Accounting and Payroll Outsourcing
Accounting, Payroll and Cash Management outsourcing BPO services to foreign companies and branches is our core business. We take care in creating a well balanced engagement team to ensure quality services. Each engagement team will consist of at least three professionals. There will be an engagement partner/director, a supervisor and an in–charge, who are all full time employees. In the event that you cannot reach our in–charge, the engagement supervisor will be there for you as back–up. Any reports we issue will be reviewed internally before they are released.
OC & Associates’s BPO business consists of the following services:
1. Financial Accounting and Reporting
We have dozens of professionals on hand with a broad range of experience to assist in your company’s compilation work. The majority of the professionals have TOEIC scores of 900 or higher and several also have US CPA credentials. As a result, we are capable of generating financial statements in US GAAP, Japanese SME GAAP and under IFRS (International Financial Reporting Standards).
Through the use of our internally developed web based accounting system (“WebAccountingManager”), we can report to your parent or head office in a timely and effective manner. WebAccountingManager has interfaces to a dozen accounting and ERP systems, including Microsoft Great Plains, Oracle and SAP. Information can be imported at the individual journal entry level or by ending balances.
2. Payroll and Statutory Benefits
You can be rest assured that your payroll and statutory benefit needs will be safely and professionally handled by OC & Associates. We keep our fee structure simple by incorporating all required annual statutory reporting in our base monthly fee. Our services include (but are not limited to) the following:
- preparation of employee monthly payroll statements
- deposit slips
- payroll ledger
- reporting of newly hired and departing employees to the various agencies as stipulated by local legislation
- arranging payment of local taxes (e.g. inhabitant taxes)
Local rules and regulations can be challenging for foreign organizations.
It suffices to say you can trust your payroll–related responsibilities to OC & Associates’s professionals. Our long years of service is your best guarantee of getting these responsibilities undertaken accurately and with minimum cost and time.
OC & Associates obtains ISAE 3402 Type 1 Report
OC & Associates has obtained a type 1 ISAE 3402 report for its payroll outsourcing services. We are one of the few bilingual payroll providers in Japan who have obtained this. This report (or often referred to as certification) was issued by an independent auditor in accordance with the International Standard on Assurance Engagements established by the International Auditing and Assurance Standards Board. We continue to strive to become the premier provider of English and Japanese speaking accountants, tax and HR professionals in Japan and Singapore. This is our way to demonstrate our commitment to quality service and improved reliability.
ISAE 3402 is the international standard on assurance developed by the International Federation of Accountants to evaluate the effectiveness of internal controls at a service organization relevant to user entities’ internal controls over financial reporting. This is the equivalent to the Statement on Standards for Attestation Engagements No. 16 (SSAE 16, formerly SAS 70) issued by the American Institute of Certified Public Accountants and the Auditing Standards Committee Report No. 18 (No.18 report) issued by the Japanese Institute of Certified Public Accountants.
A Type 1 report is an assurance report on internal controls in which an independent service auditor evaluates the fair presentation of its description of an organization’s system and the effectiveness of the design of internal controls to achieve the related control objectives as of a specific date. A type 2 report not only includes design effectiveness, but the operating effectiveness of the controls throughout a specified period.
3. Cash Management
OC & Associates can assist your organization pay invoices governmental agencies and employees on your behalf.
We would open a bank account under your company name and manage the payment of invoices, salaries, payroll and taxes.
In addition we will periodically monitor your bank balance and provide forecasts on your cash flow. Additionally, if a cashflow shortage is predicted, we will take action by notifying the designated individuals for a fund remittance. By entrusting your most liquid asset to OC & Associates’s professionals, you can rely on our firm’s tight internal controls to minimize embezzlement and misuse of your funds.
It all translates into fewer problems and less worry for you. OC & Associates’s services will allow you to focus on issues of higher importance, knowing that your outsourcing functions are in good hands.
We can provide payroll simulations for expatriates. Simulations and consulting would cover income tax withholdings, inhabitance taxes, social and labor insurance matters. Gross–up calculations require special treatment. In addition for expatriates, there are numerous events which need to be separately considered for inclusion into salary and explained accurately and timely to each individual on local requirements. All of the above is a burden for many HR departments. We have much experience in this area and are happy to assist.
Outsourcing Fee Calculator
Transparency in our services starts with our fee quotations. This will involve answering a series of questions to understand more about your business and needs. Please click the service if you’re interested in getting a quote online.