General bookkeeping and accounting
How much does a bookkeeper cost?
The price depends on the work you need, transaction volumes, systems, payroll and reporting requirements, and the current state of the accounts. At Ekstern CFO, we define the service around your needs and provide a proposal for the agreed scope. See pricing and engagement for the information that supports a useful proposal.
When does my company need a bookkeeper?
Most businesses benefit from a professional bookkeeper as soon as they have regular transactions, employees or VAT obligations. Typical signs that you need help are: You spend too much time on the books, you are unsure whether VAT and tax are correct, or you have received notices from the Danish Tax Agency or an auditor.
What is the difference between a bookkeeper and an auditor?
A bookkeeper handles ongoing records, reconciliations, VAT and payroll. Management is responsible for the company’s annual report. An auditor can assist with year-end work and carry out an audit or another reporting engagement according to the agreed scope and applicable requirements. Audit is not mandatory for every company; some can opt out if they meet the conditions. See the Danish Business Authority’s guidance on annual reports and audit opt-out. We work with your auditor on the underlying accounting records.
What is the difference between a bookkeeper and a CFO?
A bookkeeper records transactions and ensures that the books are correct. A CFO (Chief Financial Officer) uses accounting data for strategic management – budgeting, forecasting, investor reporting and financial advice. At Ekstern CFO, we provide both services as one integrated outsourced finance function.
Can I do my own bookkeeping?
Yes, you can - but it's rarely a good idea when the company is growing. Errors in bookkeeping can lead to incorrect VAT reporting, compliance issues and a lack of overview of the company's finances. In addition, many entrepreneurs spend 5-10 hours a month on bookkeeping – time that could be used to grow the business.
How should we prepare for a change of bookkeeper?
Agree a cut-off date and who is responsible for tasks during the handover. Gather the chart of accounts, latest trial balance, open customer and supplier items, VAT and bank reconciliations, payroll information and supporting documents. Give the new bookkeeper appropriately limited access, and request exports and handover notes from the previous provider before access is closed. Read our guide to changing bookkeepers.
What should we have ready before onboarding?
Prepare access to the accounting system, bank data and relevant billing or payment systems, recent accounts, chart of accounts, budget, VAT and payroll status, and an overview of workflows and deadlines. Share information only through agreed secure channels and grant only the access needed. At kickoff, also agree who supplies documents, approves payments and handles exceptions. Learn about an outsourced finance function.
What are the main drivers of bookkeeping fees?
Fees commonly depend on transaction volume, number of entities, payroll, VAT requirements and currencies, system integrations, document quality, reporting needs and the amount of reconciliation or cleanup required. Clarify what is included and what needs a separate agreement. See pricing and engagement for how scope and expectations are discussed.
Accounting systems
Which accounting system is best for my business?
It depends on your size and needs. Dinero is good for very small businesses with simple needs. e-conomic is the preferred choice for growth companies because it has strong integrations and scales well. Light is ideal for larger companies with consolidation and AI-powered reporting needs. We are happy to advise you on the right choice for you.
When should I switch from Dinero to e-conomic?
Typical signs that you are ready to change: You have employees and need to run payroll, you need integrations (Pleo, Stripe, Shopify), you have investors who expect reporting, or your auditor recommends it. Read more about Dinero vs. e-conomic.
How much does e-conomic cost?
The price depends on the e-conomic subscription, transaction allowance and any add-ons. Check e-conomic’s current prices and features directly with the vendor. We help assess which setup suits your needs. Clarify how software licences and our work are treated in the proposal.
What is the difference between a PDF invoice and an e-invoice?
A PDF invoice often needs to be read and its contents entered manually. An e-invoice contains structured data that a compatible system can read directly. A PDF sent by email does not automatically become an e-invoice. Check imported details such as amount, date, supplier and VAT against the supporting document. See our guide to digital bookkeeping and e-invoicing. The Danish Business Authority explains the formats in its guidance on digital bookkeeping systems.
Will every company have to send e-invoices from 2027?
No. That is not the same as a general requirement for every company to send every invoice electronically from 2027. From 1 March 2027, providers of registered bookkeeping systems face new requirements for an e-invoicing option and enrolment workflow after user details have been validated. A company’s other digital bookkeeping requirements depend, among other things, on company type and phase-in dates. See the Business Guide’s current guidance.
How should we control automated entries?
Agree which entry types an integration may create, which require approval, and who investigates errors, duplicates and missing documents. Reconcile integration totals to the payment provider, bank and accounting system each month, and keep a record of manual changes. Limit access by role and, where practical, separate creation, approval and payment. Automation only helps when exceptions also have a clear owner.
