Description
Most important features of accounting service in Estonia include:
- Everyday accounting – Account management and cash flow accounting in a way that ensures receiving relevant, objective and comparable information on the financial status and operating results of the company.
- Location-independent access to online accounting software – Software is available in English and Estonian.
- Possibility to create sales invoices yourself – Creating and sending sales invoices is now easier than before. Create your own invoices and send them to the clients directly from the software or outsource it to your accountant.
- Overview of the company’s results and financials in real time – Receivable and unpaid invoices, business results of the last 6 months, information on most sold products and more. All overviews are also displayed as visual graphs.
- Easy to forward expense documents – Just take pictures of your expense documents and send them to your accountant via the mobile app.
- The option of using e-invoices
- Fixed monthly price – the monthly constant fee is calculated taking into account the company’s work volumes and needs. It helps to plan accounting costs more efficiently and provides stability.
Included in the bookkeeping service:
Everyday accounting:
- Checking the original documents
- Digitalizing purchase invoices
- Financial entries and recognition of bank transactions
- The monthly volume of sales invoices and expense documents (purchase invoices, travel and administrative expenses) according to the personal offer
- Keeping the general ledger
Reporting:
- Creating and submitting regular tax return filings: the declaration of the income and social tax, of a pension payment and unemployment insurance premium (TSD); the value-added tax declaration (KMD) and the intra-community supply report (VD).
- Creating monthly primary reports (balance sheet, income statement, lists of accounts receivable and accounts payable)
- Consulting time according to the personal offer.
Additional accounting services for an extra fee:
- Payroll calculations
- Calculation and recognition of loan agreements and other financial instruments
- Calculating fixed assets and real estate investments
- Corporate income tax calculation
- Creating and submitting excise tax, MOSS and other tax declarations
- Creating and submitting statistics, Intrastat, Bank of Estonia and other reports
- VAT registration
- Interaction with authorities in the scope of special checks
- Applying for an EORI number
- Annual Report
- Consolidation and group reports
- Participation in the auditing process
- Management accounting and reporting
- Financial analysis, creating budget and cash flow prognoses
- Liquidation report
- Organizing accounting and tax training
The exact volume of additional services, procedures and options are agreed separately with each client.
Important information:
- The monthly fixed fee for the accounting service is agreed based on the volume of transactions and the field of activity. Please click “Request a quote” to get your personal offer.
- We reserve the right to immediately alter the price for services if any indicator/parameter in the price offer changes by more than 10%.
- The minimum monthly fee is 75 €.
- Processing the data and documents of previous periods and/or previous periods corrections are not included in the fixed price.
- The service starts with a one-time setup fee of 69€. Invoices are issued on the first day of the month for the current month and have to be paid within 7 days. Additional work will be agreed on beforehand and invoiced at the beginning of the next invoicing period.
- After accepting the offer we send you an invoice for a one-time set-up fee of 69 € that includes:
- creation of access to the software;
- the initial setup in the accounting software;
- instructions for creating access to e-Tax and Customs Board;
- entering opening balances;
- collecting initial information and describing the client profile and operations;
- webinar training on how to use the accounting software and how to maximize the various functions and options of the software.
- We accept original accounting documents in Estonian, Russian and English.
- Every company registered in Estonia has to submit an annual report once per year. If a company is registered as a VAT liable and/or if the company pays salaries, then monthly tax declarations are mandatory.
- In order to submit declarations on time, all documents must be forwarded to your accountant as early as possible, but no later than on the 5th day of the following month. Delayed declarations result in fines issued by the Tax Board. Documents that were not submitted and/or properly formatted result in their declaration and an additional tax burden on the company.
1. Is it mandatory to do accounting every month?
If the company has the Estonian VAT number (mandatory for companies with EU turnover more than 40 000€) or when the company pays salaries to employees in Estonia, then the company has to submit monthly declarations.
If your company doesn’t have any monthly payments, purchases, invoices and no VAT number, then it is sufficient to do the whole accounting at least once a year, before submitting the annual report. If you want to create sales invoices and keep expenses in one place, then use our Self Accounting service.
