Outsourced accounting that delivers 99.8% accuracy — closed by the 15th

Outsourced accounting in Spain involves delegating bookkeeping, financial reporting, and statutory compliance to an external professional firm. Every Spanish limited company (SL/SA) is legally required to maintain accounts in accordance with the Spanish General Accounting Plan (PGC, Royal Decree 1514/2007) and file annual accounts with the Commercial Registry within seven months of the fiscal year-end. Companies subject to the Immediate Supply of Information system (SII) must additionally submit VAT transaction data to the AEAT within four days of each operation.

Outsourced accounting is today the most efficient decision for businesses that want reliable financial information without the cost of an internal department. Our team combines technical rigour with business insight: we go beyond recording transactions — we analyse your financial data to deliver perspectives that drive growth and efficiency.

Accounting is not a bureaucratic formality: it is the nervous system of any well-run business. Up-to-date, correctly classified accounts reconciled monthly let you know at any moment whether your business is making money, where it is losing it, and how your cash position is evolving. Without that information, management decisions are made blind. With it, you can anticipate problems, negotiate with banks from a position of strength, and plan investments with confidence.

We work with businesses across all sectors and sizes, from growth-stage startups to multi-entity groups requiring consolidation. Our service model is built around rigorous monthly closes delivered before the 15th of the following month, with permanent access to dashboards that reflect financial reality in real time. We do not wait for you to ask — we send reports proactively and alert you whenever we detect significant variances from budget or historical trend.

Technology is a means, not an end. We work with leading accounting platforms — Holded, Sage, A3, SAP Business One — and integrate with your invoicing, POS, and ERP systems to automate data capture and minimise manual entry. This reduces errors, accelerates closes, and lets us focus on what creates real value: analysis and interpretation. If you are thinking about coordinated tax optimisation or a company valuation ahead of a corporate transaction, the solid accounting base we build together is the indispensable starting point.

For businesses that want to go further, our outsourced CFO service builds directly on the monthly accounts to provide financial planning, scenario modelling, and support in negotiations with financial institutions. Well-executed accounting is not a cost — it is the foundation on which a resilient, growth-oriented business is built.

Why outsourced accounting matters for your business

Many SMEs reach the end of a quarter without knowing precisely whether they made or lost money that period. Accounting accumulates unreconciled, bank statements do not match the ledger, and VAT or withholding declarations are calculated from incomplete data. The result is a chain of compounding errors: the VAT return does not match the accounts, corporate tax is settled on an incorrect taxable base, and when an AEAT information request arrives the company has no organised supporting documentation. Penalties for discrepancies between accounts and tax filings can reach 150% of the unpaid amount. Businesses that manage their payroll alongside outsourced accounting eliminate these gaps entirely.

Our outsourced accounting process

Our professionals assume the complete accounting cycle with an industrial-precision approach: every invoice posted to the correct account code, every expense classified according to its tax deductibility, every monthly close validated against bank movements before it is finalised. We use Holded, Sage, A3, and SAP Business One depending on each client’s profile, and integrate automatically with invoicing, POS, and ERP data sources to reduce manual input to a minimum. If we detect a discrepancy, we flag it and propose a correction before the month closes. For businesses needing integrated tax filing, our accounting and tax teams work in full coordination.

What our outsourced accounting service includes

The service covers complete monthly bookkeeping (invoices, bank statements, depreciation, provisions), bank reconciliation, monthly close with balance sheet and income statement, quarterly VAT calculation and filing (form 303), withholding returns (forms 115 and 111), corporate tax instalments (form 202), and the annual corporate tax return (form 200). For multi-entity groups the service includes consolidated financial statements with intercompany eliminations. Management reports are delivered before the 15th of the following month via a digital platform with permanent access.

Real results in outsourced accounting

Our clients receive their monthly close before the 15th with 99.8% accuracy verified over three years of service. The rate of AEAT information requests for discrepancies between accounts and tax returns is zero across our active client base. Time that directors spend resolving accounting problems falls by more than 80% from the first quarter. And the ability to present current financial information to banks or investors — previously requiring weeks of preparation — becomes available within 48 hours at any point in the year. If you need a full financial leadership function to complement the accounting service, our outsourced CFO integrates directly with the monthly close to support strategic decisions, financing, and investor reporting.

Accounting in Spain: the regulatory framework

Accounting for Spanish businesses is governed by the Plan General de Contable (PGC, Royal Decree 1514/2007 and subsequent modifications), which establishes Spanish GAAP for all companies incorporated and operating in Spain. The PGC is structured around the obligatory application framework (mandatory principles, valuation standards, and accounting standards) and the optional Chart of Accounts (catálogo de cuentas), which is widely followed in practice as the standard account structure for Spanish entities.

For groups required to present consolidated accounts under IFRS (public interest entities as defined in EU Regulation 1606/2002 and Spanish Ley de Auditoría), the PGC framework is supplemented or replaced by IFRS. The progressive expansion of CSRD reporting obligations also introduces sustainability reporting requirements that must be integrated with financial reporting processes.

