When a company has foreign investors or international partners, two requests appear quickly: “Can you provide the accounting software?”. It’s important to separate three things: the official filing to the register, an informational English version, and the technical format (XBRL).annual report in English?” and “Can we upload the annual report from our
Finalize the official numbers first (what you file to the register) and only then translate or export. This prevents the nightmare of having two “annual reports” with different figures.
Below is how to prepare an English version in a professional way — and when XBRL/export truly saves time (vs when it creates extra problems).
In practice, before filing, verify the requirements in Accounting Act (RPS) and Commercial Code (ÄS).
English version: how it works in practice
In e‑Äriregister you can prepare an informational English version, but the legally relevant filing follows the register rules (in practice, the main version is usually in Estonian). Practical tip: finalize the Estonian numbers first, then produce the English version so the figures do not drift apart.
Portal vs software export: what to choose
Filling in the portal
Best for most micro/small OÜs:
- fewer technical errors,
- easier to control notes (lisad),
- faster edits.
Export / XBRL
Makes sense when:
- reporting is complex and there are many disclosures,
- your bookkeeping is clean and the software exports correctly according to the taxonomy,
- you want to minimize manual data entry.
Typical export issues
- notes (lisad) get lost or truncated;
- taxonomy line mapping is incorrect;
- reporting period (majandusaasta) differs between accounting and the portal;
- rounding/format issues make the PDF preview look strange.
Pre-filing checklist (especially after import)
- Period in accounting = period in e‑Äriregister.
- Balance sheet and P&L after import match the accounting system.
- Equity roll-forward is logical (profit → equity).
- Notes (lisad) are present and cover material items.
- You sign/file the official version; English is an additional informational layer.
When XBRL is not worth it
If the company has 1–2 transactions per year and micro reporting, import often creates more problems than benefits. In such cases, manual entry in the portal is faster and more reliable.
- RIK: annual report in e‑Äriregister
- RIK Abiinfo: how to submit an annual report (guide)
- XBRL: taxonomies in Estonia
How we can help
If you want to close this quickly and avoid refiling: we can review the data, prepare the report in e‑Äriregister, advise on documents and take it to filing. Contact us.
How to make an English version investors can actually understand
An English version is usually needed for:
- investor review (due diligence),
- regular reporting to investors/board,
- banks and partners outside Estonia.
To make it work:
- use consistent English terms and don’t change them mid-text (assets, liabilities, equity, revenue, expenses);
- add a small glossary of local terms: lisad = notes, tegevusaruanne = management report, majandusaasta = financial year.
If you publish materials in multiple languages, keep terminology stable — it looks professional.
Mini glossary (that actually helps)
- majandusaasta aruanne → annual report / annual accounts
- bilanss → balance sheet
- kasumiaruanne → income statement / profit and loss
- omakapital → equity
- kohustised → liabilities
- lisad → notes
- tegevusaruanne → management report
VAT: in the English version, use “VAT” by default (and “kaibemaks” in Estonian) to avoid confusion.
What to include with the English version for an investor
A small “investor folder” usually looks like this:
- official annual report (Estonian version / PDF preview),
- informational English version,
- a short explanation of non-standard items (shareholder loans, large prepayments, one-off expenses),
- shareholders’ profit allocation decision (if applicable),
- audit/review opinion (if any).
This pack answers ~90% of questions at first glance.
Import/XBRL: how to reduce technical error risk
If you choose import:
- run a test import in a draft first;
- compare 10 key lines (bank, receivables, payables, loans, equity, revenue, cost/expenses);
- check that notes (lisad) were preserved;
- review the PDF preview with “non-accountant eyes”: is it readable and coherent?
Common mistakes in translation
- translating words instead of meaning → odd phrasing appears;
- using different translations for the same term in different places;
- calling VAT “tax” or “sales tax” inconsistently;
- mixing “profit” and “revenue”.
When XBRL is genuinely useful (and saves time)
- you have multiple legal entities and need standardized reporting;
- many lines and disclosures (not micro format);
- a regular export process from the accounting system;
- someone who knows how to validate taxonomy output.
If it’s “the first time and guessing”, import often creates more errors than manual portal entry.
Investor-ready checklist
- Estonian version is final and filed (or ready to file).
- English version reflects the same numbers.
- Terminology is consistent (glossary).
- Non-standard items are explained briefly.
- All materials are collected into one folder.
See also on blog.accres.eu
If you need to look “investor-ready”, we can prepare the English version and a clean materials pack: clear notes, consistent terminology and short explanations for risk items (loans, equity, one-off transactions). We also verify that your chosen preparation method (portal vs import) does not introduce technical issues in the final PDF preview.
FAQ
Can we prepare the English version later “if someone asks”?
You can, but it’s better to prepare it right after the Estonian version is finalized: less risk of mismatch and easier control.
If we fill the report in the portal, will the English version be automatically correct?
No. Automation helps, but the final responsibility for correct terminology and matching numbers is on the company.