Stripe and payments
How should Stripe revenue be recorded?
Stripe bookkeeping needs to distinguish sales, any output VAT, Stripe fees and payouts. Revenue is the sales amount excluding VAT and before Stripe fees; it is not necessarily the customer’s total payment. Record the fees separately. A bank payout may combine several customer payments and be reduced by fees and refunds, so the bank statement alone is not enough. Read our guide to Stripe bookkeeping.
Do I have to pay VAT on Stripe transactions?
VAT treatment depends on what you sell, the customer’s status and where the buyer and seller are established. Taking payment through Stripe does not itself determine which VAT to charge. For cross-border trade, check the rules for the particular goods or services; EU B2B sales do not all receive the same treatment. One Stop Shop is an optional reporting arrangement for eligible consumer sales, not an automatic obligation when using Stripe. See the Danish Tax Agency’s guidance on cross-border VAT.
How should Stripe be reconciled with your accounts?
You should create a clearing account in the books for Stripe. All transactions are recorded here, and the balance must match your Stripe balance. For payouts to the bank, the transfer is recorded from the clearing account. We can automate this process via integration between Stripe and e-conomic.
SaaS and subscription companies
What is revenue recognition and why is it important?
Revenue recognition is about recording revenue in the period it relates to – not necessarily when the payment is received. If a customer pays DKK 12,000 for an annual subscription in January, DKK 1,000 of revenue should be recognised each month. It is essential for accurate financial statements and credible reporting to investors.
What is MRR and ARR?
MRR (Monthly Recurring Revenue) is your monthly recurring revenue. ARR (Annual Recurring Revenue) is MRR times 12. These are the most important metrics for SaaS companies as they show the predictable part of revenue. Read more about SaaS accounting.
What is burn rate and runway?
Burn rate is how much money your company spends net each month. Runway is how many months you can continue with the current burn rate before the money runs out. For example, with DKK 2 million in available cash and a monthly burn rate of DKK 200,000, the runway is 10 months.
Can development costs be capitalised in the books?
Yes, under certain conditions, software development costs can be capitalised as an intangible asset and amortised over time. It requires that the project is clearly defined, technically feasible and expected to generate future income. In addition, you can potentially obtain tax credits for research and development costs.
VAT and tax
When must my company be registered for VAT?
A Danish business generally needs VAT registration when its taxable sales exceed DKK 50,000 in a calendar year. The previous calendar year also matters when assessing the small-business exemption. VAT-exempt activities and certain cross-border transactions need separate consideration. See the Danish Tax Agency’s VAT registration guidance and the detailed registration-threshold rules. We help establish which information and registrations are relevant.
What is One Stop Shop (OSS)?
One Stop Shop is an optional EU arrangement for reporting and paying VAT on eligible sales to consumers in other EU countries through a single point. It does not itself determine which country’s VAT applies. It may be relevant to e-commerce businesses and SaaS companies, but the sales and conditions of the relevant scheme must be checked. See the Danish Tax Agency’s explanation of One Stop Shop.
What is Danish payroll tax (lønsumsafgift)?
Danish payroll tax (lønsumsafgift) may apply to certain VAT-exempt activities, but VAT exemption does not always mean payroll tax is due. There are four calculation methods with different tax bases and rates. The company’s activities and organisational form determine the method; payroll plus profit is therefore not a universal formula. See the Danish Tax Agency’s overview of the four methods. Businesses with mixed activities may need to separate records for activities with different tax treatment.
Payroll processing
How much does payroll processing cost?
The price depends on employee numbers, payroll complexity, changes between payroll runs and the tasks we handle. Agree whether payroll processing, payroll bookkeeping, filings and any corrections are included. We provide a proposal based on your needs; see pricing and engagement for how scope and responsibilities are defined.
Which payroll system is best?
We primarily work with Danløn and Zenegy. Danløn is an established system with broad functionality. Zenegy is a newer, cloud-based solution with a modern user interface. Both integrate with e-conomic. We help you choose the right system.
When must payroll be reported?
Payroll reporting and payment deadlines for A-tax and labour market contributions depend on the company’s registration and reporting arrangement. The tenth is not a universal deadline. Check the registration certificate and the Danish Tax Agency’s current deadline calendar; if you use LetLøn, also check the deadlines for your LetLøn arrangement. Agree deadlines for payroll input that allow for the official deadlines and the payroll system’s processing.
Expense management
What is Pleo and how does it work?
