US Accounting and Bookkeeping Services for Foreign-Owned Companies
NYBACS Services
For US startups, SMEs and foreign-owned subsidiaries that need books they can rely on every month — not a scramble before tax season. We set up the chart of accounts, reconcile every bank, card, fintech and payment-processor account, record owner and intercompany transactions properly, and close the month on a fixed schedule. You receive management reports you can act on and year-end books ready for tax filing, banks, investors and auditors.
Who this service is for
- Foreign-owned US LLCs and C-Corps whose owners need clean records of contributions, loans and distributions
- US subsidiaries reporting to an overseas parent in another currency or accounting framework
- SaaS and ecommerce businesses selling through Stripe, PayPal, Shopify, Amazon or other marketplaces
- Founders who have fallen months behind and need catch-up bookkeeping before a tax deadline
- Companies preparing for fundraising, a bank review or a first audit
Why clients come to us
Key problems we solve
Bank feeds are not bookkeeping
Software that auto-categorises transactions without reconciliation leaves duplicate entries, missed payouts and unexplained balances that surface during tax filing or due diligence.
Payment processor deposits booked as revenue
Recording only the net Stripe, PayPal or Amazon payout hides fees, refunds, chargebacks and reserves, and understates both revenue and expenses.
Owner money with no paper trail
Capital the foreign owner wires in, expenses paid from a personal card and money taken out must be recorded as equity, loans or distributions — they feed directly into Form 5472 and the balance sheet.
Intercompany balances that never agree
When the US subsidiary and the parent record charges, recharges and funding differently, balances will not reconcile at year-end and consolidation becomes painful.
Scope of work
What’s included
Setup and chart of accounts
Set-up or review of QuickBooks Online, Xero, Zoho Books or NetSuite, with a chart of accounts designed for your business model, tax filings and any parent-company reporting.
Monthly transaction processing and reconciliation
Coding of every transaction and reconciliation of each bank, credit card, fintech and multi-currency account to statements, with open items followed up rather than parked.
Payment processor and marketplace accounting
Clearing-account accounting for Stripe, PayPal, Shopify, Amazon and similar platforms so gross sales, fees, refunds, chargebacks and payouts are each recorded correctly.
Owner, intercompany and payroll entries
Owner contributions, loans and distributions recorded with supporting evidence; intercompany balances agreed with the parent; payroll journals posted from your payroll provider's reports.
Month-end close and management reporting
Accruals, prepaid expenses and deferred revenue where you report on an accrual basis, followed by a monthly profit and loss, balance sheet, cash flow summary and short variance commentary.
Catch-up and year-end tax package
Clean-up of prior months or years, and a year-end package — trial balance, related-party schedule and fixed asset listing — handed to the tax preparer or our tax filing team.
What this service does not include
- Audits, reviews or compilation reports, which must be issued by an independent CPA firm
- Tax return preparation, which is scoped under our US business tax filing service
- Payroll processing itself — we record payroll from your provider's reports
- 409A or other valuations, which require an independent valuation provider
- Forensic or fraud investigations
How it works
Our process
- 1
Discovery
We review your entity, accounts, platforms, current books and reporting needs (tax, parent company, investors or lenders) and agree the accounting basis and close calendar.
- 2
Access and setup
You grant read-only bank and platform access where possible; we set up or restructure the accounting file and chart of accounts.
- 3
Opening balances and catch-up
We confirm opening balances and bring the books current, reconciling every account up to the start of the monthly engagement.
- 4
Monthly close
Each month we process, reconcile, raise questions on unclear items in one batch, and close the books on an agreed date.
- 5
Reporting and review
You receive the monthly report pack with commentary, and a periodic call to walk through results and upcoming tax or compliance dates.
Documents we’ll ask for
- Formation documents, EIN letter and operating agreement or bylaws
- Statements for every bank, card, fintech and payment-processor account since formation or the last closed period
- Login or read-only access to accounting software and platforms where available
- Invoices issued and supplier bills, contracts for recurring revenue or costs
- Payroll reports from your payroll provider, if you have employees
- Intercompany agreements or recharge policies with the parent company
- Prior-year tax returns and any previous accountant's trial balance
Typical timelines
Indicative only — timing depends on transaction volume, number of accounts and how quickly questions are answered.
- Onboarding and setup: about 1–2 weeks after access is granted.
- Catch-up bookkeeping: often 2–6 weeks for up to a year of moderate volume; high-volume ecommerce or multi-year clean-ups take longer.
- Monthly close: management reports typically within 10–15 business days after month-end once statements and answers are received.
If a tax or audit deadline is close, tell us at the start so catch-up work is prioritised around it.
NYBACS 360° support
Why NYBACS
Built around foreign-owner reporting
Owner contributions, related-party transactions and intercompany balances are recorded the way Form 5472, Form 1120 and your parent's auditors will need them.
Human + Tech
Cloud software and bank feeds for speed, with a named accountant reconciling and reviewing every month — not auto-categorisation left unchecked.
Audit-ready from the first month
Reconciliations, supporting documents and a clean audit trail mean a later bank review, due diligence or audit starts from organised records.
Connected to tax and compliance
The same desk handles tax filing coordination, annual state compliance and VCFO support, so year-end hand-offs do not lose information.
Multi-currency and parent reporting
We can map your US books to the parent's chart of accounts and reporting calendar, easing consolidation for Indian, UK, GCC and other overseas groups.
Common questions
Frequently asked questions
Which accounting software do you work with?
QuickBooks Online, Xero, Zoho Books and NetSuite are the most common. If you already use one, we usually keep it; if not, we recommend one based on your transaction volume, currencies and parent-company needs.
Do I need bookkeeping before my company has revenue?
Yes. Formation costs, owner funding and early expenses still need recording, and a foreign-owned LLC reports owner transactions on Form 5472 even with no income. Starting early is cheaper than reconstructing later.
Cash or accrual basis?
Small companies often keep cash-basis books for simplicity, but investors, lenders and auditors usually expect accrual-basis financial statements. We recommend a basis based on your tax position and who will read your accounts.
Can you fix books that are a year or more behind?
Yes. We rebuild from bank and platform statements, agree opening balances and bring you current before switching to a monthly close, prioritising any upcoming tax deadline.
Can you report to our parent company in its format?
Yes. We can map the US trial balance to the parent's chart of accounts and deliver a monthly reporting pack on its timetable. Formal IFRS or Ind AS conversion for statutory purposes is coordinated with the parent's auditors.
Resource Hub
Answers to common questions
Browse all US Tax and IRS Compliance Questions for Foreign-Owned Companies · Browse all US Accounting and Bookkeeping Questions for Foreign-Owned Companies
Last reviewed 2026-10-07. NYBACS is not a licensed CPA firm, statutory auditor or law firm. Where a licensed professional is required, we coordinate with qualified CPAs, auditors and attorneys.
Ready to get started?
Share your account list and current books, and we will propose a monthly close schedule and a catch-up plan for any months behind.
