Digital Bookkeeping Act
How to meet the requirements of the new Digital Bookkeeping Act
The new Digital Bookkeeping Act sets stricter requirements for how companies handle their accounts. All documents must be stored electronically and an approved accounting program must be used.
Get an overview of the key requirements, rules and consequences to ensure your business is equipped to comply with legislation.
What is the Digital Bookkeeping Act?
The new Bookkeeping Act was introduced to ensure more transparent and efficient bookkeeping in Danish companies.
The purpose is to reduce errors, increase security and ensure that authorities can quickly gain insight into accounts when needed.
The new Bookkeeping Act has three main elements:
- Statutory accounting procedure
- Use of approved accounting software
- Storing documents digitally
Who is covered by the Digital Bookkeeping Act?
Most companies in Denmark are covered by the rules. This applies to companies, sole proprietorships and associations that are required to submit accounts. However, smaller companies may have longer transition periods.
Requirements for accounting software
All companies must now use a digital accounting system approved by the Danish Business Authority.
Among other things, the system must be able to:
- Save attachments electronically
- Ensure traceability in transactions
- Export data in a standardized format
- Protect data from manipulation
How the Digital Accounting Act affects your business
For many businesses, this means a change in daily bookkeeping. You have to get used to working 100% digitally and old paper receipts are no longer enough. It also requires structure and choosing the right system to make your work easier, not harder.
You can read more about the Bookkeeping Act at the Danish Business Authority here.
We help you get ready
I Accountview we take new legislation very seriously and therefore train our staff when there are major changes to the status quo. This can have major financial consequencesif you do not comply with the new requirements.
Here you’ll find a short and clear guide to the Digital Bookkeeping Act. We give you an overview of the key requirements, the consequences of non-compliance and how to best prepare your business. You can download it for free here.
For attachment management we recommend the software solution Kontolink, which you can read more about more about it here.
At Accountview, we closely follow the development of the Accounting Act and help our customers adapt to the new digital requirements. If you have any questions or need sparring, you are always welcome to contact us for an informal chat