SIA accounting in Latvia - how to manage company accounting

A practical guide for an SIA owners in Latvia. How to manage SIA accounting, issue invoices, record expenses, control bank transactions, VAT, corporate income tax, salaries, fixed assets and the annual report with pats.lv.

Watch the video: how an SIA can start using the system step by step

Who is this guide intended for?

Pats.lv is best suited for small SIAs and micro-companies that have relatively simple business activity and want to organize their accounting in an understandable, transparent system. The system is especially suitable for:

• SIAs both without employees and with one or a few employees;
• SIAs where the board member wants to manage accounting independently;
• SIAs where the manager wants to better understand and control the company's finances;
• service companies that issue invoices to clients;
• companies that want to manage invoices, expenses, receipts, bank transactions, salaries, tax deadlines and annual report data in one place;
• companies that work with an accountant but want to reduce chaotic document sending by email, WhatsApp or Excel spreadsheets;
• accountants and outsourced accounting companies that serve small SIAs and want to automate simple processes, reduce manual work, document collection and unnecessary daily communication with clients without losing service quality.

Pats.lv is not intended for associations and foundations. If a company has a complex structure, many employees, import, export, excise goods, complex VAT transactions, several owners or specific industry requirements, the involvement of a professional accountant can be very important. In such cases, the system can help the manager and accountant work with organized data in one place.

SIA accounting in Latvia: a practical guide for a company manager

Managing an SIA means not only selling goods, providing services, issuing invoices and developing the business. A company manager must also keep track of accounting - income, expenses, bank transactions, taxes, VAT, corporate income tax, fixed assets, the annual report and, if the company has employees, salary calculations as well.

For many small SIA owners, accounting initially seems more complicated than the business itself. Invoices are in email, receipts are on the phone, payments are in the bank, reports are in VID EDS, but the overall picture is not visible in one place. This is exactly why stress appears: whether everything has been saved, whether taxes will be calculated correctly, whether there will be enough data to prepare the annual report, whether any payment has been missed.

The good news is that for a small SIA owners, accounting can be organized into an understandable process. The most important thing is not to know all accounting terms by heart. The most important thing is to create a clear system for what to do each time the company receives money, makes a payment, buys a service, pays a salary or approaches a reporting deadline.

In this guide, we will look step by step at how to organize accounting for a small SIA in Latvia: how to issue invoices, record expenses, synchronize a bank account, track VAT and corporate income tax, calculate salaries, prepare for the annual report and use pats.lv to complete this process in an understandable way even without extensive accounting experience.

How does the system help an SIA manager?

Pats.lv is an accounting system for small SIAs in Latvia that helps organize daily financial accounting in one platform:

• register the company profile;
• automatically find the company's basic data;
• specify VAT status;
• set up professional invoice design;
• issue invoices;
• save clients, suppliers, goods and services;
• add receipts and expense invoices;
• use document recognition;
• connect a bank account;
• link payments with invoices;
• control payment statuses;
• see income and expenses;
• prepare VAT data;
• track tax deadlines;
• calculate salaries;
• manage vacations and sick leaves;
• prepare salary documents;
• record fixed assets;
• see the transaction journal, general ledger, profit or loss statement and balance sheet;
• prepare data for the annual report;
• gives the opportunity to work together with an accountant.

For SIAs without employees, the system helps reduce routine work and control the company's money. For SIAs with employees, the system helps organize salary calculations, taxes and documents without unnecessary spreadsheets.

It is important to understand: pats.lv is not just a place where you “enter an invoice”. It helps create a process. Invoice, expense, bank, overview and report are connected in one logical sequence to manage accounting in an understandable, transparent way and at an affordable price.

Start with the basics: create a company profile, check the data, specify opening balances, issue the first invoice, add the first expense and connect the bank. After that, accounting is no longer a big unknown process - it becomes a daily routine that can be controlled step by step.

Now after registration, get accountant support for the first 30 days completely free of charge.