Accounting services in Estonia

Accounting plays a crucial role in the operations of an Estonian company, serving the purpose of maintaining records and gaining insight into the economic performance and financial condition of the business.

All companies and foreign company branches conducting operations in Estonia are obligated to adhere to accounting practices.

For consistency and clarity, the accounting practices of every company must align with government-established standards, ensuring that the results are both comparable and comprehensible.

ESTONIAN COMPANY’S YEARLY REPORT

On an annual basis, an annual report must be compiled and submitted to the Commercial Register no later than six months after the conclusion of the financial year. This report provides a comprehensive summary of the company’s performance in the preceding financial year. Beyond this requirement, supplementary reports and declarations must be submitted, aligning with the specified form, structure, and extent determined by the enterprise.

The submission of an annual report is obligatory for all accounting organizations in Estonia, and it must adhere to the legally prescribed format. The annual report comprises both an annual accounting report and a report detailing the company’s activities.

YEAR-END FINANCIAL REPORT

The company’s financial year spans 12 months. While commonly aligned with the calendar year (from January 1 to December 31), the fiscal year may be established differently as per the company’s charter or other governing documents. This adjustment can be made to correspond with the operational cycle of the accounting entity. While deviations from the standard 12-month period are possible, the financial year’s duration should not exceed 18 months in exceptional cases.

For the convenience of our clients, we offer a comprehensive range of accounting services through Regulated United Europe, including:

• Consultations on taxation and financial matters
• Monthly maintenance of the master ledger and balance sheet
• Payroll calculation
• Calculation of turnover tax, income tax, and social tax
• Compilation and submission of monthly reports to the Tax and Customs Department
• Compilation and submission of a business year report to the Commercial Register
• Compilation and submission of annual/interim balance and profit reports to the Tax and Customs Department
• Compilation of liquidation or closing balances
• Compilation and presentation of statistical reports
• Preparation and submission of monthly payroll reports to the Tax and Customs Department
• Compilation and submission of monthly reports on turnover tax to the Tax and Customs Department
• Preparation of internal accounting rules
• Registration of initial documents (cash documents, etc.)
• Accounting of the enterprise’s main property
• Registration and deregistration of employees in the work register of the Tax Department of Customs
• Recovery of ongoing accounting
• Compilation of reports for the Department of Statistics
• Assistance in preparing applications and petitions for the Tax Department

Accounting services in Estonia

Our company offers a wide range of accounting services tailored to the requirements of various business structures, including small and medium-sized businesses, in Estonia. The main offerings include flexible options for full or partial accounting services, as well as support in automating accounting processes to improve the efficiency of business operations. Our offer includes the following key services:

Annual reporting

• Full cycle of preparation of annual reports, from primary documentation to final reporting.
• Organisation of audit and review of financial results, if required.
• Representing the client during the audit process and, if necessary, advising on identified issues.

Payroll calculation

• Monthly payroll calculations for residents, e-residents and non-residents.
• Registration of non-resident employers in Estonia as taxpayers.

Counselling services

• Objective and independent financial, accounting and tax advice.

Budgeting

• Develop and update budget models in conjunction with clients to monitor financial performance.

Contact person and registered office services

• Providing legal address and contact person services as required by law.

Registration duties

• Assistance in registering both a non-resident employer and a permanent representative office or branch of a foreign company.
• Registration and filing of tax returns, including VAT and social taxes.

Employment administration and records

• Registering employees with the national employment system and ensuring compliance with the employer’s tax obligations.

Tax representation services for non-residents

• Representing non-residents before tax authorities, including during registration as a VAT payer.

Electronic residency

• Supporting foreign citizens in obtaining the status of an Estonian e-resident for accessing e-services.

Personal identification code

• Assistance in applying for a personal identity code for foreign workers, including registration in the Estonian health care system.

These services provide comprehensive accounting and tax services that facilitate legal and efficient business operations in Estonia. Our company acts as a reliable partner, allowing clients to focus on developing their business, while all accounting and tax processes are supervised by professionals.

