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Accounting Services

Uniteam Global Business Services (UGBS) is specialised in accounting services. Our team manages accounts meticulously, ensuring compliance and accuracy. When you seek top-notch accounting services in Cyprus, trust UGBS for your financial needs.

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Accounting Administration services

Our team will support you on a daily basis, satisfying your organisation’s accounting administration needs. Choosing Uniteam Global Business Services enables our customers to focus their time and efforts on what matters to them the most.

We have the know-how to meet the requirements of various jurisdictions in accordance with the relevant Reporting Principles which include amongst others, International Financial Reporting Standards (IFRS). Our team will release your need to keep abreast with changing rules, regulations and accounting standards, generating significant time savings from interactions with local authorities.

Our Accounting Administration services include:

Accounts receivable

We specialise in managing the accounts receivable process for businesses. This involves generating and issuing invoices, diligently tracking outstanding payments, following up on overdue accounts, and ensuring timely collection. Our expertise in this area helps optimise cash flow and maintain healthy client relationships.

Accounts payable

We handle the accounts payable functions efficiently, managing the entire process from receiving invoices to making payments. This includes verifying invoices for accuracy, scheduling payments in a timely manner, and maintaining good relationships with vendors while ensuring adherence to payment terms and compliance.

Fixed assets accounting

Our team excels in fixed assets accounting, meticulously tracking and managing long-term assets such as property, equipment, and machinery. We handle the depreciation calculations accurately, maintain updated records, and ensure compliance with accounting standards, enabling businesses to track their asset values effectively.

Cash and bank accounting

Our expertise extends to managing cash and bank accounting meticulously. We conduct precise reconciliations, analyse cash flows, and maintain comprehensive records of banking transactions. This helps businesses have a clear understanding of their financial position and liquidity.

General ledger entries

UGBS ensures accuracy and clarity in financial transactions by maintaining comprehensive general ledger entries. Every financial transaction is recorded systematically, providing a clear overview of the company's financial health and facilitating informed decision-making.


We specialise in maintaining thorough and accurate tax records. Our accountants ensure compliance with local tax regulations, maintain records of transactions, deductions, credits, and prepare necessary documentation for tax reporting. This expertise aids businesses in meeting their tax obligations efficiently and minimising risks associated with non-compliance.

Benefits of outsourcing accounting services

Cost Efficiency

Outsourcing accounting services often proves more cost-effective than hiring in-house accountants. Businesses can access top-tier expertise without the overhead expenses of full-time employees.

Compliance and Regulations

Managed accounting services ensure compliance with tax laws, accounting standards, and regulatory requirements. This reduces the risk of penalties due to non-compliance.

Scalability and Flexibility

Managed services can adapt to business growth or contraction, providing scalable solutions tailored to the specific needs and size of the company.

Expertise and Accuracy

Professional accountants provide expertise, ensuring accuracy in financial records and reports. This minimises errors and enhances the reliability of financial information.

Specialized Expertise

Companies can access our specialised accounting knowledge without maintaining a full-time internal accounting department.

Focus on Core Operations

Outsourcing accounting allows businesses to focus on core operations and strategic initiatives, as the time-consuming task of financial management is handled by experts.

Why Choose UGBS For Your Accounting Needs?

Comprehensive Expertise


Tailored Solutions

Proactive Approach

Trusted Partner

Experienced Professionals

When Do I Have To Register For VAT in Cyprus?

The threshold for mandatory VAT registration in Cyprus is an annual turnover of €15,600. If your business reaches or exceeds this threshold over a 12-month period, you are obligated to register for VAT with the Cyprus Tax Department. It’s crucial to monitor your turnover regularly to ensure timely compliance with VAT registration requirements.

Is It Mandatory To Keep Accounting Records in Cyprus?

Yes, businesses in Cyprus are required to maintain accurate accounting records, including invoices, receipts, bank statements, and other relevant financial documentation for at least six years.

Are There Any Specific Accounting Standards That Businesses in Cyprus Need To Follow?

Yes, Cyprus follows International Financial Reporting Standards (IFRS) for the preparation of financial statements by most companies. Compliance with IFRS ensures consistency and transparency in financial reporting.

How To Choose The Best Accountant For Your Needs?

When selecting an accountant in Cyprus, it is essential to make an informed decision. Follow these simple steps to find the best fit for your business:

  • Identify your specific accounting needs.
  • Research accountants who specialise in your industry.
  • Check their qualifications and certifications.
  • Read client reviews and testimonials.
  • Consider their fees and ensure they align with your budget.

What are the penalties for non-compliance with accounting regulations in Cyprus?

Penalties for non-compliance can include fines, suspension or revocation of business licenses, and legal actions against company directors. Ensuring adherence to accounting standards and timely submission of required documents is crucial to avoid penalties.

How often should financial statements be prepared in Cyprus?

Companies in Cyprus are typically required to prepare financial statements annually. However, larger entities might need to produce interim reports semi-annually or quarterly.

