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Accounting Services in Lithuania

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Accounting is necessary for every enterprise. It is not only preparation of annual reports and taxation, but also control of the financial state, and understanding of ways to increase profits. In other words, accounting is a company's assets, sources of formation, business operations, and the ability to optimize through proper analytics. Cryptocurrency companies are not exceptions, although their accounting specifics differ from the accounting of ordinary companies.

Often, most businesses treat accounting as an issue that needs to be closed just to be compliant with the government requirements, so they hire an accountant only formally. With chaotic tax and accounting, even more, money is spent on correcting mistakes and penalties in the end. With this approach, the business is deprived of opportunities to scale and optimize all current processes.

The ideal option is to contact a professional team that will cover all your needs at a high level. Gofaizen & Sherle offers a look at ways to implement bookkeeping from a business benefit perspective.

ACCOUNTING SERVICES IN LITHUANIA FOR:

crypto business
*Per month
  • Up to 50 invoices and up to 3 employees
    € 265
  • Up to 100 invoices and up to 5 employees
    € 340
  • Up to 200 invoices and up to 5 employees
    € 510
  • Up to 500 invoices and up to 7 employees
    € 750
  • Over 500 invoices and above 7 employees
    Price to be agreed

*Minimal period of subscription is 3 months

**Annual reports - included

**Statistical reports - included

**Interim balance sheet reports – included

conventional business
*Per month
  • Up to 50 invoices and up to 3 employees
    € 210
  • Up to 100 invoices and up to 5 employees
    € 270
  • Up to 200 invoices and up to 5 employees
    € 410
  • Up to 500 invoices and up to 7 employees
    € 600
  • Over 500 invoices and above 7 employees
    Price to be agreed

*Minimal period of subscription is 3 months

**Annual reports - included

**Statistical reports - included

**Interim balance sheet reports – included

Accounting expert in Lithuania

Dr. Aleksandra Pečiūrienė, Ph.D.

Dr. Aleksandra
Pečiūrienė, Ph.D.

Associate, Chief Accountant

Crypto-accounting

Despite the similar reporting system and regulations, crypto-accounting has many nuances and pitfalls. Accounting and reporting rules, first of all, differ from the country's legislation and regulator's requirements. You need to be thoroughly familiar with each item of the rules to avoid being sanctioned or fined.

In addition, you must take into account the specifics of your work, as in this case, different regulatory measures may apply.

Gofaizen & Sherle has extensive experience in dealing with cryptocurrency companies, opening cryptocurrency licenses in various jurisdictions, fully supporting clients every step of the way and a course in accounting. Our team is an active supporter of modern accounting methods and is constantly looking for ways to streamline and innovate our business processes. We actively use automatic optical document recognition and are among the first accounting companies to implement robotic accounting processes.

Classic Accounting

The proper functioning and further development of any enterprise depend to a large extent on the accounting department and the costs associated with its maintenance. Professional accounting services are a guarantee of security and success in business development. This is a complex task requiring considerable experience in drawing up accounting documents and passing various types of inspections.Moreover, without proper accounting support, you can get serious financial losses in the form of penalties from the state authorities.A huge number of companies prefer to outsource accounting support because of the high cost of maintaining full-time accounting personnel. The difficulties of maintaining your accounting department also include the constant search for employees and the cost of equipment.

Good accounting practices and sound advice can help your company be successful and protected from unpleasant surprises. Whether you are an international company or a local, one-person firm, we would like to work with you. Every client is important to us, regardless of the size, turnover, or scope of the client's business.

Service Description

Service and support are important parts of running a business that our team focuses on. Take a look at the range of services we provide in this category:

Invoice Registration

An invoice is used to bill, itemize, and describe services or goods.

Our team will assist to correctly register and enter onto the ledger all the incoming and outgoing invoices. It also includes assistance with preparing invoices drafts which will include the number of services (goods), their description, cost, the currency of payment, bank details, and necessary information about the company in accordance with the international standards. You can automate this process so that you do not waste time on unnecessary operational activities, and focus on business development.

Payroll calculation and reports

Correct payroll calculation in compliance with all tax and labor legislation requirements is a direct responsibility of any employer. Similar to accounting support, it requires a highly qualified specialist who can correctly manage wages by the law and all kinds of regulations.

By transferring payroll responsibilities to our team, you can reduce costs and optimize your workload.

