Account Factory works a bit differently than other accounting firms. But the core business is the same – we handle your bookkeeping, your taxes and help you make the best desicions about your economy.
We take care of your month-to-month bookkeeping based on the information and documents you send us. This constitutes the majority of our work.
Year-end and annual report
At the end of the year we go through your numbers, before we close the books for the year and produce your annual report.
Income tax return
We submit your company’s income tax return every year. Around the same time we discuss relevant tax issues with you. We also make the K10 forms for aktiebolag owners.
Monthly tax reporting
We report your VAT and employer taxes every month. We also submit quarterly EU sales report and MOSS reports.
We are your sounding board in salary issues and submit your annual income statements. We can even handle your entire payroll.
When you have questions you can call us, email us, Skype us or drop by our office. And whenever we have things we want to discuss with you, we let you know.
What's so special about Account Factory?
In general we work pretty much like most other accounting firms, i.e. we update your accounts, close your books at the end of the year, submit annual reports and tax returns, and address other accounting and tax issues that come up along the way.
But some things we do a bit differently:
- We're a paper-free firm and we only handle digital vouchers.
- We only have fixed fees. You always know what your next invoice will look like.
- You're not dependent on "your" accountant. We're collectively responsible for all our clients.
- You can log in to our accounting system Fortnox and create invoices, produce financial statements etc.
- We only have small clients, and every client is important to us.
What we don't do
We have packaged our services so they should fit most companies in our target segment, primarily consulting businesses with 1-10 employees. That means there are some services we don’t provide, in order to optimize our workflows and keep our fixed fees low.
- We don't have access to your bank account, we don't handle your payments or download account statements for you.
- We don't invoice your clients, send out reminders or handle debt collection.
- We don't receive your physical mail or scan your invoices and receipts.
- We don't provide temp staffing and we don't work on site in your offices.
- We usually don't update account more often than monthly.
So how does it actually work?
How does it actually work if you let us handle your bookkeeping? Here are all the nitty-gritty details.
1. Gather your invoices and receipts
For your books we need documentation of your business transactions, which usually means invoices, receipts and account statements. You continuously gather your material and store it digitally in a folder on your computer.
Documents you receive, download or produce digitally (PDF invoices, account statements etc) you never have to print out. Just save them in your bookkeeping folder right away. Documents you receive on paper (invoices, receipts etc) you scan to PDF with a scanner or your smartphone, and save in your bookkeeping folder.
2. Deliver your material
When a month is complete, you email us your material. We can also set up a shared bookkeeping folder in Dropbox or Google Drive – then you just email us to let us know when a month is complete.
When you deliver a month we put you in our bookkeeping queue together will the rest of our clients. Then we just take care of you one at the time, in the order that material was delivered.
3. We update your accounts
We update your accounts in our accounting system Fortnox and connect your PDFs to the vouchers in Fortnox.
When we’re done with a batch (e.g. a month) we send you an email with questions or comments. You get a read-only login in Fortnox, so you can check your books at any time, download financial statements etc.
4. Other services and deadlines
Outside of updating your accounts monthly, we do other tasks when they arise. Examples are VAT and employer tax returns, annual reports, income tax returns and more.
When needed, we regularly remind you to deliver material and information to us. Especially when a deadline is coming up. We have loads of checklists to make sure we never miss any of your deadlines.
We handle most of our communication by email and sometimes by phone, Skype and meeting. Reminders, questions and our own invoices we always send by email. If something is better discussed in person we set up a meeting with you. And you can of course contact us or book a meeting any time you want.
Apart from this we try to stay out of your way. We figure you have more important things to do and we only contact you when there’s something that needs to be addressed.
The “bookkeeping binder” has to be archived for seven years. By “bookkeeping binder” we mean all the receipts and invoices that are in your books. With Account Factory the “binder” consists of all the PDFs connected to your vouchers in Fortnox, and all that needs to be archived digitally for seven years.
Additionally, all originals need to be archived for about four years. “Originals” in this case means all the paper documents that you scanned, as well as files that were sent to you. The paper originals you can keep in a binder, archive box or the proverbial shoebox. Sort them by date so you can easily find something if needed.
Who is our client?
Our typical client is a consulting business, with a single person or up to around ten people. That type of company usually gets the most value out of our packages and have relatively few documents to scan.
But we have of course other kinds of clients as well. It’s really not the size of your company or your activities that decides whether or not we’re a good fit for you, but more what kind of needs you have. The clients that have “outgrown” us have usually become so big that they have built their own accounting function in-house.
We’re perfect for the small company that wants its bookkeeping and taxes handles in a simple and painless way, as well as have access to help and support in accounting and tax issues when the need arises.
But if you need a “CFO for hire” to every month go through your numbers, make cash flow projections and cost/revenue analyses, we’re not the accounting firm for you. Same thing if you want more frequent work such as receiving physical mail, making payments and invoicing clients. These services require more day-to-day involvement in your business, and are difficult to handle remotely and with our collective client responsibility. And they are usually much more expensive.