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

 

Feel free to contact Regulated United Europe for more information regarding accounting services in Estonia.