Accounting & Payments
We take care of your accounting and payments - it's easy!
Do you want:
- Accurate, timely and meaningful financial reports?
- The leanest accounting and payment process?
- Secure cloud based documentation and access?
How does our accounting and payment service work?
First, we set up an accounting and payment system that covers the structure, software and processes that fit your business. Then we operate the accounting and payment processes for you as agreed.
Initial setup of accounting and payment system
Setup an accounting and payment structure that fits your business
Install clear and lean processes for accounting and payments
Operate accounting and payment processes
Be freed from any accounting and payment efforts including annual statements, tax filings and VAT
Get accurate monthly financial statements
Benefits of working with us
Monthly financial statements highlighting income, profitability and cash
Prepared by qualified accountants
Cloud based documentation & book keeping
Ready for investor reports at any time
What accounting and payment processes does a company need to cover?
A company has to handle three core processes in order to do its accounting and payments. These are firstly billing and cash collection, secondly invoices received and thirdly salary payments. The invoicing process starts with the signing of a sales contract between the customer and your company, before the creation and sending of the invoice to the customer, the archiving of the invoice and finally the verification of the receipt of payment in the bank. The invoicing process starts with entering into a sales contract between you and a supplier followed by the acceptance of the invoice before the payment is prepared, archived and actually executed. The payroll process begins with an employee contract, followed by adjustments for variable salaries, before monthly payrolls are prepared, payment prepared, filed and executed. Finally, accounting records all transactions to produce financial reports for management, investors and tax authorities. The chart below summarises the three core processes for illustrative purposes.
Pricing for simple accounting & payment service
With the simple accounting and payment service, we archive all your transactions, check the invoices due and do the bookkeeping on a monthly basis. Every month you receive a report showing your income, expenses, profitability, cash on hand and outstanding customer payments. Value added tax and annual tax filings are covered as well. The preparation and sending of bills as well as monthly salary statements and payments are still done by you as illustrated in the graphic below.
Pricing for full accounting & payment service
With the full accounting and payment service, we free you from any effort. We take over after you have signed a client contract, accepted an invoice and reported the parameters for variable payroll. We create and send the invoices for you, prepare monthly payrolls and prepare the payments, which you can then easily make in your online bank account. We also take care of archiving, bill due date checks and bookkeeping. You receive a monthly report on income, expenses, profitability and remaining cash. VAT and annual tax filings are optimised and professionally covered by us.
What do we cover in the initial setup and operations in detail?
Initial set up
- Selecting an ideal accounting software provider for your business
- Create and set up an accounting scheme for your profit and loss statement and balance sheet that reflects your business
- Agree on the processes for payments and the most efficient handling of all income and expense related transactions
- Link the accounting software to your bank accounts to enable faster processing and payment handling
- Discussion regarding your specific documentation and reporting requirements
Perform the accounting and the documentation of expenses and incomes on a monthly basis
Prepare salary statements and payroll accounting for your employees
Reconcile your bank transactions
Maintain your fixed asset register
Prepare your monthly, quarterly and annual statements
File your taxes related to income and VAT
Handle your bills and invoices
What role does accounting and payment processes play in your company?
The accounting and payment process involves summarising, analysing and reporting financial transactions that affect your business. Our strength lies in our ability to provide you with accurate and timely financial reports by implementing the most streamlined accounting and payment process with minimal effort on your end. Regardless of your industry, our professional accountants will help you be ready with quality financial reports for internal and external reporting at all times. A well organized accounting and documentation smoothes financing with banks and investors as well as with statutory compliance obligations like VAT and tax compliances. Know more about our services here