You can of course do the accounting yourself, but a small or start-up business often does not have the professional accounting expertise to back it up. In addition, with limited resources, it is usually not sensible to hire your own accountant. This is where an accounting firm comes in, and accounting is often outsourced.
Accounting obligations
In principle, all business activities are subject to the obligation to keep accounts, regardless of the type of company, and the Accounting Act regulates the keeping of accounts. Accounts cannot be omitted for reasons of cost, incompetence, inability to pay or similar reasons.
The Board of Directors is responsible for the management of the company and the proper organisation of its activities. The members of the Board of Directors are also responsible for the proper organisation of the company’s accounting and financial control. The company’s board of directors may be convicted of an accounting offence if the accounts are not kept.
Benefits of using an accountancy office
How can an accountancy firm benefit your business? Entering invoices and vouchers into the accounts is hardly the core of your business, it is worth outsourcing it to an accountancy firm.
Gain financial know-how
At its best, an accountancy firm can be much more than just a partner for legal bureaucracy. An accounting firm can act as your financial manager, taking care of budgeting, monitoring and reporting. They can also give you valuable advice on how to manage your business finances.
If you are just setting up a business, it is advisable to contact an accountancy office before you have even filed your business registration. The accountancy office can also give you advice on setting up a business. This will help you to avoid mistakes in setting up a company that can be very costly and time-consuming to correct later.
Save your time
Entrepreneurial time is precious and your time should be spent primarily on the jobs you specialised in in the first place. So leave the financial management to a professional and focus on your core competencies and what creates value for your business. Cost-effectiveness is important, but saving money by choosing an accountancy firm can pay off later.
There are still many accountancy firms where clients send the material once a month by post in a map or by visiting the accountant. However, this is no longer the case: Modern accounting firms work with their clients using modern cloud-based financial management software, which the client also has access to.
Such software includes Visma Netvisor and Finago Procountor. There are many advantages to using shared software, such as the flexibility to agree on the division of labour: the client can use the shared software for some tasks and the accounting firm for the rest. Often, accounting firms use a few different financial management software packages, which allows them to choose the one that best suits the client’s needs.
At Valjaa, we have extensive experience with start-ups and can explain the basics of financial management to you in plain language. Contact us and we’ll find a solution that suits your business needs.
To find out more on the bookkeeping services Valjas provides click here.
