Step 1: Collection of documents from you
Between the 1st day to the 3rd day of each month, you have to send us:
• Banks statements and online payment gateway statements (if any)
• Access to a share drive with all your transactions (invoices and expenses) or send original documents to our
o ce of the previous month
• The Tax invoice/Receipt for each invoice that you have issued that that has been paid
Step 2: Transactions reconciliations and Tax calculation
Between the 3rd day to the 10th day of each month, the accountant will review all transactions to reconcile them
with the bank statement and calculate the amount of tax due.
During the reconciliation process, the accountant must ensure that all income or expenses match with a
corresponding document (invoices, payslips etc.). Failure to do so may result in nes and extra tax liabilities. This is
why it is important to share all documents under step 1 on time. If the accountant has doubts on the reconciliation
of certain transitions, he will contact you directly.
Step 3: Tax lings and payments
Between the 10th day to the 15 day of each month, the accountant will le the tax returns forms to the Revenue
Department.
You can pay the tax directly to the Revenue Department (QR code or bank transfer) before the deadline or request
the accountant to pay the taxes on your behalf (the accountant will send you a tax advance request).
Step 4: Bookkeeping and management report
Between the 10th to the 20 of each month, the accountant will record the transactions in the accounting software
and categorize them. The accountant will then send you the management report.
What is included in the monthly tax lings?
The monthly tax ling service includes the monthly withholding tax calculation and ling (Forms PND 3, PND 53,
PND 54).
If your company is registered with the VAT, the VAT ling service includes the monthly VAT computation and ling
(Forms PP 30, PP 36).
If the company is registered with the VAT, a VAT return must be led every month even if it shows 0. Failure to comply with tax filings results in nes for the company and engages the liability of its director(s).
In order to ensure a proper financial management of the company and tax lings on time, it is necessary to maintain a monthly bookkeeping. Our accountants use Flow account or Xero, a cloud based software, allowing you to access your accounts and management reports online.
If you have a BOI company, plan to raise funds, get a loan or sell your company, it is extremely important to ensure that the assets and expenses of the company have been properly recorded in the company’s book.
