We have got a team of specialists on tax, accounting and financial matters. JLC outsourcing aim is to build trust with our customers by adapting to each situation and always thinking in becoming an ally for your organization while the best practices for saving money are put in place.
Do you have a clear idea why accounting advisory and outsourcing services are so important for business?
The main reason is because the accounting department is an integral part of any company and it helps to control all cash flow coming in and going out. Accounting area is the one analyzing the economic behavior to determine whether the business is doing good or not.
Nowadays in this fast-changing world, many companies decide to go for accounting advisory and outsourcing with third parties because it provides a full range of benefits like:
Timeliness
No need of additional time for the employees that should be fully dedicated to contributing to the overall functioning of the company. Outsourcing companies know pretty well their business and optimize the timings to deliver sharply each assignment. No need of extra time supervising activities.
Legal risks
Engaging third-party providers is easier and less-risky than hiring internal own employees. Companies do not get into hiring processes and spend time and money in Human Resources strategies and procedures. Dealing with commercial agreements is much easier than engaging employees as the contractual terms of negotiation may vary upon the company’s needs.
Interaction with real experts
When hiring accounting advisory and outsourcing services, companies will have access to the experts on any accounting and finance field. It will save tons of time and money. Outsourcing accounting firms will always be up to date with all latest law changes guaranteeing quality service and leaving risks behind. For an affordable rate business can get in touch with either labor specialists, accountants, tax specialists, financial experts, etc.
Economic relief
As observed in all previous items, all of it comes down to money. If time, legal and access to experts is avoidable, it will save large amounts of money for any business. Employees overtime is a very high-consuming money activity that usually people must deal with. Everything revolves around money and the best way to avoid it is by hiring an accounting advisory and outsourcing service.
The evolving world of accounting firm advisory and outsourcing
Accounting firm in Bogotá Colombia
It is very well known that the biggest piece of the cake is about new companies trying to emerge in a very difficult market and their main goal is to save money and have the best experts accompanying the business. These companies are small entrepreneurs striving to keep their companies compliant of all regulations and deliver the maximum profit. Keeping an in-house team for full time is not option because there is no such need and is not affordable at that moment, then the best solution is to get third parties acting as an ally to their business for a long-term relationship.
Small and medium sized entities do not count on good experience to build good accounting and financial strategies and procedures to safeguard their interests entirely. Best practices for them is to hire external providers that will help them on building grounds to gain control over the financial situation and avoid internal control flaws that usually result into frauds and financial crimes that are detectable at an early stage.
01. Accounting services
As part of our portfolio, we will guide you from step one in incorporating your company with our legal team and simultaneously to keep up your bookkeeping. Our accounting services outsourcing team will help you meet statutory requirements such as
- Posting of income, expenses, costs, assets and liabilities
- Monthly financial statements preparation
- Headquarters’ customized reports
- Close liaison with Statutory Auditors
- Preparation of governmental reports.
- Bank reconciliations, accounts receivables reports, accounts payables
- Sales invoices generation. Electronic invoicing
- Treasury management
- Forecasting
- Fixed assets control (physical verification, cost, depreciation, responsible, dependences, etc)
02. Payroll accounting services
Payroll structure is always complex in each country. In Colombia salaries and social security need to be monitored very closely to avoid any labor or tax contingencies and tax lawyers are strictly required:
- Payroll computations. It also includes salary benefits and deductions
- Employees income tax computations. It also includes expats.
- Payroll reports. It includes slips, individual calculations for payroll benefits.
- Treasury support for wages transfers.
- Labor certificates preparation
- Employment of labor accruals preparation.
- Settlement calculations
- Social security preparation. Upload of information to social security website (Operador) to later be paid by the client online.
- Personnel affiliations to social security entities.
03. Tax compliance services
Tax malpractice can lead any company to cash shortages and imminent bankruptcy. Our tax specialists are there to build strategies to have a very tax efficient operation. Regularly taxes covered under accounting services are: VAT, withholding tax, Municipal tax (Bogotá) and Income Tax. The tax compliance process comprises of:
- Analysis of the commercial activities of the company to determine the accuracy of the rates to apply.