 Accounting in Estonia

Estonia is famous for its transparent and efficient accounting and taxation system, which is appreciated by many foreign entrepreneurs. The Estonian accounting system is characterised by ease of understanding and relatively low accounting and bureaucratic costs. This creates a favourable business environment, especially for companies looking for simplicity and transparency in financial transactions.

Basis of accounting in Estonia

Accounting standards

Estonian accounting rules are in line with international standards, but with certain national peculiarities, which makes them easy to understand. Companies can choose between preparing their financial statements in accordance with International Financial Reporting Standards (IFRS) or Estonian GAAP as developed by the Estonian Accounting Standards Board.

Taxation

Estonia has a unique corporate taxation system, where corporate income tax of 0% is levied until profits are distributed (20% tax is applied at distribution). This incentivises reinvestment of profits and supports company growth. It is important to ensure that all business expenses are properly documented and substantiated to prevent unreasonable taxation.

Financial year and reporting

The financial year in Estonia usually coincides with the calendar year, and companies must prepare and file an annual report within six months after the end of the year. All companies, including those that have not carried out any business activities during the year, are obliged to file an annual report.

Registration and tax obligations

Companies with an annual turnover of more than 40,000 euros must register as VAT payers. Registration as a VAT payer entitles the company to a deduction of input VAT, which can be favourable for active companies.

Practical tips for foreign businessmen

Accounting Automation:

• Implementing modern cloud accounting systems can significantly reduce costs and simplify the accounting process.

Utilisation of professional services:

• For companies that do not want to get into the details of Estonian accounting, it is recommended to use the services of qualified accountants or accounting firms specialising in international accounting.

Tax planning and budgeting:

• It is important to develop and regularly update corporate budgets, taking into account tax liabilities, to ensure financial sustainability and compliance with legal requirements.

Estonia provides a favourable business environment due to its simple and efficient accounting and taxation system, which makes it attractive to foreign investors and businessmen seeking operational efficiency and optimisation of tax liabilities.

 Accountant in Tallinn, Estonia

Our company provides comprehensive accounting services that help clients from various industries not only save time and money, but also optimise financial management. Let’s take a closer look at the key aspects and advantages of our offer:

Comprehensive Accounting Services

Professionalism and individual approach

• We pride ourselves on our high level of professionalism and individual approach to each client. Our team of qualified accountants guarantees the accuracy and timeliness of all accounting and tax operations.

Efficiency through automation

• In addition to traditional accounting services, we offer assistance in automating accounting processes. This includes the implementation of modern accounting programmes, allowing clients to manage their finances effectively.

Quality control and compliance

• Our firm maintains strict quality control over all accounting operations under the direction of our Chief Accountant, and ensures compliance with all new regulatory requirements through our internal compliance department.

Features of Our Services

Transparent pricing policy

• Transparent and predictable pricing allows clients to accurately plan their accounting costs, which is important for small and medium-sized businesses.

Personalised service

• Each client is assigned a personal accountant, ensuring a thorough understanding of the specifics of the business and providing a better service.

Liability insurance

• Our firm insures its accounting duties, which minimises financial risk to clients in the event of possible errors or irregularities.

Industry expertise

• Our team has experience in a variety of industries including export-import, retail, manufacturing, IT and cryptocurrencies. This allows us to provide specialised services tailored to industry specifics.

Full range of accounting services

• Preparation and filing of tax returns and financial statements.
• Calculation of wages and social contributions.
• Advising on accounting and taxation issues.
• Preparing statistical reports and maintaining an employment register.
• Preparation and submission of monthly financial statements.
• Participation in tax audits and defence of clients’ interests.

Our services not only provide reliable and efficient accounting services, but also contribute to the sustainable development of clients’ businesses by optimising financial and tax processes. This makes our company a valuable partner for any company seeking financial stability and growth.

Accounting consultancy in Estonia

In today’s business environment, where every decision can affect the financial well-being of a company, the relevance and reliability of accounting advice cannot be overstated. Our company has a staff of experienced accountants ready to offer professional support and develop the best accounting strategies specific to your business.

Why choose Our Company?

