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Bookkeeping Malta

Bookkeeping Malta

Accounting is a major component in a business; however, it is made of several branches, each with its own characteristics. Among these, bookkeeping is one of the most important parts of the accounting services a company can ask for in MaltaBookkeeping implies recording all the financial transactions of a business, which is why it plays an important role in all Maltese companies, no matter their sizes and the activities they undertake.

With a specialized team of Malta CPA accountants, our firm offers tailored bookkeeping services in order to meet all the requirements and needs of your local company. You can ask for our bookkeeping and accounting services in Malta, no matter the sector your company operates in.

In order to understand better why bookkeeping is so important, we present you below the services you can obtain by working with our Maltese tax advisors.

What are our main bookkeeping services in Malta?

For many people, accounting and bookkeeping are the same which is why they don’t see the need of having specialized personnel to keep the financial transactions up to date with the help of a bookkeeper. It is important to understand, however, the bookkeeping is actually an important part of the accounting of a company and this is why we come to you with tailored bookkeeping services in Malta which are tailored to this specific part of the accounting in your company.

Here are the main bookkeeping services we can provide for your company in Malta:

  1. recording of all financial transactions of the company during the financial year, in accordance with the law;
  2. preparing the financial documents required for bookkeeping in accordance with international and local standards. Every year, companies must create a set of audited financial statements and submit them to the Malta Business Registry, regardless of whether they were established or incorporated under Maltese law. Feel free to address our specialists if you need an audit in Malta for a local or foreign company.
  3. preparing and filing VAT returns (prior to that we can also help you register the company for VAT purposes);
  4. handling the payroll in your company (this too requires an accurate keeping of financial information on employees); in case you are searching for this type of services in another country, you should know that our company is part of a vast network of accounting and legal firms. For example, if you need payroll services in the Netherlands, we reccomend our partners – Dutch-Accountants.com.
  5. handling all financial transactions in the company by sorting them according to the law.

Apart from bookkeeping services, we also invite you to work with our auditors in Malta for complete services.

 Quick Facts  
Assistance in registration for taxation (YES/NO)

YES, we can help businesses register for taxation in Malta

Bookkeeping system setup (YES/NO)

YES, we can set up the bookkeeping system

Day-to-day documents collection and sorting (YES/NO)

YES, our bookkeeping services in Malta imply collecting and sorting all daily financial documents 
Recording financial transactions (YES/NO)

YES, we record all financial transactions

Bookkeeping services
for SMEs (YES/NO)
YES, we have dedicated bookkeeping services for SMEs
Bookkeeping services for large companies (YES/NO)

YES, we also offer our assistance to large companies

Availability of chartered accountants in Malta (YES/NO)

YES, all our specialists are CPA accountants in Malta

Bookkeeping documents Sale and purchase invoices, payslips, receipts, various justificative documents
Tax return preparation and filing services (YES/NO) YES, we also offer tax return perparation
and filing services
Use of specialized bookkeeping software (YES/NO) YES, we use specialized bookkeeping systems
Payroll services availability (YES/NO) YES, payroll is one of the bookkeeping services we offer in Malta
Payment processing services availability (YES/NO) YES, quick payment processing is available with
our accountants in Malta
Employment contributions preparation (YES/NO)  YES, we also prepared the necessary documents for employers and employees
Advantages of using external bookkeeping services in Malta Time and money savings, security of respecting filing deadlines, the use of specialized licensed software
Other services (if available) Accounting, audit, forensic accounting services availability 
 Legal framework Governed by the Companies Act and the Accountancy Profession Act 

 Regulatory body

Malta Institute of Accountants (MIA) 

 Reporting standards

Generally Accepted Accounting Principles (GAAP) 

 Currency Euro (€) 
 Required records for bookkeeping in Malta

Ledger, journals, financial statements 

 Frequency of reporting

Typically monthly or quarterly 

 Auditing requirements

Mandatory for certain types and sizes of companies 

 Financial reporting

Required for shareholders, authorities, and stakeholders 

 Outsourcing options

Many businesses opt for outsourcing Malta bookkeeping tasks, you can rely on our Maltese accountants for such services.  

