John D. Rockefeller was one of the most successful businessmen in American history and living proof of the importance of trust and ability in business. Nowadays, his name is a symbol of wealth and success. Most new entrepreneurs dream of doing exactly what he did – creating an empire from nothing. That is why people are so curious about the secret of his success and have searched for the patterns that took this man from the ground to an empire. We, too, have looked at Rockefeller’s story and come to the following conclusions. Check it out!

Rockefeller’s Beginnings – A Bookkeeper with a Strong Head for Numbers

Rockefeller grew up in modest circumstances and began his professional career as a young boy. At the age of 16, he enrolled in a course in commercial accounting, and this decision proved to be a turning point in his life. During this course, he familiarized himself with the principles of bookkeeping and accounting that were to form the basis of his later success. During that time, young John discovered his strong head for numbers and started developing his skills in making accurate financial records and analyzing business transitions. 

 

 

Thanks to the knowledge and understanding of financial investments he acquired, he was able to identify profitable opportunities that proved invaluable when he began investing in his business and managing his own empire.

After completing the course, Rockefeller worked as a bookkeeper and clerk for a number of firms. During this time, he furthered his experience in finance and business processes, which eventually led to him opening his own company, Standard Oil, which would become one of the most successful companies in the world.

This isn’t to say that an accounting course is a must for every startup owner, but that unless you have a strong finance background like Rockefeller, the success of your business will depend heavily on the skills of your accounting team.

Strictly Observe Contracts

Contracts are central to business relationships and the successful completion of any type of business transaction. As someone who comes from a financial background, Rockefeller knew that contracts mitigate risk and help an entire organization stay compliant. If you are starting a business, it’s important to be familiar with the legal aspects and make sure your workflows are compliant.

 

In the Rockefeller biography, Ron Chernow points out, “In his business career, John D. Rockefeller prided himself on paying his debts on time and abiding strictly by contracts.”

Rome Wasn’t Built in a Day – Be Persistent

One of the most common mistakes young entrepreneurs make is to give up after a few obstacles. Starting a new business is no easy task, and no one said it would be. Young Rockefeller knew that. One of the key factors in his success was perseverance. He was determined to build a powerful and profitable empire and worked tirelessly to do so.

After the course we mentioned earlier, Rockefeller was tasked with finding a job. For almost seven weeks, he would shave, dress professionally, and walk from bank to bank trying to reach someone in charge and speak to them. He even had a list of all potential employers and visited some of them up to three times! Never disheartened by rejection, he carried this mindset over to his later career.

 

Through his perseverance and hard work, Rockefeller was able to build a successful career and eventually founded the company that became one of the largest and most profitable companies in history.

What Gets Measured Gets Managed

Rockefeller once famously said, “I charted my course by figures, nothing but figures.” He was described as being ‘farsighted’ in his financial work, which is definitely a positive. Accounting and bookkeeping are very exact sciences and require a certain mindset. Rockefeller had what it takes, and that’s what gave him an additional boost in his career.

This mindset isn’t just one of analytical thinking but also of diligence and devotion. Rockefeller kept handwritten records of all of his company finances in one place, where he could easily keep track of progress. Thankfully, today we have advanced software solutions to keep all the data safe for us, but they still require focused efforts in order to work to our advantage.

 

 

Build Trust by Trusting Others

As brilliant as Rockefeller was, running an empire isn’t a one-man job. He had very many associates and employees whom he cared for and respected deeply. Biographers note that one of the main tenets of Standard Oil was to educate anyone under you, and this way of thinking was quite ahead of its time!

 

 

Other than growth, Rockefeller also nurtured team spirit and harmony in his ranks. He made all his decisions in counsel with the others and never thought of himself as a lone leader. This just goes to show that, no matter what line of work you’re in, it’s always better to put more minds to a task in order to reach the best possible solution.

Are You the Next John D. Rockefeller?

There’s a lot we could learn from Rockefeller. Seeing how his name still pops up in every conversation about success and wealth, he obviously did something right. The way he ran his business was to ensure compliance, stay persistent, and rely on facts, figures, and his team.

These are core principles of FinSuperstars, of course, combined with all the advantages of the modern age. With cutting-edge technology and a page from the playbook of the greats, we strive to provide all our clients with the best service. We offer Finance Analysts, Financial Controllers, Bookkeepers, Tax Clerks and Billing Clerks, Finance Managers, Financial Accountants, and Payroll and Timekeeping Clerks.

If you’ve got the next big business idea but aren’t really analytically oriented, give us a call, and we’ll take that burden off your shoulders!

 

About GS Personeel

GS Personeel is currently one of the largest providers of catering staff in Europe. Since its foundation in 2015, the company has experienced tremendous growth and is constantly scaling. GS Personeel has become a reliable partner for the largest catering companies and a favourite among agencies in the Netherlands because they offer a good selection of suitable candidates for various services.

On the other hand, GS Personeel offers job seekers throughout Europe vacancies in various fields in multinational companies, large organizations, and SMEs. In this way, GS Personeel is the perfect link between employers in the Netherlands and well-trained and experienced workers abroad.

The Issue: Why did GS Personeel Turn to FinSuperstars?