Experience and Professionalism

• Our team consists of qualified accountants with in-depth knowledge of various business sectors. We ensure that every decision, every piece of advice is based on current laws and best practices.

Personalised Approach

• We understand that every company has unique needs and challenges. That’s why our approach to each client is individual: we analyse your situation, answer your questions and develop personalised solutions.

Support at Every Stage

• Whether it’s a complex tax issue or day-to-day bookkeeping, our team is here to support you. We provide ongoing support so you can focus on growing your business, knowing that your financial records are in order.

How Can We Help?

• Addressing Specific Problems

• • Difficulties with tax reporting? Inventory accounting issues? Special tax regimes? Our experts are ready to offer effective strategies and solutions.

• Planning and Strategy

• • We help you plan your tax burden, optimise tax payments and minimise risks, which is particularly important in a volatile economic environment.

• Training and Consultation

• • Provide training and regular consultancy for your accountants and finance managers to enhance their skills and ensure your company is up to date with modern accounting requirements.

By using the services of Our Company, you will ensure not only the reliability of your accounting, but also its compliance with all current regulations and requirements. Our task is to remove financial worries from your path to success.

 Estonia accounting services

At Our Company, we provide a complete accounting service to our clients. We take care of the day-to-day accounting from invoicing to reporting. This allows our clients to focus on their core business activities and the realisation of their business plans.

Our core accounting services are:

• Accounting customisation and internal accounting policies: We create a chart of accounts and adapt accounting policies to your business requirements.
• Full and partial accounting: Includes accounting for accounts payable and receivable, fixed assets, banking and investments.
• Tax Accounting: Preparation of tax returns including VAT, TDS and intra-union supply reports.
• Representation before public authorities: We assist in communicating with the authorities and respond to their requests.
• Consultancy: We offer support in complex accounting transactions and their recognition.
• Checking and Correcting Past Accounting: Correcting Errors and Restoring Accounting.
• Document management: Tracking invoices and sending payment reminders.

Reporting:

We guarantee the quality of the reports we prepare so that they comply with current legal requirements.

• Financial reporting: Preparation and submission of consolidated financial statements.
• Interaction with auditors: Preparation and provision of necessary information to auditors.
• Intrastat and statistical reporting: Create and submit required statistical reports.
• Management accounting: Preparation of reports in accordance with the client’s requirements.

Wages and related services:

We guarantee confidentiality and up-to-date salary information.

• Monthly payroll: Including sick pay, holiday pay, bonuses and other benefits.
• Payroll Accounting: Keeping statements and reports up to date.
• Payroll documentation: Prepare and maintain relevant documents.
• Tax returns and reporting: Monthly declaration and filing of reports.
• Employee Register: Manage employee data in the employment register.

Counselling Services:

We offer specialised advice for complex accounting and financial management issues.

• Transition to IFRS or Estonian Standard: Advice and assistance in transition between standards.
• Training and development: Conducting seminars and trainings on accounting and internal control.
• Transaction and legal services: Support in transactions, mergers and acquisitions.

Registration and other ancillary services:

• Assistance in obtaining necessary registrations: For example, VAT registration, permanent establishment registration, non-resident employer registration.
• Filing documents with government agencies: Assist in gaining access to the tax department and other platforms.

Our company offers comprehensive support in accounting, taxation and financial planning. We strive to ensure that our clients can focus on their business without worries by entrusting us with the management of their financial affairs. 

Bookkeeping in Estonia

It is important for investors interested in starting a company in Estonia to consider that their business will require professional accounting services. Foreign investors may find it particularly difficult to familiarise themselves with Estonian tax legislation and compliance. Our accountants in Estonia offer professional advice and assistance on a wide range of financial services including payroll, financial advice, administration, VAT registration and audit services.

Companies in Estonia spend less time on tax compliance, which is a significant advantage of the country’s tax system. In other countries, corporations may spend more time on corporate income tax compliance. Our Estonian accounting firm can offer a variety of services to help you simplify any tax-related issues. Clients who need accounting services in other regions, such as Singapore, can contact our partner accounting firm.

