Working in accounting and finance: What will the new year bring?
The year 2024 was shaping up to be a breakthrough moment for Polish entrepreneurs due to the planned implementation of the National e-Invoicing System (KSeF). Initially, the system was to come into force from 1 July 2024 for active VAT payers, and six months later for VAT-exempt taxpayers. However, according to the latest information provided by Finance Minister Andrzej Domański during a press briefing held on 19 January 2024, the planned implementation of KSeF in 2024 will not take place.
Entrepreneurs, accounting firms and tax advisors who had been preparing for a revolution in invoicing must now adjust their plans and strategies to the revised schedule. This unexpected change in accounting work requires all parties involved to remain flexible and follow further announcements from the Ministry of Finance in order to stay up to date with the new deadlines and requirements concerning the e-invoicing system in Poland.
In addition, the new year in accounting brings challenges related to changes in tax regulations, including updates to VAT rates as well as changes in income taxes and other local charges. These changes will require accounting professionals to continuously update their knowledge and stay flexible in order to adapt to the new regulations.
The most important tax changes from an accountant's perspective in 2024
In light of the upcoming changes to the Polish tax system, having up-to-date knowledge and skills in finance and accounting is becoming crucial. Collaboration with the accounting department and ongoing knowledge updates are key to effective financial and accounting management in a company. Here are five key updates:
1. Raising the VAT rate on food from 0% to 5%: This change will directly affect the prices of food products and will require accounting adjustments in companies involved in the food trade.
2. Increasing excise duty on alcohol and fuels: Accountants in the energy and alcohol industries must prepare for higher excise duty rates. This change will certainly push up shelf prices and will also require updates to accounting systems.
3. Changes in the rules for invoicing sales to farmers: The new rules for invoicing sales to farmers will require accountants to carry out careful analysis and adjust their processes. This is a significant change in the accounting of companies working with the agricultural sector.
4. Additional PCC tax for buyers of multiple flats: Accountants in the real estate industry should prepare for a new civil law transactions tax for people buying several flats. This change will affect the property market and will require detailed tax knowledge.
5. New levels of local taxes and charges: Changes in the rates of local taxes and charges, including property tax, may have a significant impact on the costs of running a business. Accountants will have to monitor these changes closely in order to settle their clients' accounts correctly.
Each of these changes underlines the importance of continuous learning and adapting to new regulations in the dynamic world of taxes. For accountants, 2024 is another stage in the journey through the complicated labyrinth of the Polish tax system.
Ongoing changes and working in accounting
The changing reality is also affecting the labour market in the accounting profession. Job offers for accountants increasingly emphasise the need to adapt to electronic record-keeping and financial management systems. Employment contracts for accountants may include new clauses concerning technological skills and continuous education in the field of tax regulations.
The accountant's workplace is also changing. In the era of remote and hybrid work, people who work in accounting must be ready to work from different locations, which requires effective work organisation and time management.
Challenges for accounting firms - summary
The year 2024 will certainly be a year of challenges and changes in accounting work. The postponement of the implementation of the National e-Invoicing System (KSeF) is just one of many elements that introduce uncertainty and require flexibility as well as continuous monitoring of legal and technological developments. Every chief accountant, independent accountant, finance specialist, junior accountant and junior accounting specialist must be prepared to adapt to the new regulatory environment, to changes in VAT rates, income taxes, local charges and other tax and accounting aspects, such as calculating gross amounts. These challenges, combined with the need to adapt to remote and hybrid work, highlight the dynamic nature of accounting work and the importance of continuous education and developing technological skills among accountants. These changes affect both pay and the overall organisation of accounting work, forcing a rethink and possible adjustment of standard accounting procedures.
In the face of these challenges, working in accounting will require professionals not only to keep learning and updating their knowledge, but also to be flexible, able to adapt to changing conditions and capable of working in a digital environment. This, in turn, may affect the overall organisation of accounting work, forcing a rethink and adjustment of standard accounting procedures, which will have a direct impact on pay and working conditions in accounting. Cooperation with the Accountants Association in Poland and active participation in the professional and educational life of the industry will be crucial for coping effectively with these challenges.
