Accounting plays an important role in all businesses. It allows business owners to track income and expenses, maintain statutory compliance, and offer investors, management, and the government with quantifiable financial data that can be utilized to make business choices. If you want to keep your business solvent, make sure you keep your financial records clean and up to date. In this post, we will discuss the benefits of maintaining thorough accounting reports and how Global Link Incorporation can help you with this task.
1. Top benefits of good accounting reports for global companies
1.1 Monitor business performance
Your financial records show your business’ or corporation’s operational results as well as its financial situation. In other words, they assist you in understanding the financial status of your company. Clean and up-to-date records will not only help you keep track of spending, gross margin, and potential debt, but they will also allow you to compare your current data to past accounting records and allocate your budget accordingly.
1.2 Ensure the statutory compliance for the company
Laws and regulations differ from country to country. As such, effective accounting systems and processes will help to ensure that your business complies with statutory requirements with regards to sales tax, VAT, income tax, and pension funds, to name but a few. In addition, in most countries, companies must file their financial statements with the Registrar of Companies yearly. Listed firms must file with stock exchanges, as well as for direct and indirect tax purposes.
1.3 Meet requests from banks and payment gateways for the business’ accounting reports
International banks and payment gateways such as Stripe, PayPal may regularly send a request for companies to submit year-end financial statements, profit/loss statements in that financial year in order to evaluate companies’ financial risks and prevent vice activities such as money laundering and so on. Hence, to keep the business bank account and payment gateway open, these international companies must keep good financial statements on file.
2. Required accounting documents for international busines
Global Link Incorporation’s team of professionals is here to help you efficiently manage tax and accounting. We help you to compile and keep records of the company’s invoices and receipts, comply with the regulatory requirements, and improve the financial transparency for decision-making. Our accounting and financial services are best for:
- Companies that do businesses in multiple countries.
- Companies that do not have sufficient internal capacity to create comprehensive financial reports in accordance with international financial reporting requirements.
Global Link Incorporation will assist you to prepare a full set of financial statements, including but not limited to:
|1||General Ledger||The general ledger is a summary of all transactions completed within the fiscal year.|
|2||Balance sheet||The balance sheet displays the company’s current financial status based on the following fundamentals:
|3||Income statement||The income statement shows the company’s profit and loss for the fiscal year.|
|4||Cash flow statement||The cash withdrawals and cash inflows for the fiscal year are represented by the Cash flow statement.|
|5||Change in Equity||The equity change report indicates the change (if any) in equity during the fiscal year.|
|6||Financial Report||The financial report is a recap of all reports from the previous two to five years, as well as remarks to financial statements. This report has been produced in accordance with international accounting standards.|
3. Global Link Incorporation’s working process
Step 1: Contact us right away for additional assistance and advise on how to provide yearly financial services for your offshore companies:
Step 2: Send us your company’s information so that we can provide you with an accurate quote. The following information is required:
- Compilations of financial accounts made by your firms (if any).
- During the fiscal year under examination, invoices, accounting vouchers, bank statements, and sale contract forms were compiled.
Global Link Incorporation will provide you an estimate based on the information supplied by the companies.
Step 3: Once you have confirmed that you want to utilize our yearly financial statement services, Global Link Incorporation will provide you instructions on how to handle your invoices and accounting archives. You must also supply any invoices and receipts for your offshore firms.
Step 4: Based on the information supplied, Global Link Incorporation will create the yearly financial statements.
Step 5: Once the preparation is complete, Global Link Incorporation will deliver the yearly financial statements to the Company for additional evaluation and approval.
Step 6: Once you have given your consent, Global Link Incorporation will submit the yearly financial accounts with you for your keeping.
4. Global Link Incorporation's monthly accounting service
Monthly accounting and financial reporting services are best suited for: Businesses that conduct a significant number of transactions and require detailed monthly internal control (income and expense, payment, profit, and so on). Global Link Incorporation will generate reports for the firm to review, retain records, and balance revenue – spending at the end of each month or quarter. Whenever you want taxes advice throughout the course of the company’s operations, please call Global Link Incorporation.
- What else can we support you?
- Advice on providing invoices/contracts to customers
- Input and output invoice collection and data entry
- Publish reports on a regular (monthly or quarterly) or ad hoc basis.
- Advice on various tax and corporate accounting issues (general consultancy).
- Distribution of the most recent tax information/policies (if any).
Other services not included in Global Link Incorporation’s monthly accounting service are:
- Assistance in writing business and labor contracts (Global Link Incorporation exclusively provides consulting and the delivery of contract forms in accordance with BVI/Believe norms).
- Help with inventory accounting.
4. The accounting services pricing for global companies
The service cost for yearly and monthly accounting services for offshore corporations will be calculated based on the following factors:
- the number of transactions made by the organization,
- the total volume of incoming and outgoing payments
- the nature of the business and transactions, and other demands (if any).
For example: If your organization needs Global Link Incorporation’s help sending bills, the service charge would be greater (the limit is 20 invoices per month). Corporations in Singapore/Hong Kong/Malaysia/the United States, like offshore companies in the BVI/Seychelles/Belize, must comply with and meet all tax authorities’ laws. As a result, Global Link Incorporation will provide a year-end financial statement service package to any Singapore firms, Hong Kong companies, Malaysia companies, and so on that are looking for a reliable and professional partner at a reasonable price.
Furthermore, in order to aid you in actively managing the company’s operations and finances, we would like to introduce you to QuickBooks Online accounting software. QuickBooks Online is one of the most efficient administrative tools used by businesses. With all of QuickBooks Online’s outstanding capabilities, your global company may take proper management of the firm’s commercial condition without:
- Accounting expertise is required.
- Time and location restrictions apply.
5. The most ideal solution for global company
Obviously, producing accounting paperwork for global company is critical. However, few firm understands the needs of record-keeping and business status updating to the government laws and banks in Singapore. As a result, finding an one-stop solution from Global link Incorporation – a company consultant that understands financial – taxation rules and is capable of providing an ACCOUNTING – FINANCIAL – DIGITAL – is the most timely and best option.
To satisfy your specific demands today and in the future, we provide weekly, bi-monthly, monthly, and quarterly accounting solutions. Your needs will change as your company develops and expands, and we will replace them with you.
- We cover the fundamentals, such as tax and bookkeeping, but our packages also include frequent face-to-face meetings where we can review how your business is doing and provide suggestions on how to improve and optimize your accounting procedures.
- It’s also a time to discuss any changes in your business, prepare your tax requirements, and discuss any financial difficulties you might want to bring up, whether it’s as simple as leasing a car, budgeting your cashflow, or making major structural adjustments.