Companies in Cyprus generally prepare annual financial statements, and many must have them audited. Good records make the process quicker and less disruptive.
Keep documents as you go
Store invoices, receipts, contracts and bank statements as they arrive, ideally in a shared folder your accountant can reach.
Reconcile regularly
Matching bank statements to your records each month is far easier than doing a year at once. It also surfaces errors while they are fresh.
Prepare the usual requests
- Bank confirmations and statements
- Fixed asset additions and disposals
- Loan agreements
- Lists of amounts owed to and by the company
- Board minutes
Agree a timetable
Ask your auditor for a timetable and a list of what they need, and nominate one person in the business to answer their questions.