More than 2,500 errors were made by companies in their financial reports

Nearly half of the financial reports from Ukrainian businesses were submitted using the MEDOC software, totaling 214 thousand or 53.6%. The Taxpayer’s Cabinet of the State Tax Service ranked second with nearly 125 thousand submissions, accounting for 31.2%. Sonata and Art-Zvit Pro services had a significantly smaller share, accounting for only 4.3% and 3% respectively.

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The total number of documents with errors amounted to 2.6 thousand, which is 0.6% of the total number of reports. It’s worth noting that the number of errors varied across different services: for example, in MEDOC and the Taxpayer’s Cabinet, it was 0.7% and 0.5%, respectively. However, in FZ, which was used by only about 2 thousand companies, the error percentage was higher at 3.9%.

The primary error was the placement of the report in hryvnias instead of thousands. Among the types of businesses, service cooperatives accounted for 23.5% of the total number of such errors — an absolute record. On the other hand, limited liability companies (LLCs) and trade unions are leaders in inaccuracies by shares — 9.6% and 6.7%, respectively.

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«Errors in financial reporting primarily create problems for the company itself — from attracting the attention of the Tax Service to difficulties in securing additional financing from banks. Opendatabot carefully verifies all reports to ensure that errors in declarations do not affect the calculation of economic trends or ratings.

State Statistics regularly publishes submitted reports — therefore, businesses that have made mistakes can resubmit and update their data», 

— commented Opendatabot founder Oleksiy Ivankin, an expert in open data.