If your annual report turns into a June rush every year, the reason is almost always the same: year-end close is postponed until the last moment. In Estonia this is especially painful — the report is public, deadlines are strict, and a bank or a partner may ask why “strange” lines appeared in the balance sheet.
The good news: you don’t need to “do more accounting” to make filing calm and predictable. You need to do a few right things early: collect documents, run key reconciliations, and resolve questionable transactions while everything is still fresh.
In practice, before filing, verify the requirements in EMTA guidance on income and social taxes and Accounting Act (RPS).
Right after year-end, do three basic reconciliations: bank, shareholder loans/owner settlements, and receivables/payables. When these numbers match in January, the annual report is prepared fast and without stress.
Below is a practical plan that fits most OÜs: what to collect after year-end, which reconciliations to do first, and how to organize the process if you’re not an accountant.
Why the panic happens in June
When documents and reconciliations aren’t prepared upfront, the annual report becomes an investigation. It usually looks like this:
- the bank balance as of 31.12 doesn’t match, and you hunt for missing transactions;
- owner settlements exist, but there is no logic and no documents;
- December services/subscriptions happened, but invoices arrived later and “hang”;
- prepayments were booked as expenses, and then you need to unwind it;
- everything is ready in e‑Äriregister, but someone “suddenly can’t sign”.
The most reliable approach is to close the year “while it’s fresh”: collect basic documents and answers in January so that spring is mostly drafting and checking — not rescuing a deadline.
What to collect after year-end: 7 blocks of documents and reconciliations
Think of it as your “year folder”. It can be in the cloud, on a drive, or inside your accounting system — what matters is that everything is in one place, not scattered across chats in June.
- Bank: December statements and year-end balance as of 31.12 (for all accounts and payment services).
- Sales: invoices/acts for the year and a list of unpaid invoices at year-end.
- Expenses: December invoices, service acts, regular subscriptions (especially card charges).
- Prepayments and deposits: list of prepayments with what they relate to and the period.
- Shareholder loans and owner settlements: agreements, movement table, reconciliation as of 31.12.
- Payroll and board: accruals, taxes, reimbursements, supporting documents.
- Assets: fixed asset register, depreciation, write-offs/sales.
If you have few transactions, some blocks will be small. The goal is not the number of files — it’s that every material balance sheet line has a clear logic and documents.
Three reconciliations that prevent most errors
Do these in January — they immediately show where the “hole” is and what must be fixed before you prepare the report:
- bank ↔ bookkeeping (the 31.12 balance must match);
- receivables ↔ customers (what they actually owe);
- payables ↔ suppliers (what you actually owe).
When these reconciliations match, the rest is “assembly”: fill the e‑Äriregister forms and calmly check notes (lisad).
Four things that usually surface at the last minute
Even in organized companies, 3–4 areas are often left unfinished during the year. Most often:
- December contractor invoices “in transit”;
- subscriptions/services charged without an invoice;
- prepayments mistakenly booked as expenses;
- loans/offsets with no movement table and no clear explanation.
Catch this in January — and you won’t need to “save” a deadline in June.
Timing: how to spread the work from January to filing
A typical calendar that works for most OÜs (no audit):
- Jan 1–10: collect documents and do initial reconciliations (bank, loans, receivables/payables).
- by end of January: close questions and fix bookkeeping.
- February–April: prepare the annual report and notes (lisad), align sensitive areas.
- May: final review and PDF preview.
- June: signing and filing in e‑Äriregister.
If you have an audit/review or complex transactions (group structure, many related parties), add buffer time and bring in specialists early.
Quick readiness checklist for filing the annual report
- Year documents are collected in a clear structure.
- Key reconciliations match (bank, loans, receivables/payables).
- Questionable transactions are resolved (loans, owner expenses, prepayments).
- Access rights and signing scenario in e‑Äriregister are checked.
See also on blog.accres.eu
If you want to verify formal requirements and instructions with primary sources — here are the official links.
