Holvi Zen+ – Service description

Overview of Holvi Zen+

Holvi Zen+ offers sole traders and limited companies (Oys) everything they need to run their business and do their taxes in Finland. Find financial peace of mind with a business account, physical and virtual debit cards, invoicing and accounting for a fixed monthly price. 

No more switching between apps. Holvi Zen+ lets you manage all your business finances in one place – and stay tax ready without the hassle.

 

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 bookkeeping so we can support your business, no matter your business type.

If any of the following is true, Holvi Zen+ is for you:

• You're a sole trader (Tmi) or run a limited company (Oy)
• Your company has employees or needs to pay salaries
• Your company does B2C (business-to-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 you if:

• 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
• The number of receipts related to your business' accounting exceeds 30 receipts per month

 

What’s included in Holvi Zen+?

Holvi Zen+ combines Holvi's powerful features to help simplify your business finances with comprehensive accounting services, provided by our accounting partners.

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 Online store⁴	Sell your products and services online with Holvi, no coding needed
Salary payments⁵	Pay salaries via the Palkkaus.fi service
Customer support	Via live chat and email, plus extra accounting support via email

Accounting and tax services

• Double-entry bookkeeping and monthly income statement
• 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

 Add-on services

Possible add-on services to Holvi Zen+ are invoiced separately and include:

• 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

Price list for additional services

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

Add-ons charged at VAT 0%.

 

What’s not included in Holvi Zen+?

Holvi Zen+ does not include the following, nor are they offered as add-ons: 

• 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 open a Holvi Zen+ account

When opening a Holvi account, you can choose our Holvi Zen+ plan in-app. It’s possible to join at any time of the month. Next up, we’ll schedule a call with you to make sure Holvi Zen is a good fit for your business.

To onboard you fully to Holvi Zen, we’ll ask for supplemental information to help move your existing accounting records over to Holvi.^⁶ At the end of the day, you’ll run all your business finances through Holvi – and our accounting partners will handle the troublesome paperwork. 

Our Holvi Zen+ experts will help make this onboarding process as easy as possible, and our support team is always on hand to answer questions.

 

How to use Holvi Zen+

As a Holvi Zen+ customer, our accounting partners will handle your company's accounting and taxes 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 Zen+ on a daily basis

• Collect income with Holvi
• Pay company expenses with Holvi
• 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 Zen+ on a monthly basis

• Add documents and bookkeeping details to all account transactions for the month, including VAT for each transaction
• 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 a Holvi Zen+ account

The notice period for closing your Holvi Zen+ account is one calendar month. If you end your contract in the middle of the month, the service will accrue the full monthly cost for both the current month and the following month. For this reason, it's smartest to request account closure at the end of a calendar month.

Example – How to close an account You ask to close your Holvi Zen+ account on 10 April. Your Holvi Zen plan will officially close at the end of May.

 

Upon closing a Holvi Zen+ account, you will be provided with a download link to all your accounting materials, including the income statement, balance sheet, general ledger, diary and any additional accounting-related documents.

This link is valid for 2 weeks, after which accounting materials will be archived.

 

A note on unpaid fees

If you have unpaid fees relating to Holvi Zen+ or add-on services, accounting materials will not be handed over until these payments are collected.

Unpaid service fees can also be sent to collection, if necessary, and serve as a reason for closing your Holvi Zen+ account.

 

 

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 Holvi offers payroll services via Palkkaus.fi. Palkkaus.fi charges a minimum of €6 or a maximum of €12 per salary paid.

⁶ Companies must be listed on the prepayment register. Holvi Zen+ customers will need to provide proof of registration or evidence of application.

In addition, our accountants require authorisation to log in to OmaVero at suomi.fi. This allows accountants to file a VAT return and provide instructions for tax prepayments. We will ask for access rights via email when onboarding new customers to Holvi Zen.

Customers must also ensure that their company is listed on the VAT register – in other words, the company must be VAT-liable. However, if annual turnover is below the VAT limit of €15,000 per year (from 2021), VAT obligation is not mandatory, but we still recommend it. If, at the end of the year, the turnover falls below the VAT-liability limit, Holvi Zen+ customers will recoup VAT paid as a lower limit relief. Our accountants can apply for lower limit relief on behalf of Holvi Zen+ customers at no extra cost.