As the company is growing rapidly and currently has offices in the Netherlands, Spain, Portugal, and Lithuania, they were looking for a reliable accounting and bookkeeping partner who speaks English and uses modern accounting software to manage all accounting transactions accurately and efficiently.

Before GS Personeel turned to FinSuperstars, they had the problem of finding flexible accounting and bookkeeping experts in the Netherlands capable of automating accounting processes and working remotely with all stakeholders – international employees, employment agencies, and GS Personeel employees. They needed an accountant and financial controller who has a high level of education, uses innovative approaches and drives digital transformation by using the latest cloud solutions.

The solution: How FinSuperstars Helped 

FinSuperstars provided GS Personeel with a qualified accountant from Serbia who:

• Has a BSc in Accounting and Finance,
• Has a FinAcademy certification, demonstrating excellent knowledge of international accounting regulations and procedures,
• Hands-on experience with Exact accounting software,
• Strong English communication and analytical skills.

Our experienced accountant from Serbia takes care of managing all financial transactions of GS Personeel, from fixed payments, salaries, and variable expenses to bank deposits and budgets. 

Thanks to weekly meetings and close communication with the management of GS Personeel, our accountant is able to successfully audit financial records and prepare payroll in such a way that keeps the company in strong financial standing.

Technologies used: Exact Software, MS Excel

 

 

The Future

Remote and international is the new normal. Thanks to both companies’ experience with the hybrid work model, communication and collaboration run smoothly and effectively. As GS Personeel grows rapidly and plans to open more offices across Europe, the company will need more accounting and finance professionals. And FinSuperstars’, a talented and agile team with a fresh and insightful approach, will be there to support their growth.

Let’s create a success story with your business, too. Think about growing your business, and we’ll do the rest. Book a meeting with FinSuperstars and learn more about our services.

 

 

If you are looking for a chance to become your own boss this year, the Netherlands is the place for you. Thanks to solid financial incentives, the number of businesses in the Netherlands grew by 8.5% in 2021, exceeding 2 million in 2022. However, in order for your business to survive, you should be familiar with Dutch laws, administrative regulations, accounting and bookkeeping requirements, and the tax system. In this article, you will find out some of the most important matters that you should consider when starting a business in the Netherlands.

Who Can Start a Business in the Netherlands?

Almost anyone acting as a natural or legal person can establish a company in the Netherlands. It depends on the nationality of the shareholders, so the procedure and documents may be slightly different depending on whether you need a visa and/or work permit.

• EU/EEA/Swiss nationals who want to start a business in the Netherlands don’t need a work permit (TWV). However, they need a personal registration number (BSN), which serves as a social security and tax number.
• Non-EU/EEA/Swiss citizens who want to start a business need a residence permit (MVV) or a work permit (TWV). 
• The Start-up Visa for non-EU citizens allows international entrepreneurs to start a business in the Netherlands within one year, giving them time to learn about the Dutch business environment and grow their business.

Legal Forms for Starting a Business in the Netherlands

Before you start a business, you should choose the legal form of your business. Depending on whether you start a business as a sole proprietor (eenmanszaak) or as a limited liability company (bv) will determine your liability and tax obligations. The most common legal forms for companies are:

• Unincorporated businesses (rechtsvormen zonder rechtspersoonlijkheid): you, as the owner, are responsible for your business income and possible debts. Unincorporated businesses include limited partnerships, general partnerships, and freelancers.
• Incorporated businesses (rechtsvormen met rechtspersoonlijkheid): you have a separate account from the company, so you are protected from the business’s debts. Corporations include, for example, private limited companies, public limited companies, cooperative and mutual insurance companies, foundations, and associations.

Bank Accounts

A business bank account is the next must-have when you start a business in the Netherlands. Apart from the fact that a business bank account is a prerequisite for business registration, it makes administration easier for you and ensures smoother operations.

 

Business Registration

Once you have decided on the structure of your business, you should choose an original name and officially register your business in the KVK or the Chamber of Commerce. First you should fill in the registration form and make an appointment. After that, you need to pay the registration fee, present a valid ID, and prove you know what kind of business you will be registering. The KVK will forward all these details about your business to the Dutch Tax and Customs Administration (Belastingdienst).

Business Insurance and Pension

When you start a business, it’s important that you protect yourself and your business against the possible risks. Depending on the nature of your business, you may need business liability insurance, cyber insurance, inventory insurance, and damage to your business from fire or burglary. In addition, insurance for you includes health insurance, disability and accident insurance, and pension or annuity insurance.

The Most Common Taxes 

As an entrepreneur in the Netherlands, you have to pay different taxes depending on the type of your business. The most commonly known taxes for companies are:

• Value-added taxes – VAT (BTW) 
• Income tax (inkomstbelasting)
• Payroll tax (loonheffing)
• Corporate income tax (vennootschapsbelasting)

To learn more about taxes in the Netherlands and how to avoid penalties for late tax returns and keeping incomplete records, check out the infographic How taxes kill young entrepreneurs.

