Limited liability company accounting
Bookkeeping and tool selection – What tools do you at least need when you plan to handle the accounting of your limited liability company yourself? And what features should you pay attention to when choosing tools?
When you have a limited liability company, you want software that produces the balance sheet and income statement automatically. Fortunately, Finland is the promised land of accounting software! For example, Procountor is fairly automated. The old-school Aster is also still a fairly convenient and cost-effective solution. With Merit Aktiva, you manage both accounting and invoicing.
The most important feature you want your invoicing service to have is the ability to track your receivables. In addition, automatic reminders are really useful, although it does require that your bank account and the invoicing service you use be able talk to each other, so to speak. Of course, tracking your receivables isn’t as cumbersome when you only send one or two invoices a month. On the other hand, if you send several invoices, you will soon find yourself checking the due dates fairly frequently and whether the customer has paid the invoice or not.
OP Kevytyrittäjä is a streamlined invoicing service that works in conjunction with accounting. However, the service charges a certain percentage of your income, and you should exercise discretion with such services. OP Kevytyrittäjä is good in a situation where you know your invoicing is less than €10,000 and you don’t want to spend your energy finding a good accountant.
Holvi is one of the simplest tools for integrating invoicing and bank accounts. Holvi offers two packages, €6/month and €12/month, the latter of which includes e-invoices.
Ropo Capital allows you to connect any bank account to their service. The service does not have fixed fees, and you only pay for the invoices you send. Plus, you can create monthly reports automatically. It is also cheaper to get electronic invoicing at Ropo than at Holvi. If you also want to pay e-invoices through the service, you need a bank connection service, which increases costs. Before that, paying bills with Ropo requires more manual work, which is not nice in paying bills.
Finago Solo is another streamlined service with a fixed cost (29 euros / month). Unlike OPK, Finago Solo’s charge is not tied to invoicing. A viable alternative for entrepreneurs with invoicing of €10,000+ who want automatic monitoring of receivables. Finago Solo also has quite good tools for automating accounting.
Accounting isn’t rocket science. Technically, it’s pretty much learning basic accounting principles and putting the right account number in either of the two columns. These can be learned in a few days to a few weeks. However, there are numerous accounting laws. It is useful for every entrepreneur to familiarize themselves with these laws, as it also increases their business expertise. However, as an entrepreneur, you have to decide how to spend your time most economically. If you don’t want to spend a lot of time reading law books, outsource your bookkeeping.
The general benefits of outsourcing are realized here as well; you save time and money. It is not uncommon for an entrepreneur to do the accounting themselves, but few actually benefit from it – those who are not thoroughly familiar with accounting make mistakes that backfire in taxation. This is why you should first commit to learning accounting If you intend to do it yourself.
Usually self-employed people spend enough time alone. A good accountant can be trusted and relied on in any situation, and you can also ask questions related not only to accounting but also to the finances of your company in general.
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