Articles
What is included in our service packages?30. October 2024
At E-residency Hub we use a package-based pricing model. This means that once you have chosen a service package, you know exactly what your monthly payment will be for accounting services. We believe this is a more transparent approach than an hour-based billing system often used by consultancies and law firms where the final cost for the client remains unclear until the service provider counts the time they have spent.
At the same time – our packages have a clearly defined scope of services they include. You can see the details on our pricing page.
Running a business is always full of uncertainties and unexpected developments. We understand that and can support our clients also when their volumes grow, and they need more services than their current package may contain. In such cases the client has the option of an upgrade to a different (larger or smaller) package or a one-off extra charge for any irregular work that may be needed.
It is very important for the client to understand what is included in our service packages, what are the things we can offer as extra services for an extra fee and what are the things that we cannot offer to our clients. In the latter case, we always try to point clients to a partner or another service provider that may be able to help out.
So, here goes…
What we do
- Booking the bank statements – once per month we download your company’s bank statements from the company’s bank or fintech service (Wise, Revolut, etc) and process them in our accounting software.
- Booking transactions – once per month we take all the invoices, receipts, travel and expense reports that the company has created and uploaded to Envoice and we process them in our accounting software.
The Client is obliged to create sales invoices, using our Envoice system. Alternatively, the client can provide us with their monthly sales data in a separate file using a formatting determined by E-Residency Hub.
- Remind you about missing documents – if we see from your company’s bank statement, that you have made or received payments that you haven’t provided us documents about, we will remind you to upload these documents and give you a deadline to upload them.
With these missing documents, you as a business owner, will have three options:
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- Option #1 – find the missing documents and upload them to Envoice
- Option #2 – compensate the undocumented expenses to your company
- Option #3 – pay 25% of corporate income tax in Estonia
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Example
You have used the company bank card to buy something for 100 €. You have not submitted to us an invoice or a receipt about the purchase and you chose not to compensate the expense to the company.
We shall declare this 100 € as an “undocumented expense” and on the 10th day of the following month your company needs to pay 25 € of corporate income tax in Estonia.
After paying the tax, you are no longer obliged to include the receipt in your company’s accounts and the case shall be closed
- Prepare the Annual Report – once per year, we will prepare your company’s Annual Report and present it to the Management Board members for signing. Each year, you are required to write a few paragraphs of text, summarising the company’s activities during the year as well as describe your plans for the future. This summary can be rather brief (half a page, not more).
Attn! This summary as well as the entire Annual Report is publicly available to anybody through the portal of the Estonian Business Registry!
- Monthly balance sheet and P&L statement (upon request) – if you wish, we will prepare once a month a balance sheet as well as a profit and loss statement (P&L) covering a period of your choice.
What we can do for an extra charge
We try to be flexible and offer our clients all the support they need in running and growing their business. Therefore – if you need things that are not included in the package that you currently have, please get in touch with us. We may be able to find a solution that suits you. Such special cases may include the following:
- Processing any financial documents that are submitted late (i.e. after the 5th day of the following month)
- Altering previously submitted VAT declarations in case new data becomes available after the reports have already been submitted to the Estonian authorities.
- Sending additional reminders for the client to submit their financial documents (the first reminder about missing documents is free of charge. All additional reminders carry a 25 € + VAT extra charge)
- Booking more invoices / receipts than your package contains
- Booking more bank accounts and/or currencies than your package contains
- Tax advice regarding Estonian rules and regulations
- Preparing statistical reports in case the Estonian Statistics Board requires these from your company
- Hold video calls during which we can give you updates about your company’s financial situation.
Here is a list of the most common procedures and their respective fees. If what you need is not listed there, feel free to get in touch and request a quote.
What we can NOT do for you
- Tax advice regarding countries other than Estonia.
- Legal analysis and advice regarding Permanent Establishment.
- Legal advice – reviewing contracts, drafting by-laws, etc (we can refer you to law-firms that we partner with).
- Issue utility bills or other documents that would falsely demonstrate your company’s physical presence in Estonia.
- Use other accounting software than Envoice and ErplyBooks to keep your company’s books.
- Give you direct access to our accounting software (ErplyBooks).
- Consultations about business development or investments.
- Monitoring payment statuses. It is the client’s responsibility to make sure their bills are paid for the goods and services they buy and also to monitor if and when they receive payments from their clients.
- Real-time accounting – we update the company’s accounts once per month. We cannot determine the exact moment in time when a concrete client’s accounts will be updated. This is subject to the workflows that the accountant has. Therefore, we cannot guarantee that all financial data is always available upon request. All transactions are booked monthly though and by the end of a calendar month, the previous month’s transactions will have been booked.