- Customized tax calendar with due dates
- Preparation of withholding tax, VAT and municipal tax: detailed supports with reconciliations from accounting to tax numbers. Summary of transactions, general ledgers, trial balances, tax forms.
- Preparation of Income Tax Return: annexures of each tax line and fiscal reconciliations
- Other tax returns if required.
- Indication on potential VAT and Income Tax refunds.
04. ERP and it infrastructure
On top of our accounting services, we offer a solid and robust technological infrastructure that guarantees your information will be safely protected and backed up daily. Our online systems safeguard your information with a layer of 256-bit encryption.
Our servers are monitored by IT experts to ensure no interruptions in our services. We are unique in IT advancements. Our clients can log remotely into our ERP any time and work extensively without any inconveniences.
The current ERP used to run clients’ operations has a very strong platform and it is accessible via remote desktop. The built-in features of the software include:
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- Accounting: IFRS books, tax books, cost centers, fixed assets, depreciation, cost of sales, exchange difference, petty cash, multicurrency, deferred assets, financial statements, financial indicators, management reports
- Taxes: VAT, withholding tax, municipal taxes, magnetic media, withholding tax certificates, tax reports
- Payables: payment invoices planning, forecast, disbursements, multiple reports
- Treasury: bank reconciliations, deposits and checks control, txt files generation, reports
- Security: level of access, permissions, audit, backups.
- Purchases: products and services requests, purchase orders, vendors payments planning, merchandise control, reports
- Sales: massive billing, sales invoices design, quotations and orders, multiple reports
- Stock: Stock control, batch control, warehouses, price list, bar codes, deliveries control, ins and outs, purchases, multiple reports.
- Fixed assets: depreciation, assets pictures, insurances control, maintenance schedule, multiple reports.
- Payroll: automatic accrual, benefits, social security, slips, multiple reports.
- Imports: products costs calculations, reports
- Receivables: credit lines, aging, sales, commissions, balances confirmations, reports
05. Online accountants
In this fast-evolving world, doing business is quite different than it used to be before. Most of the functions and activities can be performed remotely with an adequate supervision and constant interaction.
- Unlimited video meetings
- Fully dedicated accountant
- Experience
- Cutting edge IT systems
- Well-known reputation
- Specialized tax consultancy
Frequent asked questions about accounting services and accounting firm in colombia
Outsourced accounting services help you completing all your accounting cycle at a piece of the cost and X times quicker. Simultaneously gives you the assurance of minimizing risks and focusing on your core business.
We have standardized some rates which are applicable to common transactions and regular companies. Check it out on our home page in the prices section.
If your business runs a different type of activities which makes it necessary a deeper analysis for a quote, we will be happy to send you a quote within the next 24 hours for our accounting advisory and outsourcing service.
We encourage you to ask for a quote and get one hour of free consultation with us.
We support our operations with a very well-known software in the market called World Office. The software has over 20 years in the market and is a fully integrated software with remote access. For more details about the software please visit “ERP and IT INFRASTRUCTURE” section.
Yes. You have full access to all modules and different users as per the permissions granted by you. All you need to do is let us know to whom and what type of access users should have.
No. nobody will be able to access your data unless it has been expressly authorized by you. Special credentials and set up is needed to grant access.
We are addicted to technology. Our system backs up the software as well as all different files with cutting edge encryption technology on a daily basis.
We provide accounting services and tax consultancy as well as incorporation of companies. Online accountancy is also available.
Back in the day, it was quite difficult to rely on a service like this, however, with today’s technology is a realistic option to be considered. We encourage you to give us a call and let us introduce you how it works and how to guarantee it will work for you.
Absolutely not. Not having a 100% accountant sitting in your office doesn’t mean the books are not yours or are untraceable. We just provide you with the best advisory as to how to manage the operations, but you will make all decisions and we will be the party in charge of taking care of taxes and accounting related work. You will have access anytime to your books.
You will be assigned an accountant. Depending on the size of your business, other levels will be involved in the project. However, at least, one accountant will be deputed and one manager supervising the operation.
Our company will always sign an accounting services agreement with you taking into account all considerations made by both parties in terms of fees, termination, time of service, personnel, etc.
If you decide during the phase of drafting the contract to do so, yes, it can be terminated anytime.