Accounting and finance for business Rome

Accounting and Finance of your Business in Rome

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Accounting and finance for business in Rome: Regulations
In order to keep the accounts businesses based in Rome or Italy you have to respect several regulations concerning the registration of activities within the business and the relationship with clients, suppliers and public authorities.
Duties vary according to the statutory structure of the business and its turnover. Businesses with specific statutory structures must follow European provisions adopted in the Italian Civil Code (Fifth book, "On Labour").
Accounting and finance for business in Rome: Professional figures
Many requirements concerning bookkeeping are regulated by complex rules, which are frequently updated. It is therefore advisable to entrust a professional accountant, called commercialista, with the task of keeping the accounts. The professional accountant is a specialist in accountancy and belongs to a professional body recognized by the Ministry of Justice.

The first accounting duty for every entrepreneur is to provide an invoice for every good or service delivered in Rome or outside Rome. In the case of retail trade, a receipt note for fiscal purposes is issued and in the case of businesses which provide services, a receipt for fiscal purposes is issued. An enterprise must also register all goods or services bought.

The registration of the invoice follows specific procedures which vary according to the statutory structure of the enterprise. Sole proprietorships usually adopt a form of simplified accountancy, while companies must follow specific Italian regulations in line with to European standards.

In many cases, especially if the business is a partnership, the register containing all the invoices is handed over to a professional accountant who has the task of managing, updating and registering the accountancy information concerning the company with the competent public bodies. In the case of sole proprietorships, the professional accountant acts more as a supervisor and guide for the businessman.

Regardless of the statutory structure of the business its accounts have to be kept with extreme care for ten years at its fiscal domicile, which is the address in Rome where the business is located. The location is defined in the start-up phase, at the same time as VAT registration (a sequence of numbers identifying the person running the business for tax purposes).
Many businesses choose to have the fiscal domicile where the business is headquartered or by the Roman office of the professional accountant in charge of keeping the accounts.
Business accounts always have to be ready to be submitted for inspection by the Guardia di Finanza, which is a police corps specialised in economic and fiscal issues.
Both the Chambers of Commerce of Rome and the Association of professional accountants responsible for the Rome area provide assistance to businesses looking for a professional accountant to entrust with keeping the accounts.

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