The aim of accounting is to present a view of transactions; including profit and loss, showing the true financial position of a company for a given period on a given date, this detail can then be used to make informed financial management decisions.
Accounting & Financial Management Services
Good accounting and financial management is essential to all business and especially at start up, estimating costs and sales is one of the most important considerations to make as this can avoid cash flow problems or even the failure of setting up a business.
The ground work for financial management is the day to day accounting or book-keeping or the methodical recording of transactions and includes the keeping and updating of proper accounting records for the following items.
- Revenue/Sales
- Purchases
- Expenses
- Assets
- Liabilities
- Receipts/Deposits
- Payments
- Cash and Bank accounts.
These recorded transactions are later used for the preparation of financial statements and for their analysis and interpretation.
Sea International Accountants Ltd prepares the profit and loss account to determine the result of business operations for a particular period of time. If purchases exceed revenue then it is said the business is running at a loss. The profit and loss account will help management to make decisions to increase profit and reduce loss.
Sea International Accountants Ltd is also able to show the position regarding liabilities that are due and assets that are owned by the business on a given date. This enables management to ascertain the financial health of the business at a given time.
Sea International Accountants Ltd is able to advise and help with all areas of accounting & financial management, the following is a sample of what we can do:
- Adoption of suitable software
- Training & supervision of staff
- Book-keeping of transactions
- Presentation of accounts
- Payroll
- Invoicing
- Submission of relevant returns such as VAT, VIES.
Through regular consultation, a thorough knowledge of your present business framework and structure can be studied, allowing advice to be given which will help maximise your future business performance and increase profits.
Advisory & Consulting Services
Business is a highly competitive system which requires the management team to have a strategy that keeps them ahead of the game, new opportunities and legislation should be taken advantage of, keeping up with changes in the financial environment is essential to success.
Sea International Accountants Ltd will give consultation and advice to companies and individuals on both their business needs and financial requirements, the following is some examples of our field of expertise:
- Business solutions
- Restructuring of your business
- Controls in your organisation
- Planning
- Stocktaking
- Mergers
- Drafting of contracts
- Certification
- Recruitment
- Pay Statements
- Feasibility studies
Book an appointment with Sea International Accountants Ltd where we will be happy to discuss your needs in greater detail.
The law of the Republic of Cyprus requires every company to submit annually, financial statements prepared by a licensed and qualified auditor in accordance with international standards. The auditor’s independent examination of the financial statement provides an assurance of it being presented as a true and accurate record within the financial reporting framework.
Audit & Assurance
Sea International Accountants Ltd being a licensed and qualified auditor will conduct a financial audit ensuring the "financial statements" (the information being verified) is in accordance with international accounting standards. Sea International Accountants Ltd gathers evidence in order to determine whether the financial statements contain material errors or other misstatements.
The opinion of Sea International Accountants Ltd provides reasonable assurance that the financial statements are presented fairly, in all respects, and give a true and accurate view in accordance with the financial reporting framework.
The purpose of the financial audit is to present an independent examination of the financial statements, this loans credibility to the financial statements produced by management, thus increasing confidence and reducing risk to the investors.
The Republic of Cyprus companies’ law states that every incorporated company is to annually submit financial statements to both the Registrar of Companies and the Tax Department. This is to be carried out by a licensed auditor regulated by the relevant authorities.
Sea International Accountants Ltd is a firm of licensed and qualified auditors.
There is a wide variety of banks to choose from in the Republic of Cyprus and each of them offers different types of financial services. It is important to choose the best package that suits your requirements.
Banking Services
Sea International Accountants Ltd is able to offer advice regarding the different services provided by the banks, examples of which are detailed below:
- Opening of Bank accounts
- Transferring of funds from one bank/country to another bank/country
- Deposit of funds
- Loan restructuring
- Repayment of loans
- Terms of repayment of loans at existing Bank
- Exchange Rates
- Bank charges
- Bank interest rates
- Rights and obligations of investors/depositors
- Saving schemes
- The use of credit/debit cards
Determination and Categorisation of all costs to be included in the cost- benefit analysis process
Evaluation of:
a. All related costs regarding the new project
b. Revenues anticipated fro the new project
c. The outcome
d. The analysis and determination whether the project is financially feasible
e. Internal and external factors that are likely to affect the outcome of the analysis, such as: Existing or New Legislation ,Inflation, Political situation, Interest rates, Availability of resources and State of Economy.
