The short answer
Choose an accountant you can check, understand and reach. Check that they are registered with the Accountancy Board, ask who will actually do your work, and get the scope and fee in writing before you sign. Be cautious of a very low quote with no written scope, and of anyone who won't explain their fees.
The right accountant is not the cheapest or the biggest. It is the one who will answer your questions, meet your deadlines and tell you when something is outside what they do.
Not sure what you need? Start with the fee calculator, which shows what each part of the work costs, or book a free call to talk it through.
Who is qualified to practise in Malta?
The accountancy profession in Malta is administered by the Accountancy Board. Before you hire, check that the person doing your work is registered with it, and ask who will actually sign your returns and statements.
Questions to ask before you hire
A good first meeting should feel like a conversation, not a sales pitch. These questions tell you more than any brochure:
- Who will do my work, and who will I call? Find out whether you will deal with a qualified accountant or a junior, and whether there is a back-up person when someone is away.
- What exactly is included in the fee? Ask for a list: monthly bookkeeping, VAT returns, payroll, annual accounts, tax returns, and what is charged separately.
- How will I hear from you? A reply time, a regular meeting, and a monthly summary are signs of a firm that plans for communication.
- Where are my records kept, and who can access them? You should be able to get copies of your records at any time.
- What software do you use? Cloud accounting you can access yourself is a good sign. Records locked inside a firm's own system are a risk if you ever leave.
- What happens if I want to leave? A good firm will explain its process for handing over records, without a hard sell.
- Can I speak to a client who is similar to me? Experience in your sector, and a few references, are worth asking for.
Red flags in a quote
Some signs should make you pause, whatever the price:
- A fee given verbally, or a quote with no written scope.
- A price far below everyone else with no explanation of what is missing.
- A promise of guaranteed tax savings or refunds, before anyone has looked at your records.
- No questions about your business, your records or your deadlines.
- Pressure to sign quickly, or a discount that expires today.
- Reluctance to say who will sign your returns and statements.
Comparing like with like
Quotes are only comparable when they cover the same work. Ask each firm to price the same list:
| Work | Check that the quote says |
|---|---|
| Bookkeeping | How many entries are included each month, whether bank lines are reconciled, and what happens when the books are behind. |
| VAT | Which VAT return is covered, how often it is filed, and whether registration and corrections are included. |
| Payroll | Whether payslips and the monthly MTCA submissions are included, and how additional employees are charged. |
| Annual accounts and tax | Whether the financial statements and tax return are included, and whether the audit is excluded. |
| Extras | Catch-up work, one-off projects and meetings, and the rate for each. |
A fixed monthly fee, agreed in writing and with the extras listed, is easier to budget for than an hourly rate that moves each month.
Bookkeeper, accountant or advisory support?
These are different jobs, and many businesses need one, then another as they grow.
- A bookkeeper records transactions and keeps the books up to date. Useful when volumes are high and the work is routine.
- An accountant prepares returns and annual accounts, and advises on tax and compliance. Essential for filing and for accountability.
- Management accounts with advisory support look forward: cash flow, pricing, budgets and decisions. Useful once the books are reliable and the question is where the business is going.
For more on each, read bookkeeping in Malta, why profitable businesses run out of cash and what management accounts and advisory cover.
Switching accountants
Changing accountant is common and often less painful than people expect, if you plan it. The steps below are general practice. Check the current requirements with the Accountancy Board, the MTCA and your new accountant before you move:
- Do not leave a deadline unattended. Make sure the VAT return, payroll submissions and any tax deadline that falls during the change are covered by someone.
- Settle outstanding fees or agree a plan. Clearing fees first avoids delays in getting your records.
- Ask for your records in writing. Request copies of your ledgers, bank reconciliations, invoices, payroll records and any filings in progress, with a list of what was handed over.
- Keep your own copies. Store your invoices and bank statements yourself, in case they are needed later.
Frequently asked questions
How do I know an accountant in Malta is qualified?
Check that they are registered with the Accountancy Board, which administers the profession, and ask who will do your work and sign your returns.
Is a cheaper accountant worth it?
Only if the quote covers the same work. Compare scope, not just price, and ask what is excluded. A low price that leaves out bookkeeping or VAT usually costs more later.
Do I need an accountant or a bookkeeper?
Most businesses need both at different times. A bookkeeper keeps the records up to date, and an accountant files returns and accounts and gives advice. An accountant can often cover both.
Can I switch accountants in the middle of the year?
Yes, but plan it so that no deadline is missed. Make sure the VAT return and other filings due during the change are covered, and get your records handed over in writing.
Want a fixed fee in writing before you decide? I'll walk through your records and tell you exactly what is included, what is not, and what it costs. Get in touch or see the monthly service.