Accounting & 
Book-keeping

Every Cyprus company has the legal obligation to maintain up to date accounting books and records at all times. Our team of experienced and qualified professionals can provide a the full range of accounting and book-keeping services needed to maintain the proper records as required by Companies Law 113. 

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The accounting services we offer will help you keep track of the performance and position of your business on a daily basis. Keeping records of day to day financial transactions which will help the client business organization while preparing the financial statements. This is an important part of accounting and good business management as adequate bookkeeping will impact the validity of the financial reports. 

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Over the last 10 years, more and more companies are out-sourcing the accounting and book-keeping functions in order to benefit from lower annual costs and to benefit from the expertise available from professional service providers such as Relikor to comply with monthly and quarterly tax, VAT and payroll requirements.

 

Reasons To Outsource Your Accounting Function

• No more headache of keeping up to date with new regulations

• No more stress of loosing VAT, Tax and Social Insurance deadlines

• Take advantage of our advanced accounting software

• Save time and reduce your staff costs and paperwork

• Avoid penalties for late submissions & wrong computations

• Avoid wrong tax and VAT computations

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How Does It Work?

To start the process, we study the client's business, suppliers, customers and number of transactions and accordingly make a quotation for our services. Once we sign the engagement letter, we will meet with the Directors and managers to discuss the accounting needs and statutory requirements and procedures. Some of the issues we will explain are: what accounting records you need to maintain; we will advise if your accounting software needs to be updated; and how to implement an efficient procedure of obtaining your financial information for processing on a monthly or quarterly basis

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We will assign an Account Officer to handle your account. He or she will work closely with your staff with regular emails and telephone calls to collect and process your invoices and bank statements and to payment of monthly payroll taxes. 

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Routine accounting work includes the following functions:

• Monthly processing of records such as invoices, payments, bank statements

• Monthly processing of payroll wages

• Monthly calculation and payment of social insurance and payroll taxes

• Preparation and submission of quarterly VAT returns

• Monthly reconciliation of bank balances

• Logistical support for banks and cash flow

• Logistical support for sales, debtors, purchases and creditors

• Preparing debtor ageing analysis

• Maintenance of statutory books and records

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Additional services we can offer are:

• Drawing cheques in accordance with payment terms agreed with suppliers

• Preparation and submission of annual employer’s return (IR7)

• Preparation of Annual Financial Statements in accordance with the International Financial Reporting Standards (IFRSs)

• Assistance and support during internal or external audits

• Preparation of management accounts