Eltoma Corporate Services ensure to fully understand the nature of clients’ requirements in order to set up an accounting structure that reflects the individual scope and goals of each 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.
Important aspects to consider regarding 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 would be to use the operating currency. It is important to note that the commissioner of V.A.T. only accepts reporting in Euro. Therefore, a company that prepares its 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 fulfil 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 organised and up to date, then this can assist in the smooth running of the company to make strategic decisions and ensure future success.
3. Supporting Documentation:
Eltoma Corporate Services utilise a computerised accounting system (called 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.
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.