Accounting
Professional accounting service in Japan
There are a variety of professional fields such as tax accountant, social insurance and labor consultant as well as administrative scrivener, and thereby people must go to tax accountant office for tax, labor consulting office for social insurance and administrative scrivener for application of authorization. However, these fields are related in many aspects, and if they can be handled at one accounting office, it is convenient and comprehensive.
Starting a business in Japan will require certain professional accounting service Japan companies alone can offer. Not that the accounting principles in Japan are any different from the international standards but because of the language barrier which could make filling up legal forms impossible. At least with dependable accounting service Japan firms accustomed to working with international clients, you won’t have to experience delays or foul-ups. Most important aside from language issue is being able to find a company that can see you as separate and distinct from all other companies. In short, look for an accounting firm that sees customization as part of the job and not as an add-on service.
Accounting services for foreign companies in Japan is very important for international business. This is especially for America because Japan is the fourth largest export market of the US. Japan has also invested $230 billion in America making it the second largest investor of America next to the United Kingdom. At present, Japan Is the world’s second largest economy, with a Gross Domestic Product of around $5 trillion last 2009. This is why many foreign countries do business in Japan, making accounting services very important.
For a new business in Japan, you will need the following accounting services:
- Tax Advisory
- Business Start-up
- IPO Support
- Financial Consulting
- Payroll
- Social Insurance
- General Accounting like bookkeeping, month and year-end review reports, balance sheets and FS
- Employment Consultation including Pension and Health registration
- Loan processing and handling.
Year End Accounting
Every 12 months companies are required to give a financial report for the year end accounts. The period usually varies from company to company. But notably most public corporations unlike the private corporations always give their end year accounting report at the end of every June. All projects undertaken through-out the year must be submitted. This gives the Government a chance to gauge how its funds were used by different government offices, projects and associations. It is only once the financial report has been issued that auditors come in to audit the books of accounts for different ministries and government offices. Financial reports can be done by internal accounts or companies can employ external accountants and provide all the available financial details of the transactions that took place.
For private companies, the date of in-corporation is different depending on the date corporation of the company took place. That is why several private companies and organizations always give their financial accounting all through the months of the year. The fiscal year as we might wish to call it differs considerably from country to country. But a look at the general trends states that companies prefer to have their new year begin on 1st July of each year. This is the time when all financial reports must be given and any fund balances that have been unused for various reasons returned to the treasury for further allocation. It is only through such reports that auditors are able to confirm any misappropriation of funds by the concerned company.
Any end year financial report requires submission of Tax forms to the various authorities on how they have faired financially, whether they have made profit or losses, this has to be clearly indicated. Those companies who do not give their financial report as required usually face penalties and pay higher taxes for not remitting their financial reports within the stated period as required by the law. Any financial report is required to include any financial dealings within the past year which includes rents, salaries, purchases, and any other financial transactions that was within the company’s authority during the period of the year.
Foreign Companies in Japan Should Use a Bilingual Payroll Service
Why should foreign companies in Japan use a bilingual payroll service? Foreign companies should use a bilingual payroll outsourcing service in Japan like BPM who’s been operating for over 25 years because foreign companies expanding in japan may have language barrier problems. Foreign companies are very important for international business that is why there should be professional services for them. Japan is, in fact, the fourth biggest export market of America. They are also America’s second largest investors, investing $230 billion. Japan is also the second biggest economy of the world garnering a GDP of $5 trillion during 2009. This is why a lot of foreign companies prefer doing business in Japan. To get over language barriers payroll outsourcing in Japan must be bilingual.
Here are some other bilingual payroll outsourcing in Japan that may help your company, whether your company is a part of the fortune 500 or just a small company expanding in Japan:
1. Japan Management Consulting. JMC can give its clients in Japan a very flexible payroll services. They can provide initial payroll services such as Registration of companies, enrollment of employees and setting up master payroll data files with Japanese Labor and Social Insurance System. They also offer monthly services such as payroll calculations for the month and payroll payment for the month. Also, they give yearly payroll services.
2. I-Admin. This is Asia’s premier payroll and HR SaaS provider. The administrative needs of your organization’s payroll will be very easy with i-Admin’s comprehensive range of solutions. They can provide payroll solutions for local companies and multi-national companies with small to medium employee size. They also offer complex payroll services for large companies. They can manage your payroll instruction, bank payment files; generate payroll and statutory reports, and electronic pay slips for employees online.
3. Okamoto & Company. If you are looking for a bilingual payroll service that will really deliver to your needs, then Okamoto & Company is at your service. The payroll services you will receive from this company are of high quality. Their services includes, preparation of employee monthly payroll details, payroll ledger, deposit slips, etc. Okamoto & Company will do your payroll-related responsibilities with small cost and fast.
4. HTM Corporation. They can provide you with the country’s best payroll services. These payroll services are outsourced from Tokyo covering all of Japan. Their services include maintenance of payroll allowance, deductions, and other personal data needed to produce Japanese social insurance and payroll tax requirements.