Accounting

Accounting for companies of all sizes

Maintaining orderly accounting records is essential for every company and e-resident, not only because of statutory obligations, but also because financial data are important indicators for analysing the overall growth of a company. Having a monthly overview of your receipts, invoices, variable costs and balance sheet will help you decide on the future of your business and allow you to make the right managerial calls.

In Estonia, the accounting and financial reporting principles are set out in the Accounting Act and the Estonian Financial Reporting Standard, which supersedes the former accounting principles generally accepted in Estonia.

Apart from daily accounting, we also take care of the following:

• Retention/archiving of records
• Payroll accounting
• Extra pay and holiday pay accounting
• Accounting of sick days
• Holiday reserve accounting
• Communication with the Estonian Tax and Customs Board
• Communication with the Estonian Health Insurance Fund

To make your business even smoother

• We support online services and will collect any physical documents from your premises if necessary.
• We will send you a table of key indicators every month to keep you up to date on how your business is doing. Monthly financial indicators provide a quick but solid overview of the variables of your company.
• We help you transition quickly and easily. If need be, we will organise and review your accounts from previous years.
• We answer any questions you may have quickly and professionally. You will have access to our entire team.
• We advise on raising capital, mergers and divisions and prepare resolutions adopted by the executive bodies of companies.
• We will guide you through the VAT registration process at the Tax and Customs Board and make it quick and easy to reclaim overpaid VAT;
• We will prepare your annual report. If you partner with us for at least a year, the annual report is free of charge!

When is it reasonable to outsource accounting services?

Doing the accounts in-house

In smaller companies, accounting is not particularly complicated. Someone with a background in accounting or economics will probably be able to manage comfortably without any help. Plus, you can always rely on accounting consultants or training to clear things up.

However, if you do decide to handle your own accounting, keep in mind that accounting should always be very thorough and meticulous. This is not something you can rush through.

Oftentimes, it can be difficult to predict when the volume of accounting might increase. As companies grow, their accounting also becomes more complex.

Accounting as a service

These days, an accountant takes care of more than just accounting. Undertakings are often confused about what kind of assistance they actually need from an accountant. A good accountant is able to give advice and can prepare all the necessary estimates and reports.

As your company grows and your accounts increase in scope and complexity, it can make more sense to outsource accounting. This is because good accounting takes time. You will also benefit from accounting software.

By entrusting your company’s accounting to an experienced accountant, you no longer have to worry about any mistakes you might make on your own or spend an obscene amount of time trying to fix them.

You should outsource accounting if:

• your goal is to grow your company. Accounting takes up precious time that you could be using to expand your business operations;
• the company has grown large enough that the time cost of accounting is substantial. You can be more useful to your company by focusing on the business side, rather than trying to save on accounting;
• accounting has become more complex. This is where a professional accountant comes in handy, because they know exactly what rules to follow. An accountant can also help you navigate foreign tax laws if your company is looking to expand;
• the company deals with large amounts of money. If you do the accounting for your company on your own, you can easily make mistakes and that can prove very costly indeed when operating with large amounts. It is important to make sure that all transactions are declared as required and that any liabilities are paid.

Accounting services help to minimise risks and accountants know how to make the most of any tax incentives.

What is the next step?

Even if you choose to handle the accounting for your company yourself, it is still a good idea to consult a professional accountant to clear things up. But if you decide to entrust your accounting to an experienced accountant, Finance Plus is at your service!