Accounting firms

An AI accounting firm in Iceland: what the AI does, what the people do and who signs

Kassify · 6 November 2026

Kassify is an accounting firm that uses AI to book, match and reconcile every transaction for Icelandic companies, with accredited bookkeepers who review the work and certified auditors who review the annual accounts and tax return. One fixed monthly price covers bookkeeping, payroll, VAT, the app, the annual accounts and the tax return. Annual accounting costs are 20% lower than at a traditional accounting firm.

This page goes through the work task by task: what the AI does, what the bookkeepers and auditors do, what is left on your desk, how the price is set, how the move works and who signs.

Who Kassify is for

Kassify is for the owner of an Icelandic company who wants the books done for them, not just stored in a system. Most often that is the owner of a private limited company (ehf.) who today pays a bookkeeper by the hour and an accountant at year-end, or does the books in software in the evenings. The company can be any size, because the price follows the scope of the business.

What sets Kassify apart from a traditional firm is who does the work. At a traditional firm a bookkeeper does the work at an hourly rate. At Kassify the AI does the bookkeeping, the payroll and the filings, and people review the result. Kassify is both the system and the firm, so you pay neither for separate accounting software nor for a separate bookkeeper.

What is included, task by task

This is how each task splits between the AI, the people at Kassify and you.

Task	The AI	Bookkeepers and auditors	You
Bank and card transactions	Fetches the transactions, each bank connected directly, and categorises and matches each one to its bill or receipt	The bookkeepers confirm the match is right	Sign in at your bank once
Bills in your email	Reads the bills in the mailbox and books them	The bookkeeper sees every bill beside the transactions	Nothing, you stop forwarding
Receipts	Reads the photo from Messenger or the app, files it to the company and asks one question if it is unclear what was bought	The bookkeepers review and finish the books	Take a photo and answer the question
VAT on every transaction	Picks 24%, 11%, 0% or exempt	The bookkeepers review the exceptions	Nothing
Daily checks	Every transaction is checked daily against the VAT rules and the Bookkeeping Act no. 145/1994	Everything is reviewed as it happens, not at month-end	Nothing
VAT returns	The return is prepared straight from the books	The return is reviewed and filed with Skatturinn	See the amount first and pay in your online bank
Payroll	Withholding tax and employer charges calculated on every payslip	Payslips, withholding tax and social security tax to Skatturinn before the due date on the 15th, and pension returns to the funds and unions	Tell Kassify about new staff and changes, and approve the payments in your online bank
Questions	Answers questions about the documents you have sent in Messenger	A bookkeeper replies within 24 hours, and a certified auditor takes the bigger questions on tax and year-end	Ask in the app or by email
Annual accounts	The books are reconciled every month, so the close starts from the right numbers	Reviewed by a certified auditor and filed with the annual accounts register	Read the draft, and the board signs
The company's tax return	Prepared from the same numbers as the annual accounts	Deductions, depreciation and adjustments reviewed and the return filed with Skatturinn	See the result first

No transaction is entered by hand. Transactions arrive on their own from the bank, the cards and email from day one, and every entry traces back to its receipt, which is kept for 7 years. The bookkeeper who answers you is a real person, not a chatbot, and knows your business.

The hours that went into the books go elsewhere: over 100 hours a year that the owner puts into the business.

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The price

Kassify has one fixed monthly price, put on paper before anything is signed.

Price	What it covers
Fixed monthly price	Bookkeeping and bank reconciliation, VAT returns, payroll, sales invoices and reports, the annual accounts and tax return reviewed by a certified auditor, the Kassify app and the move from your old system

The monthly price is set by the scope of the business. Day-to-day questions cost nothing extra, and neither setup nor the move is billed separately. The AI saves Kassify time and cost, and the saving shows in the price. Annual accounting costs are 20% lower than at a traditional accounting firm.

Three ways, by how much work comes off your plate

Prices excluding VAT, from each company's site on 5 November 2026.

