Accounting for Small Businesses in Estonia: How to Get It Right

June 8, 2020

Accounting for a start-up or a small company in Estonia is not difficult. With a little help and right tools, the business owner can easily do it himself. Nevertheless, there are many reasons why getting some help from an accountant even in the early stages of your business is a great idea. In this blogpost we consider some of these reasons.


If you are only just starting out and do not have many customers, accounting in Estonia is not complicated. Most things are done through electronic systems and there are guides to help you out. When it comes to daily bookkeeping you can use simple and effective programmes like Smart Accounts or project management tools like Uku. With these you can easily organize your invoices and clients and have order in your bookkeping. Both programmes are cheap and save you a lot of time and stress.  


Start out right and save yourself from worrying later

Accountants have advised many different companies and have experience with many different tools. Therefore, they are the best to help you setup accounting for your company in Estonia in a way that benefits your business. After your business starts growing and there is more paperwork, it might otherwise be hard to get on top of things. It is always easier to have a good system in place from the start than try to make amendments later (e.g when you need to collect data for the Annual Report). If you need, the accountant can also store all documents (receipts and invoices) electronically, so you do not need to worry about something getting lost.


Focus on your business  

As an entrepreneur you should concentrate on building your company, not learning new laws. Taxation laws are changing frequently and there are many nuances that you simply do not have time to follow up on as a business owner. An accountant can help explaining you the valid laws and point out different exceptions that could benefit you. They can make sure that your accounting is following the right standards according the Estonian laws.


Correct accounting is a sign oftrustworthiness

We have talked a lot about how having the right order and system in your business, will save you time. The truth is, correct accounting is also important for your partnerships and brand. The Annual Report for example, is also a public document and gives people an impression of your company. Correct documents prove your partners that you are trustworthy and easy to work with. Reoccurring mishaps with billing or reports are a very troubling sign and can lose you clients.

Accounting from Assistly – pay for only the work done

This all does not mean that you have to hire a full-time accountant in Estonia. Sometimes just a short consultation helps you get going. Our service in Assistly is designed to fit your needs. Our accountants can take a lot of workload from you, or just help you answer some questions or give guidelines to solve a specific problem/question. You will always pay only for the work done, without any extra fees. It is always good to consult a specialist to get your business up and running in Estonia just how it should!

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