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Accounting – Book-keeping – VAT Services

Accounting Services, VAT & Book-keeping

Our qualified team will assist you with all your accounting services in Cyprus

From the management of your company’s book-keeping, to the preparation of financial detailed reports, we offer tailor-made solutions and services to match our client’s needs.

So that we are able to offer you truly exceptional Accounting services, our qualified Cyprus Accountants team will spend the time to get to understand your business so we can help you plan ahead and help your business flourish.

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We can assist and advise you or your business on any tax related matters.

At Auditnet, we make sure we provide truly exceptional accounting services. Our qualified and experienced team has over 22 years of experience in the accounting industry of Cyprus.

What is more, we place great value in building solid, long-term relationships with each and every one of our Clients.

Our Accounting Services include the following:

  • Book-keeping for 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

Bookkeeping of company transactions

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 with 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 and 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 reported responsibilities in the form of submitting 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 include:

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

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

Budget preparation reports includes:

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

We will prepare the budget for your company.

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

Recommendations to improve your Internal Financial and Accounting Processes

We work closely with your employees and spend the time to truly get to know the ins and outs of your business. We offer professional recommendations on many ways to improve your accounting processes which in turn will minimize the need for future intervention and errors in financial reporting.

Advice, Consulting, Training on all of our Accounting Services

  • We can train your staff and offer support to your business.
  • Advice on all your Audit and Accounting business needs
  • And to ensure your business runs smoothly and efficiently, thereby minimizing errors and avoid mistakes and losses.

Payroll Accounting Services

  • Payroll accounting involves recording a company’s employees’ compensation 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

We can help you process your payroll for your employees and ensure the correct taxes are paid and adequate records are kept. This way, you can concentrate all your time and efforts in managing and running your business.

Invoice Management

Invoice Management is the process of managing and processing

  • Invoices
  • Related documents from vendors
  • Suppliers and customers

The process usually involves:

  • Receiving the invoice
  • Validating and verifying the invoice
  • Approving the payment
  • And 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 the cash flow.

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

This post is also available in: Russian