How we can help
If you want to close this quickly and avoid refiling: we can review the numbers, prepare and submit the report in e‑Äriregister, advise on documentation and take it all the way to filing. Contact us.
And now — a few practical techniques that make the process self-running and not dependent on June motivation.
If you’re not an accountant: how to organize document collection
The simplest setup is one spreadsheet (Google Sheets/Excel) and one folder “Year 20XX”. In the sheet, create columns:
- section (bank/sales/expenses/loans…),
- what is needed (statement, agreement, act),
- where it is stored (folder link),
- responsible person,
- status (OK / in progress / question).
This turns year-end close into a manageable process: you see what’s done and where you need to answer.
The accountant’s “question list” is the most useful document
Ask your accountant for a list of 10–20 questions about the sensitive areas. For example:
- Do we have loans with no agreement?
- Do we have expenses with missing source documents?
- Do we have material receivables with non-payment risk?
- Do we have year-end transactions that belong to the next period?
You answer the questions once — and the annual report is prepared without “ping‑pong” and messenger clarifications.
Mini VAT control (if you are VAT-registered)
Even though the annual report is filed to the commercial register, year-end close errors are often VAT-related:
- wrong recognition date;
- import of services booked incorrectly;
- missing documents for foreign invoices.
Practical tip: add a separate file in your “year folder” with a list of VAT-risk transactions (large purchases, foreign services, import/export of services). Then you don’t remember it at the last minute.
If there are few transactions or the year is “zero”
Even with low activity (or almost none), preparation is still needed — it will just be short. The principles are the same:
- bank must reconcile,
- loans/owner settlements must be clear,
- prepayments must not be lost.
If the year is truly “zero”, keep a bank confirmation and a short explanation ready. It helps for filing and for bank questions. See also: Zero activity annual report.
FAQ
Why do all this if the accountant will do it anyway?
Because an accountant can’t guess. When documents and answers are prepared upfront, the report is faster, cheaper, and doesn’t require “remembering what happened in December”.
What if we are missing some December documents?
Write down what’s missing and the deadline when it will be available. Most problems are solved by a simple process: who is responsible for documents and where they must be stored (not “I’ll send it later”).
How to store a “year archive” so you don’t search for documents
A folder structure set once saves hours every year. For example:
- 00_Admin (decisions, agreements, licenses)
- 01_Bank (statements, balances)
- 02_Sales (invoices, acts, payments)
- 03_Expenses (invoices, receipts, subscriptions)
- 04_Loans (loan agreements, movement table)
- 05_Assets (fixed asset register, depreciation)
- 06_Taxes (tax exports, reconciliations)
- 07_Annual_Report (drafts, PDF preview, final)
It looks boring, but in June you will be grateful for the order.
What to give your accountant (and in what format)
So your accountant doesn’t build the annual report from scattered messages, prepare everything as “one package”:
- statements for all accounts (including payment services), ideally in one archive;
- a list of “unusual” transactions (large purchases, loans, refunds);
- a list of receivables/payables if you track it manually;
- shareholder decisions (if there were important changes);
- asset confirmations (purchase/sale of equipment).
The fewer one-off chat messages, the fewer errors — and the faster the finalization.
Aligning deadlines: a simple agreement
Deadlines are best discussed and recorded in advance. For example:
- by January 31: the client provides documents and answers questions;
- by March 31: the accountant prepares the annual report draft;
- by May 15: final review and adjustments;
- by June 30: signing and filing.
When deadlines are agreed, the “eternal problem” disappears — when everyone suddenly remembers the report in June.
Bottom line: if you make January year-end close a habit, the annual report stops being stressful. You repeat a clear process, trust your numbers, and calmly get to filing — and that is exactly what we help clients implement.
Frequently asked questions
Do these requirements apply to every OÜ?
For most OÜ companies yes, but exact scope depends on turnover, transactions, and reporting complexity.
What is the biggest practical risk?
Usually incomplete documentation and late confirmations, because both lead to rework and deadline pressure.
When should we involve an accountant?
Ideally before key filing dates and whenever your transaction model changes significantly.