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How to Choose an Outsourced Accountant for a Small Business in Latvia?

Oct 2
3 min read

Ārpakalpojumu grāmatveža izvēle mazam SIA


Choosing an outsourced accountant is an important decision for any small business. A good accountant does more than prepare tax returns — they help keep your accounting records organised, meet reporting deadlines and understand the financial position of your business.

When choosing an accounting service provider, it is worth comparing not only the price, but also professional qualifications, the scope of services, communication and experience with businesses similar to yours.

1. Check the Accountant’s Licence and Professional Liability Insurance

In Latvia, outsourced accounting services may be provided only by licensed service providers. Licences are issued by the Latvian State Revenue Service (SRS), and information about licensed outsourced accountants is available in the SRS public register.

The register also provides information about the responsible outsourced accountant and professional civil liability insurance.

Before starting cooperation, it is worth asking:

Is the accounting service provider properly licensed?

Who will be responsible for your accounting?

Does the service provider have professional civil liability insurance?

2. Understand What Is Included in the Monthly Fee

Accounting service packages can differ considerably, so it is important to understand what is included in the monthly price before signing an agreement.

Depending on your business, the service may include:

  • processing accounting documents;

  • recording bank transactions;

  • payroll accounting;

  • preparation and submission of VAT and other tax returns;

  • preparation of annual financial statements;

  • everyday accounting and tax support;

  • communication with the State Revenue Service;

  • correction or organisation of accounting data from previous periods.

It is also important to understand whether the monthly fee is fixed or whether it may change depending on the number of documents, employees or transactions.

3. Choose an Accountant Who Understands Your Business

Different businesses have different accounting needs.

A small service company, an online business and a road freight company may face very different accounting and tax issues. Therefore, it is useful to choose an accountant who understands your type of business and the transactions you carry out.

If your company works with foreign customers or suppliers, employs staff or operates in a specialised sector, ask whether the accountant has experience in these areas.

4. Pay Attention to Communication and Availability

Good communication is an important part of a successful working relationship with an accountant.

Before choosing a service provider, find out:

  • how quickly questions are usually answered;

  • how documents should be submitted;

  • who your main contact person will be;

  • how accounting and tax questions are handled;

  • whether advice is included in the monthly service.

For a small business, a personalised approach can be especially valuable, as accounting questions often arise in day-to-day business activities.

5. Review the Agreement and Responsibilities

The relationship with your accounting service provider should be governed by a written agreement.

The agreement should clearly describe:

  • the services provided;

  • the responsibilities of both parties;

  • how and when documents must be submitted;

  • the service fee;

  • confidentiality requirements;

  • access to accounting systems and information;

  • the procedure for ending cooperation and transferring accounting data.

A clear agreement helps avoid misunderstandings and ensures that both parties know their responsibilities.

6. Ask How the Accounting Handover Will Be Managed

If you are changing accountants, it is important to understand how the accounting records will be transferred from the previous service provider.

A proper handover may include:

  • accounting documents;

  • accounting data and reports;

  • opening balances;

  • information about submitted tax returns;

  • outstanding deadlines and obligations;

  • access to relevant accounting systems.

If previous accounting periods contain errors or incomplete information, additional clean-up may be necessary before regular accounting can continue.

7. Compare Overall Value, Not Just Price

The cheapest accounting service is not always the most suitable option.

When comparing accounting providers, consider the overall value of the service, including:

  • accurate and organised accounting;

  • timely tax reporting;

  • clear communication;

  • professional support;

  • understanding of your business;

  • support with financial and tax-related decisions.

A reliable accountant can save business owners time and help them avoid unnecessary accounting and tax problems.

How Can Aravisa Help?

SIA Aravisa provides full-cycle outsourced accounting services for small and medium-sized businesses as well as self-employed professionals in Latvia.

We offer a personalised approach, clear communication and practical accounting and tax support.

We can assist with:

  • accounting for newly established businesses;

  • everyday accounting and tax reporting;

  • payroll accounting;

  • organisation and correction of accounting data from previous periods;

  • accounting support for road freight companies;

  • accounting and tax consultations.

If you are considering changing your accountant or looking for accounting support for a new company, you are welcome to contact us for a free initial consultation.

During the consultation, we will discuss your business needs and prepare a suitable cooperation offer.


 
 
 

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