Introduction to Year-End Preparation
Hello, friends! Vitalii here, and you’re watching our channel about doing business in Poland. In today’s episode, we’ve prepared practical content about crucial matters that need to be handled before the year ends to ensure your company in Poland finishes strong. It’s November 30th, and we have just one month left before year-end. This is a perfect time to discuss the steps to organize your business activities properly.
Finalizing Outstanding Payments
The first thing to pay attention to in your Polish company is settling all outstanding payments. Throughout the year, you might have made various cash or card payments, which your accounting team may not have fully identified.
You need to determine which transactions remain unresolved and clarify who was paid and for what. It’s best to request a list of unresolved payments from your accountant — they can usually send you a simple table.
Once you receive this list, you must ensure that each transaction is properly documented. If some payments can’t be confirmed, they should be refunded either via bank transfer or credited back to the company’s personal account.
Signing Payroll Documents
The next point also concerns payments: employee salaries. If you’ve paid salaries and some employees haven’t yet signed the payment receipts, now is the time to finalize these formalities.
By the end of December, it may be difficult to contact employees due to holidays, vacations, and festive moods. It’s better to close these matters early to avoid documentation problems later.
The Importance of Inventory
A third important point for your business in Poland is conducting inventory. This usually takes place on December 31st, or at the latest, January 1st, and covers several areas:
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Asset inventory: listing your company’s assets and their valuation.
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Contractor balance confirmations: verifying accounts with business partners by sending official letters confirming there are no outstanding debts.
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Cash and account balances: confirming how much cash you have on hand, in your bank account, and in what currencies.
If your company is involved in manufacturing or trade, you must also inventory your products, counting and evaluating their value.
Reminding Debtors
Another key point is to remind all debtors about their obligations. If someone owes you money, now is the time to reach out and attempt to resolve it amicably.
All communications should ideally be documented with stamps and signatures to prove you’ve made formal contact.
Updating Contracts and Agreements
If your company has loaned money, it’s wise either to recover it or update the loan contracts. Contracts sometimes expire, but the obligations remain — they should be refreshed.
Similarly, with employees: if employment contracts are ending, it’s better to renew them now to avoid staffing issues later.
Preparing Employee Reports
Don’t forget the importance of accurate employee reporting. Every employee must have a signed confirmation of receiving their salary officially in Poland.
In January, your accountants will prepare the so-called PIT-11 — the annual report sent to tax authorities and employees. Missing documents can cause major issues.
To prevent this, resolve any missing paperwork in advance and assist employees in gathering necessary documents.
Conclusion and Year-End Advice
To sum up, we’ve discussed the main points that will help your business in Poland close the year successfully. Also, remember that Poland increases the minimum wage annually, which is important to consider when signing new employment agreements.
We hope our recommendations help you avoid pitfalls and properly wrap up your business year. Share your own year-end checklists in the comments! This was Vitalii — don’t forget to like, subscribe, and see you in the next episode!
