Cool Accounts ApS
CVR number: 37946796
Effective: 2024.11.01

1. Introduction

These Terms and Conditions (hereinafter referred to as “Terms”) govern the conditions of service agreements between Cool Accounts ApS (hereinafter referred to as the “Provider”) and its clients (hereinafter referred to as the “Client”). The Provider offers accounting and other financial services in Denmark, in accordance with applicable Danish legislation.

2. Scope of Services

Cool Accounts ApS provides the following accounting and financial services for businesses:

2.1. Accounting Services

• Invoicing and Recording of Accounting Data: Processing and recording of the Client’s incoming and outgoing invoices, receipts and bank statements in compliance with applicable Danish accounting standards and regulations.
• Annual Closing and Preparation of Financial Statements: Preparation of the Client’s annual financial closing, including the balance sheet, income statement, and, if necessary, the submission of financial reports to Danish authorities.

2.2. Tax Services

• Preparation and Submission of VAT Returns: Preparing and timely submitting the Client’s VAT returns to the Danish Tax Agency (Skattestyrelsen) in accordance with tax laws.
• Setting Up Preliminary Tax Assessment and Ongoing Monitoring.
• Annual-Tax-Return Preparation: Preparation and submission of the Client’s personal or corporate tax returns to the Danish tax authorities, in compliance with Danish laws and tax regulations.
• Fast Track: For an additional fee, we will complete your tax return and/or set up the preliminary tax estimate within 3 business days.

2.3. Employee-Related Services

• Preparation of Employment Contracts: Drafting employment contracts for the Client’s employees in Danish or English, in accordance with Danish labour law and the Client’s requirements.
• Employee Registration: Officially registering employees with the Danish Tax Agency (SKAT), ensuring proper tax and contribution records.
• Payroll Management: Regular payroll processing (monthly or bi-weekly) for the Client’s employees, including accurate calculation of wages, contributions, taxes, and other deductions in compliance with current regulations.
• Preparation and Delivery of Payslips: Preparing and securely sending payslips to employees via the e-boks system.
• Preparation of Termination Letters: Drafting termination letters in Danish or English when ending employment, in accordance with relevant labour regulations and the Client’s requirements.

2.4. Tax Advisory Services

• General Tax Advisory: Providing information regarding tax obligations, deductions, benefits, and compliance with applicable laws to help the Client manage tax matters in the best, lawful way.
• Tax-Optimization Advisory: Offering advice to minimise the Client’s tax burden while complying with Danish tax laws.

2.5. Financial Advisory and Analysis

• Budget Preparation: Developing an annual budget and financial plan for the Client to ensure sustainable business growth.
• Financial Analysis: Preparing reports and analyses based on the Client’s financial data, including liquidity analysis, performance analysis, and other financial metrics.
• Cash Flow Management: Monitoring the Client’s cash flow and providing advice on liquidity management.

2.6. Company-Formation and Administration Services

• Company-Formation Advisory: Assistance with choosing the appropriate company form in Denmark (PMV, EMV, I/S, ApS, A/S, etc.) by reviewing the legal and tax aspects required for the formation process.
• Administrative Company-Formation Procedures: Filing for company registration and applying for a CVR number with the Danish Business Authority (Erhvervsstyrelsen) and completing the necessary tax and VAT registrations.
• Connection to State Digital Systems: Setting up the company in MitID, Digital Post, and e-Boks systems, including establishing the necessary authorizations.
• Support for Financial and Operational Tasks: Advising on opening a company bank account, requesting and comparing insurance offers, and providing support for selecting and registering accounting software.
• Introduction to Entrepreneurship: Providing comprehensive information on business obligations, deadlines, and other essential tasks related to the Danish business environment.

2.7. Other services

• Development of internal company policies
• Other administrative and management tasks

3. Contract Formation

The contract becomes effective when the Client verbally or in writing uses the services provided by the Provider. The contract may be established in the following ways:

• Via Contact Form: The Client may request services by completing and submitting the contact form available on the Provider’s website.
• Via Email Inquiry: The Client may contact the Provider via email, and the service engagement will take place through email communication.
• Via Phone Inquiry: If services are requested by phone, the contractual relationship is formed based on the phone conversation.
• During a Personal Meeting: If the Client meets with the Provider in person and requests its services verbally, a contractual relationship is also established in person.

