The retention of operational and financial reports is a requirement of Russian accounting and tax legislation. The main purpose of this retention is to ensure the security of data specified in accounting records. Failure to comply with the requirement to retain operational and financial reports can lead to the imposition of fines by the tax authorities.
The procedure and timeframe for retaining accounting records are specified in accounting legislation. Despite this, companies should also independently draw up and approve internal guidelines for retaining their accounting records.
The most convenient option in respect of the retention of operational and financial reports is to hire a third-party company that provides professional accounting services. This practice is becoming increasingly popular as it has a number of significant benefits, and primarily the ensuing guarantees offered by hiring professional services to retain operational and financial reports.
The VALEN team has extensive experience in accounting and tax and can provide a full range of services related to the retention of your company’s operational and financial reports.