Licenced – Independent – Cost Effective – Transparent
Acumum Accounting’s Services – Independent, Cost Effective, Transparent
Acumum Accounting’s team of accountants and auditors can provide you with timely and accurate up-to-date management accounts. Acumum can also assist in the management of local bank accounts and provide accounting support staff to manage your day-to-day operations. Our tailor-made accounting packages can be discussed with you at the outset of your operations giving you peace of mind on your operating costs.
Accounting services are provided by Acumum Accounting Limited, a licensed accountancy firm with the Malta Institute of Accounting and the Ministry of Finance, Malta.
What makes us unique, is the breadth of our real-life professional and business services. Acumum is a realistic alternative to the more traditional advisory services.
Contact us on +356 2778 1700 or contact us on Skype ID: acumum to discuss your operations further.
Comprehensive Financial Reporting, Accounting & Audits
Acumum Accounting’s team of qualified accountants and auditors can provide you with the necessary technical support to ensure that your company meets all necessary requirements for company accounting and financial reporting.
Working in conjunction with individuals, organisations and family offices, Acumum can provide, as part of its ‘one stop shop’ approach, a number of value added services. We can offer package services to suit your business needs offering independent, cost-effective and transparent services. Acumum is a realistic alternative to the more traditional advisory services.
Malta Company Reporting & Annual Accounts
All Malta companies registered for Malta tax must keep accounts and submit annual audited financial statements both to the Malta Company Registry and Malta tax authorities. Acumum can assist in the preparation of Financial statements, which includes:
- balance sheets
- income statements, as well as preparation of notes to the financial statements
- statement of changes in equity
- cash flow statements
We can also provide:
- Monthly, quarterly and annual financial reporting for management and/or consolidation under required accounting standards.
- Reconciliation of inter-company transactions, balance sheet and profit and loss accounts
- Preparation of annual statutory accounts in accordance with applicable reporting standards
- Accounting support of general matters, e.g. assistance to auditors
Malta Financial Accounting Standards: GAPSME
Malta follows International Financial Reporting Standards (IFRS) for all financial reporting requirements.
Malta companies that are classified as small medium enterprises (SMES) may also have their financial statements prepared according to General Accounting Principles for Smaller Entities (GAPSE).
Since 2016, the default accounting framework for SMEs in Malta has become GAPSME, which is the General Accounting Principles for Small and Medium-Sized Entities. GAPSME adapts presentation and disclosure requirements to meet the needs of smaller entities.
Smaller entities are defined as any entity that satisfies at least 2 of the following 3 criteria:
|Balance sheet total||≤ €4,000,000||≤ €20,000,000|
|Revenue||≤ €8,000,000||≤ €40,000,000|
|Average number of employees||≤ 50||≤ 250|
Most Malta companies, except the largest of group companies and those which are not listed, would generally satisfy the above conditions. Small entities are:
- not required to present a statement of changes in equity; and
- not required to present a statement of cash flows.
Our offices can provide back office support for any Malta company including assisting in the:
- Set up and maintenance of companies’ books and records
- Processing of all the companies financial source documents and completing general ledger with sub-ledgers for accounts receivables
- Banking support services and payment processing
Our professional team of qualified accountants can assist you in providing the necessary support documentation required to undertake any new business projects or expand existing operations. This includes preparation of:
- Business plans, cash management, budgeting & forecasting
- Tender & investment scheme applications
- Malta Enterprise funding support
- EU Project funding support
Personal & Family Office & Wealth Services
Malta is an ideal jurisdiction for wealth planning and particularly suited for the setting up of personal and family offices. The establishment of a Malta Trust is often an integral part of this.
We can offer:
- Trust & Foundation setup, management & oversight
- Trust & Foundation accounting & maintenance of asset ledgers
- Consolidated Reporting – bankable & non-bankable assets
Payroll & Human Resources
Our back-office services include payroll packages to suit all types of business entities:
- Monthly payroll for company’s employees,
- Journal entries
- Monthly/ annual filings for tax payment including social security (insurance) payments
- Human resources assistance – HR Outsourcing
Liquidation of Companies
Malta company liquidation, whether voluntary, mandatory or by court ruling requires appropriate legal closure of all of the Malta company’s affairs, including:
- Preparation of the closing accounts and balance sheet, and any other required reports
- Submission of necessary documents to the Malta Registry of Companies
- Liaison with the liquidator, including submission of all final tax returns with the Malta Income Tax Department and the Malta VAT Department
Tax compliance is a necessary part of ensuring that shareholders of a Malta company qualifies for a Malta tax refund. We can assist with the preparation of all necessary Malta tax compliance documentation including:
- Submission of Annual Tax Return
- Periodic Malta VAT returns
- VAT recapitulative statements
- Shareholder Malta tax refund claims
- Tax filings for Malta company payroll
- Personal income tax returns
- All other related tax compliance issues required
Malta intellectual property companies are by far one of the most tax efficient options within Europe. Accounting support for IP and royalty revenue includes checking and auditing on behalf of license holders, beneficiaries and revenue participants including investors, funding entities and talented individuals.