Outsourcing offers financial risk mitigation in Kazakhstan

Services for: Global entity management, accounting and tax, payroll

Provided in: Kazakhstan

International engineering and consultancy firm, Witeeveen+Bos, turned to TMF Group to ensure local regulatory compliance in payroll, accounting and tax reporting for its operations in Kazakhstan.

Under a multi-year outsourcing contract, TMF Group provides Witteveen+Bos with bookkeeping services, along with the processing of invoices and bank payments and payroll services for the company’s local employees. TMF Group also handles the filing of statutory tax returns and the provision of quarterly and annual statistical reports to various government agencies.

The work is carried out in the local TMF Kazakhstan office, releasing valuable Witteveen+Bos office space for other uses. Original stamped and signed documents, supplied by Witteveen+Bos, are used by TMF Group people to meet strict Kazakhstani compliance requirements.

Alongside an estimated five per cent cost reduction – compared to employing an in-house accounting team – one of the principal benefits to Witteveen+Bos of the outsourcing arrangement with TMF Group is risk mitigation.

TMF Group was not only well versed in Kazakhstani government finance and regulatory requirements and processes, but was also able to demonstrate it had in-depth understanding of our business.