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Articles
Accounting Services in Latvia
Updated on Saturday 14th July 2018
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Businesses are bound to observing certain regulations for accounting, financial transparency and recordkeeping. Our extensive experience in the Latvian business and commercial environment means that your company will benefit from professional and sector-specific services, tailored to the needs of your company according to size and industry.
The services we provide for company registration in Latvia are accompanied by complete accounting and bookkeeping work.
Types of accounting services in Latvia
Successful businesses in Latvia have a team of professionals and consultants working together not only to achieve the business goals but also to make sure that the company complies with the ongoing laws for taxation and reporting, bookkeeping and the general accounting standards in the country.
The following types of services are provided by our team of experts and can be tailored to the needs of the business, according to the type of company, the number of employees and other criteria:
- - Bookkeeping: complete bookkeeping and financial documents preparation and submission; our agents will handle the sales and purchase accounts, inventory and others.
- - Payroll services: complete salary calculations for employees in Latvia for companies of all sizes.
- - Audit: internal audit for companies that wish to maintain a credible corporate image by maintaining a transparent financial image.
- - Consulting: a service tailored to the exact needs of the company, the business field in which it activates and the financial situation at the time of the analysis.
In special cases, our experts can also provide forensic accounting services. These are relevant when the client needs to determine the financial impact of special situations like fraud or loss. For this purpose, an expert will be hired to investigate from an accounting point of view the effects of the litigation. Forensic accounting is also important in business valuation.
Other types of special accounting services include project accounting – to determine the financial success of a particular project and management accounting – the internal analysis of the business, mainly of interest for the business managers.
Company formation in Latvia is a relatively simple process and, with the help provided by our experts, companies can start their specific activities in the shortest amount of time possible. Once the business is registered, out agents will start providing the needed accounting services.
Accounting requirements in Latvia
Latvia uses the International Financial Reporting (IFRS) standards for domestic companies that trade securities in a regulated market. the use of the IFRS is not required for SMEs. The annual financial statements include the balance sheet, the profits and loss account, the annual report and all other notes to the accounts as needed. Auditing is mandatory only when the company has a net turnover and a total capital over certain amounts and the annual audit is to be performed by an official and registered accounting auditor. The Ministry of Finance is the authority in charge of establishing the accounting requirements and the guidelines for preparing the financial statements.
The Association of Accountants of the Republic of Latvia is the main professional organization for accountants that issues the Certified Professional Accountant Certification.
Contact our agents who specialize in company formation in Latvia for more information about the requirements for different types of companies. We provide a wide array of services for companies, tailored to the needs of local and foreign investors alike.
Meet us in Riga
Call us now at +372 51 50 803 to set up an appointment with our lawyers in Riga, Latvia. Alternatively you can incorporate your company without traveling to Latvia.
As a Bridgewest client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Latvia.
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