For subsidiary accounting for EMEA countries outside of the UK, V-Sub International PEO & Accounting can cater for the accounting for a subsidiary entity in any country.
Commonly most clients will start their international expansion with a UK entity, although the geographical location of skilled staff and natural business growth may cause the need for establishing offices in other European countries.
For subsidiary accounting for EMEA outside of the UK, V-Sub Accounting can cater for the accounting for an entity in any country as a ‘one-stop shop’. This eliminates the need for a US based finance team to find accountants in each country and managing the ongoing operational complexities of administration.
We use local accounting firms in each country to handle the accounting and legal affairs of our clients specific to the rules of that country.
V-Sub manages this process to ensure consistency of approach with the monthly financials reported in one format and for meeting closing deadlines as directed by our clients.
Commonly we will do a European consolidation each month end for the European subsidiaries of our clients.
Possibly the main value-add and saving to our clients with this function is time, our clients only have one European point of contact with V-Sub Accounting and therefore avoid the need to discuss matters directly with different accountants in each country. This easier communication avoids the problems of a 6 hour time zone difference from the east coast and 9 hours from the west coast to mainland Europe. With the consistency of approach as mentioned above time is not wasted by the US finance team in trying to get to the detail of who has done what, where and why.
There are naturally variations in each country as to the nature of accounting work required from the standpoint of local compliance and statutory returns. Different countries have for example their own VAT rules, corporate and payroll tax rates. Corporate compliance and company secretarial returns will similarly be unique in format for each country.
By having us manage the accounting for European entities it also ensures fee control as clients are not charged unnecessarily by the hour for items that simply don’t need to be done.