Bookkeeping Malta

Practically every company has accounting obligations, whether it’s a preliminary VAT return or an annual tax filing. Depending on the size of the company, the administrative power needed to complete these tasks can be significant. Is it time to outsource? Our team of accountants shoulders the paperwork, carrying out your accounting duties professionally, accurately, and—thanks to digital processes—as easily as possible.

In practice, this means that clients have access to our document platform, the online docket used to exchange relative information that’s seamlessly integrated into the rest of our system. Depending on the service selected and the current time point in the running accounting period, our system actually creates files into which clients can digitally upload their due documents to be processed by accounting. Automatic reminders also ensure that you keep on the ball at all times, knowing exactly what paperwork we need from you at any given moment. It’s how we ensure that all necessary, formal declarations are made on time and with minimal effort on your part. And if you ever have any questions, a colleague is always available to clarify them for you.

Here’s an example of what the process looks like. Our employees in the accounting department  access the documents you’ve provided and start crunching the numbers. Every three months, sales tax information is then submitted on the basis of their clean, reliable calculations. With the submission of the sales tax return, you, as a client, will receive the bookkeeping of the last three months, a business activity statement, a copy of the VAT return, and payment instructions, if VAT (sales tax) has to be paid. This all happens on schedule, so that there is always enough time to handle any corrections or pay the VAT with time to spare. At the end of the year, a soon as the books are closed in cooperation with you, the bookkeeping team hands over the preliminary accounts and journals to the auditors. Next, of course, our colleagues in accounting make themselves available to the auditors for technical questions and work together with customer service to form an active interface between you, the client, and the auditors.

Who can benefit from our services

In general, we only offer the bookkeeping service from DWP Dr Werner & Partner to clients who are entrepreneurs in Malta.  In particular, we recommend the accounting service to all clients who already use our corporate services. This has everything to do with the fact that certain things go hand in hand, so that both the one and the other services can be more effective.

In the end, our accounting services are for entrepreneurs in Malta, for limited liability companies in Malta, partnerships in Malta, traders in Malta, holding companies in Malta, and freelancers in Malta—all come under our umbrella.

It can be part of a normal development to see a company that Dr Werner & Partner founds and advises, with accounting provided by our law firm, grow at a certain point in time to employ their own accountants in-house.

Every Maltese corporation is subject to double-entry bookkeeping and must have this financial accounting certified by an approved Maltese auditor (CPA) at least once a year. Partnerships or entities trading together are not subject to double-entry bookkeeping, but for these legal forms of a company it is also advisable to create a completely standard form of financial accounting (FA). The FA should be prepared regularly, but must be done at least once every quarter, at least if the company is registered for sales tax and is subject to a quarterly obligation to submit a sales tax return. We advise every client to entrust Dr Werner & Partner with the establishment of reliable financial accounting and to prepare it at least monthly, for business reasons alone, in order to maintain an overview of business figures.

With the submission of the sales tax return (VAT Art. 10), each client receives a business evaluation/business activity statement that provides a brief overview of the finances at least once a quarter.  Typically, for the preparation of financial accounting,  clients upload any documents necessary, such as incoming invoices, outgoing invoices, credit card receipts, contracts, and everything else required onto the provided online platform for accounting documents. Particularly worth mentioning here are the recapitulative statements, which have to be prepared as an exchange of information within the EU as soon as your company interacts with any other EU VAT number (such as with reverse charging).

Unlike in Germany, for example, there is no input tax or advance payment; instead, only a cut is made once a quarter, at which point it is established whether it is necessary to pay sales tax or whether you, the client, have overpaid sales tax (more sales tax paid than received) and are entitled to a VAT refund.

DWP handles all these topics for every client who takes advantage of our accounting support. It should be mentioned at this point that sales tax paid outside of Malta, for example during a business trip, can now be reclaimed online by submitting the Maltese sales tax return. Dr Werner & Partner takes care of that piece, too, regularly. Even given all today’s digitization and technology, the human component is and remains irreplaceably important; we rely primarily on continuity of relationships when fostering client contact. In fact, our existing team, which occupies a dedicated area in DWP’s law office, has existed in its current formation for over five years without job changes.

