Onshore accounting refers to the bookkeeping, financial reporting and compliance services provided to companies registered and operating within the accounting provider’s home country.
Key Services:
- General bookkeeping and record-keeping for domestic entities
- Statutory financial statement preparation
- In-country payroll, tax filings and compliance support
- Assurance services like auditing as per local regulations
Example:
A firm of chartered accountants in India provided GST filings and annual auditing for multiple local SME business clients.
Key Takeaways:
Onshore accounting ensures companies fulfill all statutory obligations for financial reporting and taxation according to local jurisdiction rules. It is a standard service accounting firms provide for domestic clientele.