Accounting & Payroll

At Sheltons we have accumulated considerable expertise not only as regards local accounting, but also accounting from the point of view of clients who operate internationally.

In those instances where we are working with a local subsidiary or other business unit of a foreign parent or head office, it is very likely that we have a good understanding of accounting rules, software and special issues pertinent to that foreign jurisdiction.

We work as a team

Our systems and procedures ensure that the matter at hand is not dependent on the availability of any particular person. We also work in a way that, should the need arise, we have access to the resources available in any of the other Sheltons offices.

Practical solutions to bridge gaps internationally

We provide technology-based solutions to provide timely responses to international accounting and payroll needs as well as in-depth analysis and advice on all local relevant tax, labour law, and compliance.

Advisory on Accounting automation

Clients can manage their accounting on the go on mobile phones or tablets by availing themselves of the beautiful and simple accounting automation by Xero. We provide small businesses with assistance in setting up a fully automated cloud accounting solution thereby reducing bookkeeping costs to a fraction of the usual yearly accounting fees.

Providing the full range of accounting services to Maltese units affiliated to foreign-based businesses

Our language skills, knowledge of non-Maltese accounting software, familiarity with how systems are structured in those countries where other Sheltons offices are located, together with familiarity with those elements in Maltese accounting which newcomers sometimes have difficulties with, render us well-equipped for when it comes to providing services to our clients.

Examples of services offered:

Payroll administration

Apart from advising employers and employees on the Maltese and international tax aspects of employment, we also provide efficient payroll administration services.

Many of our clients’ organizational setups involve employers based in other countries, directly or indirectly employing staff in Malta.

The employees may well be Maltese residents or non-residents in Malta for shorter or longer assignments. Employees may also be in Malta under the special qualifying employment regime, the residence programme, or who simply qualify as non-domiciled residents.

Providing payroll administration services for foreign businesses, or Maltese units thereof, often involves extensive interaction with the foreign branch of the group. We pride ourselves in our ability to understand the needs of the foreign branch of the group and in our flexibility in providing the services required.

Our broad range of services includes matters such as:

  • Employer registration
  • Drafting and review of employment contracts
  • Visa assistance
  • Generation of pay slips
  • Filing regular PAYE (FSS) returns
  • Assistance with payment (net salaries, tax, etc.)
  • Annual administration (reports to the tax authorities, employers, and employees)

Apart from providing advice on employer obligations, we also provide comprehensive tax advice and expat relocation services.

Bookkeeping

We prepare accounts either from source documents, or on the basis of preliminary work from the client, taking Maltese rules and the foreign client’s wishes into account.

We use a variety of accounting software packages including Xero, Sage, Navision, and QuickBooks. Furthermore, we are Authorized Partners of Xero Accounting Software, allowing us to set up accounting software on the cloud for clients to input and upload invoices directly on the accounting software via computer or mobile phone app.

Preparation of management or interim accounts

We prepare statutory (legally required) accounts – as well as regular management accounts, with or without reports, analysis, etc.

We also prepare special-purpose accounts (such as pro forma accounts) and consolidated accounts.

We also have a wealth of experience in the preparation of and in report group reporting packages for the purpose of group consolidation.

Our services include reviewing client-prepared accounts and supporting the client’s internal accounting team as required.

We have experts in IFRS and have good knowledge of GAAP throughout a number of countries.

Audit Assistance

An important task is to liaise with the Maltese auditors of the client’s Maltese company. We have clear systems for preparing material to facilitate efficient audits in Malta.

We can often anticipate most if not all questions from the auditors, or at least significantly reduce the time needed to answer queries and decrease demands on the client.

We regularly liaise with the auditors of other parts of the group.  As a completely independent firm, we are not a member of any accounting network, resulting in a comfortable relationship with the auditors of the non-Maltese members of the group, who will usually be in such a network.

Professionals in Accounting and Payroll Services

INSIGHTS

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