Monthly accounting services: what the service includes

Our accounting service for Spanish businesses covers the full monthly accounting cycle:

Transaction recording and ledger maintenance: processing of bank statements, supplier invoices, customer invoices, and payroll entries into the accounting ledger using the applicable PGC accounts. For SII-enrolled companies (mandatory for grandes empresas, voluntary for others), this includes timely submission of invoice records to the AEAT.

Bank reconciliation: monthly reconciliation of the accounting ledger cash position against bank statements, resolving timing differences, and identifying and investigating unexplained items.

Accounts payable and receivable management: supplier invoice processing and payment scheduling, customer invoice generation (where not handled by the client’s operations team), and debtor ageing management.

Monthly close and reporting: production of monthly P&L, balance sheet, and cash flow statement in the agreed format — whether PGC standard, management accounts format, or a format specified by the group’s parent company or investors.

IVA (VAT) reporting: monthly or quarterly Modelo 303 preparation and filing, annual Modelo 390 summary, and Modelo 349 recapitulative statement for intra-EU transactions.

Annual accounts and statutory filing

Spanish companies are required to file annual accounts (cuentas anuales) with the Registro Mercantil within six months of the financial year end (30 June for December year-end companies). The annual accounts comprise: balance sheet, profit and loss account, statement of changes in equity, cash flow statement (for companies above applicable thresholds), and the memory (notes to the accounts).

For companies subject to statutory audit, the accounts must be signed by the auditor before filing. Our audit readiness team supports the preparation of accounts to audit-quality standard in cases where first-time or ad hoc audits are required.

Accounting integration with tax compliance

In Spain, the accounting records are the primary input to the IS (Corporate Tax) calculation — the IS base begins with accounting profit and applies specific adjustments. The quality of the accounting records therefore directly affects the quality and defensibility of the IS filing. Our accounting team works in close coordination with our tax compliance team to ensure that the two functions are fully aligned.

Contact our accounting team to discuss outsourced or co-sourced accounting services for your Spanish entity.

Sectors with specific accounting requirements

Technology and SaaS: revenue recognition under PGC is complex for subscription businesses — the treatment of deferred revenue (ingresos diferidos), multi-element arrangement allocation, and capitalisation of software development costs (activación de gastos de desarrollo, PGC Account 20X) require specific accounting policies that many general accountants apply incorrectly. Companies receiving venture capital or preparing for due diligence require management accounts in a format that institutional investors recognise — often requiring a bridge between PGC and management EBITDA definitions that excludes founder salary normalisation, non-recurring costs, and capitalised development.

Real estate and property development: project accounting requires separate cost tracking per development unit, including land, construction, finance costs, and commercial costs. Impairment testing of inventory (existencias, PGC Account 3XX) requires annual NRV (net realisable value) analysis. ITPAJD accounting treatment (capitalised vs expensed depending on the transaction structure) and the VAT recovery on mixed-use assets require specific accounting knowledge.

Retail and hospitality: POS integration, split VAT rates (21%/10%/4% for different product categories), tip accounting, and intercompany eliminations for multi-location groups are the most common accounting challenges. Cash management reconciliation in high-volume cash businesses requires specific controls that our accounting team implements as part of the service.

Manufacturing: cost accounting — standard costing vs. actual costing for work-in-progress and finished goods inventory, overhead allocation methodologies, and variance analysis — is the central management accounting challenge. The PGC industrial sector adaptation (PGCI) provides the chart of accounts structure, but its application requires sector-specific knowledge.

International companies with Spanish subsidiaries: IFRS-to-PGC reconciliation for group consolidation purposes, transfer pricing documentation coordination (the accounting treatment of intercompany charges must be consistent with the transfer pricing study), and reporting to group consolidation in the parent company’s chart of accounts format. We provide the PGC local accounts alongside group-format management accounts where required.

Company size segmentation

Microenterprises and autónomos (under 10 employees, under EUR 1M revenue): simplified accounting using abbreviated PGC (Plan General Contable para PYMES — RD 1515/2007). Key deliverables: monthly VAT (Modelo 303), quarterly IRPF (Modelo 130 for autónomos, Modelo 115 for withholding on rentals), annual corporate tax (Modelo 200), and Registro Mercantil annual accounts filing. Fixed fee from EUR 150/month.

SMEs (10–50 employees, EUR 1M–EUR 10M): full PGC accounting with management reporting. Quarterly VAT and withholding declarations, IS instalments (Modelo 202), SII (where applicable), and annual accounts. Management P&L and balance sheet delivered monthly before the 15th. Coordination with the tax team for IS optimisation (R&D deductions, depreciation elections, reserve regimes). Fee from EUR 600/month depending on transaction volume.

