What is GoBD?

Key principles of GoBD

• What is the purpose of GoBD?
  Ensures financial records, including travel expenses, are managed and stored correctly in line with German tax regulations.

• What are the requirements for GoBD?
  GoBD defines rules for accuracy, completeness, and easy retrieval of electronic records.

• What documentation is required for GoBD?
  GoBD requires clear processes and procedures for maintaining and accessing financial data.

• How long should records be kept for GoBD?
  GoBD mandates that records should be stored securely for a set period (usually 10 years).

• How is GoBD audited? You must ensures tax authorities can access and verify records during audits.

What this means for your business

If your company operates in Germany, your travel expense management system must:

• Securely store all electronic travel expense records.
• Ensure records are accurate and easily retrievable.
• Keep records for the required retention period.

The benefits of GoBD compliance

• Stay compliant
• Avoid penalties and legal risks.
• Stay organised – Maintain a structured, reliable approach to financial records.
• Be audit-ready – Simplify tax audits with accessible, verifiable data.

Understanding and implementing GoBD requirements ensures that your expense management process is not just efficient, but also legally sound.