Adjustments to be considered in either increasing benefits or decreasing costs in order to make the project viable. Considering all factors and assessing pay back period
Any new project can be a risk, but by carrying out a cost benefit analysis taking into account costs, projected revenue and other internal and external factors the risk can be reduced at an early stage, by an assessment as to the projects viability.
Cost Benefit Analysis Services (CBA)
Cost benefit analysis (CBA) is a way of estimating the strengths and weaknesses of different alternatives; this in turn will help to decide on the options which are likely to achieve the most benefits for less cost.
CBA can be used to compare completed and/or future courses of action, to estimate the benefits versus the costs of a decision, project, or policy.
CBA is most commonly used to help make major business or policy decisions, normally with regard to large projects or investments.
CBA has two main applications:
- To determine if a decision to invest or to undergo a project is sound, by establishing if and by how much the benefits outweigh the costs.
- To provide a basis for comparing the likely cost of each option with its likely benefits.
Sea International Accountants Ltd can help to consider and evaluate:
- The related costs
- The anticipated revenue
- Other related internal/external matters such as:
- Changes in legislation
- Political situation
- Economy
- Inflation
- Interest rates
- Availabilty of resources
Determine by analysis and considering all the variables as to whether the proposed investment, project or policy is an option worth considering.
Incorporation of a company is the procedure of converting a business into a legal entity that is recognised under law. Following incorporation, the business becomes a separate corporate entity from its owners.
Incorporation of Companies & Legal Services
Formation of a company in Cyprus is quite straight forward:
- Appoint Sea International Accountants Ltd
Once Sea International Accountants Ltd is appointed, the rest of the process will be conducted with relative ease by advising on:
- An approved unique name for the company
- The documentation to be produced
- Identity documents of each shareholder (attested by a notary)
- Identity documents of director(s) and secretary (attested by a notary)
Sea International Accountants Ltd in association with reputable law firms will advise on the necessary legal requirements such as:
- The rights and obligations of the director(s), secretary and shareholders
- Legal address of the company and its office(s)
- Articles of association (attested by a notary)
- Registration of trademarks/brand names
- Obtain the following certifications from the Registrar of Companies
- Certificate of incorporation of company
- Certificate of registered office
- Certificate of director(s) and secretary
- Certificate of shareholders
- Articles and Memorandum of Association
Sea International Accountants Ltd will also be pleased to advise your company on the following:
- Opening of a Bank account
- Registering with the Tax Department
- Registering for VAT, VIES
- Registering with the Social Insurance Department
Sea International Accountants Ltd can further advise on the following:
- Procedure for the removal and/or change of the company director
- Increasing your share capital
- Closing down of the company
Incorporation of a company
Incorporation / registration of a company
a. The legal requirements of the newly established company
b. The appointment and rights / obligations of the company's directors as per the Companies' Act in Cyprus
c. The amount of share capital required and the various types of shares to be issued as well as the nominal value of the shares.
Procedures for removal / charges / appointments of directors
Right and obligations of shareholders as per the Companies' Act in Cyprus
Registration of trademarks / brand names
Increase of share capital as needed
Closing/ strike off of companies
By using investigative and analytical skills, financial issues such as professional negligence or alleged fraud can be resolved in a manner that meets international standards.
Investigations & Forensic Accounting Services
Sea International Accountants Ltd is normally engaged when there is strong suspicions of wrong doing, such as:
- Misappropriation of funds
- Violation of rules
- Non-compliance with the law
- Insurance Claims
- Fraud
- Construction discrepancies
- Audits
- Disputes
In such cases and on behalf of the interested party, Sea International Accountants Ltd will investigate research and assess the accounting systems and accounts presentation to establish whether the numbers reflect the reality and this is carried out by using exceptional accounting and auditing methods that meet international standards.
