a company’s annual activities. Based on this statement, business partners can assess the solvency of a contractor, and banks can determine a company’s creditworthiness. Currently, such statements must be created in electronic format (XML). In the following article, you will find information on how to simplify their preparation.

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How it works?

Who needs to prepare a financial statement?

Certain entrepreneurs are obligated to provide financial information on their company’s annual activities. The day of preparing the Financial Statement (SF) is called the balance sheet day. It often falls on December 31st, although a company’s fiscal year does not have to align with the calendar year.

The obligation to prepare financial statements applies to:

  • companies must maintain accounting records per the Accounting Act, due to legal status or revenue thresholds,
  • companies that voluntarily decide to keep accounting records in accordance with the Accounting Act.

The requirement for preparing e-SF may apply to a limited liability company (e.g., a Polish sp. z o.o.), a general partnership, and even to sole traders (at an appropriate business scale).

Who is responsible for preparing the financial statement?

The preparation of an annual financial statement is the duty of the unit’s managers. This group includes:

  • members of the management board of capital companies,
  • partners of general partnerships and limited partnerships,
  • managing partners responsible for the company’s affairs,
  • receivers, liquidators, and administrators in bankruptcy proceedings,
  • members of governing bodies of other entities.

For companies registered in the National Court Register (KRS), the deadline for preparing e-SF is three months from the balance sheet day. Subsequently, the management bodies of the company have six months from the balance sheet day to approve the statement.

Company dissolution for not submitting e-SF? Yes, it is a potential risk!

Companies that fail to submit e-SF within the specified deadline will receive a summons from the National Court Register (KRS) to submit it. Usually, this summons is issued within 7 days of receiving the notice. Failure to fulfill this obligation may result in penalties imposed by the legislator, and even the possibility of company dissolution, known as the coercive procedure. If preparing a financial statement is a problem, our e-SF Generator can assist you.

Advantages of the program

Our application helps efficiently prepare accurate financial statements.

Such statements are often created in spreadsheets, but that is not the file format expected by the tax authorities. Our tool allows easy conversion to the desired XML format, in compliance with official requirements.

Furthermore, the Generator enables:

  • attachment inclusion,
  • technical validation of data regarding the XML’s logical structure,
  • creation of clear visualizations for management to know what they are signing,
  • quick access to electronic financial statements,
  • work on multiple versions of the statement.

Companies gladly utilize our e-SF Generator to fulfill their reporting obligations. It aids in the timely and flawless preparation of statements in an accepted format and layout by administrative authorities while providing relief to accounting teams!

Try our e-SF Generator today to achieve compliance and peace of mind. Contact us to learn more about our ALTOstratus tools, including the e-SF Tester – an application for quickly checking the basic substantive correctness of financial statements!

Any questions?

Tobiasz Dolny

Partner & Tax Advisor +48 22 652 27 51

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