SAS, SASU, need to know your accounting obligations? Here they are!

Are you the head of an SAS or SASU company? Would you like to know all the SAS accounting obligations you have to fulfil?

Whether you're the manager of a simplified joint-stock company (société par actions simplifiées) or a single-member simplified joint-stock company (société par actions simplifiées unipersonnelles), this article summarizes your various obligations.

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The obligation to keep regular accounts

A SAS or SASU, like any other company, is legally obliged to keep regular and accurate accounts.

This involves the following imperatives:

• the chronological recording of every transaction affecting the company's assets:
  • purchases and sales,
  • banking transactions,
  • expenses, etc. ;
• drawing up an inventory, at least once a year, detailing every asset and liability that makes up the company's assets and liabilities, and their value;
• drawing up annual accounts at year-end;
• invoicing according to precise rules and formalities, such as the inclusion of compulsory information;
• archiving and keeping accounting documents and other supporting evidence for a statutory period of 10 years.

☝ To facilitate SASU accounting, it is also necessary to open a bank account in the company's name when it is set up (in accordance with the French Commercial Code).

Mandatory account books for SAS and SASU

To manage the bookkeeping of an SAS, like an SASU, you need to keep up to date and be able to present various mandatory accounting books, which can be in electronic format:

• the journal book, also known as the accounting journal, which chronologically records all accounting operations and classifies current entries by type (purchase, sale, bank, etc.) ;
• the general ledger, which details all transactions (debit/credit) and breaks them down by account number, according to the company's chart of accounts,
• the inventory book, which records all assets and liabilities resulting from the inventory.

☝️ The obligation for a SAS or SASU to keep an inventory book has been lifted for accounting periods starting after January 1, 2016.

Drawing up annual financial statements for SAS/SASU companies

SAS and SASU companies are required to draw up and maintain annual financial statements:

• a balance sheet, which provides an overview of the SAS or SASU's assets (what it owns) and liabilities (what it owes);
• an income statement, which lists the company's income (revenues or sales) and expenses (costs) over the course of an accounting year;
• a legal appendix, in the form of an explanatory note, which explains the balance sheet and income statement.

☝️ Small and medium-sized SAS and SASU companies can benefit from a number of simplifications concerning their annual financial statements, as described below.

Appointment of a statutory auditor

Not all SASU and SAS companies are required to appoint a statutory auditor to audit their accounts.

The obligation applies in the following cases:

• when the SAS or SASU exceeds two of the three thresholds below, at the close of a financial year:
  • 4 M€ balance sheet total,
  • 8 M€ sales excluding VAT,
  • 50 employees.
    
• when the SAS or SASU belongs to a group and controls or is controlled by one or more companies.
  
• if the request is made by one or more partners:
  • to the company when they represent at least 1/3 of the share capital;
  • to a judge when they represent at least 1/10 of the share capital.

Simplified accounting for an SAS or SASU

Under what conditions?

Depending on their annual sales, certain SAS and SASU companies are eligible for simplified accounting. These are companies whose sales :

• do not exceed the threshold of 818,000 euros for :
  • sale of goods,
  • sale of food to be taken away or consumed on the premises,
  • provision of accommodation;
• 247,000 for all other services.

Super-simplified bookkeeping

If you fall into one of these categories, you can opt for cash accounting:

• only cash receipts and disbursements (bank statements) are recorded during the financial year,
• receivables and payables are recorded at year-end.

ℹ️ These simplifications apply to SAS and SASU companies under the "régime réel simplifié d'imposition" tax regime. The number of accounting entries is significantly reduced.

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SAS, SASU: how to meet your accounting obligations?

Using a chartered accountant

Do SAS and SASU companies have to have a chartered accountant? The answer is no. The services of a chartered account ant are not compulsory, but they are strongly recommended, in particular to :

• help you set up your company,
• help you draw up your annual accounts,
• the advice they can give you, and the guarantee of conformity of your accounting statements.

If the services of a chartered accountant seem out of reach, have you considered an online chartered accountant for SAS or SASU? A hybrid solution between a software platform and the personalized services of an expert, it is particularly well suited to small businesses.

Doing your own accounting for SAS or SASU

Is it possible to do your own accounting for a SAS or SASU? The answer is yes, even if the administrative formalities, such as drawing up the annual accounts and filing a copy with the commercial court clerk's office, are often entrusted to a chartered accountant.

Will you be doing your SAS accounting in Excel?

That's a possibility. However, to ensure automation and compliance, accounting software is a more attractive option. You can do your SAS accounting online, and manage the entry of your accounting entries yourself, right up to the closing of your accounts.

Which option do you choose to comply with your accounting obligations?