Read our insights, reports and more

Liis Aaviku shares her 15 years of experience at Grant Thornton Baltic and explains why an accounting service firm offers rapid development, diverse projects, and strong team support.

When the payroll process exists only in one person’s head, it creates significant continuity, error and control risks. A documented and transparent process ensures security, efficiency and reduces dependency on individuals. In this article, we explain why mapping and documenting payroll processes is critically important.

As of 15 May 2024, a legislative amendment entered into force that allows employers to pay voluntary sickness benefits to employees under more favourable conditions than before. So far, this change has received relatively little attention, yet its implementation enables employers to make a significant contribution to employee well-being.

Whether driven by growth, the need for digitalisation, new reporting requirements or the search for a reliable partner during times of change, Grant Thornton Baltic is a strong choice.

Accounting is the heartbeat of every successful company. Grant Thornton Baltic Partner Gaily Kuusik explains why price alone shouldn’t guide your choice of accounting service — and how quality, expertise, security, and partnership create real business value.

Financial investments are becoming an increasingly important part of companies’ asset portfolios. Whether these include shares, bonds, fund units or derivatives, their correct accounting treatment is essential both for compliance with legislation and for ensuring reliable financial reporting.

Grant Thornton Baltic offers payroll process mapping, rule configuration, integration testing, parallel payroll testing and training to ensure payroll runs smoothly and correctly. Naturally, we also provide a full-service solution—from HR support to payslips.

By 2 February, Annexes I–III of INF 14 must be submitted to the Tax and Customs Board, reporting information on compensation for the use of a personal passenger car, training costs, and health promotion expenses.

Protecting company funds is not just an accounting or IT task – it is a direct responsibility of the management board

The Level 6 Senior Accountant qualification is based on the occupational standard established by the Estonian Association of Accountants, describing the skills, knowledge, and attitudes required for the role. It covers financial, managerial and tax accounting, reporting, budgeting, and advisory work. Applying for the certificate requires practical work experience and professional training.

The reduced social tax for employees with decreased work ability is an accrual-based support measure in which the Unemployment Insurance Fund pays the employer’s social tax on behalf of an employee with decreased work ability, based on a one-time application. The allowance is calculated according to the monthly social tax rate applicable to the specific calculation period (month).

According to the guidelines of the Accounting Standards Board, every accounting entity must ensure that the information presented in the annual report is fair and reliable. This also includes confirmations issued by banks regarding account balances, loans, collateral, and other financial assets and liabilities.

Year-end is the time when the management of every company must ensure that the company’s equity complies with the minimum net asset requirements set out in the Commercial Code.

Every company must prepare and communicate the annual vacation schedule during the first quarter of the year. This is not just a formality – the purpose of the schedule is to ensure smooth work organisation and conscious, mutually considerate planning of employees’ vacation needs.

When closing a financial year, it can turn out that a company’s equity (net assets) does not meet the requirements set forth in legislation and so the equity must be brought into conformity with the law. Often auditors and lawyers receive queries about these topics, but their perspectives can sometimes vary.

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.