Accounting, Bookkeeping & Audit Services – Cyprus

Proper bookkeeping can serve as a powerful management tool. It can facilitate the production of timely and accurate management reports that provide decision makers with the data they require and therefore helps businesses become more efficient and improve their profitability as well as cash flow management.

Eltoma Corporate Services therefore strives to fully understand the nature of the clients business in order to provide exactly what they require. This is done by setting up an accounting structure that is not only suitable for compliance with the various reporting authorities but also is able to provide valuable business data that will assist the client in running the business.

Eltoma Corporate Services can provide the following services:

• Maintenance of statutory books and records
• Preparation of financial statements in accordance with IFRS (International Financial Reporting Standards)
• Preparation of management accounting reports
• Assistance in setting up computerized accounting systems for clients including training of staff in maintaining proper records and ongoing assistance on a consultancy basis
• Preparation of annual tax computations
• Preparation and submission of provisional tax declarations and payment of taxes
• Preparation, submission and maintenance of VAT, VIES and Intrastat services
• Preparation of budgets
• Feasibility Studies
• Payroll services including preparation and processing of monthly payroll, management payments of tax and social insurance contributions, submission of periodic tax returns.

Bookkeeping Services:

Bookkeeping serves two main purposes;

• To maintain records of transactions that are IFRS (International Financial Reporting Standards) compliant in order to facilitate the preparation of annual Audited Final Accounts.
• To reflect the ‘picture’ of the business, so as to be able to produce timely and accurate management reports that contribute to the decision making process.

Eltoma Corporate Services therefore ensure that they fully understand the nature of the clients requirements in order to set up an accounting structure that reflects the unique structure and goals of the business. This enables areas of profitability and concern to be highlighted quickly and easily. In order to do this we consider all aspects of a business, some of which are outlined below.

In order to do this we consider all aspects of your business, some of which are outlined below.

Important considerations with regards to Bookkeeping:

1. Reporting Currency:

In Cyprus, Audited Final Accounts can be prepared in any currency and the Inland Revenue accepts Books (and I.R.4) in any currency. An important decision for clients therefore is to decide which currency they wish to report in. The most logical approach is to use the operating currency. Unfortunately however the commissioner of V.A.T. only accepts reporting in Euro. Therefore a company that prepares books in US Dollars for the Inland Revenue and is VAT registered must translate its VAT transactions into Euros for VAT reporting. Eltoma Corporate Services can advise you on the best way in which to fulfill statutory requirements.

2. The Nature of the Business:

The underlying economic situation is crucial to understand when making business decisions. In order to be successful a business should be aware of the conditions in which they operate and should be fully aware of the costs they are incurring and the profits they are making. If accounts are kept correctly and up to date then this can assist in the running of the company and enable a company to make strategic decisions to ensure future success.

3. Supporting Documentation

Eltoma Corporate Services utilize a computerized accounting system (Sage 50). As per the requirements of the Companies Law, Cap.113, for every transaction the client is required to produce supporting documentation in the form of Sales Invoices, Purchase Invoices and Bank Statements.

Audit Services:

All Audits are conducted in accordance with International Standards on Auditing. These standards require that the Audit is carried out in accordance with ethical requirements and is performed to obtain reasonable assurance of whether the Financial Statements are correct. Eltoma Corporate Services can provide a full range of cost effective audit services through our associates in order to ensure full compliance.

Important considerations with regards to Audit:

What is involved in the Audit Process?

The major factor that is of upmost importance is the accuracy of Balance Sheet accounts. Bank Balances at year end have to be correct, basically this means that the balance of your Bank Statement should be reconciled with the balance in your books.

To comply with this we ensure that the balance is certified in writing by the bank. Additionally we require that Directors sign a declaration identifying any indebtedness to or from the company.
Quarterly Reporting:

Eltoma Corporate Services can provide any kind of tailored made financial management reports, either monthly or quarterly. For example we can produce budgets which project financial results into the future based on customer feedback. Eltoma Corporate Services can also provide Feasibility Studies for launching a new business or project. These in turn can be used for obtaining bank loans or for approaching investors for funding.

Fees:

Approximate Quotation (based on 100 transactions)

Bookkeeping:

Audit:

Please note that the fees above are only indicative. If you are interested in obtaining additional information on the services that Eltoma Corporate Services provide please contact us and we will send you a questionnaire to complete in order to provide an individual quotation tailored to your requirements.