Holvi Zen+ – Service description

Overview of Holvi Zen+ – Accounting for sole traders and limited companies

Service in brief

The Holvi Zen+ Service offers sole traders or for smaller limited companies an all-encompassing package for running their business. As a customer of the service, you do not need to jump between different applications, as Holvi Zen+ offers everything in one place – business account, payment card, credit card, invoicing and accounting for a fixed monthly price.

 

Table of contents Who is Zen+ suitable for? Who is Zen+ not suitable for? What's included in Holvi Zen+? Holvi features Accounting and tax services Possible add-on services What's not included in Holvi Zen+ How to open a Holvi Zen+ account How to use Holvi Zen+ On a daily basis On a monthly basis How to close a Holvi Zen+ account Additional information

 

Who is Holvi Zen+ suitable for

Holvi Zen+ is designed for sole traders and small limited companies. Zen+ includes double-entry, cash-basis, bookkeeping so we can support your business, no matter your business type.

Holvi Zen+ is suitable for an entrepreneur if any of the items listed below are valid:

• Your company identity is sole trader or limited company
• Your company has employees or needs to pay salaries
• Your company has consumer sales abroad¹
• Your company uses a third party online store
• The company's fiscal year is calendar year or any other than a calendar year

 

Who is Holvi Zen+ not suitable for

Holvi Zen+ is not suitable for a company if any of the items listed below are valid:

• Your business type is something other than sole trader (Tmi) or limited company (Oy). For example, we currently do not support limited partnership (Ky), general partnership (Ay) or cooperative society (Osk) business types
• The company's operating area includes any investment activity or other business activity that does not alight with Holvi's Acceptable Use Policy²
• Your business' turnover or equivalent income exceeds €500,000

 

What is included in the Holvi Zen+ service

The Holvi Zen+ Service includes the most common services provided by Holvi as well as accounting services. Our accounting services are available in both Finnish and English 🇫🇮 🇬🇧

Holvi features

Feature	Description
Business account & IBAN	Think of this as your business’s financial home, with IBAN and transfers
Business Debit Card	Pay expenses conveniently with your card (physical and virtual)
Business Credit Card³	Buy now, pay later with Holvi's business credit card (physical and virtual)
Holvi Mobile app	Manage your business finances anywhere, anytime
Scan and save receipts	Store receipts safely online, add VAT and bookkeeping notes
Invoicing and e-invoicing	Incoming payments match automatically to your sent invoices
Holvi's Online store⁴	Sell your products and services online with Holvi, no coding needed
Salary payments⁵	Salary payments via the Palkkaus.fi service
Customer support	Holvi's customer service and accounting support via chat and email.

Accounting and tax services

• Double-entry bookkeeping and income statement to email according to your VAT period
• 30 account transactions / receipts per month handled in the accounting⁶
• Tax declaration for self-initiated domestic taxes, e.g. VAT declarations. Our accountant calculates the VAT for you, and all you have to do is manage your VAT payments in MyTax according to your VAT period.
• Guidance on tax prepayments
• Company financial statement (fixed price and separate billing)
• Filling out the income tax return and delivering it to tax authorities once a year (fixed price and separate invoicing)
• Kilometre allowances and deduction of car expenses for 1 car
• Application for VAT relief scheme (if applicable)
• Online store transaction processing into accounting
• Salary payments via Palkkaus.fi recorded into accounting
• General ledger (upon request)
• Direct contact with the accountant team via Holvi's customer support

 Possible add-on services

In the Holvi Zen+ Service, it is possible for the customer to purchase additional services that will be invoiced separately, such as:

• Personal tax declaration
• Review of input taxes
• Recording transcript on board of directors / general meeting
• Annual declaration of dividends
• Registration of financial statements to Finnish Patent and Registration Office (PRH)
• Recording expenses done outside Holvi into accounting
• Advisory services: tax advice, company law, budgeting, business subsidies (tax consulting and corporate law advisory)
• Retrospective accounting (other additional accounting work)
• Filling in the company's basic information form
• Processing of additional account transactions / receipts

The prices for additional services are determined according to the valid price list and are billed separately. The prices are VAT 0% prices.

Add-on services
Filling in the company's basic information form	€49.00/hr
Personal tax declaration	€79.00/hr
Review of input taxes	€49.00/hr
Recording transcript on board of directors / general meetings	€39,00/pcs
Annual declaration of dividends	€39,00/pcs
Registration of financial statements to PRH	€49,00/pcs
Recording expenses done outside Holvi into accounting	€5,00/pcs
Other additional accounting work	€79.00/hr
Tax consulting and corporate law work	€160.00/hr
Processing of additional account transactions / receipts	€1.00/pcs

 

What is not included in the Holvi Zen+?

The Holvi Zen+ Service does not support following functions, nor it is not possible to add them to the service contract as separately purchased additional services:

• Personal accountant
• Payment of advance taxes
• Legal advice
• Company arrangements
• Debt counseling
• Debt collection
• Payment control
• Services for a minor
• Applying for VAT refunds from other EU countries

 

How to enroll in the Holvi Zen+ Service

The Holvi Zen+ Service requires you to first register as a Holvi account customer. You can choose our Holvi Zen+ plan in Holvi's user interface, and the services can also be added at any time.

Before the implementation of the Holvi Zen+ Service, we ask for additional information, so we can ensure the suitability of the entrepreneur⁷ as a user of the Holvi Zen+ Service and to prepare the start of accounting or the transfer based on already existing accounting materials. Holvi Zen+ Service experts support you during onboarding into the service until you are ready to be transferred under Holvi Customer Support.

 

 Using the Holvi Zen+ Service

As a Holvi Zen+ customer, our accounting partners will handle your company's accounting and tax returns based on transactions in and out of your Holvi account. That’s why it’s essential that all your company’s transactions happen in Holvi.

