All Inclusive Accounting: Why Cyprus Businesses Are Switching to Full-Service

Professional software and a dedicated licensed accountant in one subscription. From first receipt to yearly audit, every financial obligation is covered.

For most Cyprus businesses, managing finances involves a patchwork of tools, providers and manual coordination. There is the accounting software, the external accountant, the payroll provider, the audit firm, and the founder who somehow needs to keep track of what everyone else is doing.

The result is a fragmented setup where deadlines get missed, documents get lost between inboxes, and nobody has a complete picture of the company's financial health at any given moment.

This is exactly the problem that All Inclusive Accounting was built to solve.

What Is All Inclusive Accounting?

All Inclusive Accounting combines two things that are usually separate: professional accounting software and a dedicated licensed accountant. Instead of buying software and hiring an accountant independently, businesses get both in a single subscription.

The software handles the automation: document capture, bank reconciliation, real-time dashboards and financial reporting. The accountant handles everything else: bookkeeping, VAT returns, cross-border sales reporting, payroll, tax returns, IFRS-compliant financial statements and the statutory yearly audit.

Every financial obligation of your Cyprus business is covered.

The dashboard gives you a live overview of your financial position at any time, even though your accountant handles all the day-to-day work.

The Problem with the Traditional Setup

In the traditional model, a Cyprus business owner collects invoices and receipts throughout the month, stores them in folders or spreadsheets, and then sends everything to the accountant. The accountant processes the data, files VAT returns, and eventually prepares year-end financial statements.

This approach has several structural weaknesses:

No real-time visibility. Financial data is always weeks or months behind. Founders make decisions based on outdated information.

Communication overhead. Coordinating with an external accountant requires constant back-and-forth. Documents get requested, re-sent, clarified and corrected across email, WhatsApp and phone calls.

Scattered responsibilities. VAT is handled by one provider, payroll by another, and the audit by a third. Nobody owns the complete picture.

Missed deadlines. When responsibilities are distributed across multiple parties, it becomes unclear who is tracking which deadline. Late filings result in penalties.

How All Inclusive Accounting Works

The service follows a clear, end-to-end workflow that covers every stage of the financial lifecycle.

1. Document Capture

Business owners upload receipts, invoices and bills directly into cybooks. The system uses AI to extract relevant data automatically, including supplier names, amounts, VAT rates and dates. No manual data entry required.

2. Automated Bookkeeping

Once documents are captured, transactions are categorised, reconciled against bank feeds and posted to the general ledger in real time. The software handles the routine bookkeeping that traditionally consumed hours of manual work.

3. Tax and Payroll Filing

Your dedicated accountant takes over from here. They handle quarterly VAT return filing, cross-border sales reporting, payroll processing, social insurance submissions, and all monthly and annual tax returns.

4. Financial Statements and Audit

At year-end, your accountant prepares IFRS-compliant financial statements and coordinates the statutory audit. The Annual Return (HE32) and beneficial ownership register are maintained on your behalf.

5. Real-Time Oversight

Throughout the entire process, the business owner has full access to the cybooks dashboard. Cash position, outstanding invoices, tax calendar and P&L overview are all visible in real time.

Direct communication with your accountant happens through the platform. No more chasing documents across email and WhatsApp.

What Is Included

The scope of All Inclusive Accounting covers every recurring financial obligation a Cyprus company faces.

Your books, kept up to date

We record and categorise every transaction your business makes. Your books are reconciled and posted every month, so your financial records are always current. You get a dedicated licensed accountant who knows your business. You can contact them any time.

VAT and sales tax reporting

Every quarter, we calculate how much VAT your business owes (or is owed) and file the return with the Tax Department on your behalf. If your business sells goods or services to customers in other EU countries, we also handle:

• Cross-border sales reporting: a monthly declaration of your sales to VAT-registered businesses in other EU member states, filed with the Tax Department
• Online sales to EU consumers: if you sell digital services or goods online to consumers across the EU, we file the required returns so you stay compliant without registering for VAT in every country
• Goods movement reporting: if your business ships physical goods to or from other EU countries above certain thresholds, we prepare and submit the required statistical declarations

Paying your employees

We handle everything involved in paying your team and keeping you compliant with employment regulations:

