PROBLEMS OF ORGANIZATION AND METHODOLOGY OF FINANCIAL ACCOUNTING OF INDIVIDUALS – ENTREPRENEURS IN THE LIGHT OF REGULATORY AND LEGAL CHANGES IN LEGISLATION

Abstract

Financial accounting of individual entrepreneurs is a key aspect of running a successful small business in Ukraine. It is an integral part of their management activities, which includes accounting for income, expenses, as well as the formation and submission of financial and tax reporting. The relevance of the research topic is associated with the emergence of a number of new challenges for the accounting system of individual entrepreneurs along with unresolved problems that have existed for a long time. The article establishes that changes in legislation directly affect the organization and methodology of accounting in individual entrepreneurs. Entrepreneurs constantly need to adapt their accounting processes in accordance with new requirements in order to avoid risks, fines and errors. It is determined that excessive bureaucracy and frequent changes in legislation create an additional burden on individual entrepreneurs, which can negatively affect their financial stability and competitiveness. It is proven that the approval of the Order on the Accounting Policy of Individual Entrepreneurs will help avoid errors in accounting, ensure compliance with the requirements of tax legislation and reduce risks during inspections. It is substantiated that the development of a working chart of accounts is the basis for organizing high-quality accounting, which allows for financial accounting with minimal errors, simplifies the analysis of financial data and ensures compliance of accounting processes with legislation. The article develops a working chart of accounts for individual entrepreneurs taking into account the specifics of the restaurant industry.