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Association of Finnish Accounting Firms

Accountancy in Finland is subject to the Bookkeeping Act.

The Association of Finnish Accounting Firms publishes its
own ethical guidelines for accounting firms called
“Good Accounting Practice”.

How can your accountant help you?

Accounting firms provide services that improve and complement the business of the client company. Services provided include:

Bookkeeping, accounting, tax returns, payroll calculations, cost and budget control, financial statements, invoicing
Advice and consultation
Education
Business administration and management services

Financial statements and accounting form the bulk of the business for accounting firms – approximately 90% of clients need these services. Clients could, however, benefit more from their financial statements. The current status of the company could be available almost in real time.

A reputable accounting firm will provide information which is up-to-date and relevant to the client. They also correctly present the company’s figures. The company is then able to formulate accurate business plans based on this information.

Your external finance department

The accounting firms usually take care of the day-to-day bookkeeping tasks of their clients and compile their financial statements.

A survey conducted among the clients of accounting firms showed that companies are increasingly relying on external accounting services. Many companies purchase external services and typically need a variety of additional services besides the daily bookkeeping work. Accounting firms handle all aspects of their client company´s financial administration – in a way they assume the role of the client’s finance department!

Trust only the experts

If you intend to purchase accounting services, make sure your economic and taxation matters are in the hands of experts. An expert accounting firm can be identified by its membership of the Association of Finnish Accounting Firms. Member companies must fulfil strict membership requirements and meet high professional standards. The Association holds several educational events each year in order to enable its members to keep up-to-date.

Why use an authorised accounting firm?

Simply because time is money. For any company it is more profitable to concentrate on their own core business and leave the figures to the experts. For a small-to-medium-sized company it is even more profitable because keeping accounts yourself proves just too costly. Using an authorised accounting firm guarantees value for money, and the expertise is always there.

It is strongly recommended that the accounting firm and its client enter into a formal written agreement on the scope and price of the services to be supplied. The most common terms of payment are either an hourly rate or a fixed charge per entry. As a client, always request a cost estimate – and keep your costs down by making sure you fulfil your part of the deal.

Quality guaranteed by high standards and continuous education

An accounting firm can be accepted as a member of the Association only if it fulfils certain requirements:

The management has an appropriate commercial education background
The management is sufficiently engaged in the accounting business to maintain their professional skills
The management has passed the KLT accounting examination
The firm has operated for at least two years
The firm is able to operate independently
The firm maintains the professional skills of its staff
The firm follows good accounting practice
The firm is inspected at the time of its membership application and at regular intervals during membership

These measures are designed to guarantee a standard of expertise that will directly benefit the client company. They also enable you to make a quick evaluation of your potential accounting partner. Just check whether the firm is a member of the Association of Finnish Accounting Firms.

A few words about the Association

The Association of Finnish Accounting Firms was founded in 1968 and acts as an umbrella organisation for Finnish accounting firms. Its main functions are information, education, looking after members´ interests and promoting good accounting practice.

The Institute for Accountancy

is a private institute founded in 1980 by the Association. It organises the KLT accounting examination and, on the basis of the exams, authorises accounting firms and personnel (KLT-accountant).

Tilisanomat (Accounting News)

is the magazine of the Association and is the leading magazine for accountants in Finland.