Accounting Services for Fintech Companies in Lithuania
AT A GLANCE
- Fintech accounting is fundamentally different from standard commercial bookkeeping — licensed entities have regulatory capital obligations, client fund segregation requirements, and crypto asset treatment that standard accounting retainers do not cover.
- We provide fintech-specific accounting from €350/month — calibrated to the obligations of Bank of Lithuania-regulated entities and cryptocurrency companies.
- Regulatory capital monitoring is included in every fintech accounting retainer — monthly confirmation that minimum capital requirements are maintained and reported correctly.
- All reporting is in English. Statutory filings — VAT returns, annual financial statements, payroll declarations — are submitted electronically to VMI and JAR on your behalf.
- Additional services including VAT registration, annual reports, statistical reports, and employee registration are available at fixed fees with no hidden charges.
Accounting for a Lithuanian fintech company covers everything a standard accounting retainer covers — bookkeeping, VAT, payroll, annual statements — plus the additional requirements that come with holding a Bank of Lithuania licence or operating with crypto assets. These include monthly regulatory capital monitoring, client fund segregation accounting, multi-currency transaction processing, and reporting formats that satisfy both VMI and the Bank of Lithuania. We provide fintech accounting on a fixed monthly retainer from €350/month, with all statutory filings included and a monthly management report delivered in English.
Why Fintech Accounting Is Different
Most accounting firms can maintain a standard commercial company’s books. Fintech accounting requires additional expertise that most general accounting practices do not have — not because the underlying principles are different, but because the regulatory overlay creates obligations that simply do not exist for non-regulated businesses.
Regulatory capital monitoring
Every Bank of Lithuania-licensed entity — EMI, PI, investment firm, MiCA-authorised company — must maintain a minimum level of own funds at all times. For an EMI, this is a minimum of €350,000 or a percentage of average outstanding e-money, whichever is higher. For a PI, the calculation depends on the payment volumes processed. The accountant must not only record transactions correctly but must calculate the regulatory capital position each month and flag any risk of a breach before it occurs. A breach of minimum capital requirements is a reportable event to the Bank of Lithuania. We build regulatory capital monitoring into every fintech retainer as standard.
Client fund segregation
Licensed EMIs and PIs are legally required to safeguard client funds — keeping them in segregated accounts, separate from the company’s own operational funds, and protected from insolvency claims. The accounting records must reflect this segregation correctly: client funds sitting in a safeguarding account are not the company’s revenue, do not appear as operational income, and must be tracked separately throughout their lifecycle. Incorrectly accounting for client funds — treating incoming client money as company revenue, for example — is both a regulatory violation and creates a misleading financial picture for management and the regulator.
Multi-currency and crypto asset accounting
Fintech companies typically operate in multiple currencies simultaneously, with exchange rate fluctuations creating unrealised gains and losses that must be correctly measured and disclosed. For companies holding or transacting in crypto assets, the accounting treatment is more complex: token classification (whether an asset is a financial instrument, inventory, or intangible asset), fair value measurement at each reporting date, and the recognition of gains and losses on disposal all require specialist treatment under Lithuanian accounting standards and VMI guidance. A standard bookkeeper applying general principles to crypto transactions will produce accounts that are both inaccurate and potentially non-compliant.
Bank of Lithuania regulatory reporting
Licensed entities must submit periodic reports to the Bank of Lithuania — including quarterly prudential returns, annual financial data, and ad hoc reports when trigger events occur (capital breaches, significant operational incidents, changes to business model). These reports must reconcile with the accounting records. Discrepancies between the management accounts and the regulatory returns are a regulatory finding. We prepare the accounting records with the regulatory reporting requirements in mind — so the two sets of numbers always tell the same consistent story.
What Our Fintech Accounting Service Covers
Our fintech accounting retainer covers the full statutory accounting cycle plus the regulatory-specific obligations that apply to licensed entities. Every item below is included in the monthly retainer — there are no additional charges for routine filings or standard correspondence.
