Outsourcing service provides efficient and friendly service offering cost effective solutions for accounting and payroll-related needs, full financial analysis of accountancy and timely notification to manager about any risk which endanger successful development of business, manages making accounting reports, all necessary accounting documents related to institutions.
So what’s new according this service in Latvia?
The experts of the Association of Accountants of the Republic of Latvia (LRGA) would like to make changes in Law and have drafted amendments according outsourcing of accounting services and intend to enter this Law into force from 2020.
The amendments will set requirements and criteria for obtaining a license in order to have the right to provide outsourcing accounting and who will be responsible for the quality provision of accounting outsourcing.
As a result of the adoption of the accounting outsourcing bill, the confidence of foreign investors and other persons in the competence and quality of the outsourcing accounting services of Latvia would increase, thus increasing confidence in the business environment of Latvia. It could also have a positive impact on the inflow of investments, the development of business in the country and, accordingly, increase employment and competitiveness of the economy, as well as increase the budget income in the future.
Unfortunately,mistakes in tax calculations can negatively affect the company's further activities and the state budget. Each operating company provides residents with jobs and revenues from the state budget, so it is important for accountants and tax advisers to be provided by professional accountants with appropriate education, competence and experience so that the company can operate for a long time.
LRGA believes that licensing and monitoring of accounting outsourcing providers will be performed by the Ministry of Finance and the person to whom the licensing, accounting, organization of the register and, and the SRS, in accordance with its competence, will be delegated. This will be some kind of quality mark.
Information how much outsourcing accounting can make your work easier you can read here.
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