Professional accountants

The cost of accounting services at “Kamelota” is determined individually for each client, taking into account the size of the company, the volume of documents, the number and complexity of transactions, as well as the required scope of services. For small companies with up to 30 documents per month, services start from 150-250 EUR per month, while for medium-sized companies with 30-100 documents, the cost ranges from 250-600 EUR. For larger companies or more complex structures, the price is determined after an individual assessment. Additional services, such as payroll calculations, management reports or tax consultations, are priced separately. “Kamelota” offers free initial consultations during which the scope of work is assessed and a precise cost proposal is prepared, ensuring pricing transparency and predictability with no hidden fees.

“Kamelota” regularly takes over accounting from other accountants or service providers, ensuring a smooth and secure transition without disruptions to the company’s daily operations. The transfer process begins with an audit of the existing accounting, during which the state of documentation is assessed, potential risks are identified and a detailed handover report is prepared. The standard transfer takes 5-10 working days, during which “Kamelota” experts cooperate with the previous accountant, receive the necessary documentation and access, perform data checks and reconciliation and ensure uninterrupted execution of accounting functions. In more complex cases, when accounting needs to be organised or corrected, the process may take up to a month, but the client’s operational work is not interrupted as critical processes are ensured from the first day of cooperation.

The primary accounting platform used by the agency “Kamelota” is Horizon, a specialised solution designed for complex accounting needs with extensive analytics and reporting capabilities. In addition, the agency’s experts work professionally with a wide range of accounting systems, including Tildes Jumis, 1C, Microsoft Dynamics ERP, Monitor ERP, Standard ERP by HansaWorld, Directo and MONEO, allowing services to be provided on the platforms chosen by clients. If a company already uses one of these systems, “Kamelota” continues work in that system, maintaining established processes and ensuring uninterrupted data flow. In cases where a client wishes to change the accounting program or select a more suitable solution, the agency’s experts provide consultations on choosing the optimal system according to the company’s specifics, size and industry as well as ensuring quality data migration and training in the new system.

Flexible document circulation is ensured, adapted to each client’s needs and convenience with priority given to digital solutions for efficiency and speed. Documents can be submitted electronically in several ways, for example, by sending an email, uploading them to a secure cloud platform, using document modules in accounting systems or integrating them into the client’s existing business systems. In the case of physical documents, courier services are offered or the option to hand them over at the agency’s office, as well as regular document exchange schedules according to agreement. Regular in-person meetings are not mandatory, as most questions are resolved electronically or by phone, however “Kamelota” organises monthly or quarterly meetings with clients for strategic discussions and financial result analysis if needed. All documents are processed within 1-2 working days from the moment they are received ensuring timely updates of accounting data.

In the event of a State Revenue Service (VID – Valsts ieņēmumu dienests) audit, “Kamelota” provides full support and professional representation throughout the entire inspection process from the moment the first notice is received until the final decision is made. “Kamelota” experts handle all communication with SRS inspectors, prepare and systematically submit the requested documentation within the specified deadlines, provide substantiated explanations and calculation justifications and also participate in in-person meetings together with the client or on their behalf. If discrepancies are identified as a result of the audit, “Kamelota” specialists prepare a detailed position statement, draft objections and appeal documents as well as help minimise potential penalties by using all legal options available. Importantly, the agency’s more than twenty years of experience with the SRS and in-depth knowledge of tax legislation allow proactive identification of risks and preparation for inspections as well as efficient protection of client interests to achieve an objective assessment of the situation. In cases where the client is not a “Kamelota” client, the agency offers audit support as a separate service.

Transfer pricing documentation is mandatory for companies that exceed the thresholds defined in Latvian legislation, in cases where the annual net turnover exceeds 5 million EUR or the total volume of controlled transactions with related parties exceeds 250,000 EUR per year. Documentation must be prepared for transactions with the parent company, subsidiaries, sister companies or other group companies, covering the purchase and sale of goods, provision and receipt of services, loans and guarantees as well as intellectual property transactions. “Kamelota” recommends preparing transfer pricing documentation also for smaller companies if they carry out regular and significant transactions within the group, as high-quality documentation serves as protection in the event of a State Revenue Service audit and helps avoid tax recalculations and penalties. The documentation must be completed by the annual report submission deadline and updated every year, if there have been significant changes in the structure or volume of transactions, while in the event of a request from the State Revenue Service it must be submitted within 30 days.

The accounting agency “Kamelota” provides professional tax optimization consultations, helping companies legally reduce their tax burden by using all possibilities and reliefs permitted by legislation. Tax optimization includes choosing the appropriate legal form and tax regime, applying available tax allowances and reliefs, structuring transactions to maximize tax efficiency using investment tax credits and support programs, as well as taking advantage of international tax conventions. The agency’s experts analyze the specific situation of each company and develop an individualized tax strategy, which may include transitioning to the micro-enterprise tax regime or other special regimes, CIT advance payment optimization, VAT planning and reverse charge application options, payroll tax and social contribution structure optimization, as well as creating a holding structure to improve group-level tax efficiency. All tax optimization methods offered by “Kamelota” are fully legal and compliant with Latvian and EU legislation ensuring that companies reduce their tax payments without risks or consequences in the future.

We ensure the timely availability of financial information according to the client’s needs and the selected service level. Standard monthly reports available by the 15th of the following month. Core financial statements, including the balance sheet, profit and loss statement and cash flow report are generated automatically in the accounting system and are available in real time for clients with system access. Individual management reports with analytics, KPI indicators and business commentary are prepared by “Kamelota” based on prior agreement, e.g. monthly reports by the 10th, weekly operational reports every Monday or even daily cash flow reports during critical periods. For clients using Horizon or other modern ERP systems, most standard reports are available in real time in self-service mode while more complex analyses and forecasts are prepared within 2-3 business days upon request. In emergency situations or when urgent decisions are required, “Kamelota” provides express reports within 24 hours.

As a service, “Kamelota” also provides outsourced financial director services as an effective alternative to a full-time CFO (Chief Financial Officer) position ensuring high-level financial expertise without the need to maintain an expensive in-house role. The outsourced financial director works as a strategic advisor and the company’s financial leader, performing all core CFO functions and developing the company’s financial strategy, planning budgets, managing the financial planning process, preparing management reports and presentations for the board and investors, participating in strategic decision-making and representing the company in negotiations with banks and investors. The scope of the service is adjusted to the company’s needs ranging from a few hours of consulting per month to regular on-site presence several days a week for companies in critical periods. This model is particularly well-suited for small and medium-sized businesses with an annual turnover of up to 5 million EUR, rapidly growing companies in transition periods, as well as companies preparing to attract investment or planning significant structural changes. “Kamelota” outsourced financial directors are experienced professionals with at least 10 years of experience in senior positions capable of quickly integrating into the company’s team and delivering immediate added value.

We assume full responsibility for the quality of accounting services. “Kamelota” agency’s work is insured with professional civil liability insurance that covers potential losses in cases of errors or omissions. The cooperation agreement clearly defines the division of responsibilities, where the agency “Kamelota” is responsible for the accuracy of accounting based on the client’s submitted documents, timely preparation and submission of reports, correct calculations and compliance with legislation, as well as the professionalism of consultations and recommendations. The client is responsible for the truthfulness and completeness of the submitted documents, as well as providing timely information. If the company incurs financial losses due to an error, such as fines or late payment interest, the “Kamelota” insurance covers these losses if the error occurred due to the agency’s fault. Importantly, with more than twenty years of experience, “Kamelota” has established strict quality control procedures and double-check systems that minimize the possibility of errors. Regular internal audits and staff training are carried out to ensure the highest level of service quality.