The Maltese legislation (Article 4(1) of the Accountancy Profession Regulations, 2016) requires companies to work with Malta CPAs when it comes to accounting matters.
Why clients choose
our accounting services:
We are the one-stop-shop for financial, advisory, corporate services provided in-house in a coordinated approach.
A Reputation for Excellence
We deliver at high quality service levels maintaining the personalized service of a boutique practice.
And our experienced and technically up to date CPAs assure that reporting requirements are properly and timely fulfilled.
Serious commitment to your privacy
We assure increased level of confidentiality.
With a proven track record in the accounting field, our dedicated CPAs (Certified Public Accountants) have a great experience in offering a wide range of services, among which:
- Payroll services;
- VAT Returns;
- Audit Coordination;
- Preparation of Financial Statements;
- Internal Financial Reporting & Management Accounting;
- Forecasting & Budgeting;
- Tax Advisory & Planning;
- Guidance on Complex Transactions;
- Government Schemes & Grants; and
- Financial Due Diligence.
All our accounting services are provided in accordance with the specific activities of the company, while our accountants are at your disposal for answering any questions since the first day of activity.
Statutory Accounts Preparation
One of the keys to a business entity’s success lies in proper and timely accounting and reporting to management of its financials and key performance indicators.
Our team of dedicated accountants understands the needs of our diverse clientele and provides ad hoc reporting and tailor made solutions.
This will enable the client to focus on the daily operations of the business entity leaving the daily accounting and reporting functions to our team of professionals.
In Malta, every registered person engaged in trading operations is to file the relative financial statements in terms of local Generally Accepted Accounting Principles or in terms of International Financial Reporting Standards.
This legal requirement extends to limited companies but also to other bodies of persons.
Our accounting software is SQL-based and bespoke; we could provide any reports that our clients would need to efficiently and effectively communicate to their management functions the key performance indicators and financial figures.
We could offer remote access to said system, and provide granular rights to users as necessary. Moreover, our system enables integration with third party applications and POS systems, so full flexibility is guaranteed.
What Is Included In Annual Accounts?
Annual accounts include the details of all the purchases, sales, receipts and payments, operating expenses, assets and liabilities of the company.
For this reason, they give a fairly accurate snapshot of the company at a specific moment in time.
At their core, annual accounts comprise:
- A Statement of Financial Position (a balance sheet);
- A Statement of Comprehensive Income (an income statement/profit and loss account); and
- Notes to the accounts.
Statement Of Financial Position
The statement of financial position depicts the net asset position of the company as at the financial year-end.
It lists the assets, be they tangible or intangible, fixed or current.
Typical fixed assets include property, equipment and investments; typical current assets include stock, debtors and cash/bank balances.
Corresponding equity and liabilities will also be stated in the balance sheet, be they short-term such as creditors or tax, or long-term, such as loans and similar debt.
Accountants and Business Advisers
Do you want to focus on your business’s development and growth?
Trusting someone with your money is a daunting task, and to find the right accountant is so difficult that it has become something of a running joke in the business world.
Successful business owners seek out a financial team to work with them to achieve their desired business outcomes and to improve the financial health of their enterprises. They want someone to help them develop the best strategies based on accurate assessments and insightful recommendations.
They are the type of people who choose the CPAs and advisers at Griffiths + Associates because we have industry expertise that comes with two decades in financial services.
Please contact us for more detailed information and a personalized proposal if you are interested in accounting services in Malta.
Frequently Asked Questions - Accounting in Malta
What is a business accountant, and what do they do, exactly?
To answer this question, we should understand what is the difference between business accounting and general accounting?
The key is a different focus: general accounting is focused on achieving external financial standards (the reason is that general accounting focuses on reporting to external regulatory bodies, that’s why it is focused on figures which need reporting) while business accounting (or management accounting) is focused on meeting internal business needs (it is more about analysis, forecasting and modeling than just keeping track of the figures on a spreadsheet).
Business accounting is intended to assist managers and owners within a company to make well-informed business decisions based financial models and substantial projections.
Now, knowing the specifics of business accounting, we can answer what is a business accountant. The answer is simple -CPAs: they are qualified to provide general or financial accounting advice, ensuring a company adheres to regulatory and governing bodies; and they are also able to act as financial advisors by using modeling and forecasting.
