Which accounting software is best for a Cypriot company?
For most Cypriot Ltds, that is Sumly or Cybooks. Cybooks costs €29 per month and covers VIES, Intrastat, OSS, and the margin scheme. Sumly costs €39, has the strongest bank connections and an IP Box module, but refuses freelancers. Freelancers are better off choosing Balabook or Accountly.
Each tool below prepares your figures. You or your accountant enters them into Tax For All. An auditor checks the books at the end of the year and signs them. Done.
For your information: Why don't Xero, QuickBooks, and Sage work well in Cyprus?
Because Cyprus is a language institution for them, not a jurisdiction. None of the three offers specific support for Cypriot VAT returns.
There is no built-in VIES return, no payroll administration with GESY and social security, and no Cypriot chart of accounts. Your accountant manually rebuilds your VAT position every quarter.
QuickBooks is built around US sales tax. Xero is designed for Australian and New Zealand GST. Sage is rooted in British and Irish regulations. All three work fine as general ledgers. None of the three produces a Cypriot VAT return or a VIES statement that you can submit.
Are you already working with one of these tools and do you like it? Then the question is not whether you should migrate, but how much your accountant charges you each quarter to close the gap.
Bookkeeping and accounting software in Cyprus: Compared
| Tool | From | Best for | VAT and VIES | Live bank connections | Self-employed | Free trial period |
|---|---|---|---|---|---|---|
| Cybooks | €29/month | Cypriot Ltd that wants the broadest compliance | VAT, VIES, Intrastat, OSS, margin scheme | Bank of Cyprus, Hellenic, Alpha, AstroBank | Yes | 14 days |
| Sumly.cy | €39/month | Entrepreneurs who let the bank connection do the work | VAT, VIES, provisional assessment, IP Box | Bank of Cyprus, Hellenic, Eurobank, Alpha, Revolut, Wise | No, only Ltd | 30 days |
| Balabook | €0 / €30/month | Freelancers and companies with few invoices | VAT returns, VIES and OSS reports | Bank statement upload plus open API | Yes | Free tier plus 1 month |
| Accountly | €29/month | Everyone whose accountant needs to work in the tool | VAT, reverse charge, VIES validation, OSS | 1 to 10 integrations, depending on the package | Yes | 14 days |
| TidyBooks | Not published | Companies with many documents | Real-time VAT position | Bank connection announced | Yes | 7 days |
The five in order
1. Sumly: the best bank connections, if you have a company Affiliate
Best for: Entrepreneurs who want their bookkeeping to happen automatically instead of having to do it themselves, and who make everything clear for submitting it themselves.
Price: €39 per month for the platform. €390 per month adds a certified accountant who submits for you. Payroll administration costs €15 per employee per month. 30-day free trial period, the longest of the five.
VAT and VIES: All Cypriot VAT codes are linked to the official fields of the VAT return, the monthly VIES statement is generated from the same data, and there is support for provisional assessments. The IP Box module tracks qualifying income for the 80% exemption.
Bank connections: The broadest live coverage here: Bank of Cyprus, Hellenic, Eurobank, Alpha, Revolut and Wise via recognized open banking providers, read-only.
Please note: Sumly works exclusively with registered Cypriot Ltds. If you are self-employed, you cannot use it for your bookkeeping. Sumly also sells company formation, yellow slips, tax residency, and accounting services. Therefore, you are essentially signing up with a firm as with a product. Transparency: Cyprus-Consult is an affiliate partner of Sumly. This has not influenced Sumly's position on this list.
Verdict: If you have a Cypriot Ltd with real transaction volume across local banks and neobanks, the bank connection coverage alone is worth the extra €10 over Cybooks. The IP Box tracking is truly rare and weighs heavily if you channel software or IP revenue through the company.
2. Cybooks: the broadest compliance, and the cheapest entry point
Best for: Cypriot Ltds that want one tool for everything a local accountant requires.
Price: €29 per month for Standard, €67 per month for Premium, €2,999 one-time payment for lifetime. A full-service package with a recognized accountant costs €450 per month with annual payment or €540 per month. 20% discount with annual payment, 14-day free trial.
