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Accounting and Payroll in Iceland
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Accounting in Iceland
It is recommended, and probably in your best interest, to employ an accountant in Iceland. They'll nearly always save money, and more importantly, will make your business in Iceland the most financially efficient it can be. Used wisely, accountants in Iceland can make you more profitable than ever.
Accountants in Iceland provide a range of services. They can look after everything financial, from fundamental book-keeping to more expert advice. You could hire accountants in Iceland simply to prepare financial statements for your tax return, or you may require them for other added-value services such as auditing. Accounts must be audited each year, unless the company or region you are based in is exempt.
Accounts must be kept in Icelandic Krona's (ISK) and written in Icelandic, Danish or English.
It is essential to choose an appropriate accountant for your circumstances. If you just want an accountant to take care of your book-keeping, then a small firm will probably suffice. However, if you require astute financial and planning advice, a larger, more reputable company might be needed. Check they're chartered / registered with a recognised accounting body. It is important to lay out exactly what you want them to do for you and what the charges will be.
Keeping a sound financial record is essential. Apply yourself. Have a good system in place and then the time that you do spend on accounts won't be so burdensome. Ensure you retain receipts for everything you buy. It is recommended that you keep a ledger or book with the details of what the receipt is for. Keep a record of all sent and received invoices too. These will keep you informed that you've been paid or have money owing, etc.
Ultimately, applied and diligent record-keeping will keep your accountancy costs low when setting up a business in Iceland.
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