Companies with 50–250 employees or EUR 10M–EUR 50M revenue: full accounting service with detailed management reporting, possible SII mandatory enrollment, group consolidation (where applicable), and audit preparation. Quarterly financial review meetings with the CFO function (our outsourced CFO service where engaged) and AEAT inspection preparation. Fee from EUR 1,500/month.

Multi-entity groups: consolidated financial statements with intercompany elimination entries, parent-subsidiary dividend accounting, and group VAT registration (if applicable). Our group accounting service provides a unified view of the group’s financial position across all entities, with intercompany balances reconciled monthly.

Worked example: accounting overhaul for a EUR 4M hospitality group

A Barcelona-based hospitality group (2 hotels, 1 restaurant, 35 employees, EUR 4.2M revenue) engaged our accounting service after their previous accountant was unable to deliver audited accounts for a bank financing request — the accounts were 8 months behind and contained unreconciled differences of approximately EUR 48,000.

Regularisation process (6 weeks):

• Full reconstruction of 18 months of accounting records from bank statements, invoices, and POS data
• Identification and resolution of EUR 48,000 in unreconciled differences: EUR 31,000 related to inter-entity loans between the two hotel companies not properly documented, EUR 12,000 in VAT balances resulting from incorrect VAT rate application on certain food service invoices (10% vs. 21%), EUR 5,000 in timing differences on depreciation
• PGC reclassifications: several expense items incorrectly classified as assets (marketing costs capitalised without meeting criteria); corrected through reclassification entries
• Bank reconciliation: all three entities’ bank accounts reconciled to zero outstanding difference

Annual accounts filed: accounts for both hotel entities and the restaurant company filed with the Registro Mercantil within 4 weeks of regularisation completion; audit opinion obtained within 6 weeks

Bank financing: EUR 1.2M facility approved following audit completion; financing cost: 1.8% + Euribor (below the client’s expectation given the initial unreconciled position)

Ongoing service: monthly close delivered by the 12th of each month for all three entities, unified management P&L across the group, and SII filing for the larger hotel entity (enrolled after exceeding EUR 6M cumulative threshold)

Five common accounting mistakes in Spanish businesses

1. Mixing personal and business expenses. The AEAT’s most efficient audit technique for owner-managed businesses is comparing declared business expenses to lifestyle indicators. Personal travel, restaurant expenses for non-business meals, and vehicle costs for personal-use vehicles — all claimed as deductible business expenses — are the most common triggers for inspection and penalty. Our accounting service establishes clear expense classification policies from the outset.

2. Incorrect VAT rate classification. Spain’s three VAT rates (21% general, 10% reduced, 4% super-reduced) create classification errors in food service, healthcare, educational services, and construction. An incorrect VAT rate applied systemically over 24 months of trading creates a material exposure — the AEAT will assess the correct VAT on all affected invoices plus late interest (4.0625% annually) and potentially a 20% accuracy-related penalty.

3. Not reconciling accounts monthly. Companies that reconcile accounts quarterly or annually — or only at year-end before the IS filing — accumulate small errors that compound into large discrepancies. Monthly reconciliation, completed before the 15th of the following month, ensures that problems are identified and resolved when the documentation is fresh and the amounts are manageable.

4. Capitalising expenses that should be expensed. The decision to capitalise or expense costs (software development, marketing costs, improvement to leased premises) is frequently made based on cash flow management rather than PGC accounting standards. Incorrectly capitalised expenses overstate assets and understate expenses, creating a future deferred tax liability and potentially a one-time write-down that distorts reported profitability.

5. Inadequate documentation for VAT deductions. Deductible input VAT (IVA soportado) requires a properly issued invoice from a registered Spanish supplier (or a customs declaration for imports). Many SMEs claim deductions on receipts, credit card statements, or informal invoices that do not meet the factura completa requirements of RD 1619/2012. AEAT inspection of input VAT claims is routine and disallowed deductions trigger immediate repayment plus interest.

How we work: accounting service model

On-boarding (month 1): review of prior accounting records, chart of accounts setup or migration, accounting software configuration, document receipt workflow establishment (email, cloud storage, or client portal), and initial team briefing.

Monthly service cycle: invoice processing (supplier and customer) by the 5th; bank reconciliation by the 8th; monthly close and management accounts by the 12th; VAT/withholding declaration filing by the 20th; management report email with variance notes by the 15th.

Annual cycle: IS instalment calculation (Modelo 202, April and October); year-end accounts preparation (January–March); Registro Mercantil filing (by 30 July); Modelo 200 IS return (July); information returns (Modelo 190, 347, 349) in January–February.

Communication standard: response to client queries within 24 hours (business days). Proactive monthly report with exception alerts. Quarterly review meeting (in-person or video) with the responsible partner.

Fixed monthly fees by company size and transaction volume. No hidden fees for standard regulatory filings. Additional charges only for non-standard services (corporate reorganisations, AEAT inspection support, audit preparation). Contact our accounting team for a fee proposal based on your company’s specific profile.