VAT and VIES: The deepest coverage of the five. VAT at 19%, 9%, 5%, and 0%, VIES statements, Intrastat declarations, OSS, reverse charge, and the margin scheme for second-hand goods. Reporting deadlines for VAT, VIES, and corporate income tax.
Bank connections: Bank of Cyprus, Hellenic, Alpha, and AstroBank directly, plus a broad international catalog. Automatic matching with AI enrichment of vendor data.
Please note: The mobile app is for iOS only, so you cannot scan receipts on Android. AI receipt recognition and document extraction are included in the €67 Premium package, not the €29 one. External software guides list the lifetime package for €1,720, while the vendor itself mentions €2,999, so please confirm the current price before signing.
Verdict: Built in Paphos by SMK Shape & Shift Ltd (HE406574), and that is reflected in the choices. Fixed assets with automatic depreciation, year-end IR7 forms, and a separate product for accounting firms. If your accountant is willing to work in your tool, this is the strongest shared workspace on the list.
3. Balabook: the only real free version
Best for: Freelancers, new businesses, and anyone who sends a handful of invoices per month.
Price: Free for up to 5 invoices, 5 credit notes, 5 purchase invoices, and 10 expenses per month. Standard costs €30 per month or €330 per year. Growing costs €50 per month or €550 per year, including AI expense processing. Payroll administration costs €2 per employee per month, by far the cheapest on this list.
VAT and VIES: VAT returns with monthly, quarterly, or annual periods, plus VIES and OSS reports where applicable.
Bank connections: Reconciliation with AI support based on uploaded statements, not via one-click live connections. There is, however, an open API and an MCP endpoint, which no competitor offers.
Please note: The pricing page currently contains lorem ipsum placeholder text and contradicts itself regarding whether VAT returns are already working or are still under development. Have this confirmed in writing before paying a year in advance. Furthermore, the site splits into a Global and a Cyprus version, so ensure you are reading the Cypriot feature set.
Verdict: Launched in Nicosia in October 2024 and the only option with both an iOS and an Android app and a Greek interface. The €2 payroll administration and the free version make this the logical starting point if you are not yet sure whether you need paid software.
4. Accountly: built around the accountant, not around you
Best for: Companies whose accountant currently still requests files via WhatsApp.
Price: €29 per month for Starter, €49 for Growth, €89 for Business, plus an Enterprise package on request. 14-day free trial. Access for your accountant is free and unlimited in every package.
VAT and VIES: Cypriot VAT applied per line, automatic recognition of reverse charge for EU B2B, VIES validation of VAT numbers at invoicing, plus OSS reporting.
Bank connections: One connection with Starter, three with Growth, ten with Business.
Note: Hard limits on invoices. Starter allows 15 invoices per month, Growth 40, Business 80. Balabook gives you unlimited invoices for €30. Furthermore, Accountly still calls itself beta, and the testimonials on its own homepage are explicitly marked as placeholder quotes that need to be replaced before the launch.
Verdict: The VIES validation at the time of invoicing is the smartest idea on this list, because it prevents reverse charge errors before the invoice is sent out instead of at the end of the quarter. But this is early software. Treat it as a gamble, not the default choice.
5. TidyBooks: the tool with the least public information
Best for: Companies with many documents that primarily seek AI recognition.
Price: Not published. A free 7-day trial period is offered.
VAT and VIES: Real-time VAT position. Specific processing of VIES and Intrastat is not publicly documented.
Bank connections: Bank connection is announced, without a list of banks.
Note: No public prices and no published detail on the features. In a market where the others publish complete pricing tables, that is a significant gap.
Verdict: The tool pops up in every Cypriot search and on competitors' comparison pages, so it is a real product. But you cannot judge it without a sales pitch, and that says something about how it is being sold.
