If you want your business to grow and optimise its performance, having a professional and certified accountant is a must. A CPA, the name given to qualified accountants in various countries, will take care of all your financial affairs while you can focus on the company itself and its way forward. What is accounting? Any tasks which are related to finances in some way or another fall under accountancy. Accuracy is imperative when it comes to handling finances as it indicates how the company is presently doing and what to expect in the future. If the figures are not promising, the company may need to reconstruct itself or if they're really bad, liquidation would need to be considered. A certified accountant will be in a position to give professional advice and will assist you in making the best decisions for your business.

When in need of financial accounting, you may either opt to contact an accounting firm or else contact a self-employed individual accountant. Companies may not have an internal accounting department so they would have to depend on outsourced accounting services. Accountants may choose to specialise in various sectors such as the gaming or property sectors or even in specific financial services, be it tax or business management, so do your research well before selecting one.

An accountant can cater for the day-to-day finances, monthly tasks like payroll and even yearly duties such as audits. Although they are mainly associated with corporations, they also provide services to individuals and organisations who need financial advice regarding their own personal finances and investments or if they need a fiduciary service. A professional accounting firm will not just handle numbers but will, in turn, analyse them to create a financial report and give you solid advice based on the analysis results.

Without solid financial foundations, a business cannot flourish successfully and will not find its way to the top tiers of the industry. Contact an accountant now if you want to organise your financial affairs in no time.

What are the most common types of services offered?

Audit

Accountants offer audit and assurance services. A statutory audit, unlike small internal audits, is an annual compulsory exercise which needs to be performed to check whether a company's financial records are just as accurate and up to standard as they are represented to be. Having transparent finances will enable legal entities to catch any non-compliant businesses.

Tax

Tax can be a very complex and elaborate department which is best left in the hands of professionals. A certified accountant is able to offer you any advice related to tax, can plan out your income tax and process your tax returns.

Corporate

A corporate accountant can take care of your company's finances, even before it's established. He will guide you with the company formation process by taking care of opening the required bank accounts, necessary registrations etc. and in turn, will help you maintain the company when it's active. Accurate bookkeeping is imperative if financial management is to be taken seriously. A CPA will help in the execution of a business strategy which will determine the level of success a company reaches. Payroll is also an accountant's responsibility, be it preparing payslips or processing FS forms.

Whether you need to sell your business or buy one, an accountant is capable of doing a business valuation and will advise you whether it's wise to invest your money in it or not. He will manage any business mergers or partnerships and handle even business successions. In case of a business failure, he will handle all the documentation related to dissolution and liquidation.

You need to rest assured that at each point of your corporation's journey, your business will have full compliance, and all necessary reports reflecting this compliance are submitted in time. This is why working with a certified accountant is crucial.

Advisory

You can get advice from anyone, but professional financial advice can only be given by a certified accountant. Whether it's advice on asset management, compliance, investments or employment advisory, a financial advisor will provide you with a personalised consultation, depending on your current financial affairs and your targets. He can also guide you in inheritance and retirement planning. Risk management is essential as it is his duty to mitigate any major risks and maximise profits and growth opportunities. Risk can be calculated through financial forecasting and cash flow management.

Forensic accounting

This specialised sector requires accountants to provide financial evidence during trials so it would need to follow specific court standards. This is required in cases of bankruptcy, fraud and money laundering.

Funding

Searching for potential funds can be a complex, time-consuming activity amongst all the opportunities provided by the Government and by the EU. A certified accountant would be able to trace the relevant grants and incentives which apply to your business or foundation and apply for these same grants if all requirements are met. A budding organisation or emerging entrepreneur would especially benefit from any funding.

Citizenship

A certified accountant is capable of guiding foreigners relocating to Malta. He can process residence and visa applications and guide you with any immigration requirements. If a foreign company is setting up a branch in Malta, an accounting firm can handle all the required registrations, documents and licences and ensure ongoing compliance throughout the whole process.

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