Finance & Operations Services

We recognize the critical importance of year-end processes for larger groups, particularly when it comes to audit readiness. Our comprehensive year-end services are designed to ensure your financial statements are accurate, compliant, and fully prepared for audit scrutiny.

Our Year-End Services Include:

Reconciliation and Adjustments:

• Comprehensive Account Reconciliations: Performing thorough account reconciliations to ensure the accuracy and completeness of financial data.

• Issue Resolution: Addressing and resolving any discrepancies or outstanding issues before the audit to maintain the integrity of your financial records.

• Reconciliation of Balances: Reconciling balances in your records against bank account statements and other third-party statements to ensure accuracy and completeness.

Closing of Accounting Records:

• Year-End Closing Procedures: Closing of accounting records and performing necessary calculations such as accruals, prepayments, capitalization, depreciation, interest calculations, etc.

• Accurate Adjustments: Ensuring all adjustments are accurately recorded and reflected in the financial statements to present a true and fair view of your financial position.

Training and Support:

• Internal Team Training: Offering training and support to your internal finance team to enhance their understanding and execution of year-end processes.

• Ongoing Support: Providing continuous support to ensure a smooth and efficient year-end closing, addressing any issues promptly.

Audit Readiness:

• Audit Coordination: Acting as a liaison between your group and external auditors to streamline the audit process.

• Documentation and Support: Providing all necessary documentation and support to auditors to address their queries promptly and accurately.

• Compliance and Accuracy: Ensuring all audit requirements are met, and the financial statements comply with International Financial Reporting Standards (IFRS) and Cyprus Accounting Standards.

We understand the pivotal role that efficient controllership functions play in the success of larger groups, especially in managing customer and supplier relationships. Our comprehensive controllership services are designed to ensure the accuracy, efficiency, and compliance of your financial operations, allowing you to focus on strategic growth.

Our Controllership Services Include:

Customer Management:

- Comprehensive Account Reconciliations: Performing thorough reconciliations of customer accounts to ensure the accuracy and completeness of financial data.

- Issue Resolution:  Addressing and resolving any discrepancies or outstanding issues promptly to maintain the integrity of your financial records.

- Customer Invoicing and Collections: Managing the invoicing process and ensuring timely collections to optimize cash flow.

Supplier Management:

- Vendor Account Reconciliations: Conducting detailed reconciliations of supplier accounts to ensure accuracy and completeness.

- Payment Processing: Managing the payment process to ensure timely and accurate payments to suppliers, maintaining strong supplier relationships.

- Dispute Resolution: Resolving any discrepancies or disputes with suppliers to ensure smooth operations.

Financial Reporting and Analysis:

- Accurate Adjustment: Ensuring all necessary adjustments, such as accruals and prepayments, are accurately recorded and reflected in the financial statements.

- Management Reporting: Providing detailed financial reports and analysis to support strategic decision-making and transparent communication with stakeholders.

Procurement Services for Enhanced Efficiency and Cost Savings

We understand the critical role that effective procurement functions play in the success of larger groups. Our comprehensive procurement services are designed to optimize your procurement processes, enhance supplier relationships, and drive cost savings, allowing you to focus on strategic growth.

Our Procurement Services Include:

Strategic Sourcing:

• Supplier Selection and Evaluation: Identifying and evaluating suppliers to ensure they meet your quality, cost, and delivery requirements.

• Contract Negotiation: Negotiating favorable terms and conditions with suppliers to secure the best value for your organization.

Procurement Operations:

• Purchase Order Management: Managing the creation, approval, and tracking of purchase orders to ensure timely and accurate procurement.

• Supplier Relationship Management: Maintaining strong relationships with suppliers to ensure reliable supply and foster collaboration.

Cost Control and Savings:

• Spend Analysis: Analyzing procurement spend to identify cost-saving opportunities and improve spending efficiency.

• Cost Reduction Strategies: Implementing strategies to reduce procurement costs while maintaining quality and service levels

Keeping up-to-date with the latest changes in legislation and meeting your obligations as an employer is a challenge, particularly given the increased complexity of payroll legislation and constant scrutiny of tax authorities. 

• Do you have problems with your payroll function?

• Are you struggling to maintain the in-house expertise to safeguard the accuracy, efficiency or compliance of your payroll function?

• Are you utilising new technologies in your payroll function?

• Are you taking advantage of the insights your payroll data can provide?

Many see their payroll function as purely paying people correctly and on time. The pressure to deliver accurate, timely and compliant payroll will always be a priority. But your payroll function is so much more. 

A payroll function manages, what in many cases is, the organisation’s largest expense. 

Still, payroll has historically been seen as a low risk function treated as one of the low value adding tasks handled by Finance or HR. Higher level management rarely exercises any real control over the process, until problems arise. As a result, payroll is rarely given the care, attention and time investment it needs.  

Our specialised team of payroll professionals, technology specialists and employment law and tax experts work together to unleash the real potential of your payroll data. Ready to deliver a fully fledged payroll service we help you transform your payroll function, safeguard its compliance with applicable legislation and deliver real insights using data analytics through personalised dashboards.

At PwC Cyprus, we recognize that unexpected changes or a lack of qualified staff in financial departments can disrupt your business operations. To address these challenges, we offer the temporary secondment of our seasoned PwC specialists. Their expertise will help you maintain operational efficiency and ensure that you meet your accounting, tax, human resources, and payroll obligations seamlessly.

The secondment of PwC Cyprus specialists to your company provides the following benefits:

• Cost Efficiency: Lower labor and personnel costs associated with bookkeeping, tax calculations, and employee settlements.

• Fresh Insights: Gain an independent perspective on your company’s needs and processes.

• Expert Support: Access specialized knowledge and assistance from PwC experts to resolve technical issues.

• Flexible Engagement: Enjoy the flexibility to start and end our engagement based on your specific requirements.

• Adaptability: Quickly adjust our project team in response to sudden changes within your organization.

• Risk Mitigation: Achieve significant cost savings and minimize risks related to traditional employment, such as recruitment, administration, training costs, knowledge shortages, and employee leave (maternity, parental, medical care, etc.).