The Provider informs the Client about fees and the availability of these Terms, which are accessible on the Provider’s official website and can be sent by email upon request. 

By using the service, the Client automatically accepts these Terms, which take effect immediately.

3.1 KYC Procedure and Identity Verification

The Provider is obligated to carry out a KYC (“Know Your Customer”) procedure for every new Client in compliance with applicable Danish laws, particularly the regulations on the prevention of money laundering and combating the financing of terrorism. As part of the KYC process, the Client is required to verify their identity by providing the following documents:

• A copy of a valid identification document (passport, identity card, or driver’s license);
• Proof of address (Danish health insurance card or Hungarian address card);
• CVR extract;
• Certificate of Incorporation (Stiftelsesdokument) – only for ApS;
• Articles of Association (Vedtægter) – only for ApS;
• Shareholder Register (Ejerbog) – only for ApS.

The Client acknowledges that the Service Provider will not commence the provision of services until the KYC procedure is completed, and failure to complete this process will prevent the service agreement from being established.

4. Service Packages and Payment Terms

Cool Accounts ApS offers both monthly subscription and one-time fee services.

4.1. Monthly Subscription Packages

The Provider offers three monthly subscription packages for its Clients, which include the following services:

4.1.1. Core Package

Available for PMV, EMV, and I/S company forms.

Services: 

• Tax setup
• Preparation and submission of personal tax return
• Preparation of VAT return
• Email advice and support

Service Level: 

• Quarterly bookkeeping of receipts
• Up to 15 minutes of consultation per month
• Emails are answered within 10 business days

Fees:  

• Monthly fee: 799 DKK + VAT
• Bookkeeping: 20 DKK + VAT per receipt
• Invoicing: 75 DKK + VAT per invoice (for 1 item, each additional invoice line costs 20 DKK + VAT)

4.1.2. Growth Package

Available for PMV, EMV, I/S, and ApS company forms.

Services: 

• Tax setup
• Preparation and submission of personal or corporate tax return depending on the company form
• Preparation of VAT return
• Preparation of financial statements
• Advisory and support

Service Level: 

• Monthly bookkeeping of receipts
• Up to 1 hour of consultation per month
• Emails are answered within 3 business days

Fees:  

• Monthly fee: 2,499 DKK + VAT
• Bookkeeping: 20 DKK + VAT per receipt
• Invoicing: 75 DKK + VAT per invoice (for 1 item, each additional invoice line costs 20 DKK + VAT)

4.1.3. Premium Package

Available for PMV, EMV, I/S, ApS, and A/S company forms.

Services: 

• Tax setup
• Preparation and submission of personal or corporate tax return depending on the company form
• Preparation of VAT return
• Preparation of financial statements
• Advisory and support

Service Level: 

• Weekly bookkeeping of receipts
• Up to 3 hours of consultation per month
• Phone availability on business days from 10 AM to 5 PM
• Responses to inquiries (via email or phone) within 1 business day

Fees:  

• Monthly fee: 3,499 DKK + VAT
• Bookkeeping: 15 DKK + VAT per receipt
• Invoicing: 75 DKK + VAT per invoice (for 1 item, each additional invoice line costs 20 DKK + VAT)

4.1.4. Holding Package

Services:

• Bookkeeping of receipts (up to 20 entries per year)
• Preparation of the balance sheet

Service Level:

• Bookkeeping of receipts on an annual basis

Fees:

• Annual fee for the Holding Package: 2,500 DKK + VAT
• Bookkeeping from the 21st entry: 20 DKK + VAT per receipt

4.1.5. Employee Package

Services: 

• Preparation of preliminary calculations for employee-related costs
• Support in obtaining mandatory workplace accident insurance
• Preparation of employment contracts in Danish or English
• Employee registration with Skat
• Monthly payroll processing
• Preparation and delivery of payment notifications via the E-boks system
• Preparation of termination letters in Danish or English

Service Level: 

• Payroll for the current month will be processed by the end of the month, provided the necessary data is submitted by the 20th of the month
• The Client’s employees receive a 15% discount on their personal tax matters

Fees:  

• Monthly fee: 500 DKK + VAT per employee

4.2. Other Services

• In-Person or Online Business Consultation: 600 DKK + VAT
• Fast Track Tax Return or Preliminary Tax Assessment: 240 DKK + VAT per service
• The Provider offers certain services that are not included in the monthly subscription packages at custom prices. These services are quoted individually based on the specific service and the associated tasks.