Tax Breaks 

In the first years of your business in the Netherlands, you can take advantage of various tax benefits that can reduce the total taxes that you have to pay in the first years. Some of them are:

• Self-employment deduction (zelfstandigenaftrek)
• Starters deduction or allowance (startersaftrek)
• SME profit exemption (MKB-winstvrijstelling)
• General tax credit (algemene heffingskorting)
• Labour tax credit (arbeidskorting)

To qualify for a tax break, you must meet certain requirements, such as documenting your operations, having three or more customers, working at least 1,225 hours per year in your business, having certain working relationships with customers, etc. Doing taxes right and getting the most out of tax breaks requires a good knowledge of Dutch laws and regulations. If you need help, FinSuperstars can give you the necessary information and provide you with a special financial advisor or accountant.

 

Dutch Accounting Requirements

In order to avoid various liabilities, it’s important to keep all business records required by the Dutch tax authorities, such as invoices, bank statements, contracts, and business expenses.

Some of the most important things regarding bookkeeping and accounting that you should pay attention to are:

• Timely filing of your Corporate Income Tax Return,
• Timely filing of Financial Statements,
• Updating your abbreviated statements to the Chamber of Commerce and payment of the registration fee,
• Use of proper contracts and Dutch accounting regulations,
• Completion of monthly, quarterly, or annual tax returns,
• Completion of personal tax returns,
• Etc.

Before jumping into all this overwhelming administrative work, ensure you’re well-informed. You can learn more about this topic in the article What are accounting and bookkeeping services and why are they important.

How to Facilitate Entry into the Dutch market?

Sounds like a lot of administrative paperwork to take care of? 

The good news is that you don’t have to do all these things on your own. You can leave all the aforementioned formalities to the certified finance and accounting specialists, that will not only make sure that your company complies with Dutch accounting regulations, but also make sure that you have a clear insight into your company’s overall finances. Thanks to using a modern software solution, we can automate all these processes, saving you 32% on labor costs. Besides bookkeeping and accounting, we also offer other services:

• Financial analysts,
• Financial controllers,
• Accountants,
• Tax and accounting clerks,
• Financial managers,
• Financial accountants,
• Payroll and time recording clerks.

 

Schedule a no-obligation meeting and get off to a flying start!

 

 

 

When you start a company in the Netherlands, you should know everything about the Dutch administrative regulations and especially the tax system. Take a look at this handy infographic, where you’ll find the most common taxes you’ll have to pay as an entrepreneur in this country.

 

The most important thing for any accountancy firm is to gain the trust of its clients because accountants take care of the most sensitive part of the business. That’s why every successful accounting firm places great emphasis on customer satisfaction and strives to provide the best experience to the businesses it serves. But the new digital age brings new challenges for accounting firms if they want to meet all their clients’ needs. Let’s look at some of the most important things every accountancy firm should do to keep their clients satisfied!

In the business world, a good reputation equals more value.  When you take care of your customers, you also increase the value of your brand, which means that your company will be perceived more positively by the public. This will lead to new customers becoming interested in your services. Client testimonials are more well-accepted than the ones generated by your employees or marketing team.

Give Your Customers What They Expect. And That Is…

Hopefully, by now, you’re convinced that customer experience in accounting is as important as it is in any other industry. But you’re probably wondering how you can raise the CX levels. That’s why we’re providing you with some actionable tips that have worked for us in the past.

Enough Staff

 We’ve already mentioned that having too few people in your company will leave them overwhelmed, and this is something that your clients will inevitably be impacted by. The quantity of work impacts its quality, and it’s up to you to decide which should be increased and which should be decreased. Keep in mind that no one likes to be kept waiting – especially when money is involved. The waiting times for responses will leave the customer disgruntled, and you may risk losing them.

Similarly, having sufficient staff on hand will boost productivity and morale since juggling more tasks than possible is a big stressor. Teams can brainstorm together (once they have enough time and members for it), bringing better solutions for improving customer satisfaction.

Competent and Motivated Financial Professionals

Of course, the number of your employees is very important, but so are their capabilities. According to DUO, the number of students interested in studying accounting and related financial fields has been dropping in the past eight years, both in bachelor’s and master’s programs. This means that even when younger generations start to enter the workforce, they’re more interested in other industries.

Another reason that many CEOs are looking to hire innovative younger people into their companies is that they are more well-versed in modern solutions. Each FinSuperstar goes through the FinAcademy on top of their formal education in order to master AFAS, Exact Software, Twinfield, and Reeleezee. The tech age brought about many tools and software that can make accounting and bookkeeping smarter, safer, and easier – which is precisely what your clients want. These can involve automatisation, standardisation, and optimisation of various processes, as well as the ability to streamline many mundane tasks.

Wide Array of Services

The customer base wants what’s the most convenient for them, and that is having one company providing all financial services. That’s why the firm that offers a broader selection of services will have an advantage over those that don’t, so make sure to hire enough (varied) staff and display all the services on your website.

With FinSuperstars, you’ll be able to hire highly educated Finance Analysts, Financial Controllers, Bookkeepers, Finance Managers, Financial Accountants, and Payroll specialists. This allows clients to meet all their financial department needs at just one stop. In the words of Marcel Palm, FinSuperstars CEO, the goal is to make these services available to other accountancy firms and larger companies whose finance departments need to keep up with their growth.

 

Bonus Advice: Incorporate These Features Into Your Work

Admittedly, there is no one perfect formula for increasing the customer experience in accounting, but there are a few characteristics that will definitely be of help.

