With globalization, business corporations are faced with a new and ever-changing business landscape, a business landscape that has no boundaries and with competition intensifying on all fronts. In order for businesses to meet these challenges and competitions, they need to focus and concentrate on enhancing their core competencies.
In this environment, businesses do not attempt to carry out every function in-house but outsource these functions to other entities, whose special competencies and expertise allow these functions to be carried out efficiently, effectively and economically.
KPMG’s Outsourcing practice is well positioned to assist clients carry out services that are a management distraction if performed in-house. We add value by carrying out outsourcing services in these areas:
Statutory Accounting and Bookkeeping Services
- Prepare management reports to the format required by clients.
- Process documents relating to sales, collections, payments and other transactions, and posting to General Ledgers, cash books and subsidiary accounts.
- Preparation of Trial Balance, Profit and Loss Account, Balance Sheet, Bank Reconciliation, Accounts Payable and Receivable Reconciliation, Notes to the Accounts and Consolidation Pack at periodic intervals, either monthly, quarterly, half yearly, or annually.
- Liaise with auditors and tax agents for the accounts to be audited and tax returns to be filed.
- Drafting statutory financial statements and preparation of deferred tax computation in compliance with the applicable accounting standards at financial year end.
- Liaise with clients’ auditors and tax agents for year-end audit and corporate tax filing.
We provide the required confidentiality and professionalism essential when handling the payroll process. We offer a comprehensive range of services covering:
- Registration of company as an employer with the statutory bodies such as the Inland Revenue Board (IRB), the Employees Provident Fund (EPF), and the Social Security Organization (SOCSO).
- Registration and/or notification of a new employee with IRB, EPF and SOCSO.
- Computation of the monthly amounts due to each employee, taking into consideration the statutory deductions, recurring and special non-recurring income and deduction items.
- Preparation of confidential individual pay slips and monthly payroll reports.
- Preparation of monthly returns to the IRB, EPF and SOCSO, and effecting remittances thereto.
- Preparation of annual returns, such as Form E and Forms EA, as required by the IRB.
- Payroll related payment services.