Fritz Sybergs Vej 9
DK 8270 Hojbjerg

Accountability and Management

Keeping accounts is a crucial business management tool. If you do you will sleep well at night.

If you are not on top of the financial paper work in your company, you will not have a chance to guide your company properly.

Keeping accounts

Keeping accounts must also comply with your country´s legislation on VAT, Sales Tax and other settlement.
When you are running a company you must keep annual accounts providing information on all financial activities in your firm.

  • Accounts must be kept on a regular basis and must be well documented with vouchers (invoices, receipts, pay slips, statements, etc.)

  • Vouchers must be filed for five years

  • You do not have to keep the accounts yourself, but you are responsible for the keeping.
As a side effect from this work, you will be able to calculate the annual tax base and currently keep track of your VAT payable.

Annual Accounts

Annual accounts must be kept in such a way that it is clear to the Tax Administration how you have reached the figure for the profit of your firm.

Being a sole trader you obviously have to pay income tax on your profit.

This is how you make the annual accounts:

Total sales of the year / turnover
- Less the company’s total expenses
= The company’s profit, which is your wage.

Companies are also liable to tax, although the calculation differs from that of an ordinary taxpayer’s.

If you have proper accounts you can retrieve proper financial statements.

If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.
– Mark Zuckerberg, Facebook Founder and CEO

What is a Financial Statement
Financial System - Illustrated
Profit and Loss Statement
The Balance Statement
The Assets
Understanding the Assets
The Liabilities
Understanding the Liabilities
Accountability and Management
What is Accountancy?
Principles in Accounting
Understand Financial Info
Safeguarding Your Assets
Help to Take Action
Close your Business