Frequently asked questions

Outsourced accounting means that an external provider handles all or part of your company's accounting under a service agreement, rather than as an employee. You do not need to enter into an employment contract, pay the associated employment taxes or arrange cover when the accountant is absent. The provider organises its work in accordance with the agreement.

Yes. Under Latvia's Accounting Law, providing outsourced accounting services commercially requires a licence issued by the State Revenue Service (SRS, known as VID in Latvian). SolConto is a licensed outsourced accounting provider, meeting the qualification and integrity requirements set out in Latvian legislation.

The SRS taxpayer rating is a publicly available assessment of a company's tax compliance. An A rating indicates good tax compliance. It helps assess a potential business partner, but is not in itself a guarantee of accounting service quality.

The handover usually begins with requesting the previous accounting data, supporting documents and accounting registers, then checking their consistency. It is advisable to plan the handover at the start of a reporting period (month, quarter or year) to maintain continuous records and avoid entering data twice.

Yes. We enter into a written accounting service agreement specifying the scope of services, each party's responsibilities, confidentiality requirements and payment terms. This helps both parties understand their obligations throughout the relationship.

Pricing is tailored to the volume of transactions and incoming and outgoing documents, the number of employees, VAT registration status, industry requirements and other factors affecting the accounting workload. We assess the scope during the initial consultation.

The provider's duties and responsibilities are set out in a written agreement. The company supplies the documents and accurate information needed for accounting on time. Outsourcing does not remove the company manager's responsibility for maintaining accounting records and retaining documents under Latvia's Accounting Law.

If transaction volumes, employee numbers or tax registration status change, we review the scope and price of services by mutual agreement. Regular communication helps us adapt accounting processes to the company's actual needs.

Depending on their status and activities, companies generally need to submit a corporate income tax (UIN) return, a value added tax (VAT) return and an employer's report on mandatory state social insurance contributions (VSAOI), personal income tax and other required information. An annual report is also required where applicable under Latvia's Annual Financial Statements and Consolidated Financial Statements Law.

The requirement to register for VAT depends on the value of transactions during the calendar year, the types of transactions and other conditions in Latvia's Value Added Tax Law. Certain cross-border transactions may require registration before the general turnover threshold is reached. Voluntary registration is also possible. The circumstances should be assessed before entering into a transaction.

The frequency depends on the tax and the company's tax period. VAT returns are usually submitted monthly or quarterly, corporate income tax returns for the relevant tax period, and employer's reports monthly. We determine the applicable schedule for each client individually.

Yes, payroll and personnel administration is one of our core services. It includes calculating wages, taxes and mandatory contributions, holiday pay and sick pay, as well as processing documents for the start and termination of employment.

The employer must notify the SRS through its Electronic Declaration System (EDS) at least one hour before the employee starts work. We can handle this process on your behalf, along with ongoing payroll administration.

Yes. We help prepare incorporation documents, register with the Register of Enterprises and the State Revenue Service, and establish accounting processes from the company's first day of operation.

During liquidation, accounting records must be brought up to date until operations cease, closing financial statements prepared, tax liabilities settled and the required documents submitted to the Register of Enterprises. Preparing documents in good time helps avoid delays.

Only authorised employees have access to client accounting data, according to their roles. Documents are processed through secure digital channels, and the service agreement sets out clear confidentiality and data processing terms in accordance with the General Data Protection Regulation (GDPR).

Yes. Day-to-day document exchange and communication are digital, enabling efficient, transparent cooperation regardless of the company's location.