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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

Different countries have different accounting standards

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.

Each country applies different accounting standards

 

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: This email address is being protected from spambots. You need JavaScript enabled to view it..

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

 

Descriptions
  • Support in preparing monthly financial reports or as required by the business.
  • Consult on deductible expenses relevant to business operations and compliance with regulations of the tax department in the host country.
  • Analyze the anticipated corporate income tax amount by quarter/half-year 
  • Represent your foreign companies in discussions and collaborations with the tax authorities, if needed. 
  • Assist in interpreting data and furnish documents to the Tax Department as necessary for settlements. Compile and submit reports to the relevant authorities in the host country.

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:

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.

Over 700 valued customers
+700
Customers
Ten year experience
+10 years
Cross-disciplinary experience
Valued awards during the years
Top 10
Leading Asian Brand
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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 ngày 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.