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Year-end means preparing financial statements, but many businesses overlook one critical aspect: whether the covenants of long-term loans are compliant with the indicators agreed with the bank as at the balance sheet date.

Companies’ credit agreements generally contain customer-specific conditions called covenants. December is the last chance to check whether the company is indeed in compliance with these covenants, especially considering how companies’ financial results have been impacted by the current ultra-rapid economic growth, rising prices and supply chain problems.

To ensure that your annual report is completed smoothly and on time, we have compiled the key steps and recommendations — what to prepare, when to act and which information your accountant will need.

As the end of the calendar year approaches, now is the perfect time to review employees’ remaining vacation balances. It’s important to remember that vacation days can only be used during the calendar year in which they are earned and the following calendar year.

The “tax hump” that has been in place for eight years will be abolished, and starting from 1 January 2026 a uniform basic tax exemption of €700 per month (€8,400 per year) will apply regardless of a person’s income level. For those of retirement age, a slightly higher exemption will continue to apply—€9,312 per year.

According to the registrar's statistics, 95% of companies registered in Estonia have chosen a financial year that runs from 1 January to 31 December. However, a company’s fiscal year should reflect the cycle of the company’s operating activity and year-end procedures should be conducted at a time when volumes of activity are lowest.

The future of accounting: where machine precision meets human wisdom. Automation and AI are reshaping accounting faster than ever. Yet human insight, judgment, and creativity remain essential. Discover how the partnership between people and technology is defining the next era of finance.

It’s often said that the only constant is change. The team at Grant Thornton Baltic knows this well – the work of accountants, auditors, and advisors is continuously evolving due to technological progress and ever-stricter regulatory requirements. But how can leaders manage change so that it truly bears fruit?

Leadership isn’t born from titles — it’s grown through empathy, adaptability, and teamwork. Read Gaily Kuusik’s story of growth in modern outsourcing.

Stocktaking is far more than an accounting chore. When done thoughtfully, it becomes an effective tool for control, accuracy, and fraud prevention — and can be managed far more efficiently.

A retroactive tax residency change doesn’t require employers to recalculate salaries – it only affects the employee’s tax return.

For companies within the same group, it is common practice to organize joint events, whether they are entertainment-focused summer days or business-oriented seminars. However, it’s important to remember that such events may trigger a tax liability.

Why isn’t it legally correct to ask for a client’s signature when they pay for our services in cash? Is it allowed to ask the client to sign the cash receipt?

Employees today expect the same level of user experience from their employers as they get from everyday services — whether it’s ordering food via an app or checking their child’s school data in eKool.

A good audit is more than a compliance task — it’s a strategic tool for building trust, managing risks, and driving business improvement. Learn how a well-conducted audit can help your company grow smarter and stronger.

Starting from September 2025, Grant Thornton Baltic offers both existing and new clients a comprehensive debt collection service. Our goal is to make debt recovery clear, efficient, and results-oriented.