 Flexibility – allowing room for your clients and partners to scale up or down depending on their needs (and being able to follow them) is a surefire way to increase their satisfaction and build a long-lasting relationship.

 Responsibility – the financial sector deals with highly sensitive information, so any small error may have detrimental consequences. Handling all tasks with care and focus will prove your responsibility to the client.

 Promptness – we’ve already established that time is of great importance when handling finances, so make sure you’ve got enough staff on hand and that they’re able to handle tasks in a timely manner.

 

 

Conclusion

This article dealt with the importance of customer experience in the accounting industry and the actionable ways to increase client satisfaction. We recommend ensuring you’ve got enough staff and that they’re well-educated in their fields and the software solutions and tools to help them with work. Another step you can take is to expand the number of services your company offers, as well as to try to be as flexible, responsible, and prompt as possible.

 If you’re looking to extend your current team with expert staffing in the financial sector, find out more about FinSuperstars! 

Marcel Palm is the Business Director of a young and innovative FSI company called FinSuperstars, which provides high-quality services to companies looking to hire professionals in the financial sector. FinSuperstars works remotely by matching accounting firms in the Netherlands with highly qualified finance professionals from Serbia. Find out where he got the idea for his business and what it looks like directly from Marcel.

What are the biggest challenges facing accounting and auditing firms today?

In my opinion, accounting and auditing firms face a huge challenge in finding and retaining talented and well-trained young professionals. In addition, fast-growing accounting firms have a scalability problem. More than one-third of companies in the accounting sector face a labor shortage, which severely hinders the growth of these firms. 

The Dutch employment office also confirms the ongoing shortage of certain workers in bachelor’s and master’s accounting programs, such as accountants, accounting assistants, and accounting controllers. According to the CEA, the larger offices in particular are having difficulty retaining young employees. 

Figures from DUO show that the number of bachelor’s and master’s degree graduates in accounting has declined in recent years. For example, since 2014, the number of students who started a bachelor’s degree in accounting has dropped by 8%. In the master’s degree program in accounting at universities, the number of students starting the program actually fell by 15%.

What made you think of starting an accounting and bookkeeping business remotely? 

I’ve been in the staffing industry since 2015 and have noticed a shortage of qualified candidates in the accounting field. I’ve partnered with Typeqast and Hybrid IT Solutions, companies that do outsourcing for IT and the architecture industry, in order to investigate the need for outsourced accounting labor. Our shareholders from these companies already had a test case in IT sector and architecture where they offered remote professionals from Serbia to large Dutch companies and these companies have grown rapidly in the last 5 years. 

After the research, we found that the accounting sector suffers from the same problems due to our ever growing economy. The number of vacancies in accounting has skyrocketed. Besides that, the big 4 already have enrolled in remote accounting and this has been very successful. At FinSsuperstars, we want to make these services available to other accounting firms and larger companies whose finance departments need to keep up with their growth.

What benefits do registered accounting firms have from partnering up with a remote firm like FinSuperstars?

The advantages are obvious: the talent pool in Novi Sad, where our offices are located, is very large. We can place enough young, well-educated, and motivated financial professionals who have been trained internally through our FinAcademy. This makes working with FinSuperstars scalable and cost-effective and can help your business grow.

What kind of services do you offer?

We offer a total of 4 services:

• Bookkeeping offices

We support administration offices to provide professionals who keep the administration and prepare the annual accounts. 

• Audit firms (international)

Supporting audit firms in recruiting CPA/ACCA and PCOAB accredited young professionals.

• Audit firms (in the Netherlands)

Supporting Dutch accounting firms in the deployment of young professionals by standardizing and centralizing parts of the auditing process through a shared service concept. 

• Large clients (international)  

Supporting international companies in the recruitment of:

• Business controllers
• Reporting specialists (ESG)
• Finance business partners
• Financial controllers
• Financial data analysts and modelers
• Information security risk experts

 

 

Who are your employees, and what’s their level of education? 

Our employees are young and talented accountants from Novi Sad, Serbia. They all have bachelor’s and master’s degrees in accounting and are proficient in English. In order to introduce them to Dutch accounting practices, we’ve prepared a special FinAcademy course that each of our employees should go through. This way, the employees are properly trained and certified for the right tools before they start. FinAcademy also includes courses for the following software solutions: AFAS, Exact Software, Twinfield – Basic, Advanced, Expert and Reeleezee.

Why did you choose Serbia?

Since our partners at Typeqast have been working with remote professionals from Serbia for years, we found that the people in Serbia have a good work ethic, education, and English proficiency. This was a good starting point. Furthermore, we researched and found out the great statistics about qualified finance professionals in Novi Sad. According to LinkedIn, Novi Sad has:

• Finance Analyst – more than 1100, 60% with more than 5 years of experience
• Finance Manager – more than 150, 90% of them with more than 5 years of experience
• Financial Controller – more than 150, 50% of them with more than 5 years of experience
• Bookkeeper – more than 100
• Financial Accountant – more than 100

What is it like to work with remote teams?

FinSuperstars has sales offices in the Netherlands with Dutch-speaking sales representatives. We also have a chartered accountant that has a track record of building a successful remote service center abroad. Our chartered accountant has the capability to professionally integrate the client’s wishes into an optimally functioning remote team that supports the client’s finance department.