Who can use accounting services in Estonia?

Accounting services in Estonia are available for both individuals and companies, whether local or foreign. Even if the country’s tax system is relatively simple, meeting filing deadlines and support in obtaining tax credits and subsidies can be valuable.

If you are planning to start a company in Estonia and need help, our team of company registration specialists is ready to help. Estonia, one of the first countries to issue licences to bitcoin companies, is a leader in blockchain technology. In order to do business in areas related to virtual currency wallet services and virtual currency to fiat currency conversion services, you need to apply for a crypto license in Estonia.

Accounting services in Estonia:

1. Tax and VAT registration for companies and sole traders.
2. Accounting services compliant with Estonian standards.
3. Tax advice and planning to minimise tax charges.
4. Support for payroll calculation for employees.
5. Audit services from accredited professionals.
6. Preparation and filing of financial and tax reports.

Our accounting services in Estonia start with support in obtaining tax and VAT numbers. While tax registration is mandatory when starting a business, VAT registration is not mandatory from the start of business. Depending on your business, we may recommend voluntary registration as a VAT payer or wait until the minimum threshold for mandatory registration is reached. Our accountant in Estonia will help you navigate local and foreign investors through the financial procedures and legislation.

Our company, as a reliable accounting firm with rich experience in the Estonian financial market, offers quality accounting services to a wide range of clients. In an era when outsourcing of accounting services is becoming more and more popular for small businesses, our company helps our clients to save money, focus on their key tasks and achieve better results.

We pride ourselves on our professionalism, reliability and personalised approach to each client. Our team of qualified accountants work closely with clients across a range of business sectors to ensure an accurate and timely service. We ensure quality control through regular reviews by our Chief Accountant and our in-house compliance department helps to minimise the risks associated with new regulatory requirements.

With a transparent pricing policy that allows clients to accurately forecast and control their accounting costs, our company helps businesses achieve their goals. We offer our clients the trust of providing accounting services of the highest standard, tailored to their specific needs.

Our accounting team is a key asset to our firm, as all staff accountants have years of experience in a variety of business sectors. Each client is assigned a dedicated accountant to manage their financial affairs, from the collection of primary documents to the filing of tax returns, to ensure a personalised approach to each client’s needs.

We place great emphasis on quality control: our chief accountant oversees all work and performs the appropriate checks and confirmations before tax returns are filed. Our in-house accountants and lawyers with diverse backgrounds work together to find effective solutions for our clients, minimising risks and maximising results.

Protecting our clients is also a priority for us, as we insure our accounting responsibilities and cover potential losses due to errors. Our compliance department monitors all transactions to ensure compliance with anti-money laundering and tax evasion laws.

We offer transparent pricing based on the paperwork and headcount of the business so that each client can accurately forecast and control their accounting costs. At our firm, we immerse ourselves in the intricacies of our clients’ businesses and provide the highest quality advice and services. Our accountants are always available for consultation.

Our accountancy firm specialises in providing high quality services to clients across a variety of industries. Our experienced team works closely with businesses on a regular and long-term basis, ensuring that their individual accounting needs are met with the utmost care and attention to detail. Industries in which we have extensive experience include:

• Export-import operations for all commodity groups
• Retail
• Production
• Transport and logistics companies
• IT companies
• Cryptocurrency companies

No matter what industry we are in or what our accounting requirements are, our team will provide you with a personal and reliable service you can rely on.

Our accounting services provide comprehensive support to our clients, including:

• Input all data into accounting software such as incoming and outgoing invoices, bank transactions and fixed assets.
• Calculation of wages, holiday pay and sick pay
• Preparation and filing of tax returns and financial statements, including income tax returns
• Checking transactions for compliance with Estonian regulations
• Preparation of monthly financial statements for internal control purposes
• Participation in tax audits and provision of necessary information
• Preparation of letters, applications and notices to be submitted to government agencies
• Assistance in preparing opinions on the audit of business activities
• Preparation and submission of statistical reports
• Modification of reports if necessary
• Provision of additional consultations on business activities