Our qualifications

Our core competence is our years of experience with international entrepreneurs. This is important insofar as—although, granted, each client is individual and unique—we’ve addressed various problem situations and questions that tend to arise repeatedly.

Naturally, our accounting team has the appropriate qualifications and degrees, but also and above all, they draw on the company’s wealth of experience—and, likewise, the company draws on the experiences of its respective colleagues. As described above, we at Dr Werner & Partner always endeavor to go further, to get to the root of an issue and weed it out. Errors and sources of errors, for example, can often be completely eliminated through the savvy use of technology and the digitization of standardized processes. That’s why DWP Dr Werner & Partner has honed its competence in capturing and digitizing precisely these processes, using a high degree of human and technical might. Worth highlighting here, in particular, is the complete integration of most processes in the CRM salesforce system. Long-time employees and colleagues from DWP Dr Werner & Partner continuously optimize process links and the corresponding development of software integrations and supporting modules. For DWP Dr Werner & Partner, however, our incentive in digitization and technology is not solely to eliminate error, but also to enable our team to spend more time on what is most important: personal cooperation with you, our client, and individual support.

For most clients, the advantages of DWP’s accounting services arise from handing over an essential aspect of you company to a single, trusted source. This means that, for instance, you can keep your own operations as an entrepreneur lean and focussed, at least in the beginning.  Hiring trained accountants or bookkeepers in Malta on a full-time basis can be an expensive proposition. DWP’s service is, by contrast, modular, costing most clients less than 10% of what a full-time accountant would cost. We’ve actually had clients whose company size and turnover would completely justify a full-time, in-house accountant opt instead to continue using the services of DWP Dr Werner & Partner for years on end. We should also mention here that communication with the auditor, who is typically very familiar with the way our accounting team works, proceeds much more smoothly than when you’re faced with getting to know that professionals from year to year.

Why you should choose us for Bookkeeping Malta

  1. Continuity with a permanent team
  2. Efficient workflow thanks to sophisticated technology and digitization
  3. Timely processing with automated reminders and requests
  4. A multilingual team
  5. Highly qualified staff with a Maltese and international background
  6. Complete integration in all services from Dr Werner & Partner
  7. Smooth communication with authorities and auditors

What our clients say about our service

Key Contacts for Bookkeeping Malta

Oksana Werner
Antonina Mirinzone
Lesja Spiteri

Frequently Asked Questions about Bookkeeping Malta

Most certainly. Our team are more than equipped to understand the business model presented – the type of ‘intermediation’ being offered and the corresponding service which would need authorization. We are privy to certain ‘tricks of the trade’ which can help us categorise a license accordingly such as: understanding whether or not you intend to maintain the holding and controlling of client funds.

Then you will probably need to register for MOSS and submit MOSS returns together with your quarterly VAT returns.

Yes, there are penalties for delays as well as penalty interest on unpaid taxes.

No, unfortunately we can’t do this for clients.

All documents relevant to the company: incoming and outgoing invoices, contracts that were processed through the company, etc.

It’s also quite typical that travel expenses such as hotels and flights billed through the company will need to be accounted for.

Upload the documents to our online platform.
There are 5 subfolders meant to be easily navigable:

  1. Agreements
  2. Bank Statements
  3. Purchase Invoices and Receipts
  4. Sales Invoices and Receipts
  5. Other

Yes, of course, that is also an option—we have individuals as clients for whom we do accounting.

Here, too, we offer clients assistance in dealing with the relevant authorities.  

Yes, we can also take care of the monthly payroll for you. Here, we administer registrations and deregistrations with the authorities as well as ongoing communications with them and—if necessary—supporting your employees with relocation.

If a new employee is not from the EU, we’ll assist with the residence permit.

We send our invoices through our system and the client receives the invoice by email.

We, DWP, settle the books after the service is provided.
That means when the quarter is over and everything submitted, you will receive an invoice.

There are two major software providers in Malta: SAGE and Shireburn, both licensed here.
We work with SAGE and are very happy with it. 

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