Pleo is a Danish expense management platform with company cards for employees. When an employee pays with the card, they take a photo of the receipt in the app and the transaction is automatically recorded in the books. This eliminates the need for manual expense reports. Read more about Pleo.
How do I keep track of the company's expenses?
Good practices include using company cards such as Pleo instead of personal cards, automating entries from card transactions, setting up approval flows for larger amounts, and reviewing monthly expense reports. Read about automation.
Who should approve expenses and payments?
Set a simple approval policy with spending limits, named approvers and rules for approval of employees’ own expenses, supplier setup and urgent payments. Where possible, the person initiating a payment should not be its only approver. Link approval to supporting documents and business purpose, and review permissions when people change roles. Fit the procedure to your company’s size and risk profile.
E-commerce and online stores
How should Shopify sales be recorded?
Shopify sales should be recorded automatically via integration with your accounting system. Each order must be broken down into revenue, VAT, shipping and any discounts. We often use Storebuddy to integrate Shopify with e-conomic. Read more about Shopify accounting.
Do I have to pay VAT in other EU countries?
It depends on the sales. Distance sales of goods and certain services to consumers in other EU countries can create VAT obligations in the customer’s country. Conditional exceptions and optional exemption schemes exist, so sales volume alone does not determine the treatment. Where foreign VAT is due, One Stop Shop can be used for eligible sales; it is optional, and local VAT registration may be an alternative. Use the Danish Tax Agency’s overview of consumer sales in the EU to establish which rules and arrangements apply.
How should returns and refunds be recorded?
Returns must be recorded as credit notes that reverse the original revenue. The VAT must also be reversed. In the case of Stripe refunds, you should also be aware that the Stripe fee is typically not refunded. We ensure correct handling of all returns.
Outsourced finance function
What is an external CFO?
An external CFO supports financial management without being a full-time employee of your business. The engagement can cover bookkeeping, controls, reporting, budgets and advice, but its scope and responsibilities must be agreed. It does not automatically provide the same role or availability as an internal finance manager. See external finance function for help choosing between targeted support, an integrated service and an internal hire.
When does it make sense to outsource the finance function?
Outsourcing can suit a business that needs more capacity or expertise for its finance work. Consider the workload, the need for a daily in-house presence, your internal resources and reporting requirements. Employee count alone does not decide the right approach, and outsourcing does not guarantee lower total costs. Read about choosing a finance function and pricing and responsibilities before comparing options.
How does the collaboration with Ekstern CFO work?
We start with an initial meeting where we get to know your company and set up the books. After that, we run ongoing bookkeeping, payroll and reporting according to a fixed agreement. You always have access to your numbers and can contact us with questions. We adapt the scope continuously in line with your needs.
Who is responsible when bookkeeping is outsourced?
The company remains responsible for ensuring its transactions and supporting documents are handled in line with applicable rules and for providing the necessary information. An external bookkeeper is responsible for the tasks and systems agreed with the client, but outsourcing does not transfer the company’s overall responsibility. Document deliverables, deadlines, approvals and how missing records are handled.
How do we give a bookkeeper secure access?
Use individual accounts and role-based permissions instead of shared logins, enable multi-factor authentication where available, and grant access only to the systems and actions required. Agree on a secure channel for documents and sensitive information, and remove access as soon as a person or provider no longer needs it. Avoid sending passwords or unnecessary personal data by ordinary email.
Do the bookkeeper and statutory auditor need to be separate providers?
Not necessarily for every company. Auditor independence depends on company type, engagement and assurance requirements; specific rules apply to some entities, including certain public-interest entities. Ask the auditor whether the same provider may perform bookkeeping and audit work in your circumstances, and keep the scope and controls clear. See the Danish Business Authority’s guidance on auditor independence.
Can management reports be in English while we meet Danish bookkeeping requirements?
Yes. Internal reports and explanations can be prepared in English by agreement, while accounting records, system setup and filings must still meet the relevant Danish requirements. Agree on the language used for the chart of accounts, document descriptions, reports and communication with authorities or the auditor, so translation does not obscure Danish accounting or VAT terms. Read our guide to accounting in English.
How do we retain records when changing accounting systems?
Agree on an export of posted entries, the chart of accounts, open customer and supplier items, master data and supporting documents before cancelling access to the old system. Check a sample export: can the files be opened, can documents be linked to entries, and does the trial balance match the accounts? Also agree who checks opening balances and integrations in the new system. Read our guides to digital bookkeeping and system changes and handover when changing bookkeepers.
Do you have more questions?
We are happy to answer your questions about bookkeeping, accounting and financial management. Contact us today for a no-obligation conversation - we always honestly assess whether we are the right match for your company.
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