What your software needs to be able to handle in 2026
Cyprus changed its fiscal base on January 1, 2026, and much published information still uses the old figures. Check every tool against this list.
| Obligation | The rule |
|---|---|
| VAT rates | 19% standard, 9% and 5% reduced, 3% heavily reduced, 0% zero rate |
| VAT registration | Mandatory above €15,600 in taxable turnover over a rolling 12-month period, or when you expect it within 30 days. Separate threshold of €10,251.61 for intra-community acquisitions of goods |
| VAT return | Filing and payment before the 10th day of the second month following the end of the period. Quarterly for most companies |
| VIES assignment | Monthly, before the last working day of the following month |
| Corporate tax | 15%, increased from 12.5%, as of January 1, 2026 |
| Income tax | 0% up to €22,000 · 20% up to €32,000 · 25% up to €42,000 · 30% up to €72,000 · 35% above that. Progressive, so 35% applies only to the portion above €72,000 |
| Retention obligation | At least 6 years from the filing deadline or the actual filing date, whichever falls later |
| Audit threshold | Self-employed individuals only require audited annual accounts above €120,000 gross income, increased from €70,000 |
| Reporting obligation | Everyone aged 25 and over must file a tax return via the Tax For All portal |
This is how you choose in ten minutes
- Ltd or self-employed? As a self-employed person, Sumly is immediately out.
- Do you want a live bank connection? If so, then Sumly or Cybooks. Balabook and TidyBooks rely on uploads.
- How many invoices per month? Above 15, Accountly Starter is not suitable.
- Do you have employees? Balabook charges €2 per employee, Sumly €15. With five people, that really makes a difference.
- Ask your accountant which tool he already uses. The tool your accountant knows will save you more in fees than any feature on this page. If he says "just send me the folder," that says something about your accountant and nothing about the software.
- Run the trial period with real documents. One full VAT quarter with your own receipts, not with demo data.
Frequently asked questions about accountancy software for Cyprus
What is the best accounting software for a Cypriot company?
For most Cypriot Ltds, that is Sumly for €39 per month or Cybooks for €29. Cybooks covers more compliance, including Intrastat and the margin scheme. Sumly has better live bank connections and IP Box tracking. If you are self-employed, choose Balabook or Accountly, as Sumly does not accept self-employed individuals.
Can I use Xero, QuickBooks, or Sage in Cyprus?
You can use them as a general ledger, but none of the three offers specific support for Cypriot VAT returns, VIES statements, or payroll administration with GESY. Your accountant manually rebuilds the Cypriot VAT position every quarter, and that usually costs more in fees than a local tool costs in subscriptions.
Does accounting software submit my VAT return to the tax authorities?
No. Every tool on this list prepares the tax return. The submission is done via the Tax For All portal using your own login credentials, by you or your accountant. The €390 package from Sumly and the €450 package from Cybooks include someone who files on your behalf.
Do I still need an accountant if I use Cypriot accounting software?
For day-to-day bookkeeping, often not. For the statutory year-end audit, however, it always is: it must be signed by an ICPAC-recognized professional. Most entrepreneurs use software for daily processing and an accountant for filing, year-end, and opinion formation.
Which Cypriot accounting software works for freelancers?
Balabook, Accountly, Cybooks, and TidyBooks all accept self-employed individuals. Sumly works only with registered Cypriot Ltds. Since 2026, self-employed individuals only require audited annual accounts above €120,000 gross income, increased from €70,000.
How much does accounting software cost in Cyprus?
Between €0 and €89 per month for the software only. Balabook has a truly free version. Paid entry-level packages cost €29 to €39. Full-service packages with a certified accountant cost €390 to €540 per month, and these replace a separate bookkeeping fee rather than being an additional cost.
Which VAT deadlines must the software know?
VAT returns and payments are due before the 10th day of the second month following the end of each period; thus, a quarter ending on March 31 is due on May 10. VIES is monthly, before the last working day of the following month. Deadline notifications are standard with Cybooks and Sumly.
Which accounting software handles payroll administration, GeSY, and social security?
Cybooks, Sumly, and Balabook all do that. Prices vary widely: Balabook charges €2 per employee per month, Sumly €15. Cybooks includes payroll administration in its higher-tier package, with payslips, PAYE, GESY, social insurance, and IR7 forms for the year-end.