 Compliance with EU standards Aligns with European Union directives and regulations 
 Financial statement preparation

Prepared according to International Financial Reporting Standards 

Penalties for non-compliance with bookkeeping in Malta 

Fines, penalties, and legal consequences may apply 

Data privacy compliance 

GDPR and local data protection laws must be adhered to 

 Importance for tax compliance

Accurate bookkeeping essential for meeting tax obligations 

Cross-border transactions compliance  Ensures compliance with international accounting standards 

The importance of bookkeeping for a Maltese company

Bookkeeping is one of the most important parts of the accounting in a company and Maltese businesses make no exception. Bookkeeping implies not only recording financial transactions, but also storing every financial document in accordance with the law and for the required period of time and having access to these transactions at any time. Bookkeeping is not available for companies only, as sole traders and other organizations could also find themselves in the position of needing such services. This is why our accounting firm in Malta services all types of clients, small or large.

Among the bookkeeping services we can provide you with are billing for various goods and services supplied to clients, the recording of all types of receipts and invoices, the verification of these invoices and receipts, the payment of suppliers and handling the accounts payable and accounts receivable departments. We can also prepare monthly, quarterly and annual financial reports in accordance with the regulations you and your company need to comply with.

Knowing the laws a company must abide by is also one of the most important tasks our accountants in Malta will comply with. This is why you can rely on us for full bookkeeping and accounting services in Malta.

Bookkeeping with the help of specialized software

As all business owners know, the accounting and bookkeeping of a Maltese company imply using specialized and licensed software. This software is known for being expensive, which is why one of the greatest advantages of using our bookkeeping services in Malta is the access to such software without paying for all the licenses and updates it comes with.

Also, you can find our accountants in cities like Valetta and Birkirkara in order for you not to travel and have all your doubts and questions clarified quickly.

The main accounting rules Maltese companies need to respect

In order to understand why bookkeeping is so important for a business in Malta, it is good to know that bookkeeping is part of the entire accounting in the respective company and from this point of view, the following regulations need to be respected:

  • the financial year starts on January, 1st and ends on December, 31st and for the entire period a business need to account every financial document issued and/or received;
  • all companies in Malta need to respect the International Accounting Standards;
  • all companies need to prepare annual accounts that need to reflect important aspects of the business;
  • businesses must appoint accountants who fulfill the requirements of the  Malta Institute of Accountants;
  • companies are required to file their financial accounts on an annual basis and these must indicate a clear picture of the volume of business which is justified by various documents.

Returning to the annual accounts a Maltese company must file, we mention the following:

  • the balance sheet;
  • the profit and loss account;
  • the notes attached to the accounts.

All these must provide information on the company’s assets, liabilities, profits and/or losses.

With years of experience, our accountants can help you with various services, among which bookkeeping is one of the important parts.

You can also rely on our experienced auditors in Malta who can provide various types of audits.

Financial documents a company needs bookkeeping services for in Malta

The list of financial documents which need to be prepared and recorded in the accounting of a firm in Malta can comprise:

  • the supplies purchase invoices;
  • the sale invoices;
  • the invoices issued/received when renting office space;
  • the salaries and wages of employees;
  • the invoices received when buying office supplies;
  • the documents required when contracting loans with banks.

It is important to know that invoices can be issued for both sales and purchases made in cash or credit. Also, this information must be input when recording the financial transaction.

Our accountants in Malta can offer detailed information on all the financial documents which can be handled by our bookkeepers.

We invite you to read about our bookkeeping services in the scheme below:

In-house bookkeeping vs accounting firms in Malta

Most of the times Maltese companies consider hiring an outside accounting firm or having the accounting of the business managed in house. There are benefits linked to both options, however, we decided to present you a few of the advantages if you decide to work with our accountants in Malta:

  • we will focus on the accounting part of your company alone, as we have specialized departments, including bookkeeping;
  • we use electronic support to record and keep track of all the documents registered;
  • all our services are tailored, in accordance with the size and activity of your company;
  • all our services are in line with the local and international accounting standards;
  • we only work with CPA accountants, so that we ensure the correct level of expertise.

Apart from the advantages mentioned above, we can also say most of the time, when having in-house accounting, the personnel in that department will be required to handle other aspects of the company management which will increase the pressure and lead to the underperformance of the business.

This is why our bookkeeping services in Malta will imply target solutions adapted to your needs.

Financial records maintenance services in Malta

Bookkeeping implies a lot of work and our accounting firm in Malta is made of a dedicated team of specialists who can work for you and thus reducing the burden on your own staff.
As you know, a Maltese company has many accounting requirements to comply with and one of the most important is related to the maintenance of financial records. The documents that must be prepared and filed with the Trade Register and the tax authorities depend on the type of company you own, which is why our accountants will treat you with the due care and attention so you won’t have to worry about meeting the compliance requirements.

