Although Raamatupidamine and bookkeeping go hand in hand, the former requires a more holistic approach. The term itself is an amalgamation of the four pillars of finance and fund flows that keep a company going. The private limited company accounts and bookkeeping requires the expert or the professional to document, audit, and report it to the authorities. But these reports vary from country to country and some different Acts and Rules need attention from the private firm.
For instance, all the account reporting across the globe works on an accrual basis than cash flow. So, if you are a private telephone service company, you need to show the book and report the income or expense in the month when the service was provided. Unlike manufacturing or trading, the accounts or the books do not work on the fund flow chart. So, even if you haven’t received the payment from your customer, your accounts must be updated based on the invoice date. Now that we have cleared the aspects of reporting in accounts, let us have a look at the four pillars of Raamatupidamine in Finland.
Breaking down the pillars
Trust is the founding pillar of any financial firm in Finland. If you have just started up or you want to expand your business into another vertical, you need a trusted partner to keep your accounts true and updated.
Managing funds and accounts require a team or a firm to be accountable for their actions and responsible for handling the books, profit & loss statements, ledgers, fund flows, accounts receivables, and other documents. In addition to that, the person, team, or the firm should be able to present their reports on the firm’s accounts to the tax authorities
Knowledgeable and expertise
Knowledge and expertise in the field are mandatory to win any clientele and this becomes the third pillar of bookkeeping.
Cost-effectiveness is the ultimate pillar for any firm to dive into this sector. Many freelancers and competitors are providing financial services at a lower cost than hiring a professional. So, affordability is required to get a hold of clientele in Finland.