- DESCRIPTION
Most important features of accounting service in Estonia include:
- Everyday accounting – Account management and cash flow accounting in a way that ensures receiving relevant, objective and comparable information on the financial status and operating results of the company.
- Location-independent access to online accounting software – Software is available in English and Estonian.
- Possibility to create sales invoices yourself – Creating and sending sales invoices is now easier than before. Create your own invoices and send them to the clients directly from the software or outsource it to your accountant.
- Overview of the company’s results and financials in real time – Receivable and unpaid invoices, business results of the last 6 months, information on most sold products and more. All overviews are also displayed as visual graphs.
- Easy to forward expense documents – Just take pictures of your expense documents and send them to your accountant via the mobile app.
- The option of using e-invoices
- Fixed monthly price – the monthly constant fee is calculated taking into account the company’s work volumes and needs. It helps to plan accounting costs more efficiently and provides stability.
Included in the bookkeeping service:
Everyday accounting:
- Checking the original documents
- Digitalizing purchase invoices
- Financial entries and recognition of bank transactions
- The monthly volume of sales invoices and expense documents (purchase invoices, travel and administrative expenses) according to the personal offer
- Keeping the general ledger
Reporting:
- Creating and submitting regular tax return filings: the declaration of the income and social tax, of a pension payment and unemployment insurance premium (TSD); the value-added tax declaration (KMD) and the intra-community supply report (VD).
- Creating monthly primary reports (balance sheet, income statement, lists of accounts receivable and accounts payable)
- Consulting time according to the personal offer.
Additional accounting services for an extra fee:
- Payroll calculations
- Calculation and recognition of loan agreements and other financial instruments
- Calculating fixed assets and real estate investments
- Corporate income tax calculation
- Creating and submitting excise tax, MOSS and other tax declarations
- Creating and submitting statistics, Intrastat, Bank of Estonia and other reports
- VAT registration
- Interaction with authorities in the scope of special checks
- Applying for an EORI number
- Annual Report
- Consolidation and group reports
- Participation in the auditing process
- Management accounting and reporting
- Financial analysis, creating budget and cash flow prognoses
- Liquidation report
- Organizing accounting and tax training
The exact volume of additional services, procedures and options are agreed separately with each client.
Important information:
- The monthly fixed fee for the accounting service is agreed based on the volume of transactions and the field of activity. Please click “Request a quote” to get your personal offer.
- We reserve the right to immediately alter the price for services if any indicator/parameter in the price offer changes by more than 10%.
- The minimum monthly fee is 75 €.
- Processing the data and documents of previous periods and/or previous periods corrections are not included in the fixed price.
- The service starts with a one-time setup fee of 69€. Invoices are issued on the first day of the month for the current month and have to be paid within 7 days. Additional work will be agreed on beforehand and invoiced at the beginning of the next invoicing period.
- After accepting the offer we send you an invoice for a one-time set-up fee of 69 € that includes:
- creation of access to the software;
- the initial setup in the accounting software;
- instructions for creating access to e-Tax and Customs Board;
- entering opening balances;
- collecting initial information and describing the client profile and operations;
- webinar training on how to use the accounting software and how to maximize the various functions and options of the software.
- We accept original accounting documents in Estonian, Russian and English.
- Every company registered in Estonia has to submit an annual report once per year. If a company is registered as a VAT liable and/or if the company pays salaries, then monthly tax declarations are mandatory.
- In order to submit declarations on time, all documents must be forwarded to your accountant as early as possible, but no later than on the 5th day of the following month. Delayed declarations result in fines issued by the Tax Board. Documents that were not submitted and/or properly formatted result in their declaration and an additional tax burden on the company.
- FAQ
1. Is it mandatory to do accounting every month?
If the company has the Estonian VAT number (mandatory for companies with EU turnover more than 40 000€) or when the company pays salaries to employees in Estonia, then the company has to submit monthly declarations.
If your company doesn’t have any monthly payments, purchases, invoices and no VAT number, then it is sufficient to do the whole accounting at least once a year, before submitting the annual report. If you want to create sales invoices and keep expenses in one place, then use our Self Accounting service.
