Financial management

When the financial administration of a company is fully electronic, all accounting records, including all receipts and partial accounting records, are in electronic form. This means that invoicing, sales and payables accounts, statements of account, payroll, monthly accounting, management reporting and financial statements are all done electronically and generally primarily through the cloud. Also, the filing of receipts and financial statements required by the Accounting Act is generally easy in electronic financial administration, with documents, minutes and contracts also being consistently stored in the cloud archive. Electronic account statement with postings help to keep track of the audit trail in accordance with the good accounting practice. While fully electronic financial administration is a goal, it is not always feasible or functional for a company, and it is the job of a competent accounting firm to discuss and find the best solution for each client.

Purpose of accounting and requirements of it as a reporting system for society and funders are set out in accounting, corporate and tax legislation. In accounting formalities need to be followed because accuracy of the statutory information provided needs to be verified based on the accounts.

The idea of separation and exploitation guides accounting decisions. Accounting makes an entity an independent entity whose revenue, expenses, assets and liabilities are kept separated from the corresponding items of other entities. The purpose of accounting is to produce, in accordance with good accounting practice, information to the management of the company for the purposes of conducting business as well as reporting to stakeholders and authorities. You can read more about reporting to management here.

Payroll calculation and whole payroll administration is one of the most important financial administration functions of a company. Purchasing payroll administration services is recommended, as it enables the company to save on its own human resources and at the same time provides assurance that even the most challenging payroll situations are handled with quality. We help companies with their payroll administration to the extent wanted.

Company’s basic purpose is to make profit to its owners. Without profits also company’s other goals can’t be reached. Profits are defined monetarily – company needs to have a concrete goal for its profitability that can be measured. Companies should keep the goal in mind when making everyday business decision and focus resources on the right things.

Due financial reporting helps companies to control risks related to business operations.

Goals of companies and their operating environments vary enormously depending on the size and the industry of the companies. Rapidly changing circumstances and understanding the financial situation poses challenges for company management, from strategy development to day-to-day operations. Often, the company itself doesn’t have the resources to handle the current situation or a large amount of information in order to be clear enough about what kind of repairments or strategy the company needs. The management may have noticed that the financial situation is bad, the administration is not working as expected, or the company is stagnating year after year. In this state of uncertainty, it’s difficult to make rational and factual decisions about the necessary remedial measures. Relying on an external advisor is a good option when your organization needs a reliable and knowledgeable partner in decision-making.

Our goal is to support the management of a company e.g. in developing a strategy, boosting operations, understanding deeply the financial environment and digitalizing reporting. We help the company to create a growth strategy, understand better internal reporting, manage risks and create the best possible organization. The size or age of the company is not a determining factor, as the management of the company may need advisory services even if the company has been in the industry for decades. The need to develop and improve an organization will never end.

Foreign companies with posted workers in Finland must have a representative whom the posted workers and the authorities can contact during the posting.

A foreign company has an obligation to have a representative in Finland if the foreign company has business in Finland and uses its own personnel here. It can also be a situation of an internal transfer or posting a temporary agency worker to Finland. An internal transfer means that the employee will come to Finland to work at the location of another company within the same group of companies.

A representative must be appointed in above-described situations provided that the duration of work in Finland is more than ten days. If the company has several posting periods in Finland, all other periods in the four months preceding the end of the posting are taken into account when calculating the duration of the posting of workers.

It can be agreed with the representative, that the representative will help the foreign company to fulfil its obligations under Finnish law. In most cases, a foreign company must for example notify the occupational health and safety authority before the work is commenced in Finland and to keep some documents during the work and even after the posting of workers. A foreign company and the representative may agree that the representative will help the foreign company to fulfil for example these obligations.