Accounting

In addition to daily accounting, we undertake the following activities:

• Document storage/archiving

• Payroll

• Calculation of additional and holiday pay

• Sick days calculation

• Calculation of vacation reserve

• Communication with the Tax Board

• Communication with the Health Insurance Fund

To make running your business even easier

• We provide you with a monthly table with key indicators so that you have an up-to-date overview of your company's performance. Monthly financial indicators provide a quick but good overview of the company's variables.

• We will help you make the transition quickly and easily. If necessary, we will organize and review your accounting from previous years.

• We provide quick and professional answers to any questions you may have. Our entire team is here for you.

• We advise when raising capital, in the event of mergers or divisions of companies, we formalize decisions of the executive bodies of companies.

• We provide guidance on registering as a VAT payer with the Tax and Customs Board, including helping you conveniently and quickly request a refund of overpaid VAT;

• We prepare an annual report.

When does it make sense to outsource accounting?

Accounting can also be done independently

Accounting for a smaller company is not particularly difficult. A person who has previously studied accounting or economics can probably handle it very well on their own. In fact, there is always the option of using accounting consulting or taking training to get a clearer picture.

What does an entrepreneur have to take into account when doing their own accounting?

• Invoices with correct data must be issued.

• Invoices sent and received need to be kept in order, and recording them correctly will give you a clear picture of where your money is going, how much is coming into the company, and how much is going out.

• If you are liable for VAT, you need to know when to declare VAT.

• If you have employees, payroll is added: social tax, income tax, unemployment insurance, and funded pension must be calculated correctly and declared on the TSD form.

• In addition to current accounting, annual obligations are also important. Bank account and cash balances must match in the accounting, and assets (such as fixed assets and their depreciation) must be reviewed.

• An annual report must be prepared within six months of the end of the financial year. This means that the documents, receipts, and invoices accumulated throughout the year must be in such order that you don't have to look for anything when the report is ready.

When deciding to do your own accounting, you must not forget that accounting always needs to be done very thoroughly and carefully, and it cannot be done very quickly.

It is often difficult to predict when the volume of accounting will increase. As a company grows, accounting also becomes more complex.

Outsourcing accounting

Nowadays, the role of an accountant is no longer just to do accounting. It often happens that entrepreneurs themselves do not know what kind of help they need from an accountant. A good accountant can also give advice and, of course, prepare the necessary forecasts and reports.

As a company grows and accounting becomes larger and more complex, it may make more sense to accounting service buy in. This is precisely because proper accounting takes time. It is also wise to use accounting software.

If you entrust your company's accounting to the safe hands of an experienced accountant, you will avoid the headache of making mistakes in your accounting and having to spend a lot of time correcting them.

It is worth outsourcing accounting if:

• you have set the main goal of growing your business. By doing your own accounting, you are wasting valuable time that could be used to expand your business;

• the company has grown large enough that the time spent on accounting is very high. By focusing on your own business, you help your company more than just by saving on accounting;

• Accounting has become more complex, so a professional accountant is a good helper because he or she knows what rules you need to be aware of. Also, if the company is planning to expand, an accountant can help you understand the tax laws of other countries;

• A company has to deal with large amounts of money. If you do your own accounting, it is easy to make mistakes, and when moving large amounts of money, they can be very costly. It is important that all transactions are legally declared and liabilities are paid.

Professional accounting helps minimize risks, and the accountant knows how to use tax breaks with maximum efficiency.

Who is Grow accounting suitable for?

Grow accounting is suitable for companies and e-residents who want to entrust their accounting to an experienced team and focus on growing their business. The service is particularly useful in four situations:

• the company is growing and accounting takes too much time;
• the company has employees and needs to start keeping payroll records and submitting TSD declarations;
• the company is planning to expand to another country and needs support in understanding the tax rules there;
• The company deals with large amounts of money where a mistake would be costly.

If the company only has a few transactions per month and the owner has an accounting background, they can handle the accounting themselves. However, it is still worth consulting with an accountant as needed to get a clear picture.

Do your own accounting, with your own accountant, or outsource it to an office?

There are three ways to organize accounting: do it yourself, hire your own accountant, or outsource the service to an accounting firm. The choice depends on the size of the company, the owner's time, and how much consulting is needed.

Accounting software speeds up the processing of invoices and bank statements, but decisions about expense accounting, taxation, and reporting are still made by humans. Therefore, software is an aid, not a replacement for an accountant.

How to choose a reliable accounting service?

A reliable accounting service can be recognized by a clearly described division of labor, a specific contact person, and transparent pricing. Here are six things to ask before signing a contract.

1. What is the content of the service? Ask in writing what is included in the price: daily accounting, payroll, tax returns, annual report, and communication with the tax office.
2. Who does my accounting? A good office will name a specific contact person and say who will replace them during vacation or illness.
3. What software is used? Digital and paperless work keeps documents organized and gives you access to your data.
4. What kind of overview will I get? A monthly table with key indicators shows how the company is doing, not just that the declarations have been submitted.
5. Can the office advise? An experienced accountant can explain whether an expense is necessary and help make projections and interpret tax rules.
6. How does the transition happen? Ask if the office can help you sort out your accounting for previous years and how to transfer data from your old service provider.

How to proceed?

Even if you have decided to handle your business accounting yourself, it is wise to consult a professional accountant to get the big picture. However, if you have decided to entrust your accounting to an experienced accountant, Grow Finance is here to help!