If a prospect is interested in expanding his financial department, he books a personal meeting with our sales representative and our chartered accountant. At this meeting, the client’s needs are expressed and we begin the process of selecting the perfect candidate(s). 

We have our own FinAcademy, where the selected candidates are trained and prepared to work with the client’s software. They are also trained to adapt to the client’s office culture. Based on our 5 years of experience in managing remote teams, we confident that each new employee will do exactly what they need to do and more. The time it takes to integrate your new employees is FinSuperstars’ investment. We calculate up to one month of preparation time to make your new employee a valuable asset to your company.

What kind of digital transformation does FinSupertstars offer?

Digital transformation in this case is based on the idea of shared services. With FinSuperstars, accounting firms and companies can standardize and automate their work processes and deploy analytical tools.

Why should accounting firms in the Netherlands choose FinSuperstars?

We offer our potential customers access to a large pool of talented financial professionals who’ll work as an extension of their company. Even though our employees are from Serbia, our clients have the support of Dutch management at all times. Thanks to the hybrid working model, working with FinSuperstars guarantees flexibility, as companies can deploy skilled accoutants only where and when they are needed. Our finance team has a high level of education, uses innovative approaches and drives digital transformation by using the latest robotics and cloud solutions.

How to get started with remote accounting? 

If you’re ready to drive change in your business, or need more information about remote accounting for your specific needs, feel free to schedule a meeting with Marcel, CEO of the young, innovative company FSI.

 

So, you finally started your own company! That’s great news, and we’re super proud of you… But, what are you going to do for accounting and bookkeeping services? Did you decide whether you’re building an in-house team or outsourcing? Did you check your local laws and regulations? Are you closely following industry trends? No? That’s okay!

There’s no need to stress – we’re here to provide you with a professional staff that has all the answers. While you focus on what you do best and build your own career, we’re offering you experts from the finance world that will deal with that aspect of business for you. This article is a run-down of all the things you need to know before building your team.

What are accounting and bookkeeping services?

To someone looking from the outside into the financial world, maybe the terms accounting and bookkeeping sound a bit too similar. So, that’s where we should start – with a brief explanation.

Bookkeepers: record and gather financial data (collect the important numbers). They handle payroll, invoicing, receipts, and bills.

Accountants: interpret and present financial data to CEOs (their job is to understand what the numbers mean). When it comes to day-to-day activities, accountants handle financial statements and reports, budgets, and tax returns and analyse business performance.

 As you can see, their duties sometimes overlap. This is just an outline of their professional capabilities – in practice, their exact roles differ from company to company. It’s also possible for an accountant to do a bookkeeper’s job, but a bookkeeper needs certification to be considered an accountant. This is something to keep in mind if you’re running a smaller business that may only need one person in the financial department.

Why are they important?

For legal reasons. It would be a shame for a great idea to go belly-up in the business world due to a technicality or a legal bug that could have easily been avoided. That’s why you need to bring professionals aboard, and they can help you keep your business squeaky clean.

 If, for whatever reason, staying above board is not enough to convince you to find the best experts for the job, please consider that not everyone in this world has your best intentions at heart. When you have someone with a degree in finances and a significant amount of experience backing them up, you’ll have someone to warn you if you’re in danger of getting scammed. Don’t get us wrong – we trust that you can take care of yourself – but scammers can sometimes be so sly that you’d never see them coming.

 Another big reason is that you need to have a good overview of all your company’s activities. This includes finances, too! The best practice is to organize weekly meetings (or however often you feel it’s best for your specific business, but it’s usually done on a weekly or biweekly basis). At these meetings, your financial department presents its activities and the financial state of the firm to you. From there on, you get tasked with making whatever decisions you see fit.

Who can help you?

By partnering up with FinSuperstars, you can save up to 32% on labour costs! We’re a company that consists of financial experts from all across Europe. Our rich previous experience allows us to handle all your bookkeeping and accounting needs with ease and at a reduced cost compared to traditional, in-house finance teams.

 Other than accounting and bookkeeping services, we also provide:        

• Financial Analysts
• Financial Controllers
• Bookkeepers
• Tax clerks and billing clerks
• Finance Managers
• Financial Accountants
• Payroll and timekeeping clerks

 If you have a company that’s lacking in the financial department and want us to help you raise it to the next level, you can always schedule a meeting and get started with building your own custom external team!

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Introduction

Did you know that the term “paperless office” was first used in 1978 by an office equipment company? However, it wasn’t until recently that businesses all over the globe realized that minimizing the amount of paper is not only very user-friendly but also very important for the environment.

Office digitization has become incredibly popular in the last decade or so, so it’s no wonder that all company departments are finding ways and tools that would keep their department completely organized. One of the departments that had the most challenges in this task is finance and accounting – primarily because of the nature of their business and the fact that their whole department is paper-based.

However, this trend is being implemented in financial departments as well. Not only are businesses realizing they can turn to many different cloud solutions that would streamline their job; but they are also looking for remote teams to handle these tasks.

How did it all start?

Although this term was first used in 1978, everything started with the invention of the first word processor a couple of years prior. This allowed typists to edit texts without needing to re-do the entire page, as was the case with typewriters.. The electronic spreadsheet followed soon after together with the first IBM PC, setting the ground for the computer era we’re living in today.

