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Financial and Management Reporting

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Accounting and Financial Reporting to IAS
Payroll, PAYE and Social Insurance
Management Reporting
Income and VAT registrations & returns
Feasibility Studies and Business Plans

 

Accounting and Financial Reporting to IAS

Each entity that is incorporated in Cyprus must lodge on an annual basis financial reports to the Registrar of Companies and Official Receiver.  Companies Law in Cyprus requires that the financial reports must be prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standard (IFRS) requirements.  Further, the financial reports must be audited by a registered accountant in Cyprus.  The Registrar provides exemption from audit for small entities.

How can we support and assist you

  • Create individualised chart of accounts
  • Set-up of computerized accounting system including, general ledger, debtors, creditors, payroll, and all related subsidiary ledgers
  • Bookkeeping and processing including updating of subsidiary ledgers; debtors/creditors/VAT/Sales/Purchases, bank reconciliations and general ledger entries and reconciliations
  • Recognition, measurement and classification of transactions to IAS and IFRS
  • Profit and Loss Statement, Cash Flow and Balance Sheet preparation on a monthly, quarterly or yearly basis
  • Annual Financial Report preparation and notes to accounts prepared in compliance with IAS and IFRS disclosure requirements
  • Various mangement reports including budgets, cost analysis, revenue analysis and tailored to individual organisation needs
  • Lodgment of finalized audited reports with Registrar of Companies and Official Receiver (where we are the company administrators and/or secretary)

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Payroll, PAYE and Social Insurance

When we undertake your monthly payroll duties, you can rest assured that your payroll requirements are being met and you don’t have to worry about compliance with the various Government departments nor keep up to date with any changes in rates etc.  We undertake all your commitments for keeping correct records for your employees, and for submitting your monthly and annual returns to the various Government Departments as required by Law.

How can we support and assist you

  • Registration with Employers' Register of the Department of Social Insurance Services (DSIS).
  • Submission of Declaration of hiring of new employees and Registration of such employees to DSIS.
  • Monthly submission of Statement of Employee Earnings and Contributions to DSIS and payment of social insurance, annual holidays (unless an exception is granted), redundancy, human resource development and social cohesion
  • Monthly remittance of employee PAYE tax to IRD
  • Annual preparation of Employee Certificates of emoluments
  • Annual Employers return on Employees at the end of each financial year to Inland Revenue Department (IRD)

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Management Reporting

We can provide you with regular reporting and provision of information as and when you require it to support and enable you, the management, to make decisions on the allocation of your firm’s scarce resources, for the attainment of your firms goals and objectives. These reports can take the form of graphs, text and tables.  This type of reporting may be both qualitative as well as quantitative in nature.

How can we support and assist you

  • Budgeting
  • Forecasting
  • Job costing
  • Costs analysis
  • Revenue Analysis
  • Budget-to-actual analysis
  • Segment/Department reporting
  • Customer profitability
  • Client-specific reporting requirements
  • Portfolio valuations and reporting

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Income and VAT registrations & returns

Each entity that is incorporated in Cyprus must lodge on an annual basis an income tax return form with the Inland Revenue Department of Cyprus (IRD), form IR4.  The IR4 must be prepared in accordance with the Income Tax Laws and Regulations of Cyprus and must be prepared on the basis of audited financial reports prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standard (IFRS) requirements; there are no exemptions from audit for small entities.

How can we support and assist you

  • Income tax registration
  • Preparation of IR4 statement
  • Annual income tax lodgment with Inland Revenue Department (IRD)
  • Provisional tax payment requirements and returns, due thrice per annum, 1 August, 30 September and 31 December (for current year) of assessment.
  • Final payment of corporate income tax on 1 August following the year of assessment.
  • VAT registration (where supplies exceed 15,600 pa)*
  • Quarterly VAT preparation and lodgment with Customs and Excise

* must be within 30 days of the month where this threshold is exceeded), a penalty of €85 applies for each month of non-compliance to registration

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Feasibility Studies and Business Plans

Our Feasibility studies seek to determine the demand, and profitability of the venture, examining various scenarios.

Our business plans summarize the operational and financial objectives of a business and contain the detailed plans and budgets showing how the objectives are to be realized.

The two are often confused. Various components are common to both the feasibility study and the business plan. The feasibility study is conducted during the initiation phase of the venture prior to obtaining financing. It is an analytical tool that includes several scenarios for the decision-maker to determine if the venture should be continued.  If the venture does not proceed there is no need for a business plan.

The business plan is the design for the ventures implementation.  Its purpose is to serve as a blueprint for managements responses during project operations; the business plan is much more focused on what action steps will be taken during and after the project implementation.

 

How can we support and assist you
Feasibility studies include

Part I Industry & Market Analysis; Analysis of size and growth of the market; industry trends; market structure; identify problems and potential niches

Part II Competitive Analysis; Identify current and future competitors and determine their strengths and weaknesses

Part III Venture Analysis; Determining the product/service features, identifying the target market, unique benefits, competitive advantages,  risks and profitability.

 

Business Plans include

  • Venture objectives and goals
  • Marketing & Sales Management
    • Industry & Market analysis
      • Customer identification
      • Customers (price sensitivity), bargaining power of suppliers (cost sensitivity)
    • Competitive Analysis
      • Main Competitiors, SWOT analysis
      • Assessment of Competitive Eenvironment (substitute products, threat of new entrants, competitive rivalry, bargaining power)
  • Sales & Marketing Strategies
    • Promotional strategies for product launch; brand building etc.
    • Pricing
    • Distribution Channels
  • Operations Plan
    • Management and organisational chart (staffing plan)
      • Roles & Responsibilities (staff/management)
    • Risk management strategy
      • Quality assurance
    • Regulatory & compliance considerations
  • Information and Communication including facilities management
    • Venture infrastructure and logistics
  • Financing
    • Forecasting revenues
    • Capital expenditure requirements
    • Overheads & running costs
    • Financing decision; equity/debt
    • Cash flow
    • Taxation

 

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