Useful Tips

According to the Finnish Accounting Act, all businesses have a legal obligation to keep accounts. It is worthwhile for entrepreneurs to outsource their bookkeeping, i.e. to hire an accountant externally, so that they can concentrate on earning income. When choosing an accounting firm, the entrepreneur should keep in mind that the bookkeeping should also be done by the firm. Therefore, the entrepreneur must understand at least the basic concepts of the financial management of a company.

The entrepreneur should agree with his accountant as clearly as possible on which tasks are done by the entrepreneur and which by the accountant as well as on the manner in which the entrepreneur shall deliver the bookkeeping material. Delivery of the bookkeeping material to the accountant should be easy or even automatic. If the entrepreneur and the accountant use the same software, the information need not be separately sent and the bookkeeping receipts need not be re-entered separately.

If you need help in establishing your Company and setting up the finances in order you can always seek advice from NewCo business advisors.