Start Up Tips for entrepreneurs including, tax, advisory

Our Advice

Before you commit to a new venture or business ALWAYS ensure that you have asked the professional advice of a Chartered Accountant and a Lawyer. Such advice is priceless particularly before you commence trade as your business ideas, business model, pricing and business plan should be reviewed by a reputable firm of Chartered Accountants who have experience in your field. Not only they will protect you from losing money in unnecessary expenses and investments but also, they will ensure your expectations, business model and plan are realistic, based on their experience with similar businesses to yours.

These are the professionals you need to establish a real sincere, long lasting relationship as they will protect your business and personal interest through your entrepreneurial journey.

Tax & Corporate Information

Have Continuous Access Always – Use Our Mobile App!!!

CYAUSE Audit Services Ltd created the first Tax Mobile App and it is giving it for free to its clients and associated. This app was designed particularly to assist business owners reducing their tax bills and keeping them up to date with the latest Corporate & Tax Developments in Cyprus.

Our Mobile App: “Cyprus Audit & Tax” can be downloaded for free from the app store or Google play. It includes

  • Cyprus Tax Calculators
  • Cyprus Tax Calendars
  • Cyprus Tax Tables
  • Access to Latest Cyprus Corporate Information
  • Information about Setting Up Companies, Trusts
  • Tax Planning Solutions
  • Many more

It is imperative to have this application downloaded so that you use it as a reference point each time you have a tax query. After the first download no internet connection is needed.

Guide to the Local Departments

As an entrepreneur, you may need to visit or to obtain information from the below Government Departments.

When you grow, you will have others doing this work for you!

Accounting Software Selection

The decision of an accounting software selection should be made following consultation by a reputable firm of Chartered Accountants. There is no such thing as free accounting software. Even if the software has no acquisition cost, like most internet accounting packages for small businesses, it may simply not meet your needs or it may be too complicated for your line of business. Hence, even though you have not purchased it, it is still causing you or your auditor time and effort => it is costing you money to use or audit it!

In addition, our accounting fees for small businesses start from Euro 100 + VAT per month therefore in most cases it is simply not worth the business owners time to process invoices if the cost of outsourcing this service is so low and the benefit of focussing in generating new business is so great!

Software solutions like all products are designed to match specific audiences. Our experience today showed us that almost all free internet accounting software luck several essential elements which renders them inappropriate for Cyprus accounting needs.

Such shortfalls include:

  • Poor credibility in their reporting, especially the accuracy of year end balances which are essential for the year end audit (such as debtors and creditors balances)
  • Poor bank processing tools which is often too time consuming to process
  • The entire software is based on cash accounting basis which is applicable in the USA instead of the accruals accounting basis, which is the accounting Law in Cyprus.
  • Some are too complicated for simple line of business

As a firm, we recommend software solutions according to our client needs based on our knowledge of available tools in the market. Irrespective of your line of business we strongly advise you to outsource the accounting work to a professional who not only will not cost you money but will also save you money as explained below.

Benefits of outsourcing book keeping to experienced Chartered Accountants

  • Processing Errors are eliminated
  • Sales Invoices errors are eliminated
  • Debtors Balances are verified and communicated to owner or finance director
  • Banking Issues are identified and communicated to owner or finance director
  • Compliance with VAT Laws and Regulations is secured
  • Compliance with Corporate Tax Laws and Regulations is secured
  • Compliance with Employment Law and Regulations is secured
  • Companies Act Requirement for maintaining proper accounting records is secured
  • Saving owners time, effort and energy to focus on core business
  • Saving owners money on errors, omissions and opportunity cost

Whether you will follow our advice to outsource your book keeping department or simply you need our consultation on software selection, please feel free to contact us and we will be more than happy to assist you.