News: Management accounting for a foreign company

Management accounting for a foreign company

Doing business abroad requires certain relationships with the tax authorities, and it can be the completion of tax documentation or submission of relevant documents to the authorities.

Managers of companies do not always have sufficient knowledge of local legislation for prompt business development, so we recommend you to contact the experts.

Law&Trust International provides a full range of services for establishment and promotion of businesses in many onshore and offshore jurisdictions, including Cyprus, the United Arab Emirates, and the United Kingdom.

Elaboration of management accounting methodology is recognized as one of the main instruments for successful doing business in any jurisdiction.

The system allows to completely control financial and organizational activities of the enterprise, optimize arrangement of funds in bank accounts, determine correctness and rationality of compiling internal documentation.

Preparation of management accounting: process of preparing

1. The client applies to our company for preliminary consultation and compiles action plan. He will need to transfer personal data and accounting statements of the enterprise itself to our company. Confidentiality is guaranteed.
2. After receiving the preliminary data, the company's experts assign the date of the audit. The foregoing procedure is necessary for the formation of reliable information about the client's company. The weaknesses in commercial and economic spheres within the company are identified during the process.
3. Elaboration of the methodology of conducting management accounting for foreign company takes place, taking into account the legislation of the relevant jurisdiction. For most countries, there are common standards to be complied with by the system, but there are certain exceptions.
4. Implementation of the methodology is carried out collectively with your employees. Simplicity of management calculations at the enterprise, control over situation in the external economic market, correctness and efficiency of filling, as well as submission of reporting to the supervisory authority are  guaranteed after integration.

Conducting management accounting for offshore companies

All information collected during the audit and when creating the layout of the accounting system is not transferred to third parties or state authorities. It is completely confidential for all persons, except for employees to whom it is directly related.

Preparation of methodology for management accounting in offshore company is fairly simple procedure that will help to optimize the entire work of the enterprise. All information about transactions, accounts, debits and credits of the company will be reflected correctly.

It is very difficult to carry out management accounting independently. The task requires special knowledge and our employees have the foregoing knowledge. Apply to us today and you will receive free consultation with the expert.