Annual accounts without an accountant: allowed?

Short answer

Preparing annual accounts does not require an accountant, unless you fall under the audit obligation. You may prepare and file them yourself; the responsibility for accuracy then rests with you. An accountant is mainly sensible if a bank, investor or buyer asks for a report.

More and more business owners prepare their own annual accounts. That is allowed, and it saves considerably on costs. At the same time you take on something an accountant normally does: checking and substantiating. These are the considerations.

What may you do yourself?

Action	Doing it yourself allowed?
Preparing annual accounts	Yes — there is no mandatory accountant
Choosing and explaining accounting policies	Yes, within the rules of Title 9 or sound business practice (goed koopmansgebruik)
Adopting (for a BV)	Yes — the general meeting does that
Filing with KVK	Yes — the management may do that itself
Issuing an audit opinion	No — only an accountant may do that

What you do yourself instead of the accountant

Make your bookkeeping complete and reconciled.
Determine the valuation: depreciation periods, inventory valuation, provisions.
Check the figures: does the balance sheet balance, does equity reconcile?
Write the notes that fit your figures.
Check whether you must file anything and within which deadline.

What you miss

An accountant looks at your figures with fresh eyes and knows the pitfalls from dozens of files. You miss that view if you do it yourself: you check your own work, and that is precisely the difficult part.

In addition, you do not get a report. If the bank, an investor or a supplier asks for a compilation report or audit opinion, preparing it yourself is not an option — then an accountant is needed.

And you do not get tax advice. The annual accounts are not a tax return: choices that are tax-advantageous (or not) do not automatically come into view.

You remain responsible

Even if you have software calculate the figures, the responsibility for accuracy remains with you or with the management. Software checks what you enter, but does not know whether your bookkeeping is complete.

When you do want an accountant

If you fall under the audit obligation or need a report.
With a complex structure: participating interests, a fiscal unity, foreign activities.
In an unusual year: a takeover, a discontinuation, a restructuring.
If you have a suspicion that your bookkeeping is not complete or not correct.
If the bank asks for an explanation or a report in connection with financing.

A middle path that works well

Many business owners do the figure work themselves and have only the check or the tax return done by an adviser. You then pay for a few hours instead of an entire file, and you keep sight of your own figures.

Another route: prepare the accounts yourself with a tool and have the outcome reviewed. You then deliver complete annual accounts instead of a pile of loose figures, which makes the review considerably cheaper.

Frequently asked questions

Is an accountant mandatory for annual accounts?

No, not in general. There is no statutory obligation to engage an accountant to prepare the annual accounts, unless you fall under the audit obligation or need a report.

What does an accountant cost for the annual accounts?

That differs by firm and by file and depends on the size of your bookkeeping, your legal form and whether a report is needed. Always ask for a quotation and check what is included: only the annual accounts, or also the tax returns and the filing.

Do I remain responsible if I do it myself?

Yes. The annual accounts are a responsibility of the management or the business owner. An accountant or a tool does not take over that responsibility.

Can I prepare the annual accounts myself and still have them checked?

Yes, that is a much-used middle path. You prepare the annual accounts yourself and have an adviser review them or do the tax return. Because you deliver a complete document, that check often takes less time.

Preparing annual accounts yourself in 8 stepsThe practical route, with the pitfalls.
Having annual accounts prepared: the three routesDo it yourself, outsource or software, and what determines the price.
Preparing annual accounts with softwareWhat a tool does and does not do for you.
Filing with KVKYou may do that yourself; these are the rules.

Prepare your annual accounts yourself?

Work through the wizard, check your figures and download the annual accounts and the KVK filing documents as PDFs. € 60,44 per financial year, once.

Start your annual accounts View a sample See how it works first

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Deze uitleg is algemeen bedoeld. Controleer bij KVK, de Belastingdienst of je accountant of de regels in jouw situatie nog zo gelden. ZelfJaarrekening.nl is a tool, not an accounting firm; you cannot derive rights from this explanation.