You've just registered your SIA, signed a lease, and opened a bank account. The bank asks who your accountant is. You realize you don't have one. So you Google "accountant Riga," and the first page returns 47 results — firms ranging from one-person operations charging EUR 100/month to international networks quoting EUR 2,000. They all claim to offer "professional, reliable accounting services." None of them explain how to tell the difference.

Choosing an accountant is one of the most consequential early decisions a business owner makes — and one of the least informed. This guide focuses on the criteria that actually separate good providers from problematic ones.

What to Evaluate (Beyond Price)

Price matters, but it tells you almost nothing about quality. An accounting firm charging EUR 150/month might deliver excellent work for a simple company. Another firm charging EUR 500/month might be overworked, underqualified, and consistently late with your declarations.

Here is what actually differentiates providers:

1. Licensing and qualifications. Since 2024, Latvia requires companies above certain thresholds to use licensed accountants. Even if your company hasn't reached those thresholds yet, working with a certified professional signals a minimum standard of competence. Ask whether the accountant holds a professional certificate. Ask which body issued it. Verify it independently.

2. Industry experience. An accountant who has handled 50 e-commerce clients understands PVN on cross-border digital services. One who has only worked with domestic construction companies does not. If your business has industry-specific requirements (reverse charge PVN, transfer pricing, inventory accounting, IFRS reporting), ask for references in your sector.

3. Response time. This separates adequate firms from good ones. When you email a question on Tuesday, do you get an answer by Wednesday — or by the following Tuesday? Ask existing clients about response time, not the firm's own claim. A firm that takes five business days to answer a straightforward PVN question is a firm that will miss a deadline when things get complicated.

4. Software and systems. What platform does the firm use? Can you access your data in real time? Do they use a cloud system like Horizon that gives you dashboards, or do they work in Tildes Jumis and send you a monthly PDF? Neither is inherently better, but your preference matters. If you want real-time visibility into your cash position, a firm that only sends monthly reports won't satisfy you.

5. Scope clarity. The most common source of friction between businesses and accountants is unclear scope. Does the monthly fee include payroll processing? Annual report? How many employee changes per month? What about mid-year PVN registration? Get the scope in writing before signing anything.

The Questions to Ask During Your First Meeting

"How many clients does each accountant in your firm handle?" (If the answer is above 30-40, expect slower response times.)
"What happens if my regular accountant is on vacation or leaves the firm?" (You need to hear about backup systems, not promises.)
"Can you show me a sample monthly report?" (The format tells you a lot about how organized the firm is.)
"Have any of your clients been audited by VID in the past two years? What happened?" (A good firm will answer this confidently.)
"How do you handle year-end — specifically, at what point do you start preparing my annual report?" (Firms that start in March for a December year-end are cutting it close.)
"Are your accountants licensed/certified?" (If they hesitate, that's your answer.)

Red Flags That Should Make You Walk Away

No written engagement letter. A professional firm formalizes the relationship with a contract specifying scope, fees, responsibilities, and termination terms. If they say "we'll figure it out as we go," you will — and it won't be pleasant.

Your data, their hostage. Some firms store your accounting data exclusively in their systems and make it difficult to retrieve if you leave. Ask upfront: "If I terminate the contract, how quickly will I receive my complete accounting database and all primary documents?" The answer should be "within 10-15 business days" with no conditions.

Promises of aggressive tax optimization. A good accountant minimizes your tax burden within the law. A risky accountant promises to "make your taxes disappear" or suggests schemes involving shell companies, invoices for services never rendered, or salary-splitting arrangements with no business substance. These schemes have a shelf life, and when they expire, you — not the accountant — face VID.

Missed deadlines presented as normal. If a provider says "VID gives a grace period" or "everyone files a few days late," they are telling you that deadlines are not a priority. VID's grace periods, where they exist, are not invitations — they are measured in days and carry interest charges.

No insurance. Professional liability insurance is not mandatory for accounting firms in Latvia, but reputable ones carry it. If an accountant's error causes you a EUR 20,000 VID penalty, insurance determines whether the firm can compensate you or simply apologizes.

The Size Question

Solo practitioners offer personalized service and often lower prices. The risk: no backup, no peer review, and a single point of failure. If the accountant gets sick or goes on vacation in January — peak annual report season — you're stuck.

Small firms (3-10 people) typically offer the best combination of personal attention and redundancy. Multiple accountants mean your work doesn't stop when one person is unavailable. Prices are moderate.

Large firms and international networks provide the broadest expertise: transfer pricing, international tax, audit, IFRS. But your EUR 300/month SIA may not get the senior partner's attention — you'll work with a junior accountant supervised (in theory) by someone senior. For complex, cross-border, or large-scale operations, the expertise justifies the premium.

In our experience, the sweet spot for most small and medium SIAs is a mid-sized local firm with at least one licensed accountant, industry experience relevant to your business, and a cloud-based system that lets you see your numbers without making a phone call.

After You Choose: The First 90 Days

The first three months reveal whether you made the right choice. Watch for:

Are monthly declarations filed on time, every time?
Do you receive a clear monthly summary without asking?
Are questions answered within 1-2 business days?
Does the accountant proactively flag issues (approaching PVN thresholds, unusual transactions) or only react?

If the answer to any of these is consistently "no," it's better to switch early than to discover problems during your first VID audit.

See If CORVUS Is the Right Fit

Transparent pricing, real-time access to your data, a team of licensed accountants, and the backing of the Russell Bedford international network. We serve businesses from newly registered SIAs to established companies with cross-border operations -- and we are happy to answer every question on this checklist before you decide.

Schedule a no-obligation introductory call →

How to Choose an Accounting Service Provider in Latvia