Meet our team


Kostas Papathomas

Head of Financial Services & Staff Payroll | Leading global operations and advisory services

Diligent and results-oriented, Kostas Papathomas holds the position of Head of Financial Services and Staff Payroll in our esteemed financial team. With over 11 years of valuable experience in Financial Services and distinguished memberships in the Institute of Chartered Accountants in England and Wales, as well as the Institute of Certified Public Accountants of Cyprus, Kostas is a driving force behind the precision and excellence of our financial operations.
His academic journey is marked by unwavering dedication, holding a Bachelor's degree in Accounting and Finance from the University of Lancaster. Beyond his academic achievements, he has cultivated a reputation for dedication to success, treating our customers with unparalleled passion and care. Demonstrating a steadfast commitment to success, Kostas's leadership is characterized by a hands-on approach, ensuring that our financial services are not just solutions, but finely crafted strategies tailored to meet the unique needs of our customers.
At Uniteam Global Business Services, our diligent and results-oriented Head of Accounting and Payroll Services is not only a seasoned professional but a linchpin in our pursuit of delivering unparalleled financial solutions. His wealth of capabilities continues to fortify our commitment to excellence, making him an integral part of our team dedicated to providing top-tier outsourcing financial services for our customers.

Tel: (+357)25846274

Avgi Stavrou

Avgi Stavrou

Financial Services & Staff Payroll | Accountant

Joining the Uniteam Global Business Services team in September 2023, Avgi Stavrou assumed the pivotal role of Accounting Administrator and Payroll Specialist. As a distinguished member of the Institute of Chartered Accountants in England and Wales, Avgi enriches our financial services division with a wealth of expertise. Her responsibilities span a broad spectrum, ensuring the meticulous handling of accounting and payroll functions for our esteemed clients.
Avgi's academic foundation is marked by a Bachelor's degree in Business Administration with a major in Accounting from the University of Cyprus. This educational background, coupled with extensive professional experience, positions her as a valuable asset within our team. Before joining Uniteam, Avgi demonstrated proficiency in delivering financial services with a focus on accuracy and adherence to the highest standards of professionalism.
In her capacity as Accounting Administrator and Payroll Specialist, Avgi is devoted to providing customers with exceptional service tailored to meet their unique needs. Whether overseeing financial transactions, managing payroll processes, or ensuring compliance with regulatory requirements, Avgi's attention to detail and comprehensive understanding of accounting principles form the foundation for reliable and effective financial management.
Her role transcends mere numbers; Avgi is committed to fostering strong client relationships and delivering personalized solutions aligned with their business objectives. With analytical skills, financial acumen, and an unwavering commitment to excellence, Avgi significantly contributes to the success of Uniteam Global Business Services. Customers can confidently rely on her capabilities to navigate complex financial landscapes and provide strategic insights that drive financial efficiency.

Tel: (+357)25846231

Chara Antroniou

Chara Antoniou

Financial Services & Staff Payroll | Accountant

Having joined the organization immediately after her studies in 2015, Chara Antoniou has played a pivotal role within the Uniteam Group of Companies over the last four years. Her journey began as an accountant within the General Accounting and Reporting Competency, where she took charge of accounts receivable. Subsequently, she transitioned to the Outsourcing Competency, overseeing the preparation of management reports, accounts payable, and treasury operations.
Presently, Chara has redirected her focus towards the Staff Payroll Service Line, where she meticulously manages the payroll for various organizations. Her commitment ensures accurate payroll calculations are executed in a timely and confidential manner.
Adding significant value to UGBS customers, Chara alleviates the burden of back-office tasks, allowing customers to concentrate on more critical responsibilities. Holding a Bachelor's degree in Accounting and Finance from Frederick University, she is an affiliate member of the Association of Chartered Certified Accountants and a member of the Institute of Certified Public Accountants of Cyprus. Through her multifaceted experience and dedicated approach, Chara contributes effectively to the success of Uniteam Global Business Services, consistently delivering excellence to our clients.

Tel: (+357)25846231

Andreas Mylonas

Andreas Mylonas

Trade & Receivables | Competency Head

Andreas Mylonas became a member of the Uniteam Global Business Services team in 2014 and currently holds the position of Head of Trades and Receivables.
Over the years, he has held various roles, including active involvement with the General Accounting and Reporting Competency team. Additionally, he served as the Financial Management and Accounting Administration Head at our offices in Myanmar, where he led a local team comprising more than 25 accountants.
In his current role, Andreas and his team are dedicated to ensuring accurate reporting and controlling for both internal and external stakeholders. They utilize best-in-class information systems and best practice processes, aiming to deliver precise, relevant, and timely financial results to their business partners.
Andreas Mylonas is a graduate of London South Bank University, holding a Bachelor's degree in Accounting and Finance. Currently, he is in the process of completing the ACCA qualification exams, further enhancing his professional qualifications and expertise.

Tel: (+357)25846234

Demetra Charalambous

Demetra Charalambous

Technical Accounts | Competency Head

Demetra Charalambous joined Uniteam Global Business Services as an Accountant in 2013 and she was promoted to the Head of Technical Accounts in 2022.
Demetra and her team of accountants are responsible for supplying ship-owning companies with financial management and accounting services. They respond to all customer requests promptly, ensuring that they receive accurate and error-free results.
Demetra has over 15 years of experience as an accountant in the marine industry.

Tel: (+357)25846283

Georgia Timotheou

Georgia Timotheou

Technical Accounts | Team Leader

Georgia Timotheou started as an accountant at Uniteam Global Business Services in 2016 and was promoted to Team Leader of Technical Accounts in 2022.
Georgia began her career in the Treasury Competency. She pursued accounting studies and subsequently worked in several departments such as Outsourcing Competency and Technical Accounts, providing financial accounting and reporting services to ship-owning companies.
Georgia Timotheou is currently studying for an ACCA qualification to broaden her professional knowledge.

Tel: (+357)25846124

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