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info@drwerner.com
Accounting
Our accounting services in Malta support you with precise and timely financial reporting, allowing you to fully focus on your core business.
Practically every business has accounting obligations, whether it is VAT advance returns or the annual tax return. The administrative burden is very high, depending on the size of the company. Our team of accountants takes care of these administrative matters and fulfills accounting obligations professionally, accurately – and thanks to digital processes, as easily as possible for our clients. This way, the client gets their own access to our document platform, through which the exchange of relevant documents is handled and seamlessly integrated into our system. The system creates clear storage depending on the chosen service and the current time or accounting period, where clients can digitally upload their due documents for accounting creation. Automatic reminder functions also ensure that you always know which documents we need from you at what time. This ensures timely submission of all necessary declarations with minimal effort for you. And if questions arise, a colleague is always available to clarify them. Our accounting department staff uses the documents you provide to create the accounting. Every three months, the VAT return is then submitted based on this accounting. At least with the submission of the VAT return, the client then receives the accounting for the last three months, a BWA, a copy of the VAT return, and payment instructions if VAT (value-added tax) needs to be paid. All of this is done on time so that there is enough time to take care of any corrections or the payment of VAT. At the end of the year, once the accounting is completed in collaboration with the clients, the colleagues from the accounting team hand over the provisional financial statements and journals to the auditors. Naturally, the colleagues are then available to the auditors for technical questions and act together with the colleagues from Customer Service as a liaison between the clients and the auditors.
We generally offer the accounting service from DW&P Dr. Werner & Partner only to clients who are actively doing business in Malta. In particular, we recommend the accounting service to all clients who already use our corporate services. This is because certain things go hand in hand, and both services are better represented together. Ultimately, our accounting services are suitable for entrepreneurs in Malta, limited companies in Malta, partnerships in Malta, tradespeople in Malta, holding companies in Malta, and freelancers in Malta. It is a normal development for a company founded and supported by Dr. Werner & Partner that initially, the accounting is provided by our firm, but at a certain point or size, clients employ their own accountants in-house. Every Maltese corporation is subject to double-entry bookkeeping and must have this financial accounting certified by a licensed Maltese auditor (Auditor, CPA) at least once a year. Partnerships and tradespeople are not subject to double-entry bookkeeping but still benefit from maintaining regular financial accounting (FiBu). The creation of FiBu should be regular but must be done at least once per quarter, at least if the company is registered for VAT and has a quarterly obligation to submit a VAT return. We advise every client who entrusts DW&P Dr. Werner & Partner with the creation of financial accounting to prepare monthly financial accounting, primarily for business reasons, to keep track of business figures. Each client receives a business evaluation (BWA) with the submission of the VAT return (VAT Art. 10) to provide a brief overview of finances at least once per quarter. Typically, clients upload all necessary documents, such as incoming invoices, outgoing invoices, bank statements, credit card receipts, contracts, and everything else to the provided online solution for accounting documents. Recapitulative statements, which must be prepared as information exchanges within the EU when interacting with another EU VAT number (e.g., in the case of reverse charging), should be mentioned here. Unlike in Germany, for example, there is no input tax or advance payment of it, and only once a quarter is it established whether VAT is to be paid or whether the client has overpaid VAT (paid more VAT than received) and accordingly has a claim for a VAT refund.
DW&P Dr. Werner & Partner takes care of all these issues for every client who is accounting managed. It should be noted here that VAT paid outside Malta, for example during a business trip outside Malta, can now be reclaimed online through the submission of the Maltese VAT return. Dr. Werner & Partner regularly handles this as well. Despite all the digitization and technological advances, the human component remains irreplaceably important, and we emphasize continuity in contact persons for clients. The existing team, which has its own area in the offices of DW&P Dr. Werner & Partner, has been in its current form for over five years, without any colleagues changing jobs.
Our accounting service at DW&P Dr. Werner & Partner includes a comprehensive range of services covering all relevant accounting tasks. Our services are designed to minimize your administrative burdens and ensure that your accounting is accurate and timely. Our services include:
With our comprehensive accounting services, you can focus on your core business while we take care of the administrative and accounting requirements. Trust the expertise of Dr. Werner & Partners to handle your financial accounting professionally and efficiently.
