Given India’s complex and bureaucratic accounting, tax and regulatory environment, businesses face significant challenges in their attempts to establish operations here and then remain compliant. Companies are faced with the difficult task of bringing together a team of experts and coordinating their services, making it a tedious and expensive process while not guaranteeing the elimination of compliance risks.
If you are setting up operations in India, we can provide a back office for accounting, payroll, financial reporting, tax and other regulatory compliances. We have the capability of assisting a company of any size – we have helped reduce cost and improve efficiency by becoming the finance and accounting (F&A) team for small to large Indian companies as well as overseas companies.
If you are a small subsidiary of a foreign company in India, we can become your Chief Financial Officer and your in-house accounting team while you focus on your business. As your business grows and complications increase, you can retain us to support you. While you may hire your own financial controller, we would continue to handle all processes. In this way, we can support your business right from the start through the growth phase, for as long as you require.
We could also help you set up your own F&A team by helping you hire the right people and designing the necessary systems for you.
If you are an overseas business but want to manage your accounting and tax activities from India, we can assist you with that.
Our single point of contact will help simplify managing your company’s support functions by coordinating with the relevant teams at SKP. We aim to facilitate the smooth running of your business with improved efficiency by performing these routine functions for you in a cost-effective manner.
The SKP Tricor Corporate Services team offers subsidiaries of foreign companies in India the option of freeing themselves entirely from the burden of accounting, payroll, tax and regulatory compliances. Our processes are conducted methodically in line with globally accepted standards. Our team takes on all back-office functions, providing an integrated service, with a single point of contact. Thus, our clients can be assured of quality services that not only help reduce cost and free up managerial resources, but also offer peace of mind and the freedom to concentrate on core business functions.
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SKP provides effective and efficient management of accounts payable, accounts receivable, payroll and other business transactions. We not only process these transactions using best practices but take complete ownership, thus, reducing processing costs and saving time. Companies get timely and accurate reports without needing to hire or retain process staff.
We offer dependable accounts payable solutions from invoice processing to payment disbursement. This not only helps clients cut costs but also allows for higher efficiency and centralised control of payables across the company. A well-managed payables function can result in a significant competitive advantage as it positively impacts vendor relations, cash management, internal control and management reporting.
Our accounts receivable processing or credit control services diligently keep track of cash flows. Our services include cheque management, receipt accounting, customer claim processing, customer account reconciliation and order release. We make sure that the highest level of efficiency is maintained, avoiding discrepancies at the time of reconciliation of accounts.
We provide customised payroll processing services ensuring that our client’s employees get paid on time, thereby increasing employee satisfaction.
We ensure that employees are reimbursed for expenses incurred during the course of their work within the set time period. In doing so, we not only ensure employee satisfaction but also help mitigate any potential compliance risks by keeping track of various tax laws.
Meeting compliance obligations for home and host countries is the biggest challenge for global employers.
It is essential to have a sustainable framework to manage global payroll processes for employees travelling to foreign locations on short-term assignments. Often, incorrect planning and analysis lead to cost leakages due to double taxation. Also, managing legal compliances across countries with different labour codes, meeting local reporting standards, adapting to frequent changes in the tax environment in these countries and managing relationships across time zones are all significant challenges.
With more than a decade of experience, we provide a single hub (in India) for global payroll processing, statutory and regulatory compliances and a helpdesk for employees across countries.
- Global solution with local flexibility: as a Nexia member, we are able to provide local support in any country
- Vast experience in handling expatriate tax matters of different countries enables development of an efficient compensation policy
- Organisational consistency in international payroll processing
- Easy management of globally mobile employees
- Single point of contact: dedicated team and relationship manager
We provide the following services for operations in the United Kingdom, South Africa, Australia, Singapore and India:
- International payroll processing in accordance with local laws
- Monthly returns
- Salary certificates
- Benefits reporting
- Collection and maintenance of documentation
- ESOP tax compliances including annual returns
- Technical advice in designing an optimal salary structure and benefits package
- Employee policy from a tax and social security tax-saving perspective
- Professional help in resolving and replying to any queries raised by Revenue agencies
- Full support during audits by Revenue authorities
- Effective and meaningful analysis of data for management decision-making
- Online query management to employees within specified time limits
- Performance comparisons among country operations (in terms of accuracy, timelines, cost and quality)