Other frequently asked questions

1. What quality guarantees do you offer?

All accounting services provided by Investors SIA are covered by a third-party professional liability insurance policy covering LVL 30,000 p.a. We work with insurance company If (Sampo Group).

2. If I am not satisfied with the services, what are the penalties if I want to cancel the agreement?

Accounting is a trust-based relationship, and if there is no trust, it is better to part ways without undue delay and without penalties. Our typical agreement follows these principles.

3. Where will you keep my documents?

The legislation in Latvia requires that a note regarding accounting entries is made on the originals of documents. Due to this, originals of invoices and other documents will at some point travel to our offices. At the same time, our accounting processes are mostly paperless and therefore we will return documents to you within reasonable and generally short timeframe.

4. What happens if my accounting is inspected by the Tax Authority?

Tax audits are often carried out at the accountant’s office, as this is where most documents and answers to questions can be found. Exceptions include warehouse inventory audits, cash register audits and similar, which by their nature can only be inspected at the place of business.

5. Can accountants help speed up the payment of invoices?

Yes. All invoices are registered in the accounting program, which allows electronic creation of payment orders and importing them to major online banking systems. The Client will only need to authorize payments.

6. Is outsourcing suitable only for small companies, and when should I start thinking about employing my own accountant?

In many countries, outsourcing is used by relatively large companies along with smaller businesses. A popular segment is, for example, payroll accounting or accounting in foreign subsidiaries, even large ones. We believe there is no right or wrong answer to this question and the dominant factor influencing a company’s choice is the manager’s subjective preference, not the size of the business.

7. Will I have to physically sign various tax reports every month?

Not unless you prefer manual process. Most of our clients are users of the electronic declaration system (EDS) administered by the Tax Authority. Generally clients entrust us with their access information, and we take care of signing the returns.