Bookkeeping and accounting are integral components of any business. Bookkeeping services will ensure that reliable and accurate books are kept for your company, enabling you to make informed decisions promptly in order to minimise risks and maximise profits. An effective accounting system can have a significant impact on a company’s productivity as well as its profitability.
Companies incorporated in onshore jurisdictions will generally have to prepare and file accounts. Often these accounts must also be audited. In many IFCs there is a requirement under local company legislation that directors should prepare accounts and present them to the shareholders at the Annual General Meeting. However, where there is no tax to be assessed on the profits of the company, there is rarely a requirement to present the accounts to any government authority or file them on the public register.
Sovereign can either offer in-house bookkeeping and accounting services or can recommend a range of accountancy firms that we work with closely. By outsourcing these functions, you can reduce internal operational costs and devote more time and resources to value-added and revenue-generating tasks. A high level of accuracy will eliminate delays and administrative errors, as well potential fines and penalties
Companies, wherever they are based, must pay the salaries of their employees in a timely manner. They must also ensure their income tax and social security compliance in terms of withholding, calculations and reporting. Every country’s employment and tax system is different.
Any organisation entering a foreign market faces a number of employment and tax related challenges. Outsourcing your payroll can free up valuable time and resources, while also ensuring that all obligations and responsibilities are met in a timely and efficient manner in every jurisdiction of operation.
Sovereign can provide a comprehensive but flexible outsourced payroll service that can be tailored to a client’s specific requirements. The first stage will involve registering the employer and its employees with the local tax office and the government employment department, recording employment notices and contracts, obtaining bank details of the employer and employee, issuing tax codes and, finally, inserting all that information in the Sovereign payroll system.
Thereafter, on a monthly basis, Sovereign’s payroll services will facilitate:
Year-end procedures will also encompass the preparation of tax returns for both the employer and employees and compiling payroll accounting records for the employer.
In addition, through the extended Sovereign Group, we are able to provide private medical insurance and occupational pension plans that can be integrated into the payroll services system.
Irrespective of whether you are a small organisation taking your first steps in international expansion or an existing multinational business, Sovereign’s payroll expertise and experience across many jurisdictions can ensure that you maximise the efficiency of your operations and remain in compliance with all local legislation and regulation.