Bookkeeping is a system of organising and handling financial (business) transactions in a company. This involves keeping receipts, invoices and other documents, then registering and reporting them in a chronological (time-based) and systematic (account-based) way.

Accounting comprises supporting vouchers, a day book and general ledger, that´s called book keeping and is regulated in the Swedish Book keeping Act. But accounting also includes categorising accounts, analysing, making budgets, profit and loss accounts, balance sheets and other reports. The accounts is always closed with an annual account or an annual report depending on the form of the business as regulated in the Swedish Annual Accounting Act and standards of the Swedish Accounting Standards Board (BFN).

There are two bookkeeping methods for running accounts:

• The invoice method
• the cash method

For the ongoing accounting of business events in your company, you must choose one of these methods.

Yes. All businesses are obliged to maintain accounting records. This applies regardless of the type of company and scope of the business.

You decide whether you or someone else will handle the bookkeeping. But it is you, as the owner of the company, who is ultimately responsible for your accounting being handled correctly.

'Auditor' is not a protected title. However 'authorized auditor' (auktoriserad revisor) and 'approved auditor' (godkänd revisor) are. People who hold these titles have undergone special training and passed examinations.

The auditor's role is to assess annual reports of the company and make sure they are correct and reliable. The auditor's role is not to manage the accounts.

For sole traders, small trading partnerships and small limited companies there are no requirements in appointing an auditor. Unless the criterias of bigger companies are fulfilled, then it´s mandatory with auditing also for those.

Economic associations always have to appoint an auditor. The auditor of small economic associations does not need to be an approved or authorized auditor. It suffices if he or she is competent for the assignment.

Limited companies, trading partnerships, sole traders and economic associations of a certain size are required to appoint an approved or authorized auditor.

There is normally no requirement for an accountant in the business forms sole trador, trading company, limited partnership, and branch. Even some limited companies can choose not to have an accountant.

Auditor of limited companies at the Swedish Companies Registration Office

Auditor –– sole trader at the Swedish Companies Registration Office

Auditor of a trading partnership at the Swedish Companies Registration Office

Auditor of a limited partnership at the Swedish Companies Registration Office

Auditor of a branch at the Swedish Companies Registration Office