Accounting for a one-person OÜ: records, payments and costs

Collect the company’s records every month

Keep sales and purchase invoices, expense receipts, bank statements and reports from any payment platforms. Explain expenses where their business purpose is not obvious. If you pay a company expense with your own card, provide the supporting document and identify who paid it. The accountant will not see that payment in the company bank account. Agree a monthly date for sending the records and answering outstanding questions.

Document payments between you and the company

The OÜ’s money belongs to the company even if you are its only shareholder. A payment to you needs a documented basis: salary, management board remuneration, a dividend, reimbursement of a business expense or repayment of a loan you made to the company. Each has different conditions and tax treatment. Keep the relevant agreement, resolution or expense document with the records. A bank transfer description alone does not establish the basis of the payment.

Check whether monthly tax returns are required

A company with standard VAT registration files the VAT return, KMD, even for a month without transactions. TSD covers salary, dividends, fringe benefits and other reportable payments or expenses; no salary does not automatically mean no TSD obligation. Check purchases from abroad as well. For example, certain software or advertising services can create limited VAT registration obligations before the company reaches the normal turnover threshold.

Understand what affects the accounting fee

The fee depends on documents, bank accounts, currencies, international transactions, payroll and the condition of earlier records. GPConsult’s €75 monthly package covers up to 20 source documents and payroll for one person within the package terms, excluding VAT. An OÜ with one shareholder can still have many transactions. Describe the actual volume and any separate tasks when requesting a quote, including annual report preparation.

Agree responsibilities before starting

• Who will issue sales invoices and collect expense documents?
• When must the records reach the accountant?
• Who will file returns and who will make payments?
• Which reports will show the results and unpaid customer invoices?
• Is the annual report included in the quote or charged separately?

Tell the accountant if you live, work or manage the company outside Estonia. The company’s Estonian bookkeeping must be considered alongside any tax or employer obligations in the other country.