Our core competence is our years of experience with international entrepreneurs. This is important because, even though each client is individual and unique, seemingly diverse problem situations and questions recur. Of course, our accounting team has the appropriate qualifications and degrees, but they also draw on the company’s wealth of experience and the experience of their colleagues. As described above, at DW&P Dr. Werner & Partner we try to go even further. Errors and sources of error can often be completely eliminated through the technologization and digitization of standardized processes. Therefore, DW&P Dr. Werner & Partner has great competence in capturing and digitizing these processes with considerable personnel and technical effort. Particularly noteworthy is the full integration of most processes into the Salesforce CRM system. Permanent employees and colleagues of DW&P Dr. Werner & Partner continuously work on optimizing processes and developing software integrations and modules that support this development. However, for DW&P Dr. Werner & Partner, the incentive for digitization and technologization is not only in eliminating sources of error, but it also allows our team more time to focus on what is most important: personal collaboration with you, our client, and individual support. For most clients, the advantages of DW&P Dr. Werner & Partner’s accounting service lie in the fact that an essential part of the enterprise can also be taken over from a single source. One of the main advantages is that you can always keep your operations lean as an entrepreneur, or at least in the beginning. Hiring trained accountants or bookkeepers in Malta on a full-time basis can quickly become expensive. The service from DW&P Dr. Werner & Partner is available in a modular form and costs most clients less than 10% of a full-time accountant position. We even experience clients whose company size and turnover would justify a full-time position in-house, continuing to use the service from DW&P Dr. Werner & Partner for years. It should also be mentioned here that communication with the auditor, who is usually very familiar with the working methods of our accounting team, is much more efficient than having to get to know each other professionally from year to year.
Of course. Our team is more than equipped to understand the presented business model – the type of “mediation” offered, and the corresponding service that would require approval. We are familiar with certain “tricks of the trade” that can help us categorize an approval accordingly, such as understanding whether you intend to maintain the holding and control of client funds or not.
Then we will probably need to register you for MOSS and submit the MOSS returns along with the VAT returns on a quarterly basis.
Yes, there are both penalties for late submissions and interest on unpaid taxes.
Unfortunately, we cannot handle this for the customer.
All documents concerning the company: incoming invoices, outgoing invoices, contracts processed through the company. Typical expenses also include travel costs, such as hotels and flights, billed through the company.
You upload the documents online to our document platform. Additionally, there are 5 subfolders to ensure an overview for everyone: Agreements (contracts), Bank Statements (bank statements), Purchase Invoices and Receipts (incoming invoices and receipts), Sales Invoices and Receipts (outgoing invoices and receipts), Other (remaining documents concerning the company).
Yes, that is of course possible. We also have individuals as clients for whom we handle accounting. Here too, we offer our clients assistance with the relevant administrative procedures.
Yes, we can also take care of your monthly payroll accounting. We handle registrations and deregistrations with the authorities as well as communication with them, and support your employees with relocation if necessary. If your new employee is not from the EU, we also assist with obtaining a residence permit.
We send our invoices through our system and the customer receives the invoice by email.
We, DW&P, bill for accounting services after they are rendered. This means you will receive an invoice once the quarter is completed and everything is submitted.
In Malta, there are two major software providers: SAGE and Shireburn, both licensed in Malta. We work with SAGE and are very satisfied with it.
You will receive a monthly reminder email from us. If we are unable to complete a client’s quarter because accounting documents are still missing, these clients will receive an additional reminder to ensure we can submit the accounting quarter on time.
Recording and booking all business transactions in accordance with legal requirements.
Quarterly preparation and submission of VAT returns.
System for timely submission through automatic reminder functions.
Preparation of provisional financial statements and handover to auditors.
Efficient cooperation and communication with auditors.
Digital access for secure exchange and storage of relevant documents.
Audit Director
Nathaniel Borg
Accounting Director
Roderick Galea
Accounting Manager
Nadya Turban
Always free of charge.
DW&P Dr. Werner & Partners. One of leading tax & law firms in Malta.
Services
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Corporate Services at DW&P Dr. Werner & Partners are provided by DW&P Services Ltd. (C 103208) which is regulated by the MFSA and is licensed under Authorised Person ID: DSER-23577 to carry out the activities of a Class C CSP in terms of the Company Services Providers Act (Cap. 529 of the Laws of Malta).
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