In order for you, as the owner, to have a complete picture of what is really going on in your company, you need accounting. This is its main and basic task.
In order for accounting to reflect the real state of affairs, it is necessary that the accountant has complete information about all transactions and operations.
What information does the accountant need from you each month to do his job
Every month we send clients a detailed reminder of what documents we need to work with.
List of required documents
For an accountant, you need to upload the following documents to Nola Accounting on a monthly basis:
- Bank statements
- Expenses documents
Why are there no sales invoices on the list?
We will write about sales in detail at the end of this article.
Now consider each type of document necessary for the accountant's work separately.
Bank statements
A bank statement is a document issued by your bank reflecting transactions for a certain period on a specific current account of your company, having information about the initial and final state of the bank account (the so-called opening and closing balances).
What statements do we need?
We need monthly bank statements for all current accounts of your company in banks and payment systems. NB! Even if there was no movement of money on these accounts.
How to make the accountant himself unloaded statements?
You can give us the right to view the statement, and then we will unload the statements we need for work.
Guides on how to open the right of view to different banks are here.
But it is not possible with all banks. At the moment, we can only open the right to view in the following banks or payment systems
- LHV
- Swedbank
- SEB
- Wise
- PaySera
- Stripe
What format do you need the statement in and why?
If you have not given us access to view your statements, or if you do not have this option for some reason, you need to upload your statements every month:
- in xml and pdf, if you have an estonian bank,
- in csv and pdf, if you have Wise, Eurowallet, Revolut, PaySera or another payment system
PDF is what we need to reconcile the beginning and end balances of the statement.
CSV and XML are necessary so that we can load the statement into an accounting program and process it according to our algorithms.
Previously, accountants processed the statement manually only on the basis of a PDF file, but this was fraught with errors because it required enormous care when entering it. Now technology allows you to do it automatically with additional human control, which reduces the risk of possible errors.
New bank account
If you have opened a new account for your company, be sure to let us know through Nola Accounting. Even if you don't intend to actively use it. Even a single transaction there, such as a bank commission, must be recorded in accounting.
Expenses documents
Expense documents are expense invoices, receipts, business trip reports, i.e. everything that confirms your company's expense in the course of business activities.
What expense documents do we need to upload to Nola Accounting?
All of the supporting documents for the expense, i.e., this:
- purchase invoices
- receipts
- business travel reports
- accountability reports
In what format are these documents needed?
All purchase invoices and receipts are needed in PDF, JPEG or JPG.
Business travel reports and reports of accountable persons are needed or with an electronic signature in ASICE or BDOCor with the usual signature in PDF.
Why do I need to send monthly expense reports?
From the point of view of Estonian accounting rules and legislation, it is not possible to recognize expenses only on the basis of bank payments, because they do not reflect the economic essence of the transaction, but only say that a certain amount of money went from your bank account to the bank account of another company on that date.
In addition, expense documents are related to tax accounting, i.e. they are reflected by the accountant in the tax return. If you upload a document later, you will need to change your tax return, which will cause additional work for your accountant and result in additional expenses for you.
Sales
If you have a classic services or sales business, you don't have to upload sales invoices to us separately, because you need to invoice your customers directly in Nola Accounting. For this purpose, we have developed a new step-by-step invoice generation process. According to our customers' feedback, once they start using our invoice generator, they no longer want to go back to invoice generation in other programs.
Who needs to enter sales invoices in Nola Accounting?
Sales invoices need to be entered for all customers who invoice their customers manually.
Example
You are a freelancer providing web design services. After you receive an order from your client, you would generate an invoice for him in any invoice generator or in Excel, Word. Now you're connected to our accounting service and you no longer need to use any third-party applications. You need to create an invoice for your client directly in Nola Accounting.
Why do I need to enter sales invoices in Nola Accounting?
You need to enter sales invoices in Nola Accounting, because then, firstly, you won't have to do the double work of entering the invoices already created in our system, and secondly, you will receive accounting services at a favorable cost, because any additional work increases the cost of service (accounting services are no exception, we have exactly the same principles of pricing service as you do).
Guide on how to do this is here.
Who doesn't need to enter sales invoices in Nola Accounting?
1) If you generate sales invoices using the program and your main customers are individuals, you do not need to enter sales invoices in Nola Accounting. This includes any CRM system, Shopify, Woocommerce and other CMS systems for online stores. You only need to upload a general sales report to us every month. The chief accountant of our service will write to you about how to do this in more detail.
Example
- Online store on Shopify, Woocommerce, Magento or any other CMS system
- Site with integration with any CRM system (ZOHO, amoCRM, SalesForce, Pipedrive)
2) If you use a cash register or bank terminal for sales and your main customers are individuals, you don't need to enter every sales invoice in Nola Accounting. Only send us a monthly report of the sales that went through the cash register and terminal. Our chief accountant will tell you more about how to do this.
Example
- Retail store
- Cafe, restaurant
- Taxi
3) If all of your sales come from a technology platform, you don't need to generate sales invoices in Nola Accounting either. In that case, just upload sales reports to us in Nola Accounting, which necessarily allows you to upload such platforms.
Example
- courier partner Wolt, Bolt, Fudy
- partner restaurant Wolt, Bolt, Fudy
4) If you trade on any marketplace, you don't need to enter invoices into Nola Accounting. Our chief accountant will tell you more about how sales are accounted for.
Example
- Amazon merchant
- merchant on Ebay, Etsy and other marketplaces