#	Option	Who does the work	Price	What you do yourself
1	Kassify, an accounting firm that uses AI	The AI, reviewed by bookkeepers and certified auditors	One fixed monthly price, annual accounts and tax return included. Annual accounting costs are 20% lower than at a traditional accounting firm	A photo of a receipt and an answer to a question
2	A traditional accounting firm	A bookkeeper by the hour, and an accountant	At Endurskoðun & ráðgjöf 15.500 kr. an hour for bookkeeping, 38.000 kr. an hour for a certified auditor, and from 130.000 kr. for a company's annual accounts and tax return	Collecting documents and sending them to the bookkeeper
3	Accounting software and you	You, and an accountant at year-end	At Payday 4.600 to 11.700 kr. a month, at most 2% of turnover, plus the accountant	Booking, reconciliation, VAT and payroll

At Endurskoðun & ráðgjöf 130.000 kr. is the starting figure, and every hour the work takes beyond it goes on the bill. At Kassify no transaction is entered by hand and the price does not move with the hours.

Accounting software does none of the work. In a table Payday published itself on 4 November 2026, the annual accounts and tax return are a task the owner can "rarely" do alone, so an accountant is almost always added on top, and the daily booking stays on your time.

How these prices add up over a year is set out in the article on what bookkeeping costs, and how Kassify compares with other firms in the best accounting firms in Iceland.

How the move works

Kassify moves your books from Payday, dk, Regla, Netbókhald, Uniconta, Business Central and other systems in less than 7 days. The move is included in the fixed price.

1
You give your bookkeeper's name
Kassify contacts the bookkeeper and accountant you have today and gets what it needs from them.
2
Kassify moves the history
All of the history comes along: every transaction, every sales invoice and every payslip, with the opening balances. Each account is compared with the old system, so nothing stays behind there.
3
The bank is connected
You sign in at your bank once and Kassify sets up the rest. Connected accounts are read-only.
4
The AI takes over
From the switch date the AI reads every new transaction, and the bookkeepers handle the VAT returns and payroll.

A company that signs in November or December starts 2027 with its books already at Kassify, from 1 January.

Who reviews the work and who signs

The AI does the work, and people answer for the result. This is how it splits:

Accredited bookkeepers confirm the matching, review VAT exceptions, complete the VAT returns and payroll and reply to you within 24 hours. Only people who have passed the bookkeeper accreditation exam and been entered on the ministry's register may call themselves accredited bookkeepers (viðurkenndir bókarar, Act no. 145/1994).
Certified auditors review the annual accounts and the tax return before they are filed, and take the bigger questions on tax and year-end. Kassify is designed and run with Gunnar Freyr Guðmundsson, certified auditor and owner of Endár ehf.
The board and the managing director sign the annual accounts. According to Skatturinn they share responsibility for preparing, filing and publishing the annual accounts, and their signature declares that the accounts follow the Annual Accounts Act no. 3/2006. The draft comes to you, the board signs and Kassify sends the accounts to the annual accounts register.
You see the amount on the VAT return and the result of the tax return before they are filed, and approve every payment in your online bank. Kassify reads the bank but pays nothing from it.

The deadlines and fines for annual accounts are covered in the article on annual accounts. More on Kassify's bookkeeping service.

Questions

What does the AI do at Kassify?

It reads, categorises and matches every transaction from the bank, the cards and email, reads receipts from Messenger and the app, picks the VAT on every transaction and runs daily checks on the books.

Does anyone review what the AI does?

Yes. Kassify's bookkeepers confirm the matching and review the exceptions, and a certified auditor reviews the annual accounts and the tax return.

Who signs the annual accounts?

The company's board and managing director, as the Annual Accounts Act no. 3/2006 provides. Before that a certified auditor at Kassify has reviewed them, and after signing Kassify sends them to the annual accounts register.

Can I talk to a person?

Yes. You write to your bookkeeper in the app or by email and get a reply within 24 hours. No ticket system and no phone queue.

Can Kassify make payments from my bank account?

No. Connected accounts are read-only. Kassify prepares the salary payments and you approve them in your online bank.

What does Kassify cost?

One figure: a fixed monthly price for bookkeeping, payroll, VAT, the app, the annual accounts and the tax return, set by the scope of the business. Annual accounting costs are 20% lower than at a traditional accounting firm, and the price is put on paper before anything is signed.

What do I still do myself?

Send the receipts that do not arrive on their own, answer what Kassify asks and tell Kassify about payroll changes. Everything else is done for you.

What happens to the books if I leave?

They belong to the company and go with it. Kassify hands them to the next provider, and until then every transaction, receipt and report stays open in the app.

Every transaction booked. Every return on time.

Leave your email and Kassify goes through your tasks with you and who does them today. You see the price on paper before you sign.

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Sources. Other companies' prices are from their own sites.