Bookkeeping Services in the Netherlands
Bookkeeping Services in the Netherlands
Updated on Thursday 31st March 2022
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The Netherlands has a favorable fiscal climate and many investors choose to open companies here. Regardless of the type of company or business sector, all Dutch companies must observe the generally applicable rules for paying taxes and tax compliance in the Netherlands. Our expert Dutch accountants can help you with various services, including bookkeeping services in the Netherlands.
After a company is registered in the Netherlands and it begins its commercial activities, it must observe all the regulations for financial reporting available in the country. The tax year is generally the same as the calendar year in the Netherlands and companies need to file annual financial statements. As a foreign entrepreneur in the Netherlands it is advisable to seek the help of a Dutch accountant or employ professional bookkeeping services.
| Quick Facts | |
|---|---|
| Types of companies serviced |
Small, medium and large enterprises |
|
Bookkeeping documents |
Sale and purchase invoices, receipts, payments |
|
Financial transaction recording services (YES/NO) |
YES |
| VAT documents preparation (YES/NO) |
YES |
| Applicable accounting standards | Dutch and international financial reporting standards |
| Tax registration services |
YES, tax and VAT registration services available |
| Invoicing requirements |
Standard and simplified invoices can be issued. Minimum duration for maintaining issued invoices is 7 years. |
| Support in preparing and filing financial statements (YES/NO) | YES |
| Special bookkeeping support (YES/NO) | Yes, for e-commerce companies, for foreign companies with operations in the Netherlands |
| Other services | Electronic tax return filing services, compliance with industry-specific requirements, support in obtaining tax incentives and deductions. |
What is bookkeeping comprised of in the Netherlands?
Bookkeeping designates a set of accounting procedures that must be performed by any commercial operator. Bookkeeping represents a legal procedure that must also be kept by entities that do not have a commercial purpose – for example, foundations or non-profit organizations. It designates the set of procedures through which the financial records of the entity are kept and recorded. Our accounting firm in the Netherlands can assist with in-depth advice on the types of bookkeeping operations that can be delivered to local and foreign entities, but some of the most common bookkeeping activities are the following:
- • recording the receipts issued for various goods and products the company delivers on the local market;
- • recording the invoices of the company’s suppliers (and verifying such documents);
- • processing the documents related to the salary of the employees (employees’ pay);
- • creating the company’s compulsory financial reports and monitoring various documents;
- • bookkeeping also deals with accounts receivables, paying the company’s suppliers and other common corporate transactions.
Bookkeeping requirements in the Netherlands
Bookkeeping deals with the recording of all financial transactions and it is an important part of the accounting process. Bookkeepers have various methods for performing their activities and these methods are usually adapted to the type of Dutch company and its financial activity.
Our Dutch accountants can provide professional bookkeeping services and constantly monitor the activity of your business to ensure that everything is running smoothly and every financial aspect is taken care of. The activities that are monitored in bookkeeping are: purchases, sales, receipts and payments, either individual or made through the company.
A Dutch bookkeeper can make sure that your daily financial transactions are closely monitored and documented. He or she usually records the daily activity in a daybook. Also, Dutch bookkeepers can also deal with ledgers, however, bookkeeping usually deals only with financial transactions and their financial influence on the individual or company. Bookkeeping systems can be manual or electronic.
Accounting services in the Netherlands
Our Dutch accountants can provide complete bookkeeping services and offer you other financial solutions, designed to fit the needs of a natural person or a legal entity. Our accountants can assist small businesses, including sole traders, but they can also provide accounting services to large, multinational corporations. Some of the most common accounting services that can be offered by our Dutch accounting firm are the following:
- • tax registration and compliance in the Netherlands - all businesses in the Netherlands have to be registered for tax purposes and provide various financial documents, depending on their legal structure;
- • debt monitoring and risk assessment – companies can face a wide range of risks in a given period of time, which can vary based on the economic sector in which they activate, management decisions and others associated factors;
- • accounting and annual tax fillings – our Dutch accountants can provide a clear understanding of the schedule for submitting various financial documents and tax returns;
- • audit services and payroll services – the audit represents an accounting procedure that must be completed by most of the Dutch businesses;
- • company management in the Netherlands – it represents a major component which has a strong influence on the outcome of a business.
What should an investor know on the Dutch accounting system?
Bookkeeping is a part of the Dutch accounting system and it generally refers to the methods and the practices that are used in order to register all the required financial operations of the company, as per the applicable law. As a part of the Dutch accounting system, bookkeeping must be done following the applicable procedures, which are mainly given by the accounting standards that are applicable in this country.
Businessmen who want to start a company in the Netherlands or those who want to expand a foreign business on the local market should know that bookkeeping must keep the track of all the company’s records that are registered throughout the financial year, which, in the Netherlands, coincides with the calendar year.
The bookkeeping procedures that must be maintained by a local business follow the International Financial Reporting Standards (IFRS), which represent accounting procedures that were adopted at the level of the European Union (EU). However, in the case of small businesses registered in the Netherlands, their accounting principles (and thus, their bookkeeping procedures) can vary.
A small Dutch company can choose to follow the Dutch Civil Code (Book 2), the Dutch Accounting Standards for small entities or for medium-sized companies, or the IFRS principles combined with parts of the Dutch Accounting Standards. Our team of accountants in the Netherlands can provide more details on how to select the appropriate accounting principles for a small business. It is also worth knowing that the accounting regulations are prescribed by the Dutch Accounting Standard Board, the main regulatory body in the field.
How should bookkeeping be done in the Netherlands?
Bookkeeping records the company’s financial situation and, therefore, the procedures and methods used by any accountant should provide a clear image on the company’s transactions and its financial status at a given moment. The regulations concerning the Dutch bookkeeping procedures stipulate that the financial information that is delivered by a company has to be clear, reliable and comparable, these being compulsory requirements.
Furthermore, all the bookkeeping documents have to be completed following the accounting principles that are established in this country. Businessmen must also know that the bookkeeping procedures depend based on the legal entity of the company (some company types are not required to publish their financial statements, as it is the case of the limited liability company, for example).
If you are interested in investing in the Netherlands and need professional accounting services, our team of Dutch accountants is ready to provide the best possible accounting and bookkeeping services in the Netherlands. Please contact our accountants for a personalized offer and for a full presentation on the bookkeeping services that can be provided in the Netherlands.