Monthly bookkeeping
All income and expense transactions are recorded each month under Lithuanian Business Accounting Standards (VAS). For fintech companies, this includes payment processing income, interchange fees, interest income on safeguarded funds, platform fees, and all operational expenses. Multi-currency transactions are converted at the applicable exchange rate and unrealised FX gains and losses are calculated and posted at month end. Bank reconciliation is performed monthly across all company accounts — including safeguarding accounts.
Regulatory capital monitoring
Each month we calculate the company’s regulatory capital position — own funds, deductions, and the applicable minimum requirement based on the licence type and current business volumes. The result is included in the monthly management report. If the capital position approaches the minimum threshold, we alert you immediately — before a breach occurs, not after. For EMIs, this includes the e-money outstanding calculation that feeds into the own funds requirement under Method A or Method B of the Electronic Money Directive.
Client fund safeguarding reconciliation
For EMIs and PIs holding client funds, we perform a monthly reconciliation between the safeguarding account balance and the outstanding client liability — confirming that the funds held match the amount owed to clients at every point in time. This reconciliation is a core regulatory requirement and a standard item in Bank of Lithuania supervisory reviews. We maintain the reconciliation records in a format that can be produced to the regulator on request.
VAT returns
Financial services are largely VAT-exempt under Lithuanian and EU law — but not all fintech activities are exempt, and the boundary between exempt and taxable supplies in a mixed fintech business requires careful analysis. We assess the VAT treatment of each revenue stream when we onboard a new fintech client and apply the correct VAT classification consistently. Monthly or quarterly VAT returns are filed with VMI through the electronic declaration system (EDS). Where the company makes EU cross-border supplies, EC sales lists and intra-community purchase declarations are included.
Payroll and SoDra declarations
If the company employs Lithuanian-based staff — compliance officers, operations analysts, developers, or the director — monthly payroll calculations are prepared and filed. This includes gross-to-net salary calculation, personal income tax (GPM) at 20–32%, employee social contributions (19.5%), and employer contributions (1.77% + 3% health insurance). The monthly payroll declaration (GPM313) is filed with VMI and the SoDra employer declaration by the 15th of the following month.
Annual financial statements
At the financial year end, we prepare the full set of annual financial statements — balance sheet, profit and loss statement, and notes — in accordance with Lithuanian Business Accounting Standards. For fintech companies, the notes include regulatory capital disclosures, client fund balances, and any significant accounting policies specific to the business model. Statements are submitted to JAR within 3 months of the year end and cross-referenced with the regulatory returns filed with the Bank of Lithuania.
Annual corporate income tax return
The CIT return is filed with VMI by the 15th of the sixth month after the financial year end. We prepare the return, apply any applicable reliefs, and calculate the balance of tax due net of advance payments already made. For fintech companies with group structures, we advise on transfer pricing adjustments and the deductibility of intragroup charges as part of the CIT return preparation.
Monthly management report in English
Each month we deliver a management report covering: revenue by category, operating expenses, gross and net profit, regulatory capital position, client fund balance, VAT position, cash flow summary, and upcoming compliance deadlines. The report is written for management, not for accountants — plain language, clear numbers, and an immediate flag on anything that requires attention. For companies reporting to a parent or investors, the report can be formatted to align with group reporting requirements.
Accounting Prices for Fintech Companies
All accounting services are priced at fixed monthly retainers for ongoing services, with fixed fees for one-off engagements. No hourly charges, no billing for routine correspondence, no surprise invoices at year end.
Monthly retainer options
- Monthly bookkeeping — all transactions under Lithuanian accounting standards
- Bank reconciliation across all company accounts
- Quarterly advance CIT payments — calculated and filed
- Annual financial statements — balance sheet, P&L, notes
- Annual corporate income tax return
- JAR annual data confirmation
- Monthly management report in English
- Accountant available for questions — response within 24 hours
- Everything in the non-VAT package, plus:
- Monthly or quarterly VAT return preparation and submission to VMI
- EU intra-community declarations (EC sales/purchase lists) where applicable
- Input VAT reclaim processing on eligible business purchases
- VAT position summary included in monthly management report
- Everything in the VAT-registered package, plus:
- Token classification and fair value measurement under Lithuanian accounting standards
- Crypto asset balance reconciliation — exchange, custody, and on-chain holdings
- Realised and unrealised gain/loss calculation on crypto disposals and revaluations
- VMI-compliant reporting of crypto income and transactions
- Coordination with compliance team on VASP/MiCA reporting obligations
The starting rates above apply to companies with low-to-moderate transaction volumes. The actual monthly retainer is based on the number of transactions processed each month — sales invoices, purchase invoices, bank transactions, payroll items, and crypto transactions. We assess your expected volume at onboarding and quote a fixed monthly rate. The rate is reviewed as the company grows — always at a fixed monthly amount, never by the hour.
