Accounting services REQUIREMENT
Companies incorporated in Cyprus are required to keep proper books of accounts either at the company’s registered office or at any place designated by the directors. The Cyprus Accounting records must show all sums of money received and expensed, all sales and purchases, assets and liabilities. The accounting is to be prepared under International Financial Reporting Standards (IFRS) and financial statements are to be audited or reviewed as explained here by a Cyprus licensed audit firm.
HOW IT WORKS
We will perform the bookkeeping function of the Entity on our specialized Accounting software based on information we will be provided with (invoices, agreements, bank statements etc). We will then prepare the Financial Statements (FS) on our specialised FS preparation software and present you with the first draft for your review and approval. As soon as such is approved we will then send to the auditor for them to commence their audit or review procedures and liaise with them during all stages of the audit/audit review. This process will ensure your minimum involvement and maximum efficiency.
How we can help
Our team of professionals will perform day to day support in the preparation of accounting records in accordance with international financial reporting standards including:
- Assisting with the bookkeeping function of the company based on information we will be provided with;
- Preparation of management accounts both standalone and consolidated (as required);
- Providing advice on accounting treatment on complicated transactions and financial reporting matters;
- Assist with preparation of IFRS Compliant Financial Statements with full set of accompanying notes on our specialised software;
- Liaising with the auditors, providing them with everything they will need for their audit;
- Take care of the tax requirements of the Cyprus Company at all times. More information on tax services can be found here.
We can also assist with the monthly payroll function of any Company, no matter how many employees on the payroll, through our specialized payroll software as follows:
- Assist with the monthly payroll function and relevant calculations;
- Assist with the payments of PAYE (monthly taxes payable) and payments to Social Insurance;
- Preparation of monthly payslips and any other relevant statutory compliant forms (TD.63 – Employee Remuneration form etc);
- Assist with the submission of the Annual Employer form (TD7) to the competent Tax Authorities;
- Registration to the Social Insurance Department for new employer and new employees as required;
- Registration to the Tax Authorities to obtain a Tax Identification code for employees;
- Assistance with the annual Employee Income Tax return (TD1), required to be submitted once a year.
* The above services are for indicative purposes only. Please contact us for more information on the specific requirements of your entity in Cyprus and how we can assist.
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