When can accounting advice help?

If an experienced accountant or even a team of accountants works for a company or institution, it is likely that questions that require expert advice will arise rarely – only in unforeseen situations, but even then the existing team will be able to find answers to them using the available resources. Practice shows that consulting is most often used in small or medium-sized companies, which are faced with unforeseen situations and are willing to find the most suitable solution or correct an error. At the same time – consultations are a useful ally, if there are problems with the controlling institutions and it is necessary to quickly arrange any issues.

What should the consultation involve?

The issues in which consultations are necessary by experienced experts can be really different and varied. In any case – if you are not able to find the most suitable solution on your own, you can always ask the consultant. Here are some of the topics that require consultations most often!

  • Accounting issues in accordance with regulatory enactments in force internationally and in Latvia.
  • Recommendations for selecting, implementing and adjusting accounting programs.
  • Correct preparing of accounting documents, correcting the mistakes.
  • Development of internal control systems for transactions and other processes taking place within the company and support in their implementation.
  • Recommendations on the best course of action in cooperation with the controlling authorities, which is especially important in complex cases, when large penalties for errors can be imposed.
  • Advice on forming employment relations, personnel issues, payroll tax calculations and employment relations.

Why should you consult?

As already mentioned in the introduction, one can of course do also without accounting consultation, if you have enough experience and knowledge yourselves, but if there is any confusion, often a good professional consultation can detect mistakes and avoid the possible negative consequences. It is believed that an accountant, who reads professional media and attends seminars and conferences on a daily basis has no particular difficulties, but in reality – regulations in this area change often, therefore new systems have to be developed, implemented and it is much easier to do by consulting with experts, who have already become more familiar with the subject. The profession of an accountant means constantly keeping up with the news, but if the company hires only one employee for working in this field, it may not be that easy.