We plan to use Microsoft Business Central (BC) for our accounting and budgetting needs.
While BC is an ERP package and might seem overkill for a start up, it offers a few essential advantages:
- One accounting system for all our companies: a single source of truth.
- BC offer localization for Netherlands and Iceland which means our bookkeeping software in both countries is totally adjusted to the practices and requirement in both countries.
- Deep integration possible with PMS software, access control software (like Vintia) and much more, including of course all MS Officee products.
Implementation of BC is normally a very expensive (20K+) project that is handled through autorized resellers. We have, however, located an independent Dutch BC consultant who can do the job in cooperation with our accountants (PwC in Iceland) and bookkeepers (Abaki ehf in Iceland and Cashflow Administrations in NL) for a considerable lower amount. Our primary focus is currently on getting the basics going and use BC for budgetting and scenario creation.
In Iceland we will have 2 companies: the development company (PropCo) that owns the land (Hugarro Hvalfjordur ehf) and the operations company (OpCo) that will operate the resort(s): Hugarro Hospitality ehf. Both are fully owned daughters of the Dutch company Naturally Iceland BV which is owned by Thorwald and Daniel via individual holding companies.
We plan for the future investors to get equity stakes in the Icelandic PropCo which will have a hybrid lease agreement with the OpCo that will balance the financial interests of investors and operator. We are currently (Dec. ’25) consulting on a hybrid lease agreement so we can put relevant numbers in feasibility projections.