Accounting
Bookkeeping and accounting are integral parts of every business. Bookkeeping services will ensure that your business maintains accurate and precise books, helping you to make informed decisions promptly to minimise risks and optimise profits. An efficient accounting system can have a major effect on both the efficiency and profitability of a company.
In general, businesses incorporated in onshore jurisdictions would have to prepare reports and file them. These accounts also have to be audited as well. In many IFCs, local company law requires directors to file reports and show them to shareholders at the Annual General Meeting. However, if there is no tax to be collected on the company’s income, it is often necessary that the accounts be submitted to, or filed on the public register with, any government authority.
We can either provide bookkeeping and accounting services in-house, or we can suggest a selection of accounting firms with which we work closely. you will reduce internal overhead costs and commit more time and energy to value-added and revenue-generating activities by outsourcing these functions. A high degree of accuracy, as well as future fines and penalties, would minimise delays and administrative errors.
Payroll
Companies, wherever they are located, must pay their employees’ wages in a timely way. In terms of withholding, estimates and filing, they will have to ensure their income tax and social security compliance. The jobs and tax structure of every country is different.
A variety of jobs and tax-related problems are faced by any company entering a foreign market. Outsourcing the payroll will free up precious time and money, while also ensuring that all duties and responsibilities in any operational jurisdiction are fulfilled in a timely and effective manner.
We can provide a detailed but versatile outsourced payroll service that can be customised to the particular requirements of a customer. The first stage includes registering the employer and its workers with the local tax office and the jobs department of the government, recording work notices and contracts, collecting employer and employee bank data, issuing tax codes, and eventually incorporating all that information into the payroll system.
Thereafter, on a monthly basis, our payroll services would facilitate:
– Withholdings and net salaries of computing workers
– Special fees or deductions
– Making and publishing pay slips for workers
– Direct deposit pay into bank account of employees
– Production and compliance with costs and benefits
– Arranging paperwork for incoming or leaving workers
– Preparation of payable taxes and submissions for remittance to the tax office
Year-end activities would also require the preparation of tax returns for both the employer and workers and the processing of the employer’s payroll accounting records.
The payroll skills and experience in multiple jurisdictions will ensure that you optimise the effectiveness of your activities and stay in accordance with all local laws and regulations, regardless of whether you are a small corporation taking the first steps in international expansion or an established multinational enterprise.
