A small company does not always need a chief accountant. Sometimes a specialist who spends a few hours a month handling invoices and reporting is enough. But when a company hires employees, works with foreign clients or starts paying value added tax, the tasks become more complex.
How can you tell what kind of accountant your business needs? Let us look at how specialists differ, what each is responsible for and when it makes sense to bring in additional expertise.
Which specialists work in accounting?
There are several main roles in accounting. Some specialists handle day-to-day bookkeeping and documents, while others are responsible for reporting, review complex transactions or help the business owner understand the company’s finances.
Let us look at how they differ and what tasks they perform.
Accounting assistant
An assistant handles day-to-day work with documents. They enter invoices into the accounting software, upload bank statements and check whether all documents have been received.
They usually follow established procedures. If they come across an unfamiliar transaction, they pass it to the accountant.
An assistant saves more experienced colleagues time but does not replace the specialist responsible for taxes and reporting.
Accountant
This is the main specialist for most small companies.
They keep records of income and expenses, prepare tax returns, monitor deadlines and help prepare the annual report.
If the company has a few regular clients, limited expenses and no complex transactions, one qualified accountant is usually enough.
But experience matters. An accountant who has spent many years working with small shops in Estonia may not be familiar with the specifics of selling digital services to other countries.
So when choosing an accountant, ask whether they have worked with companies like yours.
Payroll specialist
When a company takes on employees, it gains new responsibilities. It needs to calculate salaries, holiday pay, sick pay and the associated taxes.
A payroll specialist also prepares the data for the TSD declaration (the declaration of income and social taxes, unemployment insurance premiums and contributions to the mandatory funded pension).
Senior and chief accountant
The chief accountant is responsible for organising accounting and overseeing its quality. They handle complex transactions and review reports and the work of other specialists.
Their involvement is especially useful when a company has many transactions, several accountants or unusual deals.
However, a small company does not necessarily need to employ a chief accountant on a permanent basis. Sometimes it is enough for a more experienced specialist to review complex issues and completed reports.
This gives the owner an extra layer of oversight without having to maintain an entire accounting department.
Financial controller and chief financial officer
An accountant records the company’s transactions, while a financial controller analyses the results. For example, they help explain why revenue is growing but available cash is shrinking, which business lines are profitable and where spending exceeds the plan.
A chief financial officer handles broader tasks: planning the company’s finances, assessing investments and helping the business owner make decisions about growth.
Small companies rarely need these specialists on staff. But as a business grows, it may need financial analysis and planning.
Why a job title tells you little
Two accountants can have the same job title but do different work. One independently handles several small companies: invoices, taxes, returns and annual reports. Another works only with primary documents at a large company.
So look at experience, not the job title. Ask the candidate what they will do themselves, which transactions they have handled before and who reviews their work.
The experience you need depends on what is happening in your company.
What kind of accountant does your company need?
Compare your situation with the examples in the table.
| Your company’s situation | Who you need |
|---|---|
| No transactions or only a few invoices a month | An outsourced accountant for a few hours a month |
| Regular sales and expenses, with clients and suppliers in Estonia | An accountant who independently handles day-to-day bookkeeping and files returns |
| You have hired your first employee | An accountant with experience in payroll calculations and preparing tax reports on payments |
| The company has become a VAT payer | An accountant experienced in value added tax (VAT) |
| Transactions with companies in other EU countries | An accountant experienced in international transactions and VAT rules |
| Several business lines or several companies in a group | A chief accountant and a financial controller |
When to review your accounting arrangements
An accountant who was a good fit when the company started may continue working successfully with it for many years. But sometimes the business changes faster than the range of services it receives.
Suppose an entrepreneur initially sold services only in Estonia. Then foreign clients, employees and new payment methods came along.
These changes do not, by themselves, mean it is time to change accountants. First, find out whether your accountant is ready to handle the new transactions.
Ask whether they have relevant experience. Clarify who will review an unusual transaction and how the cost of the service will change.
Pay attention to how the work is organised, too. Who monitors deadlines? Who reviews reports before they are submitted? Whom can you contact if your main accountant cannot respond?
It is better to know the answers in advance than to find them out on the day a return is due.
What to do
- Answer five questions: how many invoices you have each month, whether you have employees, whether you are registered for VAT, whether you have clients and suppliers in other countries, and how many companies you own.
- Find your situation in the table above and note what kind of accountant you need now and whom you will need in a year.
- Ask your accountant or a candidate who on their team covers each role. Is there a role no one can cover? Ask who will step in if a complex question arises.
- Assess the candidate against the six qualities in “The ideal accountant in Estonia”.
How this works at Finance PRO
Finance PRO has provided accounting services to companies in Estonia since 1998. Each of our accountants has their work reviewed by a second specialist, while a coordinator monitors reporting deadlines.
We handle bookkeeping, calculate payroll, prepare tax reports and advise on tax matters.
If you have doubts about the quality of your current accounting, you can start with a free express audit. It includes an analysis of reporting for the last quarter, an assessment of tax risks and recommendations.
Find out more on our accounting services in Estonia page.
Email info@fpro.ee or call +372 5366 6674.
Read also
- The ideal accountant in Estonia: how to choose someone you can trust with your accounts
- Documents for an accountant in Estonia
- How to check an accountant in Estonia in 10 minutes: a checklist for business owners
The information is current as of 21 October 2026. This article is for information only and does not replace a consultation. If your situation is different, email us at info@fpro.ee.
Sources
- EMTA: the TSD declaration
- EMTA: the obligation to register for VAT
- Auditors Activities Act (Riigi Teataja)
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