What is Tax and Accounting?
Tax and Accounting play a major role in any business for management and planning. Whether your company is a startup, an established enterprise, or one without a legal entity in the specific country, Tax and Accounting are needed. This refers to the accounting method that focuses on tax issues related to filing tax returns and planning for future tax obligations. Tax and Accounting are not east tasks to handle as sometimes tax accounting decisions impact cash flows and reporting compulsions. Therefore, any business entrepreneur or the established business owner certainly needs an experienced accounting service to ensure their business is functioning well.
It is also a matter of fact when you go for global business. When we talk about the global opportunities, it always comes with global complexity and there you need someone with strategic and combined international tax solution services. At NNRoad, we believe in supporting you with an experienced accountant worldwide who supports with the resources, experience, and advising the complexities. We are aware that each country has different methods and rules for tax accounting. For example, the US has a comprehensive set of accounting principles for tax purposes like the need to file federal and state tax separately. Meanwhile, in the UK, you can claim for the tax refund even if worked for less than one full tax year.
Why do I need Tax & Accounting Services?
Multinational companies as well as startups are expanding their operations around the world, it becomes a challenge to be compliant with local tax and accounting regulations. Complex reporting requirements in different jurisdictions and the cost of in-house resources can become an overhead cost and prevent them from concentrating on their core business and strategic planning. Moreover, every business, no matter how big or small it is, needs a tax and accounting professional service for better optimization and business development.
Benefits of outsourcing Accounting and Tax Service
As companies grow and expand their business jurisdiction, outsourcing the tax and accounting process can help them manage the local regulatory and compliance requirements. Moreover, outsourcing this complex process can help the finance executives to channel their time and effort towards their core business benefits and at the same time reduces their department’s cost.
- Business growth is one of the major benefits of outsourcing Tax and Accounting outsourcing services. Business can increase their focus on strategic and high-value activities, thus becoming more productive.
- Professional experts can help to improve control, accuracy, and timing of tax functions.
- Hiring and managing an internal team for these services can increase in the overhead of business cost. Outsourcing Accounting and Tax and getting the appropriate software and putting an automated system in place to correct the data will reduce the cost.
- Diverse and qualified tax and accounting professionals across jurisdictions with outsourcing such service.
What kind of Tax and Accounting NNRoad provides?
At NNRoad, we work with our partners worldwide, who helps to meet your complete financial requirements, updating of accounting standards, managing bookkeeping systems and your company’s financial performance efficiency. Our team supports tax and accounting outsourcing services for individual and corporate clients both domestically and internationally.
NNRoad provides the following services:
The regulations and laws related to this direct tax on the income of an enterprise vary in each jurisdiction. So if your company operates in a single country or globally, NNRoad’s comprehensive tax service can help in managing your tax and accounting lifecycle.
– Providing ongoing consulting, planning and implementation of corporate tax structure.
– Preparing relevant tax reports and assisting in submitting those reports to authorities.
Individual income tax calculation and accounting are different in each jurisdiction. NNRoad’s highly professional and skilled team can help to manage the tax filing and payment for your employees.
– Income tax calculation as per local regulation and laws.
– Preparing relevant tax reports and assists in submitting those reports to authorities.
Setting and Managing Accounting System
Setting up an accounting framework is vital for any organization to operate under compliance. However, for any startup, this could be a cumbersome process as they are core organizations with limited resources. NNRoad’s services can help such enterprises to offload that overhead and have a peace of mind.
– We can help in implementing the tax and accounting platform and also provide ongoing consultation and service.
– We can help to prepare the framework and also manage your day to day tax and accounting.
Tax Information Reporting
Tax information reporting is a regulatory obligation for organizations to report the details of their payments to the tax authorities in any jurisdiction. NNroad helps to provide the regulatory requirements that are established by the authorities and moreover reporting the continuous changes that made by tax authorities.
Preparing, maintaining, reporting of financial statements are very important for any organization. At NNRoad, our professional experts help to provide financial statements from daily, monthly to yearly basis, although the tasks can vary from country to country as per rules and regulations.
|Preparing tax invoices, account receivables and payables, general vouchers as well as claim verifying and making payments on behalf of the client.||Monthly reports like bank reconciliation, trial balance, balance sheet, P&L statements etc.||Yearend tax preparation /filing/payments, annual tax and accounting audit,|
Annual Tax and Accounting Auditing
One of the most important factors for business sustainability is to record and report accurate financial details. To have due diligence, it is vital for any organization to have right audit processes in place. At NNRoad, we offer tailored services for your organization to pro-actively monitor your accounting processes and help you to increase profitability and growth.
It is not only important to record your financial transaction but recording it accurately and correctly is of paramount importance. At NNRoad we believe that bookkeeping outsourcing services are vital for the smooth running of your business and therefore our highly skilled and diligent professionals can help you maintain your book of records while you focus on your business.
Invoicing comes into picture when there is a transaction between two parties, mainly the buyer and the seller. A proper invoice must have all required details and should be handled professionally. NNRoad’s outsourced bookkeeping services help the organization to provide the invoice for their financial transaction and streamline the invoicing process worldwide.
Expense Claim is a collection of receipts from an individual that need to be reimbursed by an employer. NNRoad helps to collect and manage all such receipts and supports to check the validity and compliance of those receipts with client’s approval.
Who can hire this type of service?
- Startup Companies
- Self Employes
- Small Businesses
What is the process of hiring tax and accounting service provider?
- Initial Consultation – Our tax and accounting experts will arrange to meet in person if in the same country or will call to understand and gather knowledge on your needs and what you are looking to achieve.
- Discussion/Advice – Our experts will discuss your requirements and advise on the services that suit your need.
- Preparation – Our experts will prepare all the related documents that are compulsory to proceed further. The documents vary from country to country.
- Briefing & Signing – We will brief you about the services and makes you understand what are we going to deliver. This will lead to the signing of service agreements.
- Continuation – Our experts will make sure to do time to time follow-ups.
How long does it take to implement this service?
We start the process of tax and accounting as soon as the agreement is signed between the two accounting outsourcing companies. There is a list of documents which is required by the client to submit, for example:
- Their company license
- Bank account details
- Tax ID, etc.
These documents vary from country to country. We will make sure to advise on all the documents as per the country’s rules and regulations.
The time frame also differs for a no legal entity and an established entity in any specific country for the type of service you need.
What is the price model?
The price model has many variations, depending on all your service need. We charge as per the tax and accounting principles compliant with specific country regulations. For example, daily operation work can be charged on daily basis, but if you talk about Tax Return Issuance and filing, it must be charged annually.
There are a lot other things need to be considered before we design the price model for you. We will certainly explain each country’s tax and accounting regulations to customize your project.
How can I calculate my potential cost?
Your potential cost can be more related to the price model we conclude as per your service need. The potential cost varies from country to country.
- Let’s say, your requirement is for Expense claim, so this will be calculated on daily basis and it will give you cost for PER VOUCHER.
- If you are looking for Financial statements, like monthly reports, expense claim verifying, etc., these are charged on monthly basis, PER INVOICE.
- Yearly charges/one time charges include annual tax preparation/filing/payments/tax audit etc.
- Some countries do have set up cost involved for the setting of an accounting system, or for any software installed for tax purpose
No matter, if your company is a startup or small or established, we have solutions for all. Our tax and accounting experts will help you to give the best solutions and customize your potential cost.
Contact us to discuss more about your Tax and Accounting needs.