Public Business Support and Funding

TABLE OF CONTENTS PREVIOUS CHAPTER STARTING UP A BUSINESS IN FINLAND NEXT CHAPTER Register must be notified of the auditor. The Finnish Pat- ent and Registration Office (PRH) oversees and approves auditors. A person who has passed the HT examination can special- ize in audits of public interest entities (PIE) by passing a KHT examination and/or in audits of public administra- tion and finance by passing a JHT examination. The audi- tor must be a KHT auditor or a firm if the corporation is subject to public trading or if at least two of the following conditions were met by the corporation or foundation in the last completed fiscal year: • • • The balance sheet total exceeds 25 000 000 euros according to the financial statements of the previous accounting Net sales or comparable revenue exceeds 50 000 000 euros according to the financial statements of the pre- vious accounting period. The average number of employees exceeds 300 during the accounting period. Outsourcing financial management A company can manage its own accounting or outsource financial management services from an expert accounting firm. If there are a significant number of commercial op- erations, it is advisable to use the services of a third-party accounting bureau or hire an in-house certified accountant. If a company decides to partially or completely outsource financial management, it should select a professional, pref- erably authorized accounting firm. Regardless, accounting firms operate on the basis of professional responsibility: they are responsible for ensuring that the work is done in the manner agreed with the client based on the material submitted by the client. When choosing the right accounting services for a busi- ness, matters to consider include: • Which sectors of financial management the compa- ny wishes to outsource and which the company will manage on its own. (Invoicing, accounts payable and receivable, payment transactions, payroll calculations, business accounting, inventory management, budget, cash flow and funds statements) • • • • Monthly business volumes What kind of cost center and budget monitoring is required (product groups, departments) and what requirements are set on reporting (accuracy of month- ly reporting, for instance as regards financial state- ments) Potential electronic solutions (including sales invoic- es, purchase invoices, payment transactions, debt collection) In many cases, small enterprises manage invoicing and payment transactions themselves. On the other hand, they frequently outsource accounts payable and receivable, payroll calculations and debt collection as well as accounting. The following quality issues should be considered when selecting an expert accounting firm: The KLT accounting examination is the expert qualifica- tion of professionals in the accounting sector. Candidates are required to have a university level commercial degree. and several years' practical experience of diverse financial management duties. 19

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