4.3. Late Data-Submission Fees

The Provider can only perform its work efficiently if the Client submits the necessary accounting and payroll data by the specified deadlines. If the Client provides the data late or incompletely, the following fees will be charged:

• Late-Submission-Handling Fee: A one-time late fee of 100 DKK + VAT will be charged if the accounting materials are not received by the following deadlines:
  • For weekly bookkeeping: materials must be submitted by the second day of the following week
  • For monthly bookkeeping: materials must be submitted by the 10th day of the following month
  • For quarterly bookkeeping: materials must be submitted by the 15th day of the month following the quarter
• Late Payroll-Data Submission: Data related to hours worked and leave for payroll processing must be submitted by the 20th day of the current month. A late submission fee of 100 DKK + VAT will be charged if the data is submitted after this date.
• Urgent Processing Fee: If the late-submitted materials require urgent processing to meet deadlines, an urgent processing fee of 500 DKK + VAT will be charged.
• Additional Work Fee: If additional work is needed due to late data submission (e.g., obtaining missing documents or multiple rounds of data verification), an additional work fee of 500 DKK + VAT per hour will be charged.

The Provider does not guarantee compliance with deadlines and is not responsible for any damages or penalties resulting from late or incomplete data submission by the Client.

4.4. Payment Terms

• The Provider issues an invoice on the first day of the month for the services provided during that month.
• The Client is required to pay for the services in advance within 8 days of the invoice date.
• Invoicing and accounting services are invoiced in advance based on the number of receipts expected for the month. Any discrepancies between the pre-invoiced and the actual number of receipts will be adjusted in the next month’s invoice.
• In case of late payment, the Provider is entitled to charge a reminder fee and late payment interest as specified in Danish law.
• The Provider may review and adjust the fees for the packages annually, and the Client will be notified of any changes at least 30 days in advance.

4.5. Package Changes

The Client has the option to change the service package during the contract period. The Client can select from the packages available for their company form. The package change takes effect on the first day of the month following the Client’s request, and the new package pricing will apply from that time.

4.6. Prorated Billing

In the case of a monthly subscription service, if the Client starts using the service on a day other than the first day of the month, the initial month will be prorated. In this case, the service fee will be calculated based on the remaining days of the month.

For newly established companies, the service provision starts on the company’s official opening date, and the first monthly fee will be billed from this point forward.

5. Responsibilities

The Provider will deliver the services with due diligence and expertise, but its responsibility is limited to the services listed in Section 2, based on the data and documents provided by the Client.

The Client’s responsibilities are regulated by Danish law, particularly the Accounting Act (Bogføringsloven). The Client is fully responsible for fulfilling all accounting obligations and ensuring accuracy, including the timely submission of tax returns and financial statements. The Provider is not liable for any damages caused by late or incorrect data submission.

The Client is responsible for providing the necessary data and documents to the Provider in a timely manner.

6. Data Protection

The Provider is obligated to handle the Client’s data confidentially and only use it in accordance with applicable Danish data protection laws. The Client consents to the processing of their personal data for the purpose of fulfilling the contract.

The terms of data processing are governed by the Data Processing Agreement made with the Client.

7. Termination of Contract

Either party has the right to terminate the contract in writing with 30 days’ notice. If the Client breaches the terms of the contract, the Provider is entitled to terminate the contract immediately.

8. Governing Law and Jurisdiction

Any matters not regulated by these Terms shall be governed by Danish law. Any disputes between the parties shall be subject to the exclusive jurisdiction of Danish courts.

9. Amendments

The Provider reserves the right to amend these Terms. The Client will be notified in writing of any changes, which will take effect 30 days after their publication.