Do it yourself
Monthly cost
0 ISK
Time spent
8–12 h/month
Risk
High
Accountant / bookkeeper
Monthly cost
≈ 30,000–80,000 ISK
Time spent
4–8 h/month
Risk
Medium
FreelancePay
Monthly cost
≤ 16,900 ISK/month
Time spent
0 h
Risk
Low ✅
1) What Does an Accountant Actually Do?
✅ An accountant does
- Monthly tax filings (when you provide data)
- Bi-monthly VAT reports
- Tax return (RSK 4.11 + RSK 3.01)
- Bookkeeping and financial reports
- Expense deduction advice
❌ An accountant does NOT do
- •Pay pension contributions (you pay yourself)
- •Give you same-day payout
- •Create invoices for you
- •Track expenses automatically
- •Handle everything — you still need to provide data
2) Detailed Comparison
| Service | Accountant | FreelancePay |
|---|---|---|
| Monthly tax filings | ✅ Yes (you provide data) | ✅ Automatic |
| VAT reports (bi-monthly) | ✅ Yes | ✅ Automatic |
| Pension fund payments | ❌ No — you pay yourself | ✅ Automatic |
| Invoice generation | ❌ No | ✅ Built-in |
| Same-day payout | ❌ No | ✅ Yes |
| Expense tracking | ✅ Yes (you provide) | ✅ Automatic (Pro) |
| Year-end summary | ✅ Yes | ✅ Yes |
| Tax return (skattframtal) | ✅ Yes | ✅ Data ready |
| Bookkeeping (financial reports) | ✅ Yes (full bookkeeping) | ❌ Not needed for solo contractors |
| Price/month (solo contractor) | ≈ 30,000–80,000 ISK | ≤ 16,900 ISK |
| Time/month | 4–8 h | 0 h |
3) When You Still Need an Accountant
- You run an ehf. with employees — then you need full bookkeeping
- You need detailed financial reports (income statement, balance sheet)
- You have complex tax situations (foreign income, assets)
- Skatturinn has opened a tax investigation on you
- You want specialized tax planning advice
4) The Bottom Line: How Much Do You Save?
Accountant (minimum)30,000 ISK/month
Accountant (typical)50,000 ISK/month
Accountant (maximum)80,000 ISK/month
FreelancePay (maximum)≤ 16,900 ISK/month
💰 Saving: 13,100–63,100 ISK/month = 157,200–757,200 ISK/year.
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