Navigating the complexities of French accounting can be daunting for international companies accustomed to Anglo-Saxon systems.
This article provides a comprehensive guide to understanding these differences and how an international accounting firm like Blendy can facilitate this transition.
Understanding key differences
Strict regulatory framework
France follows a codified accounting system which differs significantly from the more flexible Anglo-Saxon approach.
French law imposes strict accounting standards, such as the General Accounting Plan (PCG), which specifies how financial transactions should be recorded in detail.
Principles of conservatism
Unlike the Anglo-Saxon preference for fair value, French accounting is rooted in the principle of conservatism.
This affects how assets and liabilities are evaluated and reported and may influence the presentation of financial statements.
Tax treatment
Taxation in France is closely linked to accounting.
Tax filings often need to align with annual accounts, unlike in Anglo-Saxon systems where accounting and taxation can be more separate.
The challenges of consolidating accounts
International companies operating in France need to consolidate their accounts with those of their parent company or other subsidiaries abroad.
This requires a deep understanding of both systems to ensure accurate consolidation in compliance with international standards such as IFRS.
Why choose Blendy for your accounting transition?
Local and international expertise
As an international accounting firm based in Paris with fully bilingual teams, Blendy excels in both French and Anglo-Saxon accounting systems.
With expertise in French accounting software like Pennylane and international systems such as QuickBooks - a leading solution in English-speaking markets - Blendy is the ideal partner for international companies navigating this complex landscape.
Blendy provides a range of services from bookkeeping to preparing financial statements that comply with French and international standards, along with many other customized services to support business growth.
Systems Integration
Blendy also assists international companies in integrating their existing accounting systems with French standards, facilitating a continuous and real-time flow of accurate financial data across different company entities.
Training and support
Understanding the nuances of French accounting is crucial for the leaders and financial teams of international companies.
Blendy offers dedicated training and ongoing support to ensure your teams are well-prepared to handle these challenges.
Conclusion
Transitioning to French accounting might seem intimidating, but with the right partner, it can be efficiently managed.
Blendy, with its expertise and tailored approach, is the perfect partner for international companies looking to establish themselves in France or align their accounting operations with French requirements.
Ready to grow your business in France? Contact Blendy today for personalized support!
With Blendy , international accountant based in Paris, take advantage of digital accounting and tailor-made advice to accelerate your financial process and develop your business.
Pennylane, Dext, QuickBooks and Stripe certified , we support digital and IT companies, e-Commerce, SaaS in France and internationally