Bookkeeping for online stores: an accounting firm that books sales, customs and stock

Kassify · 6 November 2026

Kassify is an accounting firm that runs the books of Icelandic online stores at a fixed monthly price: every sale, return, shipment abroad, consignment through customs and payout from a payment provider is booked and matched to the bank, the VAT return is filed before the due date, and a certified auditor reviews the annual accounts, which are included in the monthly price. Accounting costs a year are 20% lower than at a traditional accounting firm, and no entry is typed in by hand.

This page covers who the service is for, what is included, the rules that apply to an online store, how the price works, how the move works and who signs the work.

Who it is for

Owners of Icelandic online stores who sell goods to consumers in Iceland and abroad, and buy stock from abroad. An online store has more entries than most businesses: hundreds of small sales a month, payouts that cover several days of sales, returns, customs papers and stock to count at the year end. Kassify takes all of it, whether the store sells a few million krónur a year or has a warehouse, staff and sales to many countries.

What is included

Each task of an online store and who does it at Kassify:

Each bank is connected directly, with the credit cards included. Receipts come from Messenger and the app, and a bookkeeper answers questions within 24 hours.

The rules for an online store

These are the rules an online store has to follow, and Kassify follows them for you. Rates and filing in general are covered in the posts on VAT and VAT returns.

A payout is not the sales figure

The payment provider pays in one amount for many orders, less its fee. If the payout is booked as revenue, sales come out too low and output VAT is wrong, because output VAT is charged on the price on each sales invoice, not on what the provider pays in. The sale is booked at full price, the fee goes to its own account and the payout is matched to the orders it covers.

A shipment abroad

A sale to a buyer abroad carries no Icelandic VAT, but the exemption stands or falls with the paperwork. The seller keeps an export declaration or comparable documents with the sales invoice, for example a receipt for a parcel accepted for shipment abroad. Without them the exemption does not hold.

A consignment through customs

Clothing, shoes, cosmetics and electronics fall in chapters 25 to 97 of the customs tariff and carry no duty, but VAT is collected at customs clearance. That VAT is input VAT in the period the consignment is cleared, whenever the supplier is paid (Art. 14, Regulation no. 50/1993).

The year-end count

Cost of goods sold for the year is worked out as opening stock plus purchases less closing stock. The count on 31 December therefore weighs heavily on the year's profit. Assume stock of 2.500.000 kr. at cost according to the count: a 5% tax write-down then lowers the year's income tax base by 125.000 kr.

Example: November in an online store

Assume an online store that sells clothing. Every figure below is an assumption of the example:

• Sales in Iceland in November 2026 are 3.100.000 kr. including VAT, paid by card through a payment provider.
• The provider takes 2% of each payment, or 62.000 kr., and assume the fee carries no VAT.
• Customers return goods worth 124.000 kr. including VAT within 14 days of receiving the goods, and the refunds are paid from the bank account.
• Sales to buyers in Norway, sent by post, are 400.000 kr.
• One consignment clears customs: goods 1.000.000 kr., freight 80.000 kr. and insurance 5.000 kr.

Revenue for the month excluding VAT is 2.800.000 kr., not the 3.038.000 kr. the payout might suggest. November and December are one VAT period, due on Friday 5 February 2027. At Kassify this month is booked as it happens: you see the right position in the app at any time.

How the price works

An online store pays Kassify one fixed monthly price and gets it in writing up front. The monthly price covers bookkeeping, bank reconciliation, VAT returns, payroll, sales invoices, the app, the annual accounts and the tax return, and the size of the store sets it. Accounting costs a year are 20% lower than at a traditional accounting firm.

The other route for an online store is a system with a web store connection, a bookkeeper and an accountant, on three bills. Prices from each company's site on 6 November 2026, counted per year:

Row 2 is Regla's standard package at 15.800 kr. a month and the web store connection from 9.300 kr. a month, or 301.200 kr. a year, plus 54.000 kr. setup. Row 3 is Payday's full package at its maximum of 11.700 kr. a month, or 140.400 kr. a year. Payday offers a Shopify connection at 11 dollars a month and a WooCommerce connection. Both rows add bookkeeping and VAT returns at Simplex from 39.900 kr. a month, or 478.800 kr. a year, and annual accounts and the company tax return at Endurskoðun & ráðgjöf from 130.000 kr. Regla, Payday and Endurskoðun & ráðgjöf give prices excluding VAT. Simplex does not say whether VAT is included.

According to Regla, orders, products and stock sync through the connection. The booking, payout reconciliation, VAT returns and annual accounts are still the work of the bookkeeper and the accountant. At Kassify that work is included in the price.

How the move works

For an online store 31 December matters most: the count that day closes the old year and becomes the opening stock of the new one. Kassify plans the move around it. It takes less than 7 days and is included in the fixed price, whether the books sit today in Payday, dk, Regla, Netbókhald, Uniconta, Business Central or another system.

1. 1
   The bookkeeper

   You name your bookkeeper and Kassify contacts them. The work and the history pass from them to Kassify.

2. 2
   The year's history

   The year's sales, credit notes and imports come over with the books, and every account is compared with the old system.

3. 3
   The bank

   You sign in at the bank once. Payouts from the payment provider land there and are matched to the sales.

4. 4
   The count

   You count the goods on 31 December and send Kassify the count. It goes into the old year's annual accounts and becomes the opening stock in January.

An online store that moves in December therefore starts the new year in Kassify with the count as its first figure. A move mid-year brings the year's books over and reconciles them, so the annual accounts cover the whole year.

Who signs the work

The AI reads, categorises and matches every entry. Accredited bookkeepers confirm the result, and questions on tax and year-end, such as the valuation of stock and the 5% write-down, go to a certified auditor.

The annual accounts are prepared under Annual Accounts Act no. 3/2006 and reviewed by a certified auditor. The company's board signs them and Kassify files them with the annual accounts register. The receipts behind every sale, return and customs clearance are kept for 7 years, as Bookkeeping Act no. 145/1994 requires. More on VAT returns at Kassify and the annual accounts deadline.

Questions

Every sale booked. Every filing on time.

Leave your email. Kassify looks at your sales, imports and stock and sends you the price in writing.