What is included in the service:

  • Registration of a hired worker with the tax inspectorate
  • Deleting a retiring employee from the IRS
  • Calculation of payroll
  • Calculation of vacation pay
  • Calculation of severance pay at dismissal
  • Calculation of payments for temporary disability certificates
  • Calculation of personal income tax
  • Calculation of compensation payments
  • Calculation of deductions to the social insurance fund and medical insurance fund
  • Preparing reports for regulatory and supervisory authorities
  • Preparing statistical reports on payroll
  • Presenting payroll information to auditors

Preparing annual reports

Any company engaged in business activities is obliged to submit an annual report (even if the company has not been in business for one fiscal year). You must remember that the deadline for filing reports is 6 months after the end of the fiscal year. It is extremely difficult for a large business to control these processes and meet deadlines.

Gofaizen & Sherle prepares annual reports competently, efficiently, and on time.

The service includes reports:

  • On company management
  • Сash flow
  • Changes in capital, and fund balance as well as notes on the annual accounts and earnings statement
  • Additional services can be performed upon the clien's request.

VAT reports

VAT is a value-added tax. It is charged on most services and goods. As a rule, a business does not pay the surcharge itself but adds it to the end buyer's bill. All taxpayers must file this return.

If you provide crypto exchange transaction services, there is no VAT. However, if you distribute income among the founders, you must pay corporate income tax.

Our services include the preparation and submission of value-added tax (VAT) reports every month. In addition, we will help you in registering a cryptocurrency company with full VAT and proportionally deduct VAT based on your special activity.

bitcopin

Accounting requirements

The main accounting requirements for cryptocurrency companies are to record the virtual assets as inventory. The company needs to separate personal assets and customer accounts, as well as commissions from transactions. This counts as the company's income, and the expenses are the fees that are associated with the exchange.

If a company has VAT or staff, it needs to submit monthly accounting reports and tax returns. In the case where there is no VAT registration, as well as wages - such reporting is not necessary.

However, every cryptocurrency company must file an annual report. The deadline for filing is 6 months after the end of the fiscal year.

Peculiarities in the accounting of cryptocurrency companies

At the moment, there is no single accounting color standard for cryptocurrencies. In practice, accountants who are involved in cryptocurrency reporting have no other options than to use existing accounting standards, adapting them to a specific situation.

Even if there are no specific accounting standards for cryptocurrencies, you can rely on current IFRS (International Financial Reporting Standards). However, you should pay attention to the company's activities to choose the right approach: whether cryptocurrency is used as a means of payment or attracts investors, exchange, or issuance of cryptocurrencies.

The regulation of reporting depends on the jurisdiction of the country of operation. But in most cases, the main purpose of monitoring: is to stop money laundering, and prevent terrorist financing or illegal transactions with virtual currency. Also, the monitoring system is used to collect certain taxes. For example, in Canada, entrepreneurs declare profits from cryptocurrency, and the tax authorities can check their e-wallet to detect the time and volume of a particular transaction.

What is cryptocurrency

Cryptocurrencies are intangible digital tokens (objects) that represent a certain value. They exist exclusively in electronic forms, recorded in an electronic distributed ledger system built on blockchain technology. Cryptocurrency records and transaction data in such a system are virtually impossible to change. Another advantage of this technology is the anonymity of the record owner.

These tokens can provide a variety of uses. Originally, cryptocurrency was invented as a medium of exchange, but other digital tokens have emerged that can grant rights to use other assets or be a property right, like securities.

How cryptocurrency is classified in accounting

According to the current regulatory documentation, cryptocurrency does not have the status of money nor the status of electronic money. Banks do not exchange crypto as a foreign currency, all exchanges occur through intermediaries. At the same time, cryptocurrency can perform the same function as ordinary currency. It can be used to pay for services or goods upon the seller's consent, but it is considered a "barter transaction". More and more businesses are now accepting virtual currencies as their primary payment, but they are not legal tender.

As an example, transactions with gold are "demonetized", that is, it is considered an asset, a commodity, but not money. It is only a trading unit on the commodities market, and the payment with gold is a barter transaction with money.

Highly liquid assets, easily convertible into cash and short-term are classified as cash equivalents. But cryptocurrencies can't be such, since they are not issued by a sovereign state and contain the risk of fluctuating costs.

For most companies, cryptocurrencies can be intangible assets, that is, non-financial assets with no physical substance. However, you need to pay attention to the nuances of your work and specific situation.