A big push toward digitisation came with integrated office systems that introduced digital files and emails. This significantly lessened the need for paper since drafts and final versions of documents didn’t need to be individually printed. When combined with client-server networks, this was the biggest leap in the development of paperless offices.

Finally, in the 2010s, cloud platforms took over business operations, nearly rendering paper useless. In terms of accounting, the increased safety of digital documents meant that this was an option most companies favoured over the traditional way of doing business. With the emergence of electronic signatures, accountants seemingly had no need to have even as much as a post-it at their desk.

Paperless vs Traditional accounting

Let’s admit it – no one can go 100% paperless. Similarly, no one can go completely software-less, either. Today, most businesses combine the two approaches, with some leaning to one side more than the other.

In most cases, the main difference is the type of storage. Financial matters must be diligently recorded, and those records must be safely kept. Traditional offices still prefer folders and cabinets, kept under lock and key and manually accessed when necessary. Digital offices aren’t that much different – the folders are still there; they’re just on the cloud. Locks are replaced by passwords, and access is shared via email.

Advantages of Online Accounting

Cost and time efficiency

Firstly, we must mention the significant effect that paperless offices have on the company’s finances, time, and space. The digital storage of all documents can be done either on an on-premises server or via cloud software. This is an excellent way to reduce spending on paper, printers, ink, and postage. Of course, these will still be necessary for any office, but the savings won’t go unnoticed, especially after some time.

The paperless practice also helps save time from hours of trying to make all files and folders neat. This is especially helpful in an industry such as accounting, where retention periods are rather long for each document.

On top of saving time and money, digitising files will help you save valuable space as well. Bulky cabinets take up too much room in offices and make the environment less welcoming. On the other hand, cloud or other types of digital storage take up zero space and are endlessly expandable.

Possibility of saving costs

One important benefit of online accounting is that you don’t need an in-house team that will tackle your finances. If you decide to take all of your accounting online, you might want to go the extra mile and think about outsourcing your accounting team. Finding bookkeeping and accounting professionals in a country nearby can significantly reduce your costs and you will also get the chance to hire them for a limited amount per week – depending on your business needs.

Easy transfer of information

Another noteworthy advantage of digitisation over traditional accounting is the easy transfer of information. Typically, several financial experts are assigned to each client, and it is of the utmost importance that everyone on the account stays informed about all updates. Viewing the changes in real-time instead of having to wait for each bit of information to reach somebody will greatly reduce the chance of human errors.

Furthermore, this way of doing business promotes collaboration and allows for a way to perform data analysis. That task would typically take days (or even longer!) and possibly end with inaccurate data due to manual analysis. However, allowing a computer to do this work for you only takes up a small portion of your day, and there’s no need to worry about result precision.

Security

Data security is the top priority when working in an industry such as finance. Physical documents are hard to keep track of, which means they can easily get lost or even tampered with.

Most storage software solutions have an option to prevent unauthorised access to information such as passwords. This proves particularly important to businesses that handle sensitive and confidential information, such as financial records and detailed personal information on their clients.

With document management software, you also can redact confidential pieces of information, create audit trails, and leverage electronic signatures.

Environmental impact

An average tree takes around 100 years to grow but can only produce 17 reams of paper.

Other negative influences that paper production has on the environment include the emission of greenhouse gasses, leading to deforestation and speeding up global warming. Ink and toner cartridges eventually make their way to landfills, where their plastics will stay for a long time. Although recycling can indeed help lessen this effect, it is, unfortunately, still not enough.

A company can improve its sustainability and reduce its carbon footprint by lowering paper usage. Rather than using ink containing toxic chemicals for each file, you can print out only the necessary ones and help offset the pollution levels.

How can you get in on the paperless trend?

Since the 1970s, we’ve slowly been working towards paperless offices. Although still following the basic concepts of traditional accounting, going online has plenty of benefits over it.

Besides reducing costs and time and space waste, digitising also allows for a more effortless transfer of information and heightened security levels and is ultimately good for the environment.

One of the best ways to reap the benefits of a paperless office is to hire an online accounting firm. At FinSuperstars, we provide companies with expert teams to handle all your bookkeeping and accounting needs. Since we conduct our services remotely, you can rest assured that we bring about all the positives of a paperless office.

Do you want to partner up with a paperless company and join the trend? Give us a call, and let’s get started!

 

Introduction

As an entrant into the industry sector in the Netherlands, finding suitable employees can be a challenging endeavor. However, it’s not only important to find professionals in your business’s industry; departments such as finance, accounting, HR, and legal are also vital, and they make the whole company work like a well-oiled machine. Well-organized accounting ensures that your business functions efficiently and in accordance with the legal framework.

Legal requirements are the same for every company in a given country, but not all companies are the same, and not all operate in the same way. For successful accounting, you need the right experts that suit your business perfectly and understand your challenges. That’s why it’s crucial to find someone familiar with your company’s activities and the way you operate.

Accounting and bookkeeping services in the Netherlands

To understand what skills you should have in mind when it comes to accountants, you must first be aware of what their daily activities include. In the Netherlands, an accountant is a controlling role that is legally protected, and for this profession, a bachelor’s or master’s degree is necessary. Bookkeeping is just a process of accounting work. Usually, it is recommended to go to an accountant for complex situations and higher requirements.