• Monthly payroll: salaries, deductions and net pay calculated for up to 2 employees (additional employees can be added)
• Payslips: every employee receives a compliant electronic payslip each month
• Social insurance contributions: calculated and submitted to the Social Insurance Department
• Income tax deducted from salaries: if any employees earn above the tax-free threshold, we calculate the tax to withhold, deduct it from their pay, and report it to the Tax Department
• Employee registration: when you hire someone, we register them with the government's employment portal and submit their employment contract and terms
• Employer's annual return: at the end of each year, we prepare and submit the return that tells the Tax Department how much you paid each employee and how much tax was deducted

Your company's tax returns

We prepare and file every tax return your business is required to submit:

• Monthly tax withholding reports: each month, we report to the Tax Department how much income tax your company has withheld from salaries, dividends, rents or other payments
• Yearly company tax return: we calculate your company's taxable profit for the year and file the annual income tax return
• Estimated tax payments: twice a year, Cyprus companies must pay an estimate of their tax bill in advance. We calculate and submit these for you
• Tax on dividends: when your company pays dividends to shareholders, there is a defence contribution tax to withhold and report. We handle this
• Tax on rental income: if your company earns rental income, we calculate the defence contribution due and file the return
• Tax on interest income: if your company earns interest, we calculate and report the defence contribution due
• Personal tax return for directors: we prepare and file the annual personal income tax return for the company's directors or shareholders

Financial reports, so you always know where you stand

You will never be in the dark about how your business is doing:

• Quarterly financial reports: every 3 months, you receive a profit and loss statement, a balance sheet and a cash flow statement
• Monthly reports: if you want to see your numbers more frequently, monthly reports are included
• Half-yearly management accounts: twice a year, we prepare detailed management accounts that give you a deeper view of your business performance and trends
• Year-end financial statements: at the end of each financial year, we prepare your company's full financial statements in line with International Financial Reporting Standards (IFRS), the format required by Cyprus law

Yearly audit and company filings

Every Cyprus company is legally required to have its financial statements audited each year. This is included:

• Statutory audit: a qualified auditor reviews your financial statements and issues an independent audit report, as required by law
• Annual company return: every year, your company must file a return with the Registrar of Companies confirming its details are up to date. We prepare and submit this for you
• Beneficial ownership register: EU regulations require all companies to declare who ultimately owns and controls them. We handle this registration and keep it current

Accounting software included

Your subscription includes full access to cybooks Professional with automated bookkeeping, real-time dashboards, multi-currency support and intelligent bank reconciliation. You can log in any time to see your live financial position.

Business review meetings

You are never left guessing. We meet with you quarterly to review your financial performance, flag anything that needs attention, and answer your questions. A more in-depth management review happens every 6 months.

Advisory Services (Available on Request)

If your business needs go beyond day-to-day accounting and compliance, we can help with:

• IP Box tax relief: Cyprus offers a favourable tax regime for income earned from intellectual property. We can assess whether your business qualifies, set up the structure, and apply for a ruling from the Tax Department
• Tax planning: if you need advice on structuring your business, managing cross-border tax obligations, or reducing your tax bill legally, we provide written tax memos and one-on-one consultations
• Financial planning and analysis: quarterly deep-dive analysis to help you understand trends, forecast performance, and make better business decisions

Who Is It For?

All Inclusive Accounting is designed for Cyprus-registered companies that want financial transparency without the operational overhead of managing accountants, deadlines and filings themselves.

Growing SMEs that need to focus on scaling their business while their finances are managed professionally.

Time-conscious founders who want to reclaim the hours spent coordinating with accountants, chasing documents and tracking deadlines.

Compliance-first companies where accurate financials and timely filings are not optional but essential.

Pricing

The service is available for EUR 450 per month when billed annually (EUR 5,400 per year), or EUR 540 per month with monthly billing. The entire cost is 100% tax deductible as a business expense. The mandatory annual audit is included.

Compared to the alternative of paying separately for accounting software, a bookkeeper, a tax advisor, a payroll provider and an audit firm, All Inclusive Accounting typically represents significant savings while delivering a more integrated and reliable service.

The Difference

The fundamental shift with All Inclusive Accounting is ownership. Instead of the business owner being responsible for coordinating between multiple providers and tracking every deadline, a single team owns the entire financial process from start to finish.

Your accountant can request documents directly through the platform, keeping everything organised and traceable.

The software provides the automation and visibility. The accountant provides the expertise and accountability. Together, they cover the full spectrum from first receipt to yearly audit.

For Cyprus businesses that want to stop worrying about compliance and start focusing on growth, this is the service that makes it possible.

Learn more about All Inclusive Accounting or contact our team to get started.