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Once you've registered a company in a foreign country like the USA, Hong Kong, Malaysia, etc., you might find yourself in these 2 typical situations
- Unsure about the proper procedures for document preparation and transaction recording;
- Unfamiliar with the accounting standard and tax laws and regulations of the incorporation country.
The above situations, while prevalent, are common challenges faced by international business owners, which can lead to penalties from the tax authority in the host country.
That is why, finding a trusted accounting professional can be of great help; you can redirect your focus to core business activities, eliminating concerns about financial, tax, or accounting reports.
In this article, we show you 3 real reasons why overseas companies (USA, Hong Kong, Malaysia, etc.) should use monthly accounting services and how we can help you manage your company with success.
1. 3 real reasons why overseas companies (USA, Hong Kong, Malaysia, etc.) should use monthly accounting services
Various countries adhere to distinct accounting standards. To generate the necessary financial statements, companies require accountants well-versed in both international and local accounting standards of the host country.
For instance, if a business owner incorporates companies in the US, Hong Kong, and Malaysia, they must annually prepare:
- Financial statements for the Hong Kong company in compliance with Hong Kong Accounting Standards
- Financial statements for the US company by US Accounting Standards (GAAP - Generally Accepted Accounting Principles)
- Financial statements for the Malaysian company following Malaysia’s Accounting Standards (MPERS - Malaysian Private Entities Reporting Standard)
These responsibilities often overwhelm internal accountants, and the lack of domain expertise can lead to critical errors. With a team of highly qualified accountants holding ACCA - CPA qualifications and extensive experience in supporting foreign companies, Global Link Asia Consulting stands out as a trustworthy accounting partner.
Banks and financial institutions such as PayPal or Stripe may request businesses to submit reports and statements for verification purposes. The requisites can vary based on factors like the business's nature, transaction volume, transaction value, and more. Non-compliance could result in the abrupt closure of the account.
Engaging Global Link Asia Consulting’s accountants proves to be a practical and cost-efficient solution. Our accountants ensure the timely recording of invoices and documents. Leveraging our profound comprehension of international financial institutions' regulations, we adeptly assist you in preparing accounting reports that adhere to these institutions' standards.
Numerous companies may encounter challenges in managing internal accounting reports. Explore our services! Opting for our monthly service fee might offer you a more cost-effective solution compared to hiring a full-time accountant locally. Our team of professional accountants is dedicated to:
- Timely recording of monthly transactions and reconciling accounting books from previous months.
- Formulating budgetary decisions for the upcoming month, informed by the revenue and expenses of past months.
- Compiling monthly accounting reports for the preparation of year-end reports.
2. Why our monthly tax and accounting service for overseas companies is a game changer?
Leveraging our extensive experience in assisting numerous businesses in the US in creating COMPLETE - ACCURATE - COMPLIANT annual financial reports, we consistently deliver optimal solutions for your corporate governance challenges. Our services come with appealing benefits, including:
- Regular updates on the progress of annual financial report preparation.
- Providing you with prompt, transparent, and clear solutions.
- Ensuring you stay informed about the preparation process through regular updates.
- Assisting you in mastering professional knowledge, complex terminology, regulations, and financial reporting standards.
- Offering continuous support throughout the annual financial report preparation process from leading experts with years of experience and specialized knowledge.
2.1. You will receive ACCURATE updates on your business situation.
Beyond delivering financial reports on time, our solutions enable your overseas companies to:
- Timely CAPTURE the internal financial situation.
- Attain an overall view of the company's financial status at a specific time.
- Gain insight into the company's performance, operations, cash flow, and overall conditions.
| Reports | Descriptions |
| General Ledger | Detailed transaction book, offering statistics of transactions during the financial year. |
| Balance Sheet | Reflection of the financial situation of your company in the fiscal year through basic indicators like assets, equity, and liabilities |
| Income statement | Profit and loss statement showcasing the revenue and profit/loss of the business during the financial year. |
| Cash flow statement | Cash flow in and out during the fiscal year. |
| Change in Equity | Statement of changes in equity, revealing any changes in equity during the fiscal year. |
| Financial Report |
A comprehensive report in English, encompassing all reports above and notes to the financial statements. Prepared based on international standards. |
2.2. You will receive advice on optimal solutions for managing accounting and financial data
Based on our practical experience supporting businesses in financial report preparation, common difficulties include:
- Ineffective internal document/data/invoice storage processes.
- Traditional manual document storage, often using Excel, without a systematic accounting system.
- Challenges in preparing annual and consecutive-year financial reports.
To address these challenges and enhance productivity and efficiency in managing internal accounting and financial situations, we help you install QuickBooks accounting software. Trusted by nearly 6 million small and medium enterprises worldwide, QuickBooks offers convenient features, including:
- Sync across multiple devices, providing accessibility on any device.
- Clear and easily understandable financial and accounting reports, eliminating the need for extensive accounting expertise.
- Maximum information security, supported by Digicert's Norton Security platform.
3. How can we support overseas companies to effectively prepare monthly accounting reports?
With a successful track record, we have developed an efficient process to swiftly assist your business through the following steps:
You can reach out to Global Link Asia Consulting for advice on solutions for creating annual financial reports for U.S. companies via our Hotline: +65 3163 4102 (Hotline) or Email:
Global Link Asia Consulting guides the service package that best aligns with the company's needs.
Comprehensive evaluation and guidance on processing invoices and maintaining standard accounting and financial information according to U.S. tax accounting standards.
A team of tax accounting experts accompanies the enterprise in preparing annual financial reports, providing evaluations, and seeking approval.
Global Link Asia Consulting delivers the completed annual financial report to the enterprise after finalizing corrections.
Global Link Asia Consulting delivers the completed annual financial report to the enterprise after finalizing edits and communications.
| When working directly with your company
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Descriptions |
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4. FAQs about our monthly tax and accounting service
Even with well-defined and meticulously organized processes, having specialized accounting software remains a robust support tool. Manual bookkeeping, accounting, and tax calculations carry inherent risks of errors. Hence, opting for internationally recognized accounting software with a strong reputation such as QuickBooks, proves to be an ideal selection.
Thanks to its advanced automation capabilities and user-friendly interface, we recommend such accounting software to businesses.
With a commitment to 100% transparency, devoid of hidden costs or unnecessary add-ons, we only request what is needed from your part via a detailed and thorough consultation session. Some main documents are bank and credit card statements, accounts payable and receivable, and more
The frequency of preparing financial reports, whether monthly, quarterly, or yearly, depends on your requirements. Monthly or quarterly financial reports can help facilitate annual financial statements and tax filings.
Certainly! We can provide comprehensive training for your accounting team to adeptly handle accounting tasks for your foreign companies. We offer an online training program designed to equip your team with the requisite skills and knowledge to effectively manage various accounting responsibilities.
With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries
Our areas of expertise include:
- Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
- Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
- Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
- Opreation support:
- Registered adress;
- Foreign consular legalization;
- Trademark and patent protection registration in Singapore and the US;
- Employment Pass application in Singapore and Hong Kong;
- Website design, international SIM number provision;
- DUNS registration.
With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.
Global Link Asia Consulting Pte. Ltd. is pleased to announce the publication of the above insightful and informative article on our official website, Global Link Asia Consulting on 16th June 2019. The copyright for this article is exclusively held by Global Link Asia Consulting Pte. Ltd. Any unauthorized reproduction or distribution of this content without our express written permission is strictly prohibited. We value the protection of our intellectual property and appreciate your cooperation in adhering to these guidelines. Thank you for your continued support of Global Link Asia Consulting Pte. Ltd.
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