Financial accounting is the process of identification, evaluation and presentation of economic information, which enables users of such information (business entities and natural persons) to take economic decisions. Accounting is a complex process based on a range of strict rules developed for those interested in business start, development and investment.
Today, business would hardly act without professional accounting services. Companies are facing an increasing number of business challenges globally including more rigorous regulations and enforcement by local authorities in the countries where they operate. They are trying to organize their business in such a way in order to get the best financial result. This aim can be achieved with the help of professional bookkeeping services. We are a team of qualified accountants and bookkeepers and provide the highest quality bookkeeping services and accounting services in Lithuania and our accounting consultants are ready to provide any relevant assistance for entrepreneurs, for business start-ups, small businesses as well as for international business.
Reporting is the final stage of accounting and is a system of summarising the interdependent indicators received and describing the results of the company‘s economic activity for the accounting period. Financial statements prepared in a proper way help to analyse and assess the activities of the company, to manage and identify the deficiencies, and to take relevant economic decisions.
Profit-seeking legal persons with limited civil liability shall handle accounting in accordance with the Business Accounting Standards arranged in compliance with requirements of European Union law and the International Accounting Standards. The Ministry of Finance of the Republic of Lithuania shall prepare and approve the Business Accounting Standards.
It should be noted that the companies whose securities are traded on a regulated market and that are obliged to arrange consolidated financial statements shall handle accounting to ensure that the consolidated financial statements are drawn up in accordance with the International Accounting Standards.
We provide accounting and bookkeeping services in Lithuania for a reasonable service fee. More than 10 years’ experience let us to do it at highest quality and in time.
Each firm in Lithuania has to provide certain reports to the Tax Inspectorate (VMI), Social Security Fund (SODRA), Department of Statistics (Statistikos departamentas), the Centre of Registers (Registrų centras), Customs Department (Muitinės departamentas), and migration offices and so on. It is very difficult for a foreigner to manage accounting and bookkeeping himself – you need to know Lithuanian language, be able to understand and interpret legislation of the Lithuanian Republic, to understand accounting and bookkeeping principles and requirements, have a qualification of an accountant. Failure to submit annual or interim financial reports or failure to pay taxes in time will result in troubles with the state authorities that may impose fines to your company. Therefore, each Lithuanian company must have its bookkeeper who will help to prepare all needed reports and submit them to the state authorities, advise on taxes to be paid, and help to represent your company in the Lithuanian Migration Department and other institutions. Therefore, many foreigners who start their business in Lithuania first of all are searching for reliable accounting services in Lithuania.
To successfully operate a small firm or a large business beside knowledge, expertise and talent, you also need to have at least some sense for running business. However, this does not necessarily suggest that you must have good accounting background or experience and many businessmen really do not. For the sake of your business, it is highly recommended to find and hire a professional accounting firm that provides professional accounting services. Many business owners benefit by using outsourced services, especially accounting related services.
As a rule, hiring a reputable accounting firm that provides professional accounting and bookkeeping services will help keep you on track with all necessary payments, bookkeeping, tax returns, financial development and business expenses. Hiring an outsource professional company to manage your finances, eliminates financial risks because the chances of making serious mistakes are almost none. Bookkeeping performed in a quality and responsive manner is very important for every business regardless of the size.
How Can We Be Helpful?
After registration of the company in Lithuania, or in case you already have your business in Lithuania, our consultants on business immigration to Europe and will offer you accounting and bookkeeping services under special very attractive conditions. Our accounting consultants are well aware of the tax system, the Business Accounting Standards as well as International Standards of Accounting, so you can be calm about your company’s accounting. We are always available to spend time with you, so you will be given all necessary information and reply to your questions immediately without any delays. For your convenience, we provide all necessary accounting consulting, accounting and bookkeeping services as well as consulting services in Lithuania, such as the following:
- Bookkeeping and accountancy management starting from initial documents and ending with complete financial accounting and preparation of financial reports, tax returns and other relevant documents;
- Representation of clients in all national institutions (State Tax Inspectorate, Sodra, etc.) as well as in private companies. We can help our clients to open a bank account in Lithuania for a fee agreed in advance.
- Accounting consulting and consulting on Lithuanian and international taxation issues. Our accounting consultants are well aware about Lithuanian and international taxes and accounting specifics. So, they will be able to give you a professional advice.
- Audit services. The audit of financial statements is an independent examination of financial statements or consolidated accounts of an enterprise and provision of an opinion, which indicates whether the financial statements or the consolidated financial statements in all material respects give a true and fair view of the financial position of the enterprise, the results of its activities, and cash flow. Besides financial audit, on your request we can also perform internal audit, company activity audit. The cost of these additional services are negotiated with the client individually.
- Analysis of company financial ratios, consulting and recommendations. Financial ratios are mathematical comparisons of financial statement accounts or categories. These relationships between the financial statement accounts help investors, creditors, and internal company management understand how well a business is performing and of areas needing improvement. Financial ratios are the most common and widespread tools used to analyse a business’ financial standing. Ratios are easy to understand and simple to compute. They can also be used to compare different companies in different industries.
- Business accounting services. Business accounting is focused on the needs of the business rather than meeting external accounting standards. This type of accounting is often used to help management in decision-making and company performance evaluation. Business accounting is not mandatory, and many smaller businesses do not use much this type of accounting. However, almost all larger companies incorporate various forms of business accounting into the decision-making process of their business model.
Our specialists have an excellent reputation in matters with state bodies and agencies. According to the situation and needs of our clients, we can offer accounting solutions, prepare tax return documents and provide other consulting services, bookkeeping and financial accounting services. Very often the cost of bookkeeping and accounting services for small business or for sole entrepreneurs is high enough and they decide not to address to consulting firms. Our company represents clients in tax authorities, provides services of registration in the taxpayer and VAT registry and provide other service at a very favourable price. What is more, we acquaint clients with the tax-saving opportunities that play a very important role nowadays. We are dedicated problem-solvers and we are ready to provide insightful solutions that help you overcome major business challenges.
All the conditions, concerning the bookkeeping services, service fees and prices for other accompanying services are usually discussed with a client individually based on the client‘s situation and needs. If you are interested in professional accounting services in Lithuania, you can find our offices in the main cities of Lithuania: Vilnius, Kaunas Klaipeda and contact us via email of telephone.
By hiring professionals that are focused on your financial and accounting needs, you will be capable to concentrate more on the core business activities and grow your brand. Using professional accounting services helps you avoid any major financial problems.