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Bookkeeping software or an accountant in Finland: can you do your own books?

Karma Accounts · Published 19 October 2026

Yes, you can do your own bookkeeping in Finland: the Accounting Act requires businesses to keep books, not to hire an accountant to keep them. Bookkeeping software takes care of much of the recording, but what goes in, the deadlines and the legal responsibility stay with you. For a simple sole trader (toiminimi) software alone can be enough; an accountant can help once you have a limited company's year-end, payroll or VAT questions beyond the routine.

Can I do my own bookkeeping in Finland?

Every limited company (Oy) must keep books, and so must a sole trader for their business, with an exception for farming and fishing (Accounting Act, kirjanpitolaki, KPL, chapter 1 sections 1 and 1 a); the Act does not say who does the work. The Tax Administration's guidance says the management of the business is responsible for proper bookkeeping. In an Oy, the board answers for the proper supervision of the bookkeeping and the managing director for the books complying with the law (Limited Liability Companies Act, osakeyhtiölaki, chapter 6 sections 2 and 17). Outsourcing the work does not move the company's own statutory responsibility; the accountant answers for their own work under your contract.

What the law asks, whoever keeps the books

• Entries on time. Cash payments are booked without delay; other entries may be made monthly, in time for the tax returns to be made from up-to-date books (KPL 2:4).
• A voucher for every entry. Each entry must be based on a dated, numbered voucher that verifies the business transaction (KPL 2:5). See receipts and record keeping in Finland.
• Records kept. Financial statements, the books, the chart of accounts and the list of books and materials for at least 10 years from the end of the financial year; vouchers and business correspondence for at least 6 years from the end of the year in which the financial year ended (KPL 2:10).

The rest depends on the company form:

Sole trader. You may keep single-entry books unless at least two of these were exceeded in the last financial year or the one before it: a balance sheet total of 100 000 euros, turnover of 200 000 euros, more than three employees on average (KPL 1:1 a). The financial year is then the calendar year (KPL 1:4), and for tax the result is adjusted to the accrual basis; see cash or accrual bookkeeping. Financial statements are needed only if two of the micro-company limits (450 000 euros balance sheet, 900 000 euros turnover, 10 employees) were exceeded in both of the last two years, or if you keep double-entry books with a financial year other than the calendar year (KPL 1:1 a, 1:4 and 1:4 b).

Limited company. The financial statements are prepared within four months of the year-end (KPL 3:6), adopted at the general meeting within six months (osakeyhtiölaki 5:3) and filed with the Trade Register within two months of that (osakeyhtiölaki 8:10), even in a year without business. Form 6B is due within four months after the end of the last calendar month of the financial year.

VAT. The VAT period is a calendar month; with turnover up to 100 000 euros a year you can apply for a quarter, and up to 30 000 euros for a calendar year (Act on the Tax Procedure for Self-Assessed Taxes, OVML, sections 11 and 12). The dates are in VAT return deadlines.

What bookkeeping software does well

Software is good at the mechanical part: bank transactions, invoices, receipt images kept with the entry and the VAT total for the period. Much of it now suggests accounts and VAT codes with AI; see AI bookkeeping in Finland.

When you choose software for a sole trader or a small company, check that it:

• supports the method you need: single entry for a small toiminimi, double entry for an Oy
• knows the Finnish VAT rates (25.5 %, 13.5 % and 10 %) and builds the VAT return from the entries
• keeps every receipt and invoice with its entry
• exports the books, vouchers and chart of accounts in a readable format
• lets an accountant log in, if you later want a review

Payroll software for a small business works out withholding and contributions and should send the earnings payment report to the Incomes Register, generally within five calendar days after pay day (Act on the Incomes Register, section 12). The Incomes Register notes that many payroll programs, including the free Palkka.fi service, report straight through its interface. They still need the right inputs: tax card, pension insurance, collective agreement. See first employee payroll costs.

How bookkeeping software is priced

Common pricing models, often combined:

• a monthly subscription in tiers, by features or by the number of users or companies
• by volume: invoices, receipts or bank transactions a month
• add-ons, such as payroll per payslip, e-invoices per invoice, receipt scanning or bank connections
• a free or low-cost basic tier with limits

Total a year with the add-ons you will use, and check that a full export is included when you leave. Accounting firms differ too: some include the software, some bill it separately; see what accounting costs in Finland.

What software leaves to you

Software books a transaction the way you, or a rule you set, tell it to. Unless someone has set it up correctly, it cannot judge:

• which VAT rate your sales carry, or when reverse-charge VAT applies to what you buy
• whether a cost is deductible, such as entertainment
• whether a purchase is this year's cost or an asset to depreciate over several years (KPL 5:5)
• which payments were private, or that a receipt is missing

And a return is filed on time only if someone makes sure it is.

