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REFLECT FESTIVAL 2024

The #1 tech & business festival in Limassol

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On 30th and 31th of May our team had the opportunity to participate at the #1 tech & business festival in Limassol, known as "Reflect Festival"! 

What is the work of an accountant? Really? Because you all have it wrong!

The most common misconception about accountants is

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A professional accountant performing your bookkeeping not only books your sales and purchases in a licensed software but also your bank account and payroll in such a manner that they reconcile. By reconcile we mean that your books (accounting entries) agree with the bank account, payroll creditor at any given month and most importantly comply with local laws and regulations. 

Sounds easier than it actually is. With more than 20 years in the field bookkeeping is a complex and demanding task. A task that certainly not anyone can do.  

What is an audit? Is it compulsory in Cyprus? Is it good for your business?

Audit is the assessment of your financial affairs including local tax obligations towards the authorities.

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A statutory audit is the creation of the financial statements, the validation of the accounting numbers produced by the accountant and the inclusion of disclosures / notes in accordance with the IFRSs (the International Financial Reporting Standards) together with the auditors opinion where the regulated audit and assurance firm validates whether or not the financial statements show a true and fair view by expressing an opinion also called the "audit opinion".
 

Characteristics of Service Providers that you should pay attention to

Like products, each service provider whether an accountant, an auditor or a tax expert has different style and profile that may or may not suit your business.

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Choosing the right service provider can always be challenging especially because communication becomes vital, especially if you are starting your own business which means tens of calls on a weekly basis until you get organised with all accounting and tax aspects!  

So how are service providers different? 

We list below the various profiles of service providers we have come across. See which one suits you! 

  1. The introvert: what would anyone say the typical accountant! 

  1. The extrovert: what would anyone say, the not typical accountant! 

  1. The casual accountant; everyone's person but be cautious. 

  1. The snobbish accountant 

  1. The neighbor accountant 

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