For Bank of Lithuania-licensed entities — EMIs, PIs, and MiCA-authorised companies — regulatory capital monitoring is included as standard in the monthly accounting retainer at no additional charge. This covers the monthly calculation of own funds, the applicable minimum capital requirement, the safeguarding reconciliation for EMIs and PIs, and the capital section of the monthly management report.
Additional Services and Fixed Fees
The following services are available outside the monthly retainer at fixed prices. These cover one-off engagements, regulatory filings, and specialist services that not every company requires every month.
Regulatory and registration services
| Service | Price |
|---|---|
| Assistance in registering VAT number (for residents) in Lithuania | €800 |
| Assistance in registering VAT number (for non-residents) in Lithuania | €1,500 |
| Annual report for a Lithuanian company | from €650 |
| Individual tax consultation | from €300 |
| Winding up a Lithuanian company | from €850 |
Per-item additional services
| Service | Price |
|---|---|
| Accounting of additional primary documents Sales and purchase invoices from companies or individuals in any currency |
€7 / invoice |
| Accounting of bank transaction in any currency | €1 / transaction |
| Employee registration in Social Insurance Fund Board (SoDra) | €50 / person |
| Wage calculation for additional employee Includes admission, dismissal, vacation, maternity, unpaid leave, declarations |
€70 / month |
| Accounting for fixed assets | €30 |
| Accounting of advance | €30 |
| Accounting of agreements | €50 |
| Reports to public authorities | €50 |
| Accounting of vehicle | €50 |
| Accounting for business trips (up to 10 documents) | €100 |
| Declaration adjustment (SoDra, VAT) | from €100 |
| Drawing up a statistical report | €150 |
| Loan agreement preparation | €200 |
| Preparation of work agreement Includes order for admission, NPD application |
€250 |
| Bank of Lithuania periodic prudential return preparation Quarterly / annual regulatory returns specific to licence type |
On request |
| Transfer pricing documentation For fintech companies with intragroup transactions |
On request |
| Other work unspecified in contract | €120 / hour |
| Urgent work fee Applied to the base invoice for urgent requests |
50% surcharge |
VAT Treatment for Fintech Companies
VAT in financial services is one of the most complex areas of Lithuanian tax law. The default rule is that financial services are VAT-exempt — but the definition of financial services is precise, and many fintech activities fall in a grey area between exempt and taxable supplies. Getting this wrong in either direction creates problems: over-claiming exemption results in a VAT liability; under-claiming exemption means charging VAT that should not be charged and forgoing input VAT recovery on exempt supplies.
What is generally VAT-exempt
- Payment processing and money transmission services — the service of transferring funds between accounts
- E-money issuance and redemption — creating and redeeming electronic money
- Foreign currency exchange at spot rates — currency conversion as a principal activity
- Lending and credit services — the granting, management, and negotiation of credit
- Investment management and fund administration — managing investment portfolios
What is generally VAT-taxable
- Technology services and software provision — providing software tools, APIs, or platforms that facilitate financial services (even if the underlying service is exempt)
- Compliance and KYC services — AML screening, identity verification, and compliance advisory
- Data analytics and reporting services — providing data products to clients
- Consultancy and advisory services — professional advice on financial services structure
- Account maintenance fees — where the fee is for account administration rather than a financial service itself
Onboarding: Getting Started with Fintech Accounting
We onboard new fintech accounting clients within 5–7 business days of receiving the initial instruction. The process is structured to ensure the accounting setup reflects the company’s regulatory status and business model from the first transaction.