Accounting

Service

BBCRiga offers a full range of accounting services for all Latvian companies. By entrusting the task of accounting to us, you will receive a full range of accounting services and tax returns in Latvia, getting the opportunity to focus on more important aspects of business.

Benefits of working with BBCRiga

  • Team: Our main asset is our team. We have zero personnel turnover, all our accountants work full-time on a regular basis.
  • Experience: 15-year experience of work in various sectors of business. Please see the main list of sectors below.
  • Individual approach: each client shall have a separate accountant who will be responsible for the client from the moment of collection of source documents until reporting.
  • Quality control: chief accountant monitors the accountants’ work and all tax accounts are submitted only after relevant verification and validation.
  • Sinergy: due to the fact that we have in-house accountants and also lawyers with different areas of expertise the majority of the client’s tasks are solved within the office.
  • Insurance: we insure our accounting responsibility and in case of mistakes the insurance company covers the client’s losses (this, however, has never occurred)
  • Due diligence: we are very serious about the new legislation requirements with regard to anti money laundering and tax evasion. In 2019 we created an internal compliance department that monitors the clients’ transactions, which allows us to minimize our own and clients’ risks.
  • Transparent pricing: we developed the price policy that depends on two variables: document flow and number of personnel in the company. As a result, each client can stiffly accurately forecast and monitor the accounting costs.

Simple

Our clients

On a regular and long-term basis, we work with the following branches:

  • export and import operations with any commodity groups (accounting methods do not change in any way in relation to the type of commodity)
  • retail trade (children products, apparel, household appliances, tobacco products)
  • trading of goods and services on the Internet
  • production (medical supplies, alcoholic drinks)
  • transportation and logistics business
  • public catering
  • IT
  • education
  • and other

As of 2020 our portfolio of clients comprises about 100 active clients.

What we do

  • enter all data into accounting software 1С, which includes incoming/outgoing invoices, downpayments, bank transactions, cash journal documents, fixed assets, etc.
  • calculate salaries, leave allowances, illness payments implementing relevant documentation
  • prepare and submit tax reports to EDS of the State Revenue Service (which includes VAT declarations, notifications about mandatory social security contributions, personal income tax, income tax on enterprises and other reports);
  • prepare and submit annual financial statements, which includes declarations on income tax on enterprises
  • verify the transactions with regard to their compliance with the agreements and regulations of the Latvian Republic
  • prepare monthly financial statements for the needs of the internal control of the clients
  • participate in the topic-specific checkups and tax audits initiated by the State Revenue Service or the client, prepare and deliver necessary information
  • prepare letters, applications, notifications and other documents for submission to the State Revenue Service and other state and self-governmental institutions
  • participate in the process of preparation by the sworn auditor of the conclusion about the client’s business activity
  • prepare and submit statistic reports (Intrastat reports, statistic reports, reports to the bank of Latvia, etc)
  • modulate the reports, if needed
  • prepare advance reports
  • give additional consultations on the client’s business activity
  • provide other legal services.

What we do not do

  • we do not maintain a stock record: we do not perform stock taking on behalf of the client. With all the will in the world and even for a separate remuneration it is virtually impossible to accomplish. Stock record and accounting are two separate, although closely connected, tasks.
  • we do not break the law: for us, long-term and sustainable work is more important than hit-and-run strategy that is why we do not only break the law ourselves, but also do not work with the clients that focus on aggressive methods of tax planning.

How does the client work with the accountant

In the end of the accounting period (month/quarter/year) the client delivers the source documents to the accounting department. Normally, these include: bank statement for the accounting period, incoming and outgoing invoices, agreements and data for salary accounting to the personnel.
1. The accountant processes the information, enters all data into the accounting software 1С and, if needed, requests explanations or missing documents from the client.
2. After processing of all information, tax books are generated and downloaded to the system of electronic declaration of the State Revenue Service. Tax books are submitted directly by the accountant and are signed by him/her.
3. We inform the client about payable taxes and terms of payment
4. Subject to individual agreeement with every client, we deliver to the client the accounting information necessary for management accounting.

How much do we charge for the accounting records maintenance by BBCRiga

The lowest price for bookkeeping of an active company with employees and monthly reporting constitutes 200 EUR + 21% VAT. Normally, this is the price for servicing of all small companies (1-2 employees and 20-25 documents monthly). For inactive companies, with minimal activity that requires only yearly records the cost is from 600 EUR per year + 21% VAT. For our detailed price list and the agreement for the accounting services, please contact our managers.

Our Address

Krāsotāju iela 5
Latgales priekšpilsēta, Rīga, LV-1009, Latvia

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