Accounting Services in Costa Rica

By: Randall Zamora
President and CEO
Costa Rica ABC Accounting Services
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In Costa Rica there more than 10,000 active Accountants and all of them are affiliated with the Costa Rican Board of Accountants, in which they are authorized by public law 1269 to exercise their profession legally. Still, one has to be very careful when selecting an Accountant and take care to remember that an Accountant is responsible for the protection of your financial and tax matters, and in some cases, legal advice.

Some may think that the Accountant is a necessary evil for their business, and that one should save a few dollars by hiring one of the so many Costa Rican Accountants that charge a unrealistically low $20 monthly fee. However, far from benefiting your business, you might be jeopardizing your investment. Many of these Accountants handle 30 or more clients, and that means 30 different daily / weekly problems to solve, 30 tax returns to file, 30 accounting books to bring up to date, not to mention the fact that the majority of these professionals are limited to primarily bookkeeping type services. Therefore, in addition you will also need someone to advise you in payroll management, trading laws advice, tax shelters, and other tax advice including off-shore structures, forming corporations, opening checking accounts, documents to obtain a business licenses, etc.. In addition, any other services required for your proper operation within the Costa Rican business environment and regulations, interpretation of your company financials for a clearer understanding of your company - it is clear that a Professional Accountant is an integral part of your business. Reports and tax filings must also be on time. So, in the end you will pay more for missing support than you will actually save by using a less qualified firm or individual.

In a mom and pop kind of business, that does not have large expectations of financial growth, there is no need to receive extensive support, as they do not make business decisions based upon their daily financial information and statistics, nor do they have the payroll or employees to manage. Most do not have off-shore investments and they have no investors or stockholders responsibilities for which they need to provide reports.

But if you came to Costa Rica to create and manage a successful business enterprise, you require a level of quality in service that is high, and when you do not use that type of service, you run the risk of not having the proper financial information, or having the proper advice on time to make important business decisions. You may also waste your time on tasks that do not allow you to be focused on your business growth and proper customer attention.

Having said that, it is highly recommended that you choose a company that can grant personalized service, with experience in the culturally different Costa Rican business environment, and that has years of experience and professional exposure in an international environment. That company should offer a dependable, complete service and at the same time, utilize all the technological tools currently available, like an internet interface, so that the information of your business will always be available and accessible no matter where you are located - in San Jose, Guanacaste, Limón or Península de Osa, or Golfito.

Your Business Accountant Services Company should offer multi-task services so you do not have to spend your valuable time running around looking for additional help. By making this selection you will avoid spending money and time, and you won't run the risk of falling into a situation in which you might be exposed to high fines, or even the closing of your business, just because you did not have the proper advice and support on time. Finally, and the most important, you will have the time and peace of mind to be focused on your business growth - your new Costa Rican endeavor!