In today’s fast and competitive business world, Malta’s entrepreneurs and companies are taking the leap to outsource their company administration so they can focus on growing their business.
How outsourcing your company administration can benefit you
When a company transitions from a startup into a fully-fledged business, manageable tasks when the business was smaller suddenly become a huge burden, eating into valuable time and over-stretching resources.
You can free yourself of these tasks by outsourcing company administration management, especially in a digital environment. With today’s modern systems, you can see exactly what is going on through embedded or cloud software for tasks. These tasks include payroll, updating and renewing company details with authorities to satisfy their regulatory requirements, and accounts payable and receivable.
In some cases, it is common to outsource the administration of those parts of your company that reside offshore. This is a common set-up with businesses that have a virtual office in Malta.
The sky is the limit with what you can outsource in terms of administration, and many Maltese companies now offer specialised services that are tailor-made to your business needs. Business owners often outsource invoicing, accounts payable, and accounts receivable because specialist handling cuts out errors and speeds up the process. Additionally, the account is kept in good order by professionals who know what they are doing.
Another task that must be carried out every year and can be outsourced is the return. It must be submitted to the Registry of Companies declaring current and previous shareholders, directors, company secretaries and share capital details.
Outsourcing Company Administration in Malta
Unless you are a qualified accountant, preparing the accounts and financial statements for a company can be a very complex process. The option of outsourcing such administrative tasks is attractive if the business is still small to medium-sized. Having a full-time employed accountant is costly compared to an outsourced solution.
Company Yearly Paperwork
An extension of the same service includes the preparation and submission of your company’s annual tax returns. If you do not have extensive knowledge of accounting and financial affairs, this process could leave you scratching your head, or worse, owing thousands of Euros due to errors.
The best thing about outsourcing these tasks is that you will normally be assigned a specific accountant and financial expert to handle your account. Therefore, if any issues crop up, they will be up to speed on your situation and can liaise with the relevant authorities to find a quick and effective solution.
Administration has an extensive definition. You will even find that companies that offer to outsource could even provide a virtual office, handling all your telephone and email enquiries on your behalf. Another concept that is fast gaining traction is the outsourcing of physical office space and receptionists.
In today’s business environment, outsourcing could save you valuable time and money and help your business grow and succeed through specialised services that will give added value to the company, putting you in a position to grow your business internationally without too many growing pains.
Integritas Group offers the highest levels of company administration services. We are a great choice when outsourcing your business administration to Malta. Our concierge service is second to none.
Discuss your needs about outsourcing company administration with one of our experts today!