In order to carry out a successful business in Lithuania, professional accounting and tax accounting is needed. With professional accounting services in Lithuania, you reduce costs and increase revenues of the enterprise respectively. According to the Law of the Republic of Lithuania on Accounting, accounting of a business entity may be provided by a chief accountant (accountant) or by a company providing accounting services on a contract basis, or by a person providing services on its own.
The director of the company is responsible for proper organization of accounting in the company. However, the director shall not have the right to maintain accounting records with the exception of a few cases specified in the Law on Accounting. Given the fact that it is difficult for a foreign entrepreneur to understand the intricacies of legal acts regulating accounting, it is reasonable to entrust with accounting a company specializing in accounting services in Lithuania.
It should be noted that, according to the current edition of the Law on Accounting, persons providing accounting services are required to insure their civil liability. In addition, as from 2016, a new provision of the Law on Accounting will come into force obliging persons who provide accounting services in Lithuania to be certified, i.e. to pass professional exams on accounting and financial reporting as well as on basics of taxation.