Payments in and out

How to collect income with Holvi:

• Invoicing – Invoice clients using Holvi’s invoicing feature (e-invoicing included)
• Sell online – Set up a Holvi online store in minutes and sell direct to clients
• Payment terminal – Connect a payment terminal direct to your Holvi account
• Inbound transfers – Receive bank transfers into your Holvi business account

How to pay expenses with Holvi:

• Holvi Business Debit Mastercard® – Pay by card, wherever work life takes you
• Holvi Business Credit Mastercard® – Buy now, pay later with Holvi's business credit card
• SEPA transfers – Transfer funds out of your Holvi account
• SEPA Direct Debit – Set up direct debits to authorise scheduled withdrawals

 

Using Holvi Zen+ on a daily basis

• Collect income through Holvi account
• Pay company expenses via Holvi account
• Add receipts, VAT and bookkeeping notes to transactions

Holvi automatically generates receipts for invoices sent using Holvi’s invoicing feature. 

When you make a purchase using your Holvi Business Debit Mastercard® or Holvi Business Credit Mastercard®, you’ll be prompted to snap a photo of your receipt in-app then add VAT and optional bookkeeping details. You can also upload receipts to Holvi on your computer later on. This connects receipts to transactions – so everything is crystal clear for our accountants.

If you pay company invoices (invoices sent to you) using Holvi, you can attach the invoice to your payment – for example, as a PDF or JPG file. The easiest way to handle inbound invoices is to request that your client sends you e-invoices. This ensures that receipts are automatically saved to the transaction.

Holvi reserves the right to charge separately for additional work caused by missing receipts or other information.

 

 Using Holvi Zen+ on a monthly basis

• Add receipt documents and bookkeeping details to all account transactions for the month. It’s highly recommended that you also add the applicable VAT into the receipts added into Holvi.
• Add any payment terminal sales reports to the latest monthly statement
• Check that your annual revenue estimate is up to date in OmaVero

You will need to report your estimated annual revenue to OmaVero independently. This estimate forms the basis of your withholding tax rate, so it’s important that it remains accurate at all times throughout the calendar year. 

Our accounting partners retrieve prepayment information directly from OmaVero. As a Holvi Zen+ customer, you do not need to report your estimated annual revenue to Holvi separately.

 

Closing the Holvi Zen+ service

The notice period for the Holvi Zen+ service is one calendar month to the end of the subsequent calendar month the written notice has been issued.  If you terminate the contract on the 10th of the month, the service will accrue a full monthly cost for both the current month and the following month, which will be invoiced from you. If a Holvi Zen+ Customer wants to terminate their service, it is recommended that this is always done at the end of the calendar month.

Example – How to close an account You ask to terminate the Holvi Zen+ service on April the 10th. The accounting is done for the current month and the following calendar month, i.e. the service ends at the end of May.

 

If you do not want to continue using your Holvi account after the Holvi Zen+ Service has been closed, your Holvi account will be closed by the 8th of the following month after the notice period according to the provisions set out in the Terms of Service.

Upon closing the Holvi Zen+ Service, the Customer will be provided with a download link to the accounting material, which includes the income statement, balance sheet, general ledger, diary and all accounting-related documents.

This download link is valid for 2 weeks, and upon expiry the accounting materials will be archived.

However, if the customer has unpaid service fees related to the Holvi Zen+ Service or other open payments for purchased additional services, in connection with closing the service, the accounting material will not be handed over until these payments have been made. 

Unpaid service fees can also be transferred into collection, if necessary, and serve as a reason for exclusion from the Holvi Zen+ Service.

 

Additional information

¹ If the company's VAT-free turnover from consumer sales produced in total exceeds €10,000 in the entire EU territory in the current calendar year, and has not been exceeded in the previous calendar year, separate notifications must be made to the tax authorities. Monitoring of these consumer sales is the customer's responsibility, and related practices must be agreed separately with the accountant of the Zen+ service. The necessary notifications can be made separately by the Zen+ accountant as an add-on service according to the "Other additional accounting work" price list.

² If the company's industry is similar to one excluded by Holvi’s AUP, it may prevent the opening of a Holvi account and the use of Holvi Zen+.

³ Issuing a Holvi Business Credit Mastercard® involves a credit check, which influences Holvi's decision to issue a card, the customer's credit limit and interest rate. You can find more detailed information about the costs related to the credit card here.

⁴ Sales made via the Holvi online store are charged 2.5% of the sales value.

⁵ The salary payment services for Holvi subscribers is provided and managed by Suomen Palkanlaskenta Oy (FI25543933) through the Palkkaus.fi service. Holvi charges service fees related to salary payments based on the amount of salary payments done in a month according to the price list. The fees will be charged alongside the monthly subscription fee when applicable.

⁶ Monthly Holvi Zen+ subscription fee includes processing of 30 account transactions / receipts in the accounting per month. If this limit is exceeded, handling additional transactions / receipts will be charged according to Add-on services -price list.

⁷ In Holvi Zen+ service, the company must be in the advance collection register. The User must ensure that, if necessary, he / she can present a certificate of belonging to the advance collection register or that a notification has been made.

In addition, the accountant needs a suomi.fi authorization for the OmaVero service. In this way, the accountant can make a VAT return and give instructions for the payment of advance taxes. We ask for the rights by e-mail when starting the service.

The User must ensure that the company is also VAT -in the register, i.e. the company is liable for VAT. If the turnover is clearly below the VAT limit, i.e. 15,000 euros per year (starting in 2021), the VAT obligation is not mandatory, but we still recommend it. If at the end of the year, the turnover falls below the limit of VAT liability, the entrepreneur gets the VAT he paid back as a lower limit relief. The accountant applies for lower limit relief for the company.