Although accounting principles are virtually universal, fiscal reporting and other country specific accounting nuances and reporting requirements are unique, and in many cases counterintuitive to corporate controllers. This fact is exasperated when your company is participant in special tax regimes such as temporary import programs.
By outsourcing your Mexico specific accounting needs to an expert service, you obtain not only ongoing execution of your day-to-day requirements, you also receive inherent in the cost, strategic guidance from experts in fiscal, legal, customs and other related specialties that would be cost prohibitive if sourced independently.
Take advantage of accounting and fiscal best practices that have been in-house developed, benchmarked with many companies and perfected over the years.
By outsourcing your Mexico specific accounting needs to an expert service, you obtain not only ongoing execution of your day-to-day requirements, you also receive inherent in the cost, strategic guidance from experts in fiscal, legal, customs and other related specialties that would be cost prohibitive if sourced independently.
Take advantage of accounting and fiscal best practices that have been in-house developed, benchmarked with many companies and perfected over the years.
DIMSA offers:
Preoperational Phase:
The strategic planning and implementation steps of your project are the most critical of the pre operational phase. Treasury, fiscal policies and procedures as well as timely accounting reporting is set, developed and implemented at this time. DIMSA offers a full range of Mexico specific accounting related activities to help you achieve these tasks optimally and in compliance with domestic regulations.- Assistance in the process of legal incorporation of your Mexican entity.
- Registration in government offices.
- Assistance in selecting a banking partner.
- Open required checking accounts.
- Development of best funding channels & procedures.
- Design and implementation of electronic invoicing and payment procedures.
- Design and deployment of internal control procedures.
- Transfer price recommendation.
- Define and deploy reporting requirements.
- Senior management strategic planning support and guidance.
Operational Phase:
One option at your disposal is hiring an in-house comptroller, accounts payable, accounts receivable and fiscal accountants, as well as multiple software’s required for full fiscal reporting compliance. A cost effective alternative is to outsource these services to DIMSA, either through our shelter or outsource administrative service options. These provide you with a more cost competitive solution were you receive full day to day deployment services and ample support guidance from multiple experts at a fixed cost. Covered activities include:- Daily accounting & bookkeeping registration.
- Monthly invoicing, taxing and fiscal, VAT return calculation & INEGI operations reporting.
- Preparation & calculation of all reports to HACIENDA (Mexican IRS).
- Weekly vendors’ payment (Accounts Payable Management).
- Weekly cash flow & check account management.
- Daily general treasury function.
- Yearly auditing firm coordination (with your preferred corporate audit service provider).
- Periodic meetings with senior management.
- Prepare monthly financial reports (Currency converted).
- Profit and loss statement.
- Balance sheet.
- Trial balance.