Offshore Accounting & Taxation Services
OBS offers a variety of offshore accounting and taxation solutions for businesses, from simple tasks such as accounts receivable, payable, and payroll to more complex tasks such as preparing financial statements and tax documents. OBS provides affordable accounting services that accelerate business growth. Hiring a team of qualified accounting professionals at OBS can significantly increase your profitability and secure your financial future.
What is Offshore Accounting?
Offshore accounting refers to the delegation of accounting operations and services to an offshore country. Accounting is one of the company’s key processes. Businesses use it to manage their finances and meet tax requirements. However, most of them struggle to find the right talent for their roles. Offshore accounting is the process of tracking a company’s financial transactions and accounting while the company is located in another country. This includes everything from documenting expenses and income to filing taxes and preparing financial reports.
Offshore accounting and taxation services are considered critical business functions. Accurate and timely accounting is paramount to the continued performance of your business. Experienced business owners recognize the benefits of using offshore accounting and taxation services as a way to access trained accounting professionals and maximize profitability.
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Offshore Accounting & Taxation Services We Offer
Clients demand the most from accounting, which involves tracking, classifying, and organizing your company’s financial activities on a day-to-day basis. You can easily outsource your bookkeeping to an offshore accounting & taxation services firm, allowing you to focus on more important matters in your business.
If you don’t prepare your taxes, you risk losing your business funds, but at the same time, taxation is a time-consuming and difficult task. Businesses should pay attention to tax preparation which includes calculating, preparing, and filing year-end income tax returns. It helps to balance the books and records, prepare tax and financial reports, and file returns.
Payroll services involve careful record-keeping and are highly dependent on the reliability of payroll data and how it is verified. OBS handles the entire payroll process, from attendance tracking to biometrics to legal processing, providing a platform for employees to access payroll details and exit application modules.
It is important to closely monitor AP spending, maintain internal controls to protect cash and assets, and avoid inaccurate bill payments. Also, maintaining an organized and well-managed accounts payable process is critical as it allows you to recognize the impact of accounts payable on revenue.
Reconciliation of Accounts
As part of our range of offshore accounting services, we offer our clients the additional service of account reconciliation. The reconciliation process is a central element of the overall accounting process as it helps clients minimize overdrafts on their cash accounts. It also prevents overcharging of corporate credit cards and identifies financial fraud such as theft and misrecorded income and expense entries.
In addition to complying with compliance and best practices, it is important to provide accurate information on your invoice. Delays in creating your invoice may result in your payment being delayed longer than usual. As a company that provides offshore accounting services, we specialize in creating client invoices. We handle the entire billing process and ensure all invoices reach your customers on time.
To give you a comprehensive understanding of your current cash flow situation, our highly trained finance professionals guarantee that all information on overdue invoices is entered accurately.
Offshore Accounting Services at Affordable Rates
Our Approach to Deliver Best Accounting Solutions
Small and large businesses utilize offshore accounting services by engaging the professional assistance of accounting BPO companies like OBS. Here are some reasons to choose OBS:
Finding an offshore accounting firm that offers good rates is very important, especially since this is one of the biggest reasons for accounting offshoring. Outsourcing is more cost-effective than hiring in-house accounting staff since you don’t have to pay their salaries, taxes, office supplies, and spend on recruitment and training. By outsourcing services to OBS, you can save about 70% on costs without compromising the quality of your tasks.
The quality of the offshore staff determines the quality of our work. OBS has skilled and experienced staff who can handle your accounting operations more effectively. We ensure that your outsourced accountant has all the necessary skills and abilities to complete all the accounting tasks accurately and quickly.
Accounting is a complex science with tight deadlines. OBS ensures the on-time delivery of accounting service tasks and keeps the data secure. Our accounting experts adhere to international standards and data privacy laws.
Best Technology & Infrastructure Capabilities
OBS professionals use advanced technology such as cloud accounting and payroll software and accounting software like Quickbooks, Xero, and Sage to keep track of everything and avoid mistakes. Also, our team makes sure we have software in place to monitor employee performance, giving you accurate data about tasks performed daily.
Customized Client-Centric Services
OBS provides tailor-made services to complete accounting tasks according to your organization’s needs. Our client-centric services allow you to scale your employees as needed.
Accounting Software We Use
- Intuit QuickBooks
- MS Dynamics
Advantages of Offshoring Accounting
Offshoring accounting services to a reliable accounting services company provides many benefits and helps optimize the business. Here are some of these benefits.
Offshoring accounting ensures that you meet all the tax deadlines and submit complete applications on time. Most accounting firms in offshore countries follow deadlines and regulations prevalent in the client’s country.
Accounting requires precision and expertise. Any errors in financial statements and payslips can result in fines and hefty fees. Offshore accounting services rely on experienced talent to handle your company’s vast volumes of documents, invoices, and ledgers. By outsourcing accounting, you can ensure that your paperwork is accurate and delivered in time to meet tax requirements.
Shared Operational Management
By choosing to outsource accounting, you can save on employee salaries, expenses, and resources needed to start operations. You need to cater to a lot of other things that include workspaces, desktops, stationery, accounting software, and additional compliance with labor standards such as ISO. When you work with OBS, you don’t have to spend extra money on recruiting, equipping, and managing your team.
High Transparency & Data Security
OBS operates in a controlled environment under strict measures to protect client data. As part of our business operations, we follow standard procedures following Western and local international standards of data protection laws. We help companies reduce operating costs and further maximize their IT and security efforts.
One of the advantages of offshore accounting is the ability to scale staff as needed. You have the flexibility to hire people when you need them most and reduce them when important work is done.
Why Companies Like Yours Choose to Offshore Their Accounting With OBS
OBS has experienced accounting professionals who provide affordable bookkeeping, accounting, tax, and other related services to our clients. Our team completes all required annual financial statements on time. Additionally, our experienced accountants are familiar with software such as QuickBooks, Zoho, SAP, Oracle, XERO, Clearbooks, WAVE, and other popular accounting programs. We enable our clients to focus on their core tasks and grow their business and profits by taking care of all the time-consuming and non-critical accounting tasks.
1. What is offshoring in accounting?Offshoring is the business practice of outsourcing part of a company’s activities to other countries. This is a cost-cutting method that outsources part of the work to a company or individual outside the country.
2. What are the types of offshore accounting services?
- Bookkeeping services
- Financial statement preparations
- Tax preparation
- Payroll services