Accaunting
The base service price includes:
Setting up accounting (chart of accounts)
Checking and processing initial documents
Recording sales invoices and incoming payments in the ledger
Recording purchase invoices and outgoing payments in the ledger
Preparing financial statements (balance sheet, profit and loss statement)
Submitting declarations to the Tax and Customs Board (TSD, VAT, VD)
Payroll processing for up to 2 employees
Additional Services:
SmartBooks OÜ prepares the annual report for both regular and one-time clients.
If needed, we can also handle the accounting for the entire previous year. However, if the company’s accounting has already been done, we will review it and make corrections if necessary.
Once a year, a company must submit a report to the Business Register describing the activities of the past financial year. The submission deadline is six months after the end of the financial year. Since for most companies the financial year coincides with the calendar year, most reports are submitted by June 30.
The importance of the annual report should not be underestimated. The annual report consists of the accounting report and the management report. It is not prepared by the accountant alone. The accountant’s task is to compile the annual accounting report, usually based on the balance sheet and profit and loss statement (in some cases, also including the cash flow statement and statement of changes in equity) and any necessary appendices. The other part, the management report, is prepared by the board and describes the company’s activities during the past financial year. The owners decide how profits are distributed or how losses are covered.
Company Formation and Registration in Estonia
The simplest and most (small) business-friendly form of enterprise is a private limited company (OÜ). With an ID card, a private limited company can be established in the Business Portal in less than a day.
Consultation and Tax Advice
Tax consultation and advice are part of our accounting services, but we also offer advisory services as a standalone service.
Accounting Internal Regulations
Accounting Act
§ 11. Internal Regulations of Accounting
(1) An accounting entity, except for a micro-enterprise, is required to prepare internal accounting regulations, which establish a chart of accounts with descriptions of the accounts and regulate, among other things, the documentation and recording of business transactions, handling and retention of source documents, maintenance of accounting records, recognition of income and expenses in the profit and loss statement, inventory of assets and liabilities, accounting principles used by the accounting entity and the presentation of information, procedures for preparing reports, use of computer software in accounting, and matters related to the organization of accounting and the implementation of internal control measures.