Accounting Services

Tailor-made solutions for your company. We invest time understanding your business so we can help you plan ahead and help your business flourish. Our accounting services:

  • Book-keeping of company transactions (sales, purchases, nominal ledgers, etc.)
  • Preparation and submission of VAT services & returns
  • Procedures for submission of V.I.E.S. returns
  • Annual preparation of Financial Statements and Financial Reports
  • Evaluation of Company Performance & Budget Preparation
  • Recommendation to improve Internal Financial and Accounting processes
  • Advice, Consulting, Training and Support on all our services
  • Payroll Accounting Services
  • Invoicing Management
Book-keeping of company transactions (sales, purchases, nominal ledgers, etc.)

The process of recording the day-to-day financial transactions of a company such as sales, purchases and nominal ledgers is referred to as Bookkeeping. This is a vital part of accounting and good business management. Adequate bookkeeping will impact the validity of the financial reports created. We can also assist in the correct and timely submission of tax returns to the authorities.

VAT return, Preparation and submission

VAT is imposed on the delivery of goods and services in Cyprus. It is also imposed on the acquisition or importation of goods from other EU Member States. VAT is one of the most complex and stringiest areas of taxation with ever-changing Laws and Legislations

If VAT returns from the relevant authorities and has not been prepared correctly or in a timely manner, then this will lead to the imposition of hefty fines.

Procedures for submission of V.I.E.S. returns

V.I.E.S. declarations are necessary for the supply of goods and services between EU Member States. VAT registered traders involved in the supply of goods and services have responsibilities to submit a V.I.E.S return. This enables traders to check the validity of VAT registration numbers of their customers and detect the unreported movement of zero-rated goods between Member States.

Annual preparation of Financial Statements and Financial Reports

Financial statements are formal records of the financial activities of a business or entity. Relevant information is presented in a structured form and typically includes:

  • a balance sheet (reporting a company’s assets and liabilities);
  • an income statement (profit and loss report on a company’s income)
  • a cash flow statement.

Financial statements are usually accompanied by a discussion and analysis of the findings, otherwise known as the financial report, which is key to the future planning of the business.

Evaluation of Company Performance & Budget Preparation

Budget preparation and reports which evaluate the actual performance of a company in relation of a budget.

  • a company’s incoming and outgoing cash flow
  • expenses and how a company spends the available funds

We can prepare the budget for your company and also analyse the use of the company’s budget at any given time and determine the funds spent in particular areas. Evaluate how efficiently funds are managed and allocated to reach the goals of your business.

Recommendation to improve Internal Financial and Accounting processes

We work closely with your employees to become familiars with the ins and outs of your business. We offer professional recommendations on how to improve your accounting processes which in turn will minimize the need for future intervention as well as errors in financial reporting.

Advice, Consulting, Training on all of our Accounting Services

Payroll accounting involves employee compensation of a company that includes including:

  • Gross wages
  • Salaries
  • Bonuses
  • Commissions and funds that have been earned by employees
  • Withholding taxes such as income tax
  • Social security taxes and insurance premiums
Invoice Management

Invoice Management is the process of managing and processing

  • Invoices
  • Relevant documents from vendors, suppliers and customers

Thee process usually involves:

  • Receiving the invoice
  • Validating and verifying the invoice
  • Approving the payment
  • Correctly archiving the invoice for future reference

Although it is a tedious process, Invoice Management is crucial to the efficiency of a business which ensures prompt payments are made and increase of cash flow.

We can help you create a sustainable and effective way to incorporate invoicing into your workflow.