Panama Bookkeeping & Accounting Support
Thorough bookkeeping and accounting for Panama companies. Let us maintain your financial records while you concentrate on growing your business.
- Recurring transaction tracking and bank matching
- Periodic financial summaries and reports
- Tax obligation management and filing
- Designated financial liaison for your entity
Why Panama Companies Need Proper Accounting
Understand the financial record-keeping obligations that apply to your Panama-registered company under current regulations.
Required for accounting records submission
Not mandatory for most Panama companies
Foreign-source income is not taxed
Minimum retention period
Record-Keeping Obligations
Panama law requires companies to maintain orderly accounting records that document all financial operations, allow the company's financial status to be verified at any time, and serve as the foundation for preparing required financial reports.
What Records Must Be Kept
- Accounts of all money received and spent
- Statements showing assets and liabilities
- Supporting documents such as invoices and contracts
- Annual financial statements and summaries
- Corporate board meeting minutes
- Shareholder resolutions and declarations
Where Records Can Be Kept
Penalties for Non-Compliance
- Fines imposed on the company for non-compliance
- Directors may incur personal liability
- Risk of administrative dissolution
- Complications with banking and correspondent services
- Delays and obstacles during due diligence procedures
Professional Accounting Services for Panama Entities
From maintaining daily financial records to preparing year-end statements, we handle the accounting so you can prioritise your business.
Bookkeeping
Organised, precise bookkeeping that keeps your Panama company's financial records current. We use established accounting software to capture, record, and classify every transaction.
Transaction Recording
Precise entry of each financial transaction into your designated accounting software
Bank Reconciliation
Routine comparison of bank records against your books to maintain accuracy
Accounts Payable/Receivable
Handling of invoices, supplier payments, and monitoring of outstanding receivables
Monthly Close
Comprehensive month-end close process ensuring all accounts are balanced and current
Financial Statements
Comprehensive financial statements that meet international reporting standards, giving you and your stakeholders full visibility into your Panama company's financial position.
Balance Sheet
Complete snapshot of your company's financial standing at a given point in time
Income Statement
Itemised report of revenue streams, operating costs, and bottom-line results
Cash Flow Statement
Detailed mapping of cash generation and usage from operations, investments, and financing
Annual Accounts
Year-end accounts finalised in compliance with relevant accounting standards
Management Reporting
Financial reporting tailored to your Panama company's needs, providing regular snapshots of performance and the insights you need to steer your business effectively.
Monthly Management Accounts
Scheduled financial overviews with core metrics and trend analysis
Budget vs Actuals
Performance tracking that highlights where actuals diverge from budgeted figures
Custom Reports
Reports customised to your requirements, covering the metrics that matter most to you
Compliance Support
Handle your Panama company's financial compliance with ease. We assist with the preparation of records and documentation needed to satisfy regulatory requirements.
Tax Filing Support
Assistance with preparing financial data for annual tax declarations and reporting requirements
Registered Agent Liaison
Working with your registered agent to coordinate compliance submissions and respond to queries
Audit Preparation
Assembling records and preparing supporting schedules ahead of external audits
Payroll Services
Reliable payroll processing for your Panama company's staff and contractors. We handle the calculations and record-keeping, ensuring timely and accurate payments.
Salary Processing
End-to-end salary computation, disbursement, and payroll record maintenance
Contractor Payments
Invoice processing, payment scheduling, and record-keeping for contractors
Want to simplify your Panama company's financial management?
We handle the bookkeeping and reporting, giving you more time to focus on your business priorities.
Why Professional Accounting Is Essential for Panama Companies
Solid financial management supports tax compliance, strengthens credibility, and helps you make smarter business decisions.
Regulatory Compliance
Panama companies must maintain adequate financial records to meet local regulatory expectations. Well-kept books help you avoid issues and preserve your company's good standing.
Tax & Reporting Readiness
Organised financial records streamline your annual tax declarations and reporting requirements. Professional accounting ensures you're always prepared when filing deadlines approach.
Banking Requirements
Panamanian and international banks commonly request financial statements as part of account reviews. Having professionally prepared accounts readily available avoids delays.
Investor Confidence
Comprehensive, accurate financial statements signal strong governance to potential investors and partners. Clear reporting builds the credibility that business relationships depend on.
Informed Decision Making
Detailed management reports turn your raw financial figures into strategic insights. Understand your company's performance and plan ahead with data you can rely on.
Audit Readiness
Meticulous bookkeeping throughout the year keeps your records organised and accessible. If an audit is required, you'll be ready with minimal additional effort.
How We Manage Accounting for Panama Companies
A practical, step-by-step approach to keeping your Panama company's finances accurate and well-documented.
Consultation & Planning
We discuss your company's activities, financial complexity, and reporting needs to put together the right accounting package.
Setup & Onboarding
We configure your accounting platform, establish a chart of accounts, and set up secure processes for exchanging documents.
Regular Bookkeeping
Each month, we record your transactions, reconcile bank accounts, and ensure your financial records are accurate and current.
Periodic Reporting
Management reports are prepared on a monthly basis, and we review the key numbers with you to stay aligned.
Annual Statements & Filings
Year-end financial statements are compiled, and we provide assistance with any tax declarations or audit-related requirements.
Frequently Asked Questions
Commonly asked questions about accounting and bookkeeping for Panama companies
Yes. Panama companies are legally required to maintain orderly accounting records that document all financial operations. These records must be preserved for at least 5 years.
Panama operates a territorial tax system, meaning only income sourced from within Panama is subject to tax. Foreign-source income is not taxed, which benefits companies conducting business outside the country.
Reports can be prepared monthly, quarterly, or annually depending on your requirements. Custom management accounts and one-off reports are also available.
Failing to maintain adequate records can result in fines, personal liability for directors, risk of administrative dissolution, and complications with banking and correspondent services.
Yes. We can integrate with most established platforms including QuickBooks, Xero, and similar tools. If you do not have software in place, we can help you select one.
Bookkeeping handles the recording side — logging transactions, matching payments, and organising receipts. Accounting takes a broader view, producing financial statements, interpreting data, and supporting informed business decisions.
Let's Discuss Your Accounting Needs
Have questions about Panama financial reporting, bookkeeping, or tax obligations? Our specialists can point you in the right direction.