When doing it yourself works

• you are a toiminimi with a handful of transactions a month
• you sell in Finland and know which VAT rate applies
• you have no employees
• you have time every month and the work interests you

When an accountant can help

• An Oy's year-end: double-entry books, financial statements with notes, the general meeting, the Trade Register and Form 6B every year.
• Payroll, including your own salary from an Oy.
• VAT beyond the routine: several rates, trade abroad, reverse charge.
• Books that slip: catching up is often more work than keeping up.
• Your time is worth more on paid work.

A common middle way: you send the invoices and photograph the receipts; the accountant books, checks and files. For a new toiminimi, see choosing an accountant as a new sole trader.

Cost comparison

A year with us is 828 euros for a sole trader and 2 388 euros for an Oy, excluding VAT (25.5 % is added). In cash, software alone costs its subscription, transaction charges and add-ons; what decides it is the value of your hours and the cost of a mistake:

The tax fees are in OVML sections 36 and 38; the Trade Register fee is charged by the Finnish Patent and Registration Office (PRH) for financial periods that ended on 1 December 2024 or later, and doubles if two or more consecutive periods are missing. Example: 10 000 euros of sales, excluding VAT, taxed at 13.5 % instead of 25.5 % leaves 1 200 euros of VAT unreported. If the Tax Administration finds it, a 10 % tax increase adds 120 euros, plus interest. If you file a corrected return yourself, there is no late-filing fee within 45 days of the original due date, and after that the late-filing fee is 2 % of the extra tax.

Switching bookkeeping software

1. Choose the date. The start of a financial year is cleanest; next best, the start of a VAT period.
2. Export everything before the old subscription ends: journals and ledgers, financial statements and balance sheet specifications, chart of accounts, vouchers with images, payroll records. The 6- and 10-year periods run regardless.
3. Keep it readable. The material may change form, for example into an export file, if its content and audit trail survive and it can be viewed and printed (KPL 2:7) from Finland without undue delay (KPL 2:9).
4. Update your list of books and materials, which must show how they connect to each other and how they are stored (KPL 2:7 a).
5. Check the opening balances against the old closing balance sheet, including open invoices and VAT payable.
6. Reconnect bank feeds, e-invoice addresses, payroll reporting and your accountant's access, and compare the first VAT return with the old system.

If your data sits in an accounting firm's software, see switching accountant.

What we do

We keep the books for sole traders and small limited companies, with the accounting software included, so there is no separate licence to buy. A sole trader pays 69 € a month and a limited company 199 € a month up to 240 000 euros of turnover, 249 € up to 500 000 euros and a written quote above that. Payroll is 15 € per payslip. All prices are plus VAT 25.5 %, the year-end is included and there is no limit on receipts. See sole trader accounting, limited company accounting, payroll services, the price list, or request a quote.

Frequently asked questions

Can I do my own bookkeeping in Finland?

Yes. The law requires books, vouchers and filings on time, not an accountant. You stay responsible either way.

Bookkeeping software or accountant: which is better for a small business in Finland?

Software alone can be enough for a sole trader with few transactions and no employees. An accountant can help with an Oy's year-end, payroll or trade abroad.

Can a sole trader do their own bookkeeping in Finland?

Yes. A toiminimi may keep single-entry books for the calendar year if it is eligible, usually prepares no financial statements and files the business tax return, Form 5.

What should I check when switching bookkeeping software?

Export everything before the old subscription ends, keep it readable for 6 and 10 years, and check the opening balances against the old closing balance sheet.

Sources

• Finlex: Accounting Act 1336/1997, chapter 1 sections 1, 1 a, 2, 4 and 4 b; chapter 2 sections 4, 5, 7, 7 a, 9 and 10; chapter 3 section 6; chapter 5 section 5 (in Finnish)
• Finlex: Limited Liability Companies Act 624/2006, chapter 5 section 3, chapter 6 sections 2 and 17, chapter 8 section 10 (in Finnish)
• Finlex: Act on the Tax Procedure for Self-Assessed Taxes 768/2016, sections 11, 12, 17, 36 and 38 (in Finnish)
• Finlex: Act on the Incomes Register 53/2018, section 12 (in Finnish)
• Tax Administration: accounting, financial year, tax period
• Tax Administration: when to file and pay VAT
• Tax Administration: VAT tax period (in Finnish)
• Tax Administration: rates of VAT
• Tax Administration: business operators and self-employed persons, Form 5
• Tax Administration: tax return of a limited company, Form 6B
• Tax Administration: late-filing penalty
• Tax Administration: interest on late payments
• Incomes Register: deadlines for reporting
• Incomes Register: use our services electronically
• PRH: filing financial statements with the Trade Register
• PRH: fee for financial statements filed late

Please note: this is general information about Finnish rules, not advice for your own situation, and the rules change. Ask us before you act on it.

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