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Many managers see the management report as a mandatory add-on, but in reality, it is at least as important as the balance sheet or income statement. It is through the management report that a bank, partner, investor or other stakeholder forms an initial view of the company’s management, current position and future outlook.

Sport helps Terje maintain balance and clarity, while the ambition inherent in sport carries over into her professional challenges. “Sport has taught me a winner’s mindset,” she confirms.

Informed personnel administration reduces risks, automates processes and ensures compliance. More than payroll – a comprehensive management solution.

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.

Last year, the international standards for small and medium-sized entities were updated. These standards also form the basis for Estonian accounting guidelines. Local rules will soon change as well. The most significant amendment relates to the accounting treatment of returned goods.

New unique artificial intelligence–based assistants are now available to everyone on the Grant Thornton Baltic Estonia website. These tools help accountants, CFOs, auditors and other interested parties navigate the field of accounting more effectively.

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.

At the beginning of 2025, the International Accounting Standards Board (IASB) adopted an updated consolidated text of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The updated IFRS for SMEs therefore necessitates a review and update of the EFS and the RTJ guidelines.

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.

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.