Some of the most common services that accountants provide are:

• Tax registration and compliance
• Debt monitoring and risk assessment
• Accounting and annual tax filings
• Audit services and payroll services

On the other hand, bookkeepers deal with accounting procedures such as recording receipts, invoices, and documents related to employees’ salaries. Since this is more administrative work, bookkeepers don’t need a degree in accounting. Yet, they need to be well-qualified and familiar with your work since they are dealing with the recording of all financial transactions.

Why should you choose outsourcing instead of in-house accounting?

Business owners might be skeptical when it comes to outsourcing their accounting and finances, which is completely understandable as dealing with finances is a sensitive job. However, there is no need for that as outsourcing financial teams is getting more and more common. Outsourcing is one of the fastest-growing trends in the global industry, and this trend is expressed in the accounting industry as well.

Recent research by Report Linker shows that the outsourcing accounting industry reached a worth of 43.1 billion dollars in 2022 and is expected to rise to 54.3 billion dollars by the year 2026.

The development and evolution of the Internet opened new chapters in the world of business. By outsourcing accounting services, you get a chance to place your needs and find solutions somewhere else on the globe. With the traditional way of accounting, owners were limited to a certain number of employees they could find in their vicinity.

Outsourcing this role has opened the door to a considerable number of new workers, who are extremely skilled and experienced, very reliable and can also be more economical depending on the company the financial team is outsourced by. By expanding the candidate pool, employers get the opportunity to integrate new people with different expertise into their business and explore a different way of performing the same job. Outsourcing offers the opportunity to improve accounting performance with lower costs.

Challenges of in-house accounting

Looking at the business trends, it seems that having an in-house accounting team is more and more a thing of the past. Although it may look like you have your finances in front of you and are in full control, this might not be the smartest choice.

Here are a few risks that you should consider if you decide to opt for an in-house accounting team:

• Higher costs

It takes significant amounts of money to recruit, screen, and train your accountant or bookkeeper. In-house wages are higher than outsourcing, but that’s not the only cost. Don’t forget office costs, benefits, payroll taxes, health insurance, equipment, etc.

• Impossibility of scaling your needs

What if your business grows fast? That means that you would need to expand your accounting team with it. Training, onboarding, and assimilating new employees into your company can take a lot of time. Also, it might take even longer to find the right candidate. Remote accounting gives you the ability to scale your team according to your needs at any given moment, which can save you a lot of money, time, and energy.

• Potential frauds

Although this might sound cruel, this is a real-life situation that we cannot ignore. If it ever comes to situations like this, it’s likely to be committed by the employee who’s close to you and who’s well acquainted with your company, details, internal data, and confidential information. With outsourcing, you’re managing access to authorizations, permissions, and confidential information.

With the CEO – remote team arrangement, you create a system in which the remote team sends reports to you, which allows you to monitor all financial flows and operations. This will reduce the chances of potential fraud.

Advantages of outsourcing bookkeeping services

Let’s look at some of the advantages of outsourcing bookkeeping services.

• Lower cost

In contrast to in-house accounting, outsourcing allows you to hire more specialists in this area for a lower price. Therefore, this saving gives you the possibility of hiring more specialists, which can increase the functionality of your finances. Win-win situation, no doubt.

• Time savings for business growth

Managing finances is crucial to your business and as such, can take up too much of your time. If you outsource your accounting, you will get more time to devote to new projects, clients, and business development in general.

• Networking

By cooperating with outsourcing companies, you’re getting the opportunity to look at finances in a completely different way. Outsourcing companies employ experts who deal with only this area and who are thus completely focused on accounting. The benefit in this situation is increasing the flexibility of your team, which can focus on other things in your business. On the other hand, you’re getting regulated finances and possibly new ideas and solutions in the field of accounting, which can be extra value for your company.

• Reporting and monitoring

When you hire an external accountant, you get full visibility of financial activities through reports. This is helpful for small businesses with a small number of employees. Imagine that you need to look back in your books and try to find one minus or a reason why you didn’t make a profit. With constant reporting, you have a new pair of eyes that might see something you are missing. Secondly, you’re able to think proactively, make changes, and make further steps at the right time to scale your business to make a profit.

How to choose the right firm for your business?

For successful accounting and bookkeeping in the Netherlands, the most important thing is having employees you can rely on. Since finance is a crucial segment of your business, accountants must be knowledgeable and familiar with the latest software technologies. On top of that, they need to keep track of things such as amended regulations, changes to tax rules, and other important developments that affect their field of work. Employees in this area must be familiar with how your company operates, time frames, company goals, and the mission that you’re trying to achieve.

That is exactly why FinSuperstars came up with FinAcademy. Every employee you choose is trained to work in your company. Before being employed at a specific position, the participant of the academy goes through a course in which they become familiar with all your activities, technical requirements, the field of business, and the way you work.

After receiving the FinAcademy certification, you get an employee who is familiar with the culture and methods of your business and who is well acquainted with the culture and environment of your company. With FinAcademy, the onboarding process is halfway done, and you’re getting an employee who is ready right from the start.