Bit of advice:
- If your company just needs to follow financial standards with governing bodies like the IFRS, then invest into general accounting.
- If your company needs better strategies, modeling and forecasting for future investments and business development, then invest into both types of accounting, and you are more likely to be successful in your business.
CPA (Certified Public Accountant) is not the same as an accountant.
Whereas all CPAs are accountants, not all accountants are qualified to be CPAs.
Typically, accountants have achieved a bachelor’s degree in accounting. A CPA is better qualified than an accountant to perform accounting duties, and recognized by the government as someone who is credible and an expert in the field.
More specifically, CPAs are accountants who have passed a state warrant exam and they are permitted to represent taxpayers. More generally, CPAs are financial advisors who assists people and businesses in planning for and achieving their financial objectives – besides bookkeeping and tax preparation, CPAs carry out loads of financial-related tasks, including financial reporting and auditing.
Griffiths + Associates provides a full range of accountancy-related services to both individuals and corporate clients, local and foreign entrepreneurs doing business in Malta.
Our CPAs team offers tailor-made services depending on the nature and size of the business, from basic day-to-day accounting to the most complex audit services. Timely and accurate management accounts add value to any business and the maintenance of proper books of accounts for Malta-registered companies is a statutory requirement. We will assist you to keep in line with the statutory deadlines imposed by Maltese authorities.
If you decide to open a company or already have a business in Malta and want to outsource the accounting to CPA Malta, here is what Griffiths + Associates CPAs team can support you with:
What is a tax accountant?
A tax accountant provides a range of tax-related services to both individuals and corporate entities.
Unlike a traditional accountant who oversees all financial matters and look at the big picture, a tax accountant specializes solely in taxes in this role and follows the tax laws and regulations set forth at the state level.
Generally, certified public accountants (CPAs) work as tax accountants since tax accounting is a subspecialty of accounting. Tax accountants specialize their practices to become experts in certain areas due to the complexity of tax laws. For example, personal tax accountants manage taxes for individuals; government tax accountants work with federal, state, and local government agencies; management tax accountants take care of financial and tax matters for businesses. This is justified as businesses and people will consult with tax accountants who understand their specific financial management needs and with the right type of qualified tax accountant, they can be assured of receiving the appropriate expert advice required to protect their financial interests.
Tax accountant’s responsibilities can include tax laws interpretation and implications of any law changes, tax advisory, tax planning, tax computation, preparing and filing state tax returns, identifying tax incentives schemes that apply to the concrete client’s situation, assisting with any tax audits or legal disputes, accounting systems inspection, financial statements examination, etc.
Our Experts' Publications
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Discussing a rather ambiguous question: “Is Malta a tax haven?” Malta’s tax system includes the concept of “economic substance,” which means that companies should have a real presence in Malta, including physical offices, employees, and activities.16.02.2024
On December 2023, the Ministry for Finance and Employment has issued Updated Nomad Residence Permits Rules, LN 277 of 2023, coming into effect on 1 January 202420.12.2023
Through our proficiency in EU funding we can support you to identify the right funding source for project ideas and apply on your behalf for business grants and other incentives.26.10.2023
Auditing iGaming Entities 2024: for more information about our igaming audit services, or to find out how we can become your CPA partner, contact us.23.10.2023
EU funded projects overview 2021-2027. We keep you updated on the new opportunities provided by EIT Urban Mobility and other EU funded projects in Malta. Follow us and you always catch the opportunity for the good start and further promotion of your innovative ideas!15.10.2023
Guidelines on the VAT treatment for pleasure yacht leasing in Malta 2022. It opens the possibility for the yacht owners to benefit from VAT optimization.16.08.2023
Let’s find out more about Malta UK double tax treaty as part relating directly to the competitive tax regime.08.05.2023
Tax system in Malta: take a dive into Malta taxation for individuals and businesses: tax benefits, Indirect taxes and Direct taxes in Malta. Expert Tax Advice.24.02.2023
Ship Registration Procedure in Malta is very simple and straight forward provided all documentation is in order: commercial ships, yacht, superyacht and vessel.10.02.2023
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