What accounting standards apply to crypto assets

In practice, when accounting for cryptocurrencies, there is an understanding that there is no single IFRS standard. Therefore, the only option is to use existing standards that are set for accounting. For example, strategic business reporting SBR.

Cryptocurrency cannot be accounted for as a financial asset because it is not a debt or equity security (does not denote an ownership interest in a legal entity). That said, it can meet the definition of an “Intangible Asset“ under IAS 38 because it can separate from the holder and be sold/transferred separately.

Because cryptocurrencies are traded every day and the existence of such a market can be demonstrated, the revaluation model of IFRS 13 Fair Value Measurement can be used.

Depending on the business model and certain circumstances, cryptocurrencies can be classified by IFRS 2, Inventories, which applies to intangible assets. For example, in a situation where a business holds cryptocurrencies for sale, this could be classified as inventory.

We can conclude that there is no universal and unified classification at the moment. It is necessary to take into account the specifics of your business, the jurisdiction of the country where you work, and many other factors.

If you find it difficult to determine the standards by which accounting should be done - our team is competent to help in this situation.

TESTIMONIALS

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    Gofaizen & Sherle has successfully implemented all the tasks related to the settlement of legal part (company formation and VASP license application) of our exchange whitebit.com.
    Vladimir Nosov
    CEO
    Whitebit
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    Payeer OÜ is grateful to Gofaizen & Sherle team for their professional personalized approach. We were presented with quick results and efficient replies. For us it was easy and pleasantly to work with the specialists of G&S and we hope for fruitful continuous cooperation.
    Liubov S
    CEO
    Payeer OÜ
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    Working with Gofaizen & Sherle team was a real pleasure. Their high level of professionalism and expertise made our journey through the process of establishing and licensing of our company really easy and time efficient. G&S is a trusted partner for us in any topics related to FinTech business.
    Edward Kost
    CEO
    VULTURE OÜ
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    We are very pleased with the proficiency, expertise and efficiency that the team of Gofaizen & Sherle showed while delivering our project. Their commitment and approach determine the high quality of services they provide. The competence of the legal advisors in the team of G&S made them a trusted long term partner for us.
    Bar El
    CEO
    UAB GetCoins
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    Gofaizen & Sherle has proven itself as a reliable business partner and highly qualified legal advisor. Our cooperation with Gofaizen & Sherle on many projects has been professional and effective. Extensive expertise, meeting deadlines, being responsive and attentive to every issue distinguish the Gofaizen & Sherle team from other firms. We look forward to working with Gofaizen & Sherle again in the future.
    Nikita Tepikin
    Managing Partner
    Legal Kornet
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    The Manimama OU team would like to thank Gofaizen & Sherle for their professionalism and the quality of the work. Gofaizen & Sherle team has provided us with clear and practical legal advice on various issues including creating of the VASPs in Baltic states and other legal advices. Gofaizen & Sherle's knowledge and expertise base are very deep and they understand the complexities and nuances of many really difficult cases. We strongly recommend their services
    Ganna Voievodina
    CEO
    Manimama OÜ
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    At Pilsenga since the very beginning we counted with Gofaizen & Sherle to build our financial institution in 21 days, we started our operations in record time thanks to them, it’s been pleasant to work with them through the rush of building a Financial Institution in record time. They for real understand compliance and crypto businesses!
    Victor Romero
    CEO
    UAB Pilsenga
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    Excellent service! The communication is fast and friendly, we are very satisfied with received comprehensive package of services such as legal consulting, full turnkey crypto company formation in Lithuania, assistance in bank account opening for ’’high risk” business, human resources acquisition etc. Highly recommended!
    Roman Potemkin
    Founder & CEO
    TRASTRA
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    Gofaizen & Sherle are true professionals, everything related local incorporation, business management and financial licenses I know I can trust getting always 100% service, knowledge and value. Good prices and highly valuable service this what makes them as a solid partner.
    Ben Richter
    CEO
    Ventures X
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    Great service and support, and very efficient communication with Maksim and the team. Our company has been successfully created with all the necessary licenses. Highly recommended.
    Thomas Zelias
    CEO
    UAB TalentChain

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Lõõtsa tn 2a, 11415 Tallinn, Estonia
Žalgirio g. 88-101, Vilnius, Lithuania
License for operating activity: FIU000407
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