Bookkeeping

How we work

Moving to outsourced accounting in Latvia usually takes less than a week, entirely digitally.

Step 1: Free consultation. We discuss your legal form (SIA, IK or self-employed), document volume, VAT status and payroll. You receive a fixed monthly quote in writing — no hourly billing.

Step 2: Contract and handover. We sign a service agreement and you grant us authorised access to EDS, VID's electronic declaration system. If you already have an accountant, we collect the trial balance, registers and open items directly from them.

Step 3: Digital document flow. You forward supplier invoices by email, upload files to a client portal, or simply photograph receipts with your phone. We book everything as it arrives.

Step 4: Monthly cycle. We post all transactions, reconcile bank statements, calculate payroll (IIN, VSAOI) and submit the PVN declaration and employer reports to VID via EDS by the 23rd of the following month.

Step 5: Reporting and year-end. Each month you receive a profit and loss statement, a tax summary and a list of unpaid invoices. At year-end we prepare and file the statutory annual report — for a calendar-year company, by 30 April.

Still weighing an in-house hire against outsourcing? Our outsourced vs in-house comparison breaks down the real costs of both.

What accounting services in Latvia cost

The price depends on four things: document volume, number of employees, VAT registration and industry complexity. Our tiers:

• New company, low activity — EUR 150/month
• Small business — EUR 200–600/month
• Medium business — EUR 700–900/month
• Large business — from EUR 1,000/month

Every quote is fixed for the agreed scope, so a busy month does not change your invoice. See the full breakdown on our pricing page, and estimate payroll and tax costs with our calculators.

FAQ

How much does bookkeeping cost in Latvia?

For a new company with low activity, full-service bookkeeping starts at EUR 150/month. A typical small SIA with a VAT number and a few employees pays EUR 200–600/month, medium-sized companies EUR 700–900/month, larger businesses from EUR 1,000/month. The fee covers bookings, bank reconciliation, payroll, all VID declarations via EDS and the annual report — no separate charges for routine filings. Our bookkeeping guide for Latvia explains what each component involves.

Can we switch from our current accountant mid-year?

Yes — most of our clients joined mid-year. We handle the handover ourselves: we request the trial balance, ledgers and submitted declarations from your previous accountant, verify the opening balances, and flag anything that needs correcting before we take over. There is no need to wait for a new financial year. Our guide on how to choose an accountant lists the questions worth asking before you move.

Do you provide accounting services in English and Russian?

Yes. Our team works in Latvian, English and Russian — contracts, monthly reports and day-to-day communication can all be in your preferred language. This matters for foreign-owned companies, because VID correspondence and statutory filings are in Latvian; we translate and explain what each notice means, so you are never signing something you do not understand.

What accounting software do you use?

We work in Jumis, Horizon and 1C, and can also work in your own system if you prefer to keep your existing licence and data. When you migrate from another accountant, we import the historical data so continuity is preserved. You do not need to buy any software — access to reports is included in the monthly fee.

Who is liable if there is an error in our books?

We are. Outsourced accountants in Latvia operate under a licensing regime supervised by VID; CORVUS employs licensed accountants and carries professional indemnity insurance, in line with the standards expected of a Russell Bedford International member firm. If a filing error is ours, we correct it and deal with VID at our expense — a concrete advantage over a sole freelancer, where liability is often only theoretical.