Advantages of remote accounting maintenance in Latvia

Jul 21, 2015 | Finances, Taxation

How can you get accounting maintenance in Latvia of good quality?

One of the most important pillars of a business is the correct and well-timed accounting. All reports should be submitted on time to the appropriate institutions.

It is not always efficient to hire your own accountant in Latvia and there are a few reasons for that. For instance, there could be not enough work for the new employee, or there could be no office at all in Latvia. Staff optimization program can also become a hurdle for the employment of a new accountant.

What are the alternatives?

One of the options is to do all the accounting unassisted but clearly there are disadvantages of such method. First, it is time consuming. Lack of local taxation rules can also become a hurdle and at last, high risks of failures and fines emerge.

Another option of accounting services in Latvia is to find a local accountant in Riga, who will take up your reports. However, there is also a risk because you pass all your financial reporting to an external person. Furthermore, it is hard to give a remote evaluation for distanced employee’s work, etc.

Are there any more comfortable options?

The good news is that you can delegate your accounting maintenance in Latvia to BBCRiga. You will have professionals at your disposal who will maintain confidentiality of all information.

Please see detailed information on remote accounting maintenance, its advantages and disadvantages below.

How is remote accounting performed?

All you need to provide is primary documentation. What is primary documentation? It is the information on your deals, bank statements, agreements and contracts, invoices, delivery documents, employee information, etc.

Our specialists will do everything else for you. They will calculate the Statement of Financial Position and payroll, prepare all necessary reporting documents, make monthly reconciliation, etc.

How detailed should the information be is for you to decide.

Nevertheless, you can definitely be sure that all the regulatory authorities will have all your reports on time and without any errors.

  1. Delivery of primary documentation from the client
  • Bank Statemenet
  • Invoices and agreemenets
  • Information on the employees

2. Delivery of our report to the client

  • On one page
  • Detailed report
  • Full monthly recognition

The level of the report informativity is determined by client

What are the advantages of remote accounting?

“What benefits will I get outsourcing my accounting in Latvia to BBCRiga?”

It is the first question that our customers ask themselves. Let us make it clear.

1. Cost minimizations

By using our accounting services in Latvia you avoid extra expenditures. Do not waste your time searching for a professional accountant in Riga, his or her salary, equipment, workplace, etc. Do not buy any special accounting software, which costs a bundle right now.

What it is mentioned above is needless if you delegate accountant functions to our company.

2. Guarantees

Guarantees are very important. If you make reports unassisted or if you hire an accountant, you bear all the risks. If there are some errors in the reports or if they are submitted later, you can be fined and punished by appropriate institutions.

BBCRiga takes all accounting for correctness of all reports submitted. The insurance sum paid for mistakes is 50 000 €.

3. Maintenance

BBCRiga’s strongest points are services and consultations, provided by professional legal and accounting advisors.

Using our accounting services in Latvia you will have a 24/7 access to your online cabinet via cloud service. You will be able to add and view statements, invoices and reports via Internet.

The full set of accounting services will be at your disposal. Besides, this is a guarantee, which no in-house employee of private accountant in Latvia will provide you. It can happen that he or she will not have enough knowledge or competence to help you in case of need.

If your business will be audited by Revenue Service, you will receive a full set of papers and support from us. Our BBCRiga accountants’ team will provide you quick and timely issues solving.

Learn more about remote accounting and contact our specialists if you need any consultation.

Baltic Business Consulting provides advisory services as for type of enterprise for your business. Moreover, we also provide following services:

  • Turnkey registration and purchase of any type of company in Latvia;
  • Further support and company’s maintenance;
  • Processing of any operations, concerning Latvian companies;
  • Re-structuring, merger, liquidation and bankruptcy of companies.

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