Kirjanpito

Kirjanpito is the legally required record of business transactions. Every entrepreneur must keep accounts.

A Toiminimi may use single-entry bookkeeping when the Accounting Act allows it. An Osakeyhtiö, Avoin yhtiö, Kommandiittiyhtiö and Osuuskunta use double-entry bookkeeping and prepare financial statements. Limited companies and co-operatives file statements with PRH.

Keep receipts. Electronic storage is allowed if the files stay readable for the statutory retention period. The Tax Administration explains what to keep and for how long.

VAT returns, the income tax return and, for companies, the PRH filing are all based on these records.

A private trader is not always required to have a business bank account. A separate account still makes the records clearer. Company money in an Oy is not the owner’s private money; withdrawals must be recorded.

Practical advice

Record sales and costs in the same month they happen.

If you use an accounting firm, grant them a Suomi.fi authorisation so they can file in OmaVero.

Check the income-tax return date and, for an Oy, the PRH filing deadline for your financial year.

Where to seek advice

The best place to start is Finnish Tax Administration (record-keeping): https://www.vero.fi/yritykset-ja-yhteisot/toiminta/kirjanpitoaineisto/

Vero.fi states what records you must keep. For how to set this up when you found the firm, book Uusyrityskeskus: https://uusyrityskeskus.fi/yrityksen-perustajalle/palvelumme-alkavalle-yrittajalle/ . They can also point you to accounting firms. Listed firms: https://taloushallintoliitto.fi/

All the necessary links

vero.fi — Accounting and storage of receipts.
prh.fi — Filing financial statements.
taloushallintoliitto.fi — Accounting firms.
suomi.fi — Authorisations for your accountant.