Outsourcing of Accounting and Payroll Functions – The Solution to Value-Creating Activities
With continual changes in Financial Reporting Standards, coupled with the need to work within tighter deadlines to produce relevant and timely information, companies are increasingly looking to outsource their accounting and payroll functions to specialized service providers. This allows their in-house resources to focus on their core competencies, thereby unlocking the organisations´ business potential.
What are the typical accounting functions that a Company outsources?
Year-end preparation of Annual Statutory Accounts
Periodic Consolidation of Group Financial Statements
Interim Financial Management Solutions
Financial Process Review
How does a Company benefit from outsourcing these functions to Boardroom?
Gains instant access to operational expertise and best practices, backed by a 40-year track record
Provides a sustainable level of continuity and reduces the risk to operations in instances of high employee turnover or insufficient resources or skills internally
Achieves cost efficiencies through economies of scale, and by reducing recruitment and retention costs
Allows you to focus on your core competencies and activities
With the increased emphasis on compliance, coupled with rising business costs due to introduction of new legislations such as the Social Security Contribution law for expatriates in China, companies are turning to tax professionals for advice as they strive to achieve tax optimisation and efficiency amidst a changing landscape in China.
Boardroom´s Tax Compliance Review Programme will help to detect whether a company has fully complied with the tax filing requirements. The result of which is to provide comfort to the Management that the company’s tax compliance requirements are in order. We can also provide advice on the preventive measures that the Management can implement to mitigate the risks of potential non-compliance.
How does an entity benefit from a Tax Compliance Review?
Ensure the operations of the China entity comply with the relevant tax laws and regulations, tax treatments and appropriate tax administration process
Obtain suggestions to rectify non-compliance issues
Understand the potential consequences in relation to non-compliance practices for the period under review so as to facilitate the future corrective actions
Identify areas whereby the overall tax efficiency may be improved
A Tax Compliance Review would normally focus on the following types of China taxes:
Corporate Income Tax (“CIT”)
Value Added Tax (“VAT”)
Business Tax (“BT”)
Individual Income Tax (“IIT”)
Stamp Duty (“SD”)
Our tax planning and compliance advisory services, tailored to your business, can reduce potential tax risks and improve tax efficiency.
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