Accountant’s work expertise

Our growth story, trusted partners across various industries 

Our story in brief

Kamelota accounting agency has been operating in Latvia for 25 years. During this time, our client base has grown to approximately 290 companies from various industries. For over 20 years we have been a member of the Riga Business Association (RBA), which gives us a steady connection with entrepreneurs from many sectors and a deeper understanding of how these companies operate day to day.

Why an accounting firm’s history matters

When choosing an accounting firm, business owners typically evaluate price and how long the firm has been in operation. It is equally important to confirm that the firm has experience with companies specifically in your industry, and that it stays informed about what is happening in your sector and in Latvian business in general, not only in accounting documents.

In this article, we describe how Kamelota accounting agency has worked over the years, which industries we know best, and how our long-standing membership in the Riga Business Association shapes our work with clients.

Three things that define Kamelota’s work

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25 years of experience

We have worked with companies across many industries through different economic phases, major tax reforms, and times of crisis. This experience forms the foundation of our work.
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290 clients across five industries

Our client base spans the trade, manufacturing, construction, transport, and IT sectors. Each industry has its own accounting context and its own set of recurring questions.
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Over 20 years in the Riga Business Association

We are part of Riga’s entrepreneurial community, which gives our team a broader view of how companies in different sectors operate.

Which industries Kamelota knows best

Short answer. Kamelota’s experience covers five core industries: wholesale and retail, manufacturing, construction, transport and logistics, and IT and services. Each industry requires its own accounting and tax expertise, and a dedicated specialist on our team handles each area.

Industry Typical accounting topics 
Wholesale and retail E-commerce, OSS and IOSS schemes, exports, VAT application 
Manufacturing Raw materials and inventory accounting, production cost allocation 
Construction Reverse charge VAT, subcontractor documentation, project accounting 
Transport and logistics Business trips, fuel records, vehicle waybills, international services 
IT and services International clients, intellectual property, freelancer payments 

These are the five industries we have worked with the longest, and a dedicated specialist with relevant experience handles each one on our team. If your industry is not listed, schedule a free consultation and we will check whether our team has worked with your industry or related fields. 

How Kamelota accounting agency has developed

Over more than 20 years, our team has regularly attended events and seminars organised by the Riga Business Association, meeting business owners and managers from various industries, following their companies’ development, and working through their situations together. This experience shapes the way we advise our clients day to day. 

The Riga Business Association brings together more than 20 Riga companies from various industries. The Association represents members’ interests in discussions with state and municipal authorities and shares information about upcoming regulatory changes and EU funding projects. This information lets us alert clients to changes before they take effect. 

 

Why each industry needs a different accountant

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Different VAT rules

Construction uses reverse charge VAT, e-commerce uses the OSS (One Stop Shop) and IOSS (Import One Stop Shop) schemes, and exports have their own rules. A general accountant will know these rules at a surface level, but may make mistakes in specific cases.
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Different document flows

Manufacturing involves inventory and raw materials, transport involves waybills and fuel receipts, and IT contracts involve intellectual property questions. Each industry requires its own document handling and accounting principles.
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Different VID inspection focus

The State Revenue Service (VID) inspects different industries with different priorities. In construction, it examines subcontractors; in retail, cash registers; in transport, vehicle waybills. An accountant needs to know where the risk zone lies in your industry.
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Different business dynamics

Seasonality in retail, project cycles in construction, cash flow fluctuations in transport. All of this requires a different perspective on financial planning.

How we work with companies in different industries

Our service model adapts to the specifics of each industry.

For wholesale and retail companies, we focus on the following areas.

  • Recording e-commerce transactions through PayPal, Stripe, and similar platforms
  • Applying the OSS (One Stop Shop) and IOSS (Import One Stop Shop) schemes in EU and international transactions
  • Accounting for exchange rate fluctuations in export transactions

 

For manufacturing and construction companies, our focus is on the following.

  • Raw materials and inventory accounting
  • Project or batch cost allocation
  • Reverse charge VAT and subcontractor documentation

 

For transport, logistics, and IT companies, we work especially with the following.

  • Business trip processing, per diem calculations, and vehicle waybills
  • Fuel records and reverse charge VAT on international services
  • Intellectual property accounting and freelancer transactions

 

We work out the specific service model during the initial consultation, once we understand your company’s needs.

Three principles that define our work

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Specialists, not generalists

Each specialist on our team works with specific industries and areas. This ensures that your questions in a given area are handled by someone who works in that field every day.
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An ongoing connection with the entrepreneurial community

For over 20 years we have been actively involved in the Riga Business Association, where we regularly meet leaders from companies in other sectors, and we draw on their experience when advising our clients.
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Long-term client relationships

Many of our clients have worked with us for more than 10 years. This long-standing cooperation lets us understand the company’s history, management style, and financial goals, which shows in the quality of our advice.

Frequently asked questions

25 years. We are a licensed accounting agency with experience serving both local and international clients. 

Approximately 290 clients across five core industries: trade, manufacturing, construction, transport, and IT. 

Over 20 years. This membership gives our team a steady connection with other entrepreneurs in the sector and early information about regulatory changes. 

Yes. We work with both newly established companies and those that have been operating for years. During the initial consultation, we assess your needs. 

Yes. The accounting handover can take place in any month. The simplest time is right after VAT declaration submission, since responsibility for the previous period has been settled by then.