How outsourcing your company administration works
In today’s fast and competitive business world, Malta’s entrepreneurs and companies are taking the leap to outsourcing their company administration so they can focus on growing their business.
When a company transitions from a startup into a fully-fledged business, tasks that were manageable when the business was smaller suddenly become a huge burden, eating into valuable time and over-stretching resources.
You can free yourself of these chores by outsourcing company administration management, especially in a digital environment. With the modern systems of today, you can see exactly what is going on through embedded or cloud software for tasks such as payroll, updating and renewal of company details with authorities to satisfy their regulatory requirements and even 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’s 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. Invoicing, accounts payable and accounts receivable are tasks that business owners often outsource because with specialist handling, it 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 which needs to be carried out every year is the return which must be submitted to the Registry of Companies declaring current and previous shareholders, directors, company secretary 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 an attractive one if the business is still small to medium sized as having a full time employed accountant is costly in comparison to an outsourced solution.
Company Yearly Paperwork
An extension of the same service includes preparation and submission of company annual tax returns. If you do not have an 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 do 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 a very broad definition and you will even find that companies that offer outsourcing could even provide you with 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 receptionist.
In today’s business environment, outsourcing could not only save you valuable time and money, but also 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, and is therefore a great choice when outsourcing your business administration to Malta. Our concierge service is second to none.