Accounting management is fundamental for the transparency and financial control of any company, especially in the case of SMEs in Spain. To comply with current regulations, these companies must keep detailed records of their economic operations. In this guide we explain the main accounting requirements, from the obligatory books to the presentation of annual accounts.
Importance of accounting for SMEs
Spanish regulations require companies to keep their accounts in accordance with the Commercial Code and the General Accounting Plan (PGC). SMEs, in particular, are eligible for a simplified version of these regulations, the PGC-PYMEs, provided they meet certain size requirements. This simplification makes it possible to reduce the administrative burden, while maintaining the principle of accuracy in financial reporting.
Main mandatory accounting books for SMEs
- Journal
- This book is essential to record chronologically all the daily transactions of the company, including details such as the date, the concept and the amount of each operation. It is one of the basic records to provide a transparent and verifiable view of the economic activity.
- General ledger
- This record complements the journal by grouping transactions by account. This makes it possible to observe the evolution of each account throughout the financial year, facilitating the preparation of balance sheets and other key financial statements for the closing of the accounts.
- Inventory and Annual Accounts Ledger
- This book includes the opening balance sheet for the year, quarterly inventories and the annual accounts, such as the balance sheet, profit and loss and changes in equity. These documents are essential to give a true and fair view of the financial situation and to avoid penalties for non-compliance.
- Minute book
- Mandatory for companies, this book documents the decisions and resolutions adopted at meetings and boards of directors, formalising the company’s strategic and legal commitments.
- Register of Partners or Shareholders
- This book is essential for limited and public limited companies, in which all changes in the ownership of partners or shareholders are recorded, thus updating the ownership structure of the company.
Legalisation and filing of accounting books
The accounting books must be legalised at the Commercial Registry, a procedure that guarantees the authenticity and transparency of the data. The annual accounts must be filed with the Commercial Registry within the first six months of the following year, in compliance with the Commercial Code and Royal Decree 1515/2007. This step is mandatory for all SMEs and is essential to validate the accounts before third parties and to avoid sanctions.
Application of the General Accounting Plan (PGC) for SMEs
The PGC-SMEs is applicable if the company meets at least two of the following criteria: assets of less than 4 million euros, annual turnover of less than 8 million euros and fewer than 50 employees. If a company exceeds these limits, it must apply the general PGC, which implies more exhaustive accounting.
Consequences of non-compliance
Failure to comply with accounting obligations can result in administrative sanctions, difficulties in accessing finance and damage to the company’s image. To facilitate compliance, many SMEs turn to technological solutions such as accounting software that automate records and validate compliance.
Gutiérrez Pujadas & Partners: Your strategic ally in accounting and taxation
At Gutiérrez Pujadas & Partners, with more than 35 years of experience, we offer a specialised service in accounting and tax consultancy for both national and international companies. Our team of experts guarantees regulatory compliance and optimises your company’s accounting management, reducing risks and supporting sustainable growth in local and global environments.