Digitization is progressing, which is also reflected in the new principles for the proper management and storage of books, records and documents in electronic form and for data access, which have been in force since January 4th, 2024 – better known under its German abbreviation GoBD. This updated version particularly incorporates the changes resulting from the implementation of the EU DAC7 Directive (Directive on Administrative Cooperation).
GoBD – in effect since January 1st, 2015 – affects both large and small companies as well as freelancers and the self-employed, and provides a standardized regulation for keeping data in electronic form. Data security and data immutability play an important role here and must be verifiably fulfilled, in addition to other requirements.
New technological requirements as well as legal adjustments made it necessary to update the GoBD in order to provide companies with a modern and valid basis for accounting and storage processes. However, new legal regulations, such as the General Data Protection Regulation (GDPR), also had to be integrated into the GoBD in order to guarantee a legally compliant approach.
In addition to editorial adjustments, the current version contains necessary updates to reflect the rapid developments in the digital transformation. This concerns extended regulations for the use of cloud solutions, especially with regard to data and audit security. Digital archiving is another focal point, as is the traceability and immutability of digital documents. Furthermore, the technological development of accounting and ERP (enterprise resource planning) systems is additionally being taken into account, including the integration of AI under strict conditions. Further adjustments to this new version of the GoBD contain numerous changes and adjustments that correspond to technological developments and take global business activities into account, while also considering international standards.
The challenge for every company now is to integrate this new GoBD into the existing IT landscape as quickly as possible, as it has been mandatory in Germany since April 2024. This means that the necessary adjustments to the systems need to be executed and integrated so that a legally compliant approach can be guaranteed.
PROMATIS understands this issue and is very familiar with the content of the updated regulation. As a GoBD-certified solution provider, we supply two Best Practice products "Extractor and DataSmart" (established solutions in finance with the GoBD plug-in), which include all relevant functions. A systematic and sustainable release policy ensures a valid approach and is already prepared for future adjustments.
Author: Axel Bröker
Image: © Khanchit Khirisutchalual / istockphoto.com