With the help of our bookkeepers in Malta, all financial transactions and documents reflecting to day-to-day activity in your firm will be updated with accuracy with the help of a specialized software you can access any time. You can rely on us for respecting the requirements and recommendations of the Maltese tax authorities and keeping you informed on all the changes in the legislation related to the Company and Commercial Law and which many times have an impact on the accounting of businesses.

With the help of our bookkeeping services in Malta, you will benefit from tailored solutions and people who are committed to supporting you in every endeavor that has to do with meeting the accounting deadlines.

If you need information about all the services accounting firms in Malta offer, you can ask our specialists.

Preparing and filing returns in Malta

One of the important aspects a company has to deal with is the preparation and filing of tax returns. This is one of the important tasks we can handle as part of our bookkeeping services in Malta. When preparing tax returns, there are various aspects to consider and among these, we mention the fact that they must be prepared in a limited timeframe in order to submit them in accordance with the tax legislation.

There are various deadlines to meet when filing tax and VAT returns and if these terms are not respected, a company will face penalties. This where our accountants in Malta can be of great help, as they know when filing terms must be met in accordance with the type of return to be submitted.

We can handle the preparation and filing of all types of returns, among which VAT returns which need to be filed on a monthly or quarterly basis, depending on the period selected. We can also assist with the VAT registration procedure, no matter if it is optional or mandatory.

You can also rely on us if you need audit services in Malta, as we strive to offer a set of complete and tailored services that suit the needs of all types of businesses.

Payroll services in Malta

The correct administration of payroll in Malta is at the very heart of the relationships between employees and management. Employee records can easily be damaged by payroll errors, such as overpaying or underpaying employees, and late payments. As a result, turnover may increase, performance may suffer. Most companies in Malta are registered as small and medium-sized enterprises (SMEs) and they have an average number of 50 employees, a case in which payroll is quite important. Handling the payroll in a business is one of the tasks our bookkeepers in Malta can do.

Bookkeeping does not refer only to preparing and maintaining financial documents, as our accounting firm in Malta can offer a wide range of services that help companies benefit from various incentives as a result of optimized accounting.

Bookkeeping services in Maltese cities

Malta is not a large country, however, it is made of several regional business centers which is why we concentrate to provide our bookkeeping services in large cities. Apart from the capital, Valletta, you can also find us in Birkirkara, so that you don’t need to distance yourself too much from your company.

The same services provided in Valetta are also available in Birkirkara where one of our accountants can meet you.

With the help of our tax advisors in Malta, it is easy to deal with the daily struggles accounting implies.

Bookkeeping is just as important as any accounting task and many companies are in the position of hiring not one accountant but several certified specialists who can take charge of various accounting aspects, but with our help, you will have an entire firm working for you where and when you need it the most.

We first recommend you complete an audit and see what your company needs to improve. Based on the findings of the audit, you can choose the services you need from our CPA Malta accredited accountants.

Tailored accounting services in Malta

We are a team of accountants and auditors with different specializations dedicated to offering the exact services you need in Malta. We put a lot of work and all our experience at your service, while you can concentrate solely on your business.

You will find a reliable partner in our accountants and auditors so that you can rest assured your business in good hands. You will receive updates and reports whenever you need, and we will also make sure to inform you about all the legal and accounting requirements you need to comply within due time.

Our accounting services in Malta are created based on a discussion with our specialists who will be able to explain how they can help you. This way, you will benefit from tailored assistance and services in accordance with the requirements to be met by your company in Malta.

Tailored bookkeeping and accounting services in Malta

If you decide to work with us, you can select and personalize the accounting package you need, based on the correct identification of your company’s requirements. You will also be able to request or remove any service, thus benefitting from flexibility.

We have a team of dedicated accountants ready to provide you with bookkeeping and accounting servicesin several cities in Malta. You can rely on us no matter how new or old your company is, and most of all, you can have the support of an accountant in Malta anytime you have a question or need information about your company. We also offer several types of audit services, no matter if they are a requirement or you simply want to know the financial soundness of your business.

You can also find out more about our bookkeeping services in Malta from the video below:

Why choose our bookkeeping services in Malta?

Working with professionals has become important in Malta, considering the small country has become one of the most performant economies at the European level. In order to help you focus on growing your business, we can provide you with specialized bookkeeping services in Malta.

Speaking about the Maltese economy:

  • by the end of 2019, Malta is expected to have a 5.5% GDP increase;
  • in 2020, the economy is expected to register a 4.8% growth;
  • the unemployment rate is predicted to decrease by 3.8% by the end of 2019;
  • in 2020, the unemployed rate is further expected to reach 3.9%.

For tailored bookkeeping services, please contact our accountants in Malta.