Accounting for Company Closure and Reestablishment

Our client was eager to make a second attempt at entering the U.S. market. Their Japanese headquarters sought to re-establish a U.S. subsidiary in a more efficient and cost-effective way than their first attempt.

The Problem

Accounting functions were necessary for reestablishing the subsidiary. However, our client was too lean for an in-house accountant. Additionally, our client needed to communicate in Japanese.

Our Solution

We provided the following services:

  • Liquidation accounting
  • Comprehensive accounting
  • Accounts payable accounting
  • Bookkeeping
  • Monthly closing
  • Parent-company reporting
  • Auditor correspondence and the preparation of audit-related documents
  • Corporate tax return document submission and inquiry response
  • General affairs management and administrative duties (e.g. mail forwarding to Japanese headquarters)
  • Document storage and destruction
  • Company reestablishment
The Results

By working closely with our client, they achieved significant cost savings and was fully operational with just one expat and two local hires. Additional savings were achieved through streamlined procedures, workflows, and internal controls.

Related Case Studies

Our client, a holding company with 30 expatriates and three local employees was suffering under the burden of complicated payroll processing. Japanese salaries and non-monetary salaries had to be grossed up along with U.S. salaries.