Accounting & Reporting Outsourcing
Our solutions are focused on supporting companies to meet their accounting, tax and payroll compliance and reporting requirements. We also provide assistance in standardizing operating procedures to ensure consistency, efficiency and accountability in the execution of routine business activities and transactions.
Our services offer scalability and flexibility as needed in the accounting and finance function of an enterprise while it focuses on growing its business and managing key operational initiatives.
All is on MEGI cloud-accounting, of course.
Tax Compliance
Lodging of tax filings within deadlines and sound knowledge of tax procedural frequent updates are a crucial point in ensuring your company will not be exposed to any potential tax risk.
Corefin professionals will manage all daily and ordinary relationship with your in-change tax officer and shall act as your company’s referent tax person, allowing your staff to focus on other strategic tasks.
Accounting, Reporting & Tax Compliance
Accounting and finance functions of an entity vary in rigor and scope at different phases of development of the company. Our professionals provide assistance across the four key activities of an enterprise’s financial reporting and compliance process.
Enterprises may determine, at their own discretion and needs, the assistance and support required at each phase of the enterprise’s accounting & finance function.
1Business Activities &
Transactions
- We collect from you the list and supporting documents of all transactions happened during the month
- We remind you to chase your input VAT fapiaos from your suppliers and vendor, where missing.
2Record and Process
Transactions
- Process business transactions: sales, costs, expenses, accounts receivable & accounts payable
- Record bank transactions
- Record payments and collections
- Process expense reimbursements
- Process routine transactions and journal entries
- Record payroll
- Perform fixed asset accounting
- Preparation of accounting by cost centers/BU/projects or other analytical accounting dimensions.
3Monthly Closing
- Perform inventory accounting
- Cut-off verification
- Book period-end adjustments and accruals,
- AR/AP accounts and bank reconciliations
- FX Gain&Loss recognition, carry-over of cost of sales.
- Perform general accounting health-checks, chart of accounts maintenance & updates
- Prepare AR/AP ageing, fixed assets register and depreciation summary
- Prepare trial balance, general ledger file and monthly PRC financial statements
- Generation of trial balance report by analytical accounting dimensions.
4Statutory Financial
Reporting Compliance
- Prepare annual statutory financial statements and other financial information required for monthly/quarterly/annual statutory filings
- Liaise with and support to external statutory auditors
- Reflections of audit adjustment into the ledger.
5GAAP Conversion
and Reporting Package
- Customization of client Group reporting within MEGI
- Prepare periodical group reporting package, internal management reporting and sub-sheets
- Draft consolidated financial statements
- Process GAAP conversion adjustments into Italian / IAS-IFRS Gaap.
6VAT Fapiao Issuance
- Handling issuance and printing of sales (output) VAT fapiaos (Chinese tax invoices)
- Processing commercial invoices, AR tracking and notification for outstanding receivables
- Verification of vendor VAT fapiaos and attestation of input VAT.
7Tax Filings and Declarations
- Drafting and lodging of periodical (monthly, quarterly & annual) tax return computation, filing and payment to the relevant tax authorities
- Assist in application of relevant tax certificates/applications (e.g. R&D special tax deductions, inventory and asset loss deduction, VAT taxpayer status, export VAT refund, tax certificate for withholding tax and others)
- Contact and reference point with tax officers for any issue regarding your company tax compliance, periodical meetings and visit to the tax bureau
- Other ordinary and extraordinary tax administrative services.
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