How to Choose an Accounting Firm in Latvia

Introduction

Accounting firms often offer similar services: bookkeeping, reporting and communication with the Latvian State Revenue Service (VID). Their prices may also look quite similar.

However, similar service descriptions can hide significant differences in experience, approach and level of responsibility.

When choosing an accounting firm, price should therefore not be the only consideration. Experience, reputation, the team and the terms of cooperation are equally important.

The Key Points in 30 Seconds

Before choosing an accounting firm, consider: the firm’s experience and reputation; a valid VID licence and professional liability insurance; experience with businesses similar to yours; access to tax or legal specialists when complex issues arise; how the cost of accounting services is calculated; and the terms of the agreement and responsibilities of both parties.

At first glance, these points may seem easy to check. However, each involves details that are better clarified before signing an agreement. Here is what to look for.

1. Experience and Reputation of the Accounting Firm

Look at how long the firm has been providing accounting services, who is on its team and what types of businesses it works with.

Check the company in the Latvian Register of Enterprises and read client reviews. Do not focus only on star ratings. Pay attention to what clients say about service quality, communication and how problems are handled.

A long history alone does not guarantee quality, but experience and a solid business reputation matter.

2. How to Check an Accounting Firm’s Licence

Outsourced accounting services in Latvia are subject to licensing requirements.

You can check the provider in the public register maintained by the State Revenue Service (VID). Make sure the licence is valid and the registered information matches the company you intend to sign an agreement with.

An outsourced accountant must also have professional civil liability insurance. These are basic checks worth completing before cooperation begins.

3. Does the Firm Have Experience with Businesses Like Yours?

Years in the market matter, but relevant experience matters more.

Businesses differ in structure, document flow, taxation and types of transactions. Experience that is sufficient for one company may not necessarily be suitable for another.

Instead of asking “Do you have a lot of experience?”, ask: “Do you have experience working with companies in our field and with a similar transaction structure?”

4. Who Can Help with Complex Issues?

Not every business issue is limited to bookkeeping. Accounting and tax matters can often involve legal aspects as well.

It is therefore worth finding out whether a tax or legal specialist can be involved when necessary.

This makes it possible to approach complex matters more comprehensively rather than looking at them only from an accounting perspective.

5. What Determines the Cost of Accounting Services?

When choosing an accounting firm, it is important to understand not only the monthly fee but also how that fee is calculated.

The cost usually depends on the volume and complexity of the work, including the number of documents and transactions, the number of employees and the nature of the business.

Before signing an agreement, clarify what level of service is covered by the monthly fee, which services are charged separately and under what circumstances the price may change.

6. Agreement and Responsibilities

Before the work begins, agree on how and when documents will be provided, how communication with the accounting firm will be organised and what access the accountants will require.

The agreement should make it clear what the accounting firm is responsible for and what remains the client’s responsibility.

It is also useful to understand in advance what happens if an error is discovered and how accounting records and documents will be transferred if cooperation ends.

When Is It Time to Consider Changing Your Accounting Firm?

If you already work with an accounting firm but regularly struggle to get answers or complex issues remain unresolved, it may be worth considering other options.

Before changing providers, clarify how accounting records, documents and any outstanding tasks will be transferred.

7 Questions to Ask Before Choosing an Accounting Firm

1. How long has the firm been providing accounting services?
2. Does it have a valid VID licence and professional liability insurance?
3. Does it have experience working with companies similar to yours?
4. Can a tax or legal specialist be involved if a complex issue arises?
5. How is communication between the accounting firm and the client organised?
6. How is the cost calculated, and when can it change?
7. How does the agreement divide responsibilities between the firm and the client?

Accounting Services at NBC.LV

When choosing an accounting firm, it is worth looking for more than a provider that simply keeps the books. It is useful to have a team you can turn to when a situation goes beyond day-to-day accounting.

NBC.LV has many years of experience providing accounting services to companies in Latvia. We hold the required licence for outsourced accounting services and professional liability insurance.

Before starting cooperation, we take the time to understand the client’s business, assess the scope of the accounting work and agree on a suitable service arrangement. If a complex tax or legal issue arises, the relevant NBC.LV specialists can be involved.

Are you choosing an accounting firm or considering changing your current provider? Tell us about your business. We can assess the scope of accounting services you need and discuss a suitable way of working together.