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ACCOUNTING SERVICES

ACCOUNTING SERVICES & ROUTINE WORK

Every Cyprus company director must ensure that the books and records of their company are in good order. This is a legal requirement by the Companies Act 113, and it is usually undertaken by the accounting department of the Company which processes all accounting records such as expenses, purchases, bank statements, agreements and sales invoices on a weekly or monthly basis.

The accounting function of any company is a very challenging task primarily because of the large volume of information that needs to be processed by the company to be compliant with local VAT and Tax Rules.

Typically, this function is outsourced to approved audit and assurance firms like CYAUSE Audit Services Ltd which have to technical knowledge and expertise to meet these requirements and produce the necessary information and deliverables on a timely basis.

 

Why Outsource the Accounting Function?

No more headaches or loosing deadlines. We are here to help you. Our experienced book keeping staff will ensure to walk you through all the steps and procedures necessary to be on top of the accounting workload, paperwork and taxes.

We have almost automated the book keeping process so that we do not consume your valuable time into automated, simple processes.

  • Avoid VAT Penalties for late submissions & wrong computations
  • Avoid Wrong Tax Computations
  • Avoid the VAT RTN Stress
  • Stay Informed with Latest VAT, Tax & Filing Developments
  • Safe Time, Energy and Resources

 

The Accounting Engagement – How does it work?

As soon as we sign the engagement letter with the Company we will meet in person several times to discuss accounting needs and filing requirements. We will walk you through what accounting needs we identify and explain to you in detail all statutory requirements and procedures so that your accounting records will be up to date, always.

Amongst others we will explain to you in detail:

  • How to file your Company’s paperwork
  • How to Raise your Invoices
  • Assess the need for Invoicing Software
  • How to Control your Debtors
  • How to Manage your Creditors
  • How to Manage your Cash Flow
  • How VAT works
  • How Payroll works
  • How to set up your Selling Prices
  • How to calculate your Gross Profit Margin
  • Implement an efficient procedure of obtaining all your financial information for processing on a monthly or quarterly basis
  • Whatever is considered necessary for your business

Needless to say, that we will assign an account manager to handle your needs directly until you master all of the above.

All you must do is to simply gather the information and provide them to our accounting department for processing.

A typical working relationship with our accounting staff involves lots of telephone calls on a weekly basis, collection and processing of your invoices and bank statements and payment of monthly payroll taxes.

We are proud to say that our relationship with our clients and especially our book keeping clients, is solid and robust as the frequent interaction generates real due care between us.

 

Routine Accounting Work

  • Monthly processing of Accounting Records (invoices, bank statements, agreements)
  • Monthly processing of Payroll Wages
  • Monthly payment of Payroll Taxes
  • Quarterly Preparation of VAT Returns
  • Monthly Reconciliation of Bank balances with your Accounting Records;
  • Logistical support on Bank and Cash;
  • Logistical support on Sales, Debtors, Purchases and Creditors;
  • Maintaining Debtor Ageing Analysis;
  • Drawing cheques on a weekly basis in accordance with payment terms of the client;
  • Preparation of Employer’s Annual Returns (I.R.7s);
  • Preparation and Submission of Quarterly VAT Returns.