If you agree that outsourcing has significant benefits over in-house teams, book a meeting today and get started with FinSuperstars!

Introduction

Many accounting firms are beginning to fully transition to remote work, whether to reduce costs, improve work-life balance, or increase the availability of financial professionals. In addition, financial service firms have found that this way of working is more efficient because it facilitates scalability, increases productivity, and streamlines all financial processes. Since working remotely is challenging, it’s important to build a solid business infrastructure and keep up to date with new practices in this industry to ensure everything runs smoothly and efficiently.

Let’s dive into the best practices for remote accounting teams in 2022 and 2023!

Secure web-based accounting and bookkeeping software

Cloud-based accounting and bookkeeping software is another great way to streamline your online accounting and bookkeeping team’s workflow. This type of software allows team members to access financial data and tools from anywhere, at any time.

Since accounting involves working with very sensitive data, the prerequisite for successful online financing is the use of the right digital technology. Working with large amounts of data can take too much time and lead to errors. However, when you integrate the latest technological solutions into your finance processes, accounting teams can work with big data and deliver fast results.
Automation shouldn’t only speed up processes and minimize human error, but it can also improve overall business performance.

In addition to the technical aspects, accounting software and tools should keep all data secure and ensure that no sensitive information is ever compromised. This is especially important considering that accountants handle their clients’ personal and financial records.

Some of the most popular proven software solutions you can use for remote accounting are:

• Exact Online
• AFAS
• Twinfield
• Visma
• Reeleezee

Proven internal and external channels of communication

Efficient communication between all team members and adequate customer support are the backbone of any remote business. That’s why one of the best practices for remote accounting teams is to determine how they communicate internally with team members and externally with clients.

There’s no one-size-fits-all model, so each financial firm should explore the best options and compare them to their needs. Some accounting teams prefer a video conferencing solution like Zoom or Google Meets, while others opt for a messaging system like Microsoft Teams, Slack, or a combination.

These applications have great features that speed up processes and facilitate communication. For example, you can create channels for each client, such as bookkeeping, accounting, and CPA channel, and add only the team members that match their roles. This way, you have all the information in one place, which eliminates misunderstandings and simplifies communication.

Continuous online accounting and bookkeeping courses for employees

As remote work becomes increasingly popular, it’s important that all accountants are familiar with their duties and company policies, and fully understand the specific needs of clients. Therefore, developing a training system for remote accountants is one of the most sought-after practices in 2022 and 2023. It goes without saying that all employees already have the necessary knowledge and training, but it’s important to integrate with the systems clients already have in place.

By developing a remote accounting training system, companies can ensure that all of their employees are up-to-date on the latest accounting practices and procedures. This not only increases efficiency and accuracy but also builds confidence with clients who know their remote accounting team is competent and knowledgeable.

For example, FinSuperstars is a online finance company that organizes special accounting and bookkeeping course for all employees to keep them up to date on their clients’ financial matters and to incorporate them into the company’s culture and policies. Moreover, in these courses, the team gets to know the client’s company better and is trained and certified for the right tools and software solutions before they start their work.

Clear expectations for both sides

Remote financing can only be of great benefit to both parties, companies, and their customers if they formulate clear expectations from the outset to ensure smooth and productive cooperation.

For remote accounting teams, it’s important to openly address any communication and scheduling constraints and let clients know what to expect in terms of turnaround times for deliverables.

On the client’s side, it’s important to provide remote accounting teams with all the information they need to do their jobs effectively. This includes access to financial records, clear instructions on what you expect from them, and realistic deadlines for deliverables. If there are areas where you need additional help or clarification, be sure to communicate this early so your remote team can make adjustments as needed.

By setting clear expectations on both sides, remote accounting firms and their clients can maintain a productive and successful working relationship.

Flexible and adaptive teams

One of the most important practices for remote teams is their ability to be nimble and adaptable. Because they aren’t tied to a physical office, remote accounting firms can respond quickly to the changing needs of their clients. For example, if a client’s business slows down and they need less support, an accounting firm can easily scale back their services.

Conversely, if a client’s business picks up and they need more support, an accounting firm can quickly hire additional staff or extend hours to meet demand. This flexibility is one of the many reasons why remote accounting firms will be the best choice for businesses of all sizes in 2022 and 2023.

A remote accounting firm should be able to adapt to different circumstances and respond to the changing needs of clients. The flexible and adaptable structure of the team can quickly respond to changes in the client’s business.

Project management tools

Remote accounting firms need to be especially careful when it comes to organization. For remote accounting teams, project management tools can be a lifesaver. They help team members organize their work and stay on track. By keeping all the important information in one place, project management tools make it easy for team members to find what they need when they need it. In addition, these tools help keep track of deadlines and milestones so everyone knows what needs to be done and when. With so many moving parts, keeping records remotely can be a challenge. But with the right project management tools, it doesn’t have to be.

Conclusion

Looking ahead to 2022 and beyond, it’s important to remember that remote accounting can be successful – as long as you have an experienced and highly skilled team on your side.

At FinSuperstars, we not only have experience with remote work, but we can also provide you with the best web-based accounting software, tools, and staffing that can save you 32% on your labour costs.

Contact us today to learn more about how we can help you succeed!