BENEFITS OF OUTSOURCING ACCOUNTING AND PAYROLL SERVICES

With the rapid development of Chinese accounting, it is difficult for many companies to maintain a comparative competitive advantage under the new legislation and accounting standards, especially for foreign companies which are developing in China or want to enter China. Cooperation with CBC will bring you a professional and capable accounting team, which enables you to obtain a set of fast, accurate, clear and concise financial bookkeeping with low cost; while saving costs, you can obtain efficient and professional accounting services. At the same time, we will provide flexible and "tailor-made" solutions to any financial problems of your company, so as to provide the necessary basic guarantee for the successful development of your business. Our budget team can help you to establish a comprehensive budget management system, clear budget planning plan, and help you achieve financial goals as soon as possible. We will provide you with a top-down streamlined budget process to ensure that your budget is standard and reliable. Here are the benefits of financial outsourcing:

 1. Reduce capital expenditure and expense costs: According to the survey, informatization, outsourcing and shared services are the three most effective ways to cut costs for modern enterprises. With the development of standardization and computerization of modern financial management, enterprises must purchase corresponding financial hardware and software equipment, which is very expensive to purchase. After financial outsourcing, first of all, the enterprise does not need to purchase corresponding hardware and software equipment to complete some financial functions, which can reduce one-time capital expenditure and save the cost of software commissioning. Secondly, financial outsourcing enables enterprises to avoid the daily maintenance costs and system upgrade costs required for system operation and not be disturbed by the daily maintenance of financial software and hardware systems, thus truly investing resources in improving the management level of enterprises and developing the core competitiveness of enterprises themselves. Furthermore, financial outsourcing can incur operating costs on a periodic basis according to the actual use of the outsourced services, balancing the operating costs of the enterprise. Financial outsourcing outsources complex, low-value segments of an enterprise or segments that the enterprise is not good at, reducing expenses and enjoying very low outsourcing costs through the scale effects achieved by the outsourcer. Finally, financial outsourcing reduces labor costs. Enterprise financial outsourcing avoids the cost of IT personnel employed to maintain the financial management application system and financial personnel engaged in the outsourcing process, especially IT personnel, whose cost is often higher than that of the whole enterprise. In addition, financial outsourcing can reduce a large number of additional costs, including vacation, benefits, overtime, etc. According to the practice of outsourcing by foreign enterprises, outsourcing can greatly reduce the cost of enterprises.

2. Improve the quality of enterprise management: improve work compliance and enhance financial transparency. Certain financial process outsourcing will inevitably save managers some time, which managers can use to focus on the main business of the enterprise and improve the quality of management. Moreover, financial outsourcing breaks the space and time limits of financial management, realizes online office of financial work, greatly improves work efficiency, accurate and timely financial information can make enterprise decision more scientific and respond to market changes more quickly.

3. Promote main business and access to new management concepts: Financial outsourcing is a commercial method, the goal is to achieve the integration of internal and external optimal resources and improve the competitiveness of enterprises. With the development of market economy, driven by the pursuit of maximum value, competition among enterprises is also increasing day by day, which promotes enterprises to strive to improve comparative advantages in all aspects in order to win in the competition. As an enterprise, the resources of funds, personnel and other aspects have certain limitations, so it is impossible to improve management in all aspects, with both main and auxiliary functions. This makes enterprises have to concentrate limited energy on their core areas, concentrate on the development and management of core departments, highlight the main business advantages and occupy a larger market share. On the one hand, financial outsourcing can highlight the main business of an enterprise, on the other hand, it can use the professional advantages of external institutions to realize and tap the value-added potential of outsourcing process. The nature and mission of financial outsourcing service provider determines that it is generally the leader of similar businesses in the market with advanced management concepts and technical means. Financial outsourcing not only enables enterprises to obtain high-quality service results, but also enables relevant personnel of enterprises to access advanced financial management methods in the industry, which is a most direct training and technology transfer for enterprise personnel. In addition, outsourcing service providers can provide enterprises with advanced technical assistance to help them improve their management level. For example, the CBC will provide in-depth plans for foreign-funded companies to set standards of benefits, allocate staff and help employees quickly adapt to the local environment without affecting employee morale. Through our services, foreign-funded companies have benefited a lot from learning from and adopting some advanced management methods.

4. Better management of human resources: Financial outsourcing not only reduces costs, but also facilitates personnel management. Because of the particularity of finance department, many posts can’t be held part-time and can only be allocated, such as cashier can’t be used part-time for accounting file management, etc. In order to prevent risks, finance department also needs periodic job rotation or compulsory vacation, and a certain number of IT personnel are required for operation and maintenance of financial software. As a result, there are more financial departments in general enterprises. The more people there are, the more complex the interpersonal relationship is, the more unfavorable it is to personnel management. After outsourcing, not only a large number of relevant business personnel can be reduced, but also the inconsistency caused by staff turnover due to staff emotions, injuries and sicknesses, eliminating the time and effort spent by personnel managers and even general managers to manage these personnel, which can be used to better coordinate and manage the existing human resources management work.

With good government relations, reliable security mechanism, service covering the whole of China, we can effectively avoid risks for all kinds of enterprises. Our services include:

 1. Payroll services

2. Personal Tax Service

3. Accounting Services in China

4. Tax-related services for enterprises

5. Business Services

• Payroll services: Compensation experts, customized optimization, Salary Development, Salary Data Collection, Salary Calculation, Salary Distribution, Payroll and statement production, customized electronic payroll, payroll statement Statistics.
• Advisory services: remuneration-related policy advisory services, tax-related policy advisory services
• Tax Service: Compliance Tax, National Control, Individual tax calculations, individual tax withholding, Tax filing, filing and Tax Assistance.
• Accounting Services in China: Professional Coordination and Standardized Operation, Accounting processing, agency bookkeeping, financial reporting analysis
• Bank services: foreign exchange management, cashier services, payment management, daily management of bills, cancellation services
• Auxiliary enterprise audit: collate documentation in accordance with audit requirements
• Tax-related services for enterprises: tax agent, time-saving and worry-saving , Corporate Tax Declaration, National Corporate Tax Agent, Change and cancellation of tax registration, handling of tax matters, Tax and fee withholding, national enterprise tax and fee withholding
• Business Service: Understanding Policies, Legally Operating, Business Registration, Company Location Recommendation, Business Scope Design, Registration and Registration Services, Business Change, Registration Service for Various Types of License Information Change
• Compliance write-off: collation of tax write-off documents, certificate cancellation services, bank write-off
• Value-added services: processing of import and export rights, patent application for appearance, application for software works

CBC has 25 years of experience in the industry and can provide customers with professional and compliant compensation outsourcing and fiscal and tax outsourcing solutions. We offer one-stop professional service, from regional policy guidance and market operation analysis guidance at the stage of Company setup in China to salary service and tax outsourcing at the stage of enterprise operation to salary and tax scheme planning, tax declaration management at the stage of enterprise maturity, and finally to compliance cancellation and tax clearance at the stage of enterprise exit from the market, we will do our best to provide you with the best solutions.

 For more details visit : https://www.cbcnow.com/BusinessConsulting/