Efficiency 2015 Annual Report

Our Accountant for Your Business

Zane Kurzemniece, a member of the Board of ABLV Corporate Services, tells about the meaning and essence of accounting services and their role in any company, as well as about the advantages of our offers.

Accounting is one of the most essential components of entrepreneurship. In long forgotten past bookkeepers mechanically maintained accounting records. However, nowadays the best accountants are those specialists who are able to independently analyse the financial state of the enterprise and offer their solutions in order to improve it. We believe that an accountant should be a sort of financial expert, so new technologies could never replace a professional representative of this job. Thanks to the qualitative timeous financial analysis, an enterprise can make right decisions for further development.

The role of an accountant in the modern entrepreneurship is invaluable. State institutions pay special attention to those who establish their own company and become a taxpayer, to check whether all regulations in the field of business are abided or taxes and duties paid in proper time. In addition, it is necessary to submit a variety of reports, notices and other specific business-related documents. If during this complex process a delay occurs, then sanctions may follow — beginning with a fine and ending with the suspension of activity. Even if you have mastered the basics of accounting, due to constant amendments to the laws it is almost impossible to keep track of all the new requirements and interpretations of the legislation. That is why an entrepreneur cannot do without the accountants who help to avoid errors in bookkeeping. In order to accomplish the above-mentioned tasks, external accounting services are being increasingly used. They have many advantages: the company does not need to have an additional staff member, to buy special licensed software, to worry about trainings so that the accountant is aware of the latest standards. External accounting services also relieve entrepreneurs from the routine of accounting maintenance and allow concentrating on the management, as well as minimize costs and improve the quality of bookkeeping.

Earlier, entrepreneurs often believed that the quality of external services will be low because such specialists are not able to delve into the specifics of a particular company, but now the situation is different. Every year, competition in the field of external accounting services is growing, which has a positive effect on the offer. Now such priorities are of the utmost importance as orientation to the customers’ wishes, understanding the specifics of their work and responsibility for the growth of the company. We believe that these components are a valuable contribution into achieving our clients’ objectives.

Our accounting services have numerous advantages: they help to minimize costs and improve the quality of bookkeeping.

Accounting services for Latvian companies

Accounting services are one of the main activities of ABLV Corporate Services. Our accounting department has been specializing in providing services to local enterprises.

Our advantage is that we offer a comprehensive service that includes all the phases required for the implementation of business activity — beginning with the enterprise registration, legal support, accounting services, as well as the administration provided within a professional management and ending with consulting on tax issues.

Our team includes experienced lawyers who prepare the necessary contracts or check them out before signing, as well as explain legal nuances. We formed a team of over 15 experienced accountants who maintain bookkeeping at our customers’ enterprises. Although we began to actively address these issues only three years ago, today we are one of the largest enterprises in Latvia delivering external accounting services.

We provide the preparation of monthly, quarterly, and annual reports, conduct accounting throughout the reporting period, as well as represent the clients’ interests when dealing with requests from the tax authorities. We serve businesses in the language they choose to communicate, and any of them can directly contact the accountant of their enterprise.

Accounting services for foreign companies

In 2014, we expanded the range of accounting services and offered international accounting to our clients, starting with such jurisdictions as Cyprus and Singapore. This service is provided according to the International Financial Reporting Standard (IFRS) and the legislation of a corresponding country.
In 2015, we expanded the list of jurisdictions in which one can receive services in the field of accounting or management. Currently we are offering accounting services to clients in more than ten jurisdictions, including offshore, which do not require submission of book records.

We care about the continuity of our customers’ business, analyse a huge variety of accounting tasks and follow constant changes in the legislations of different countries, thus our specialists are always aware of the latest requirements put forward by tax authorities and other fiscal institutions.

During this time, we have gained accounting experience in different forms of entrepreneurship and in many jurisdictions, have formed a professional team; the benefits of our services in this sphere have been appreciated by more than 180 enterprises which entrusted their financial and fiscal accounting to the team of ABLV Corporate Services.

Table of Contents

Creative team: Arnis Artemovičs, Ernests Bernis, Jānis Bunte, Anna Celma, Ilmārs Jargans, Jekaterina Koļesina, Sergejs Mazurs, Samanta Priedīte, Jūlija Surikova, Romans Surnačovs
Project managers: Anna Celma, Jūlija Surikova
Interviews: Jānis Bunte, Ingrīda Drazdovska, Konstantīns Gaivoronskis, Katrina Gordejeva, Ilmārs Jargans, Jekaterina Koļesina, Sergejs Mazurs, Romāns Meļņiks, Sergejs Pavlovs, Romans Surnačovs, Jānis Šķupelis
Text authors: Leonīds Aļšanskis, Jānis Bunte, Anna Celma, Vladislavs Hveckovičs, Jānis Grīnbergs, Māris Kannenieks, Ļubova Kazačenoka, Jekaterina Koļesina, Zane Kurzemniece, Aleksandrs Pāže, Gints Pumpurs, Dmitrijs Semjonovs, Jūlija Surikova, Kaspars Vanags, Benoit Wtterwulghe
Photography: Arnis Artemovičs, Uldis Bertāns, Mārtiņš Cīrulis, Ieva Čīka, Krišjānis Eihmanis, Andrejs Hroneloks, Alise Jastremska, Valdis Kauliņš, Valts Kleins, Marks Litvjakovs, Sergejs Mazurs, Reinis Oliņš, Samanta Priedīte, Gatis Rozenfelds, Polina Viljun, LETA foto, Marka.photo, Studija F64
Proofreader: Jānis Frišvalds
Translators: Jekaterina Koļesina, Nataļja Malašonoka, Lidija Marsova, Jūlija Surikova
Design: Aivis Lizums, Valters Horsts

All rights protected by the Copyright Law of the Republic of Latvia.
Reproduction is prohibited without the consent of ABLV Bank, AS.