Accounting Firm In Malta
Accounting is one of the most common and essential parts of every business. Accounting and business go hand-in-hand. Accounting is a systematic and detailed recording of all the financial transactions that further help the stake holders such as investors, suppliers, customers, regulatory authorities, etc. in making the right business decision.
Accounting Services In Malta
If businesses do not focus on accounting, then it would be challenging for the management to ascertain the financial position of the business.
As an accounting services firm in Malta, FF International assists provides a wide spectrum of accounting services.
Being one of the leading accounting companies in Malta our accounting related services include book-keeping, financial reporting, preparation of customized management accounts and liquidaton and dissolution services. FF International is also authorized by the Accountancy Board in Malta to provide accounting services.
Learn more on Management accounting services
Learn more on Outsourcing of Accounting Functions
Learn more on Liquidations and dissolution
The importance of the Accounting function
In addition to the fact that Malta companies and self-employed individuals are obliged by law to keep books of accounts, accurate and timely accounting helps in the evaluation of business performance, the creation of accurate budget projections and the maintenance of accurate financial statements. Accounts and financial statements are also required by banks when opening bank accounts.
Regulatory authorities such as the Malta Gaming Authority, the Malta Financial Service Authority require entities to submit copies of the audited accounts when applying for a license.
Once a company is licensed entities are required to submit audited financial statements to the regulator on a periodic basis. Failure to submit accounts and audited financial statements will trigger high administrative non-compliance penalties. Banks will also request audited accounts for their account holder as part of their ongoing AML compliance obligations.
Failure to submit accounts when requested by a bank or a payment institution will most likely trigger the closure of bank accounts and suspicious reporting to the anti-money laundering and financial crime authorities.
In terms of the requirements of the Malta Companies Act, it is the ultimate responsibility of the directors of a Malta company to keep proper books of accounts.
In small companies, such function is typically outsourced to an accountant in Malta or to an accounting firm. A Malta company is further obliged to file the annual audited accounts with the Malta Business Registry.
All accounting records should be retained for a period of 10 years.
Learn more on Independent Statutory Financial Audit Co-ordination
Accountants in Malta – Our Expertise
At FFinternational we have a team of expert accountants ready to help your business run efficiently while saving you money.
CONTACT US to request expertise advice