US Tax & Accounting
The books of your US company, kept to US standards.
US accounting is not a translation of Italian accounting: the chart of accounts, the recognition criteria and the rhythm of closings are all different. We keep the books under local rules and hand them back in a form the parent company can read and consolidate.
What it covers
Bookkeeping and reconciliations
Recording transactions under US accounting standards, reconciling bank and card accounts, handling supporting documents.
Receivables and payables
Customer invoicing, collections monitoring, recording and scheduling supplier payments, with constant visibility on the cash position.
Closings and reporting
Monthly or quarterly closings, income statement and balance sheet, indicators agreed with the parent company and figures ready for the tax returns.
Support for consolidation
Reclassifying line items and adding explanatory notes for your Italian accountant, so the US financials enter the consolidation without rework.
Numbers the parent company can read without translation.
The problem with most US subsidiaries is not the quality of the local bookkeeping: it is that it reaches Italy in a format nobody can use. Different charts of accounts, periods that do not match, line items with no direct Italian equivalent.
We agree with your accountant from the start how items should be reclassified and how often. The result is that consolidation closes on schedule and that you actually know, during the year, how the US entity is doing.